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Straight Path Communications Inc. – ‘10-K’ for 7/31/15 – ‘EX-101.INS’

On:  Wednesday, 10/14/15, at 4:06pm ET   ·   For:  7/31/15   ·   Accession #:  1213900-15-7650   ·   File #:  1-36015

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/14/15  Straight Path Communications Inc. 10-K        7/31/15   68:5.4M                                   Edgar Agents LLC/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    685K 
 2: EX-21.1     Separation and Distribution Agreement, Dated July   HTML     18K 
                31, 2013                                                         
 3: EX-23.1     Consent of Zwick & Banyai, Pllc                     HTML     19K 
 4: EX-31.1     Certification -- §302 - SOA'02                      HTML     26K 
 5: EX-31.2     Certification -- §302 - SOA'02                      HTML     26K 
 6: EX-32.1     Certification -- §906 - SOA'02                      HTML     21K 
 7: EX-32.2     Certification -- §906 - SOA'02                      HTML     21K 
46: R1          Document and Entity Information                     HTML     49K 
36: R2          Combined and Consolidated Balance Sheets            HTML    113K 
44: R3          Combined and Consolidated Balance Sheets            HTML     51K 
                (Parenthetical)                                                  
48: R4          Combined and Consolidated Statements of Operations  HTML     87K 
63: R5          Combined and Consolidated Statements of Equity      HTML    101K 
38: R6          Combined and Consolidated Statements of Cash Flows  HTML    108K 
43: R7          Description of Business and Summary of Significant  HTML    141K 
                Accounting Policies                                              
33: R8          Fair Value Measurements                             HTML     28K 
26: R9          Income Taxes                                        HTML     86K 
64: R10         Accrued Expenses                                    HTML     26K 
50: R11         Equity                                              HTML     50K 
49: R12         Stock-Based Compensation                            HTML     62K 
54: R13         Commitments and Contingencies                       HTML     52K 
55: R14         Related Party Transactions                          HTML     40K 
53: R15         Revenues in Wireless Spectrum                       HTML     39K 
56: R16         Business Segment Information                        HTML     45K 
45: R17         Quarterly Financial Data (Unaudited)                HTML     47K 
47: R18         Subsequent Events                                   HTML     22K 
52: R19         Description of Business and Summary of Significant  HTML    158K 
                Accounting Policies (Policies)                                   
68: R20         Description of Business and Summary of Significant  HTML     55K 
                Accounting Policies (Tables)                                     
59: R21         Income Taxes (Tables)                               HTML     77K 
40: R22         Accrued Expenses (Tables)                           HTML     25K 
51: R23         Stock-Based Compensation (Tables)                   HTML     34K 
42: R24         Commitments and Contingencies (Tables)              HTML     24K 
19: R25         Related Party Transactions (Tables)                 HTML     26K 
60: R26         Revenues in Wireless Spectrum (Tables)              HTML     30K 
65: R27         Business Segment Information (Tables)               HTML     37K 
29: R28         Quarterly Financial Data (Unaudited) (Tables)       HTML     44K 
28: R29         Description of Business and Summary of Significant  HTML     35K 
                Accounting Policies (Details)                                    
31: R30         Description of Business and Summary of Significant  HTML     28K 
                Accounting Policies (Details 1)                                  
32: R31         Description of Business and Summary of Significant  HTML     28K 
                Accounting Policies (Details 2)                                  
34: R32         Description of Business and Summary of Significant  HTML     50K 
                Accounting Policies (Details Textual)                            
18: R33         Income Taxes (Details)                              HTML     53K 
57: R34         Income Taxes (Details 1)                            HTML     50K 
39: R35         Income Taxes (Details 2)                            HTML     40K 
41: R36         Income Taxes (Details 3)                            HTML     28K 
23: R37         Income Taxes (Details Textual)                      HTML     43K 
67: R38         Accrued Expenses (Details)                          HTML     35K 
14: R39         Equity (Details)                                    HTML     83K 
35: R40         Stock-Based Compensation (Details)                  HTML     72K 
62: R41         Stock-Based Compensation (Details Textual)          HTML    168K 
22: R42         Commitments and Contingencies (Details)             HTML     31K 
27: R43         Commitments and Contingencies (Details Textual)     HTML     79K 
30: R44         Related Party Transactions (Details)                HTML     33K 
37: R45         Related Party Transactions (Details Textual)        HTML     26K 
17: R46         Revenues in Wireless Spectrum (Details)             HTML     36K 
25: R47         Revenues in Wireless Spectrum (Details Textual)     HTML     36K 
15: R48         Business Segment Information (Details)              HTML     42K 
61: R49         Business Segment Information (Details 1)            HTML     26K 
20: R50         Business Segment Information (Details Textual)      HTML     21K 
58: R51         Quarterly Financial Data (Unaudited) (Details)      HTML     58K 
24: R52         Subsequent Events (Details)                         HTML     23K 
66: XML         IDEA XML File -- Filing Summary                      XML    118K 
16: EXCEL       IDEA Workbook of Financial Reports                  XLSX     76K 
 8: EX-101.INS  XBRL Instance -- strp-20150731                       XML   1.40M 
10: EX-101.CAL  XBRL Calculations -- strp-20150731_cal               XML    145K 
11: EX-101.DEF  XBRL Definitions -- strp-20150731_def                XML    485K 
12: EX-101.LAB  XBRL Labels -- strp-20150731_lab                     XML   1.00M 
13: EX-101.PRE  XBRL Presentations -- strp-20150731_pre              XML    751K 
 9: EX-101.SCH  XBRL Schema -- strp-20150731                         XSD    141K 
21: ZIP         XBRL Zipped Folder -- 0001213900-15-007650-xbrl      Zip    133K 


‘EX-101.INS’   —   XBRL Instance — strp-20150731


This Exhibit is an XBRL XML File.


                                                                                                                                                                                
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<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_31_Jul_2013T00_00_00_TO_31_Jul_2013T00_00_00_StatementEquityComponentsAxis_CommonStockToBeIssuedMember" unitRef="USD" xsi:nil="true"/>
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<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00_StatementEquityComponentsAxis_GroupEquityMember" unitRef="USD" xsi:nil="true"/>
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<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00_StatementEquityComponentsAxis_CommonStockToBeIssuedMember" unitRef="USD" xsi:nil="true"/>
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<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_StatementEquityComponentsAxis_GroupEquityMember" unitRef="USD" xsi:nil="true"/>
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<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="USD" decimals="-3"> -1328000 </us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
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<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3"> 72000 </us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
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<us-gaap:CommonStockSharesIssued contextRef="Context_As_Of_31_Jul_2013T00_00_00_TO_31_Jul_2013T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="-3"> 10700000 </us-gaap:CommonStockSharesIssued>
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<us-gaap:ProfitLoss contextRef="Context_3ME_01_May_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -3721000 </us-gaap:ProfitLoss>
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<us-gaap:ProfitLoss contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProfitLoss contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="USD" decimals="-3"> -111000 </us-gaap:ProfitLoss>
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<us-gaap:ProfitLoss contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3"> -1965000 </us-gaap:ProfitLoss>
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<us-gaap:IncomeLossAttributableToNoncontrollingInterest contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" decimals="-3"> -399000 </us-gaap:IncomeLossAttributableToNoncontrollingInterest>
<us-gaap:IncomeLossAttributableToNoncontrollingInterest contextRef="Context_3ME_01_Aug_2013T00_00_00_TO_31_Oct_2013T00_00_00" unitRef="USD" decimals="-3"> 26000 </us-gaap:IncomeLossAttributableToNoncontrollingInterest>
<us-gaap:IncomeLossAttributableToNoncontrollingInterest contextRef="Context_3ME_01_Nov_2013T00_00_00_TO_31_Jan_2014T00_00_00" unitRef="USD" decimals="-3"> 141000 </us-gaap:IncomeLossAttributableToNoncontrollingInterest>
<us-gaap:IncomeLossAttributableToNoncontrollingInterest contextRef="Context_3ME_01_Feb_2014T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="USD" decimals="-3"> -4000 </us-gaap:IncomeLossAttributableToNoncontrollingInterest>
<us-gaap:IncomeLossAttributableToNoncontrollingInterest contextRef="Context_3ME_01_May_2014T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> -195000 </us-gaap:IncomeLossAttributableToNoncontrollingInterest>
<us-gaap:IncomeLossAttributableToNoncontrollingInterest contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 32000 </us-gaap:IncomeLossAttributableToNoncontrollingInterest>
<us-gaap:IncomeLossAttributableToNoncontrollingInterest contextRef="Context_3ME_01_Aug_2014T00_00_00_TO_31_Oct_2014T00_00_00" unitRef="USD" decimals="-3"> -183000 </us-gaap:IncomeLossAttributableToNoncontrollingInterest>
<us-gaap:IncomeLossAttributableToNoncontrollingInterest contextRef="Context_3ME_01_Nov_2014T00_00_00_TO_31_Jan_2015T00_00_00" unitRef="USD" decimals="-3"> -24000 </us-gaap:IncomeLossAttributableToNoncontrollingInterest>
<us-gaap:IncomeLossAttributableToNoncontrollingInterest contextRef="Context_3ME_01_Feb_2015T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="-3"> -211000 </us-gaap:IncomeLossAttributableToNoncontrollingInterest>
<us-gaap:IncomeLossAttributableToNoncontrollingInterest contextRef="Context_3ME_01_May_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> 529000 </us-gaap:IncomeLossAttributableToNoncontrollingInterest>
<us-gaap:IncomeLossAttributableToNoncontrollingInterest contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -111000 </us-gaap:IncomeLossAttributableToNoncontrollingInterest>
<us-gaap:NetIncomeLoss contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" decimals="-3"> -3213000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Aug_2013T00_00_00_TO_31_Oct_2013T00_00_00" unitRef="USD" decimals="-3"> -391000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Nov_2013T00_00_00_TO_31_Jan_2014T00_00_00" unitRef="USD" decimals="-3"> -727000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Feb_2014T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="USD" decimals="-3"> 117000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_May_2014T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 3038000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 2037000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Aug_2014T00_00_00_TO_31_Oct_2014T00_00_00" unitRef="USD" decimals="-3"> 706000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Nov_2014T00_00_00_TO_31_Jan_2015T00_00_00" unitRef="USD" decimals="-3"> -277000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Feb_2015T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="-3"> 798000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_May_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -3192000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -1965000 </us-gaap:NetIncomeLoss>
<us-gaap:EarningsPerShareBasic contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD_per_Share" decimals="2"> -0.31 </us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_3ME_01_Aug_2013T00_00_00_TO_31_Oct_2013T00_00_00" unitRef="USD_per_Share" decimals="2"> -0.04 </us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_3ME_01_Nov_2013T00_00_00_TO_31_Jan_2014T00_00_00" unitRef="USD_per_Share" decimals="2"> -0.07 </us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_3ME_01_Feb_2014T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="USD_per_Share" decimals="2"> 0.01 </us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_3ME_01_May_2014T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD_per_Share" decimals="2"> 0.28 </us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD_per_Share" decimals="2"> 0.19 </us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_3ME_01_Aug_2014T00_00_00_TO_31_Oct_2014T00_00_00" unitRef="USD_per_Share" decimals="2"> 0.06 </us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_3ME_01_Nov_2014T00_00_00_TO_31_Jan_2015T00_00_00" unitRef="USD_per_Share" decimals="2"> -0.02 </us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_3ME_01_Feb_2015T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD_per_Share" decimals="2"> 0.07 </us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_3ME_01_May_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD_per_Share" decimals="2"> -0.28 </us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD_per_Share" decimals="2"> -0.17 </us-gaap:EarningsPerShareBasic>
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<us-gaap:EarningsPerShareDiluted contextRef="Context_3ME_01_Aug_2013T00_00_00_TO_31_Oct_2013T00_00_00" unitRef="USD_per_Share" decimals="2"> -0.04 </us-gaap:EarningsPerShareDiluted>
<us-gaap:EarningsPerShareDiluted contextRef="Context_3ME_01_Nov_2013T00_00_00_TO_31_Jan_2014T00_00_00" unitRef="USD_per_Share" decimals="2"> -0.07 </us-gaap:EarningsPerShareDiluted>
<us-gaap:EarningsPerShareDiluted contextRef="Context_3ME_01_Feb_2014T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="USD_per_Share" decimals="2"> 0.01 </us-gaap:EarningsPerShareDiluted>
<us-gaap:EarningsPerShareDiluted contextRef="Context_3ME_01_May_2014T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD_per_Share" decimals="2"> 0.27 </us-gaap:EarningsPerShareDiluted>
<us-gaap:EarningsPerShareDiluted contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD_per_Share" decimals="2"> 0.18 </us-gaap:EarningsPerShareDiluted>
<us-gaap:EarningsPerShareDiluted contextRef="Context_3ME_01_Aug_2014T00_00_00_TO_31_Oct_2014T00_00_00" unitRef="USD_per_Share" decimals="2"> 0.06 </us-gaap:EarningsPerShareDiluted>
<us-gaap:EarningsPerShareDiluted contextRef="Context_3ME_01_Nov_2014T00_00_00_TO_31_Jan_2015T00_00_00" unitRef="USD_per_Share" decimals="2"> -0.02 </us-gaap:EarningsPerShareDiluted>
<us-gaap:EarningsPerShareDiluted contextRef="Context_3ME_01_Feb_2015T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD_per_Share" decimals="2"> 0.07 </us-gaap:EarningsPerShareDiluted>
<us-gaap:EarningsPerShareDiluted contextRef="Context_3ME_01_May_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD_per_Share" decimals="2"> -0.28 </us-gaap:EarningsPerShareDiluted>
<us-gaap:EarningsPerShareDiluted contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD_per_Share" decimals="2"> -0.17 </us-gaap:EarningsPerShareDiluted>
<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="shares" decimals="-3"> 10504000 </us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="shares" decimals="-3"> 10667000 </us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="shares" decimals="-3"> 11457000 </us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="shares" decimals="-3"> 10504000 </us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="shares" decimals="-3"> 11267000 </us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="shares" decimals="-3"> 11457000 </us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31_Jul_2012T00_00_00_TO_31_Jul_2012T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31_Jul_2012T00_00_00_TO_31_Jul_2012T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassAMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31_Jul_2012T00_00_00_TO_31_Jul_2012T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31_Jul_2013T00_00_00_TO_31_Jul_2013T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassAMember" unitRef="shares" decimals="-3"> 787000 </us-gaap:SharesOutstanding>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31_Jul_2013T00_00_00_TO_31_Jul_2013T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="-3"> 10693000 </us-gaap:SharesOutstanding>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassAMember" unitRef="shares" decimals="-3"> 787000 </us-gaap:SharesOutstanding>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="-3"> 11013000 </us-gaap:SharesOutstanding>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassAMember" unitRef="shares" decimals="-3"> 787000 </us-gaap:SharesOutstanding>
<us-gaap:SharesOutstanding contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="-3"> 11308000 </us-gaap:SharesOutstanding>
<us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" decimals="-3"> 2757000 </us-gaap:RelatedPartyTransactionAmountsOfTransaction>
<us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00_StatementEquityComponentsAxis_GroupEquityMember" unitRef="USD" decimals="-3"> 2757000 </us-gaap:RelatedPartyTransactionAmountsOfTransaction>
<us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
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<us-gaap:StockholdersEquityNoteSpinoffTransaction contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00_StatementEquityComponentsAxis_GroupEquityMember" unitRef="USD" decimals="-3"> -14229000 </us-gaap:StockholdersEquityNoteSpinoffTransaction>
<us-gaap:StockholdersEquityNoteSpinoffTransaction contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 14114000 </us-gaap:StockholdersEquityNoteSpinoffTransaction>
<us-gaap:StockholdersEquityNoteSpinoffTransaction contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="USD" xsi:nil="true"/>
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<strp:StockholdersEquityNoteSpinoffTransactionShares contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="-3"> 10693000 </strp:StockholdersEquityNoteSpinoffTransactionShares>
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<us-gaap:StockIssuedDuringPeriodValueStockDividend contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -875000 </us-gaap:StockIssuedDuringPeriodValueStockDividend>
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<us-gaap:AllocatedShareBasedCompensationExpense contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 746000 </us-gaap:AllocatedShareBasedCompensationExpense>
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<us-gaap:GainLossOnSaleOfProperties contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> 35000 </us-gaap:GainLossOnSaleOfProperties>
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<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> -2809000 </us-gaap:DeferredIncomeTaxExpenseBenefit>
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<us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" decimals="-3"> 23000 </us-gaap:IncreaseDecreaseInAccountsReceivable>
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<us-gaap:IncreaseDecreaseInPrepaidExpense contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 5760000 </us-gaap:IncreaseDecreaseInPrepaidExpense>
<us-gaap:IncreaseDecreaseInPrepaidExpense contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -4977000 </us-gaap:IncreaseDecreaseInPrepaidExpense>
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<us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> -104000 </us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
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<us-gaap:IncreaseDecreaseInAccountsPayableTrade contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> -1000 </us-gaap:IncreaseDecreaseInAccountsPayableTrade>
<us-gaap:IncreaseDecreaseInAccountsPayableTrade contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> 238000 </us-gaap:IncreaseDecreaseInAccountsPayableTrade>
<us-gaap:IncreaseDecreaseInAccruedLiabilities contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" decimals="-3"> 305000 </us-gaap:IncreaseDecreaseInAccruedLiabilities>
<us-gaap:IncreaseDecreaseInAccruedLiabilities contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> -139000 </us-gaap:IncreaseDecreaseInAccruedLiabilities>
<us-gaap:IncreaseDecreaseInAccruedLiabilities contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -538000 </us-gaap:IncreaseDecreaseInAccruedLiabilities>
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<us-gaap:IncreaseDecreaseInDueToRelatedParties contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 6000 </us-gaap:IncreaseDecreaseInDueToRelatedParties>
<us-gaap:IncreaseDecreaseInDueToRelatedParties contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -6000 </us-gaap:IncreaseDecreaseInDueToRelatedParties>
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<us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 11535000 </us-gaap:IncreaseDecreaseInDeferredRevenue>
<us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -10179000 </us-gaap:IncreaseDecreaseInDeferredRevenue>
<us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" decimals="-3"> -5000 </us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>
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<us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -245000 </us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>
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<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 6215000 </us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>
<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -1890000 </us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>
<us-gaap:PaymentsToAcquireIntangibleAssets contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" decimals="-3"> 350000 </us-gaap:PaymentsToAcquireIntangibleAssets>
<us-gaap:PaymentsToAcquireIntangibleAssets contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:PaymentsToAcquireIntangibleAssets contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> 15000 </us-gaap:PaymentsToAcquireIntangibleAssets>
<us-gaap:ProceedsFromSaleOfIntangibleAssets contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromSaleOfIntangibleAssets contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromSaleOfIntangibleAssets contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> 35000 </us-gaap:ProceedsFromSaleOfIntangibleAssets>
<us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" decimals="-3"> -350000 </us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
<us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> 20000 </us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
<us-gaap:ProceedsFromSaleOfTreasuryStock contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromSaleOfTreasuryStock contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromSaleOfTreasuryStock contextRef="Context_Custom_14_Jan_2015T00_00_00_TO_16_Jan_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_OfficerMember" unitRef="USD" decimals="-3"> 65003000 </us-gaap:ProceedsFromSaleOfTreasuryStock>
<us-gaap:ProceedsFromSaleOfTreasuryStock contextRef="Context_3ME_01_May_2015T00_00_00_TO_31_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="USD" decimals="-3"> 480392000 </us-gaap:ProceedsFromSaleOfTreasuryStock>
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<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Note 1—Description of Business and Summary of Significant Accounting Policies</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Description of Business</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path Communications Inc. (“Straight Path”), a Delaware corporation, was incorporated in April 2013. Straight Path’s businesses consist of an indirect 100% ownership of Straight Path Spectrum, Inc. (“Straight Path Spectrum”) and an indirect 84.5% ownership of Straight Path IP Group, Inc. (“Straight Path IP Group”). In these financial statements, “the Company” refers to Straight Path, Straight Path Spectrum and Straight Path IP Group on a consolidated basis. All material intercompany balances and transactions have been eliminated in consolidation.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company was formerly a subsidiary of IDT Corporation (“IDT”). On July 31, 2013, the Company was spun-off by IDT to its stockholders and became an independent public company (the “Spin-Off”). The Company authorized the issuance of two classes of its common stock, Class A (“Class A common stock”) and Class B (“Class B common stock”). The Spin-Off of the Company occurred by way of a pro rata distribution of the Company’s Class A common stock and Class B common stock held by IDT to IDT’s stockholders. On the distribution date, each IDT stockholder received one share of the Company’s Class A common stock for every two shares of IDT Class A common stock and one share of the Company’s Class B common stock for every two shares of IDT Class B common stock held on the record date for the Spin-Off. On July 31, 2013, the Company distributed approximately 787,000 shares of its Class A common stock that were outstanding on the record date and 10.7 million shares of its Class B common stock (based on 21.4 million shares of IDT Class B common stock that were outstanding on the record date).</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending in the calendar year indicated (e.g., fiscal 2015 refers to the fiscal year ending July 31, 2015).</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Straight Path Spectrum</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path Spectrum holds a broad collection of exclusively licensed commercial fixed wireless spectrum licenses. These licenses, granted by the Federal Communications Commission (“FCC”) include eight hundred twenty eight 39 GHz licenses and one hundred thirty three licenses in the local multipoint distribution service (“LMDS”) band. Straight Path Spectrum offers its customers point-to-point and point-to-multipoint wireless broadband digital telecommunications services. The broad geographical reach of the licenses enables Straight Path Spectrum to provide its services throughout the United States.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In October 2010, Straight Path Spectrum paid an aggregate of $210,000 to renew certain of its 39 GHz FCC licenses and established a new expiration date of October 18, 2020 for these licenses. The Company included the license renewal costs in other assets, which are being charged to expense on a straight-line basis over the ten-year term of the licenses.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Straight Path IP Group</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company believes that many parties are operating by infringing on Straight Path IP Group’s intellectual property, specifically one or more of Straight Path IP Group’s patents related to communications over the Internet. The Company is enforcing its rights and seeking to license its patents in order to generate revenue.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path IP Group’s patent portfolio consists of the NetSpeak Portfolio (the “NetSpeak patents”) described below. </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">NetSpeak Portfolio: </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">United States Patents Nos. 6,131,121; 6,701,365; 6,513,066; 6,185,184; 6,829,645; 6,687,738; 6,009,469; 6,226,678; 7,149,208 and 6,178,453, and the foreign counterparts to U.S. Patent No. 6,108,704, listed below:</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> Singapore <table align="center" style="font: 10pt/normal times new roman, times, serif; width: 70%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal times new roman, times, serif; vertical-align: top; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"> <td style="font: 10pt/normal times new roman, times, serif; 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font-size-adjust: none; font-stretch: normal;">Canada</font></td> </tr> <tr style="font: 10pt/normal times new roman, times, serif; vertical-align: top; font-size-adjust: none; font-stretch: normal; background-color: white;"> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">96197195.9</font></td> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">China</font></td> </tr> <tr style="font: 10pt/normal times new roman, times, serif; vertical-align: top; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; 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font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">1017192</font></td> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">Hong Kong</font></td> </tr> <tr style="font: 10pt/normal times new roman, times, serif; vertical-align: top; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">10-414512</font></td> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">Korea</font></td> </tr> <tr style="font: 10pt/normal times new roman, times, serif; vertical-align: top; font-size-adjust: none; font-stretch: normal; background-color: white;"> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">212126</font></td> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">Mexico</font></td> </tr> <tr style="font: 10pt/normal times new roman, times, serif; vertical-align: top; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">51774</font></td> </tr> <tr style="font: 10pt/normal times new roman, times, serif; vertical-align: top; font-size-adjust: none; font-stretch: normal; background-color: white;"> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">852868</font></td> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">Sweden</font></td> </tr> <tr style="font: 10pt/normal times new roman, times, serif; vertical-align: top; font-size-adjust: none; font-stretch: normal; background-color: #cceeff;"> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">852868</font></td> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">Italy</font></td> </tr> <tr style="font: 10pt/normal times new roman, times, serif; vertical-align: top; font-size-adjust: none; font-stretch: normal; background-color: white;"> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">NI-096566</font></td> <td style="font: 10pt/normal times new roman, times, serif; padding-right: 0.8pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">Taiwan</font></td> </tr> </table> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">These patents are Straight Path IP Group’s core assets. The patents had finite lives and have begun to expire on September 25, 2015. One patent in the NetSpeak Portfolio, U.S. Patent No. 6,178,453 will expire on April 4, 2017. Straight Path IP Group may continue to enforce the patents for patent infringement that occurred before expiration, although we do not anticipate filing additional actions. There is no guarantee that the patents will be adequately exploited or commercialized.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We generally pay law firms that represent us in litigation against alleged infringers of our intellectual property rights a percentage of the amounts recovered ranging from 0% to 40% depending on several factors.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Droplet Portfolio: </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Droplet patent portfolio includes United States Patents Nos. 6,847,317; 7,844,122; 7,525,463; 8,279,098; 7,436,329; 7,679,649, 8,947,271, 8,896,717, 8,849,964, 8,896,652 and a number of U.S. and foreign patent applications.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Basis of Accounting</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The accompanying financial statements for periods prior to the July 31, 2013 Spin-Off were prepared on a combined basis because the operations were under common control.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The combined and consolidated financial statements include the assets, liabilities, results of operations and cash flows of the entities included in the Company post-Spin-Off. The assets and liabilities in the accompanying financial statements are recorded at historical cost. Direct expenses historically incurred by IDT on behalf of the entities are reflected in these financial statements. The most significant expenses were as follows:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times,;"> </font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; text-align: center; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"></font></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path IP Group’s legal and professional fees.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; text-align: center; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"></font></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Salaries and employee benefits have been allocated based on specific identification.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; text-align: center; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"></font></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Facility costs as well as certain salaries consisting of payroll, human resources, purchasing, accounts payable, treasury, network and telephone services, legal, travel, and consulting fees were allocated to these entities based on estimates of the incremental cost incurred by IDT.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; text-align: center; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"></font></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Medical and dental benefits were allocated to these entities based on rates similar to COBRA health benefit provision rates charged to former IDT employees.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; text-align: center; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"></font></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Stock-based compensation and retirement benefits under IDT’s defined contribution plan were allocated to these entities based on specific identification. Insurance was allocated to these entities based on a combination of headcount and specific policy identification.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman',;">Management believes that the assumptions and methods of allocation used were reasonable. However, the costs as allocated are not necessarily indicative of the costs that would have been incurred if these entities operated on a stand-alone basis. Therefore, the combined and consolidated financial statements included herein may not necessarily be indicative of the financial position, results of operations, changes in equity and cash flows of the Company to be expected in the future or what they would have been had the Company been a separate stand-alone entity during the periods presented.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Use of Estimates</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Revenue Recognition</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path Spectrum lease revenues are recognized on a straight-line basis over the contractual lease period, which generally range from one to five years. Revenues from sale of rights in FCC licenses are recognized upon execution of the agreement by both parties, provided that the amounts are fixed or determinable, there are no significant undelivered obligations and collectability is reasonably assured. Revenues from sale of rights in FCC licenses less applicable costs of the sale are classified as “Gain on sale of rights in wireless spectrum” in the accompanying Combined and Consolidated Statements of Operations.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path Spectrum recorded the amounts that the Former Chief Executive Officer of Straight Path Spectrum (the “Former SPSI CEO”) was entitled to, related to leases, in “Selling, general and administrative” expense, in the same period the related revenues were recognized.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path IP Group licenses its portfolio of patents to companies who use these patents in the provision of their product(s) and/or service(s). The contractual terms of the license agreements generally provide for payments over an extended period of time. For the licensing agreements with fixed royalty payments, Straight Path IP Group generally recognizes revenue on a straight-line basis over the contractual term of the license, once collectability of the amounts is reasonably assured. For the licensing agreements with variable royalty payments which are based on a percentage of sales, Straight Path IP Group earns royalties at the time that the customers’ sales occur. Straight Path IP Group’s customers, however, do not report and pay royalties owed for sales in any given period until after the conclusion of that period. As Straight Path IP Group is unable to estimate the customers’ sales in any given period to determine the royalties due to Straight Path IP Group, it recognizes royalty revenues when sales and royalties are reported by customers and when other revenue recognition criteria are met.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In addition, Straight Path IP Group may enter into certain settlements of patent infringement disputes. The amount of consideration received upon any settlement (including but not limited to past royalty payments and future royalty payments) is allocated to each element of the settlement based on the fair value of each element. In addition, revenues related to past royalties are recognized upon execution of the agreement by both parties, provided that the amounts are fixed or determinable, there are no significant undelivered obligations and collectability is reasonably assured. Straight Path IP Group does not recognize any revenues prior to execution of the agreement since there is no reliable basis on which it can estimate the amounts for royalties related to previous periods or assess collectability.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Direct Cost of Revenues</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Direct cost of revenues for Straight Path Spectrum consists primarily of network and connectivity costs and associated regulatory taxes and fees. Such costs are charged to expense as incurred.  Direct cost of revenues for Straight Path IP Group consists of legal expenses directly related to revenues from litigation settlements. Expenses incurred for which revenue has not yet been recognized is classified as prepaid expenses – settlements in the consolidated balance sheet.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Cash Equivalents and Concentrations of Credit Risk</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of money market accounts. The Company maintains principally all cash and cash equivalent balances in various financial institutions which, at times may exceed the amounts insured by the Federal Deposit Insurance Corporation.  The exposure to the Company is solely dependent upon daily bank balances and the respective strength of the financial institutions.  The Company has not incurred any losses on these accounts.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Intangible Assets</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Intangible assets consists primarily of the cost of the wireless spectrum licenses that were transferred to the Company by an entity controlled by the Former SPSI CEO in connection with the June 2013 settlement of all outstanding claims and disputes with the Former SPSI CEO and parties related to the Former SPSI CEO (see Note 7). The wireless spectrum licenses are not amortized since they are deemed to have an indefinite life. These assets are reviewed annually or more frequently under certain conditions for impairment using a fair value approach. On August 1, 2013, the Company adopted the accounting standard update that reduced the complexity of performing an impairment test for indefinite-lived intangible assets by simplifying how an entity tests those assets for impairment and improved consistency in impairment testing guidance among long-lived asset categories. The Company may first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. Prior to the adoption of this update, the Company was required to test indefinite-lived intangible assets for impairment by comparing the fair value of the asset with its carrying amount. The adoption of this standard update did not impact the Company’s financial position, results of operations or cash flows.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">No impairment was recorded for the years ended July 31, 2015 and 2014.  </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Income Taxes</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Because of the way it is structured, Straight Path and its subsidiaries file the following income tax returns.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path Spectrum files its own tax returns. The operations of Straight Path IP Group are included in the consolidated tax return of Straight Path.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in its assessment of a valuation allowance. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company uses a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The Company determines whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. Tax positions that meet the more-likely-than-not recognition threshold are measured to determine the amount of tax benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in one or more of the following: an increase in a liability for income taxes payable, a reduction of an income tax refund receivable, a reduction in a deferred tax asset, or an increase in a deferred tax liability.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company classifies interest and penalties on income taxes as a component of income tax expense.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Contingencies</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company accrues for loss contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. When the Company accrues for loss contingencies and the reasonable estimate of the loss is within a range, the Company records its best estimate within the range. When no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount in the range. The Company discloses an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Earnings per Share</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Basic earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>    <table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;" colspan="10">Years Ended</td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">July 31,</td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2013</td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="10">(in thousands)</td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1003px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">Basic weighted-average number of shares</td> <td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="width: 142px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;">11,457</td> <td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">10,667</td> <td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="width: 15px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">10,504</td> <td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">Effect of dilutive securities:</td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: 0pt; padding-left: 10pt; font-size: 10pt;">Stock options</td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;">-</td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">9</td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">-</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 10pt; font-size: 10pt;">Non-vested restricted Class B common stock</td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">591</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;">Diluted weighted-average number of shares</td> <td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,457</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,267</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,504</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The following shares were excluded from the diluted earnings (loss) per share computations because their inclusion would have been anti-dilutive:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">  </font></p> <table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;" colspan="10">Years Ended</td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">July 31,</td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2013</td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="10">(in thousands)</td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1003px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">Stock options</td> <td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="width: 142px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;">4</td> <td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">-</td> <td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="width: 15px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">-</td> <td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;">Non-vested restricted Class B common stock</td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">331</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;">Shares excluded from the calculations of diluted earnings (loss) per share</td> <td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">335</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td> <td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td> <td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">For the year ended July 31, 2015, the diluted loss per share equals basic loss per share because the Company had a net loss and the impact of the assumed exercise of stock options and assumed vesting of restricted stock would have been anti-dilutive. At July 31, 2013, the Company did not have any dilutive securities. </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Stock-Based Compensation</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company accounts for stock-based compensation in accordance with FASB ASC 718, “Compensation - Stock Compensation.”  The Company recognizes compensation expense for all of its grants of stock-based awards based on the estimated fair value on the grant date. Compensation cost for awards is recognized using the straight-line method over the vesting period. Stock-based compensation is included in selling, general and administrative expense.  See Note 6.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman',;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505, “Equity.”  Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Fair Value Measurements</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Fair value of financial and non-financial assets and liabilities is defined as an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used to measure fair value, which prioritizes the inputs to valuation techniques used to measure fair value, is as follows:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; padding-right: 0.8pt; vertical-align: top; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Level 1 –</font></td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; vertical-align: bottom; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; vertical-align: top; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Level 2 –</font></td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; vertical-align: bottom; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.</font></td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; vertical-align: top; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Level 3 –</font></td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; vertical-align: bottom; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Allowance for Doubtful Accounts</i>  </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman',;">The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The allowance is determined based on known troubled accounts, historical experience and other currently available evidence. Doubtful accounts are written-off upon final determination that the trade accounts will not be collected. The change in the allowance for doubtful accounts is as follows:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p>    <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31 (in thousands)</b></font></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Balance at</b><br /><b>beginning of</b><br /><b>year</b></font></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Additions</b><br /><b>charged to</b><br /><b>costs and</b><br /><b>expenses</b></font></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Deductions</b></font></td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Balance at</b><br /><b>end of year</b></font></td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Reserves deducted from accounts receivable:</b></font></td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 4pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Allowance for doubtful accounts</b></font></td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">2014</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Reserves deducted from accounts receivable:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 815px; text-align: left; padding-bottom: 4pt;">Allowance for doubtful accounts</td> <td style="width: 16px; padding-bottom: 4pt;"> </td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td> <td style="width: 16px; padding-bottom: 4pt;"> </td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td> <td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td> <td style="width: 15px; padding-bottom: 4pt;"> </td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(4</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt;">)</td> <td style="width: 15px; padding-bottom: 4pt;"> </td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td> <td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Recently Issued Accounting Pronouncements</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Effective January 1, 2014, the Company adopted Accounting Standards Update No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”).  ASU 2013-11 is expected to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. This guidance is effective prospectively for the Company for annual and interim periods beginning January 1, 2014.  The adoption of ASU 2013-11 did not have a material effect on the Company's financial position, results of operations or cash flows.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In May 2014, ASU No. 2014-09, “<i>Revenue from Contracts with Customers</i>” ("ASU 2014-09") was issued. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. The guidance will also require that certain contract costs incurred to obtain or fulfill a contract, such as sales commissions, be capitalized as an asset and amortized as revenue is recognized. Adoption of the new rules could affect the timing of both revenue recognition and the incurrence of contract costs for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">ASU 2014-09 was scheduled to be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. In August 2015, the FASB issued ASU 2015-14, "<i>Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date</i>" ("ASU 2015-14") which defers the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for annual reporting periods after December 15, 2017 including interim periods within that reporting period.  Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company will adopt the new standard effective August 1, 2018. The Company is currently evaluating the impact of adoption and the implementation approach to be used.</font></p> <p style="font: 10pt/normal 'times new roman', times,;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In June 2014, ASU 2014-12, “<i>Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period</i>” (“ASU No. 2014-12”) was issued.  ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. An entity should recognize compensation cost in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. ASU 2014-12 becomes effective for interim and annual periods beginning on or after December 15, 2015. Early adoption is permitted.  The Company is currently evaluating the effects of adopting ASU 2014-12 on its consolidated financial statements but the adoption is not expected to have a significant impact on the Company’s consolidated financial statements.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In June 2014, ASU 2014-15, “<i>Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern</i>” (“ASU No. 2014-15”) was issued.  Before the issuance of ASU 2014-15, there was no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. This guidance is expected to reduce the diversity in the timing and content of footnote disclosures. ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards as specified in the guidance. ASU 2014-15 becomes effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the effects of adopting ASU 2014-15 on its consolidated financial statements but the adoption is not expected to have a significant impact on the Company’s consolidated financial statements.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In January 2015, the FASB issued ASU 2015-01, “<i>Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items</i>” (“ASU 2015-01”). ASU 2015-01 eliminates from GAAP the concept of extraordinary items. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company anticipates that the adoption of ASU 2015-01 will not have a significant impact on the Company’s consolidated financial statements.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In February 2015, the FASB issued ASU NO. 2015-02, “<i>Consolidation (Topic 810): Amendments to the Consolidation Analysis</i>” (“ASU 2015-02”). The amendments in ASU 2015-02 change the analysis that reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in ASU 2015-02 are effective for public business entities for fiscal years beginning after December 15, 2015. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. A reporting entity may apply the amendments in ASU 2015-02 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. A reporting entity also may apply the amendments retrospectively. The adoption of ASU 2015-02 is not expected to have a material impact on the Company’s consolidated financial statements.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In April 2015, the FASB issued ASU 2015-03, “<i>Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</i>” ("ASU 2015-03") as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The Board received feedback that having different balance sheet presentation requirements for debt issuance costs and debt discount and premium creates unnecessary complexity. Recognizing debt issuance costs as a deferred charge (that is, an asset) also is different from the guidance in International Financial Reporting Standards, which requires that transaction costs be deducted from the carrying value of the financial liability and not recorded as separate assets. Additionally, the requirement to recognize debt issuance costs as deferred charges conflicts with the guidance in FASB Concepts Statement No. 6, "Elements of Financial Statements," which states that debt issuance costs are similar to debt discounts and in effect reduce the proceeds of borrowing, thereby increasing the effective interest rate. FASB Concepts Statement No. 6 further states that debt issuance costs cannot be an asset because they provide no future economic benefit. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company will evaluate the effects of adopting ASU 2015-03 if and when it is deemed to be applicable.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Management does not believe that any other recently issued, but not yet effective, accounting standard if currently adopted would have a material effect on the accompanying financial statements</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i> </i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Subsequent Events</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Management has evaluated subsequent events through the date of this filing.</font></p> </div>
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<us-gaap:FairValueDisclosuresTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Note 2—Fair Value Measurements  </b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">At July 31, 2015 and 2014, the Company did not have any assets or liabilities measured at fair value on a recurring basis.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">At July 31, 2015 and 2014, the carrying amounts of the financial instruments included in cash and cash equivalents, trade accounts payable, other current assets, trade accounts payable, accrued expenses and due to IDT Corporation approximated fair value because of the short period of time to maturity. The fair value estimates for cash and cash equivalents were classified as Level 1 and other current assets, accrued expenses and due to IDT Corporation were classified as Level 2 of the fair value hierarchy. The estimated fair value of the Company’s financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting this data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange.</font></p></div>
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<us-gaap:IncomeTaxDisclosureTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Note 3—Income Taxes</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Because of the way it is structured, Straight Path and its subsidiaries file various types of income tax returns.  </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path Spectrum files its own tax returns. There is no provision for Straight Path Spectrum for the years ended July 31, 2015 and 2014 as it incurred a taxable loss in both years. In addition, there is a 100% valuation allowance against the net operating losses generated by Straight Path Spectrum at both July 31, 2015 and 2014.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The operations of Straight Path IP Group are included in the consolidated tax return of Straight Path. There is no provision of current taxes for Straight Path for the year ended July 31, 2015. In both fiscal 2015 and 2014, capital contributions were made to a wholly-owned limited liability company which allowed Straight Path to utilize certain suspended losses. The Company estimated that such suspended losses made available by the capital contributions would fully offset taxable income generated by Straight Path IP Group for the respective fiscal years. The remaining suspended losses can only be utilized by Straight Path if additional capital contributions are made. In addition, there is a 100% valuation allowance against the net deferred tax assets related to Straight Path Spectrum at July 31, 2015 (see discussion below).</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The (provision for) benefit from income taxes consists of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31</b></font></td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"><b> </b></td><td style="font-size: 10pt;"><b> </b></td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"> </td><td style="font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>(in thousands)</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2014</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2013</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Current:</td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"><b> </b></td><td style="font-size: 10pt;"><b> </b></td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"> </td><td style="font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1003px; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;">Federal</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"><b>$</b></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;"><b></b></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">21</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">560</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-stretch: normal;">State and local</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b>(34</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">6</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">113</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b>(34</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">27</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">673</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;">Deferred:</td><td style="font-size: 10pt;"> </td><td style="text-align: left; font-size: 10pt;"><b> </b></td><td style="text-align: right; font-size: 10pt;"><b> </b></td><td style="text-align: left; font-size: 10pt;"><b> </b></td><td style="font-size: 10pt;"> </td><td style="text-align: left; font-size: 10pt;"> </td><td style="text-align: right; font-size: 10pt;"> </td><td style="text-align: left; font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="text-align: left; font-size: 10pt;"> </td><td style="text-align: right; font-size: 10pt;"> </td><td style="text-align: left; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;">Federal</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><b>(2,211</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">1,925</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">(560</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-stretch: normal;">State and local</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b>(469</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">401</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">(121</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b>(2,680</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">2,326</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">(681</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>(PROVISION FOR) BENEFIT FROM INCOME TAXES </b> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><b>$</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><b>(2,714</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">2,353</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">(8</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;">)</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Significant components of the Company’s deferred income tax assets consist of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>July 31</b><br /><b>(in thousands)</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td>Deferred income tax assets:</td><td> </td><td colspan="2"><b> </b></td><td><b> </b></td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td>Current:</td><td> </td><td style="text-align: right;" colspan="2"><b> </b></td><td><b> </b></td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Accrued expenses</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>314</b></td><td style="width: 16px; text-align: left;"><b> </b></td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">333</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Stock based compensation</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(329</b></td><td style="text-align: left;"><b>)</b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">51</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Deferred revenue on litigation settlements</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>313</b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,079</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Valuation allowance</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b> </b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b>(298</b></td><td style="text-align: left; padding-bottom: 1.5pt;"><b>)</b></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(71</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>TOTAL CURRENT DEFERRED INCOME TAX ASSETS</b></font></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b></b></td><td style="text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,392</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b> </b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Non-Current:</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b> </b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Deferred revenue on litigation settlements</td><td> </td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b></b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">313</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Stock based compensation</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b></b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">104</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Net operating loss carryforward</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>53,383</b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">50,120</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Valuation allowance</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b> </b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b>(53,383</b></td><td style="text-align: left; padding-bottom: 1.5pt;"><b>)</b></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(50,120</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>TOTAL NON-CURRENT DEFERRED INCOME TAX ASSETS</b></font></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b></b></td><td style="text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">417</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Because of its losses in the current and previous years, the Company concluded that it does not meet the criteria of more likely than not in order to utilize its deferred income tax assets in the foreseeable future for the Spectrum line of business.  Accordingly, the Company recorded a 100% valuation allowance against its deferred income tax assets.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path Ventures, LLC (f/k/a Winstar Holdings, LLC) (“Ventures”) is a wholly-owned affiliate treated as a partnership for Federal income tax purposes. Ventures has generated material losses that are “suspended” in accordance with section 704(d) of the Internal Revenue Code, and accordingly, are not available to the Company unless the Company causes all or part of the suspension to be reversed. As a consequence of the “suspension,” no deferred tax asset is reflected herein with respect of such net operating losses. If any part of such net operating losses does become available, it is recorded as a tax benefit in the period used.  In fiscal 2015, approximately $3.0 million of suspended losses became available to offset taxable income but the Company did not recognize a benefit due to taxable losses incurred. In fiscal 2014, approximately $3.0 million of suspended losses became available to offset taxable income and the Company realized a benefit of $1.1 million.  </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The differences between income taxes expected at the federal statutory income tax rate and income taxes provided are as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31</b></font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;" colspan="2"><font style="font-size: 10pt;"><b> </b></font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;" colspan="2"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;" colspan="2"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>(in thousands)</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2014</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2013</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1003px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;"><font style="font-size: 10pt;">Federal income tax at statutory rate</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b>$</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;"><b>(262</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b>)</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;">$</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;">99</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;">$</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;">(1,445</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;">)</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;"><font style="font-size: 10pt;">Permanent differences</font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;"><b>1,048</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;"></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;"></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;"><font style="font-size: 10pt;">Valuation allowance</font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;"><b>(3,500</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b>)</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;">2,250</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;">1,445</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-stretch: normal;"><font style="font-size: 10pt;">State and local income tax, net of federal benefit</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;"><b></b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;">4</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;">(8</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>PROVISION FOR (INCOME TAXES) INCOME TAX BENEFITS</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;"><b>$</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;"><b>(2,714</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;"><b>)</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;">$</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;">2,353</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;">$</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;">(8</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;">)</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">At July 31, 2015, the Company had net operating loss carryforwards of approximately $134 million. These net operating losses are split $127 million from Straight Path Spectrum and $7 million from Straight Path IP Group (Straight Path).  These carryforward losses are available to offset future taxable income. The net operating loss carryforwards will start to expire in fiscal 2022, with fiscal 2015’s loss expiring in fiscal 2035.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"></font>The change in the valuation allowance for deferred income taxes was as follows:</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31 (in thousands)</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Balance at</b><br /><b>beginning of</b><br /><b>year</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Additions</b><br /><b>charged to</b><br /><b>costs and</b><br /><b>expenses</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Deductions</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Balance at</b><br /><b>end of year</b></font></td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Reserves deducted from deferred income taxes, net:</b></font></td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left; padding-bottom: 4pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Valuation allowance</b></font></td><td style="width: 16px; padding-bottom: 4pt;"><b> </b></td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>50,191</b></td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="width: 16px; padding-bottom: 4pt;"><b> </b></td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>3,500</b></td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="width: 15px; padding-bottom: 4pt;"><b> </b></td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>(10</b></td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"><b>)</b></td><td style="width: 15px; padding-bottom: 4pt;"><b> </b></td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>53,681</b></td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">2014</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Reserves deducted from deferred income taxes, net:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Valuation allowance</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">50,797</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(606</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">50,191</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">2013</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Reserves deducted from deferred income taxes, net:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Valuation allowance</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">49,982</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">815</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">50,797</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company had no unrecognized income tax benefits at July 31, 2015 or 2014.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company was a member of IDT’s consolidated group, therefore its income or loss were included in IDT’s tax return and did not remain with the Company following the Spin-Off. IDT currently remains subject to examinations of its consolidated federal tax returns for fiscal years 2012 and fiscal 2013, and state and local tax returns generally for fiscal 2012 through fiscal 2013.  The Company’s various federal, state and local tax returns for fiscal 2015 and 2014 remain subject to examination.</p></div>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Note 4— Accrued Expenses</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Accrued expenses consist of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>July 31</b><br /><b>(in thousands)</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Accrued compensation</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>174</b></td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">577</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Accrued professional fees</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>641</b></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">566</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Accrued taxes</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>-</b></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">124</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Other</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b> </b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b>13</b></td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">67</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>TOTAL ACCRUED EXPENSES</b></font></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>828</b></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,334</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table></div>
</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Note 5—Equity</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Class A Common Stock and Class B Common Stock:</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The rights of holders of shares of Class A common stock and Class B common stock are identical except for certain voting and conversion rights and restrictions on transferability. Shares of Class A common stock and Class B common stock receive identical dividends per share when and if declared by the Company’s Board of Directors. In addition, shares of Class A common stock and Class B common stock have identical and equal priority rights per share in liquidation. The Class A common stock and Class B common stock do not have any other contractual participation rights. Shares of Class A common stock are entitled to three votes per share and shares of Class B common stock are entitled to one-tenth of a vote per share. Each share of Class A common stock may be converted into one share of Class B common stock, at any time, at the option of the holder. Shares of Class A common stock are subject to certain limitations on transferability that do not apply to shares of Class B common stock.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Class B common stock activity for fiscal 2014 was as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1250.4px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 62.13px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 36.53px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">1.</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1148.54px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company issued 311,226 shares to officers, directors and consultants as compensation.  See Note 6 for a further discussion</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">2.</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company issued 9,000 shares for the conversion of deferred stock units.</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">3.</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company issued 3,065 shares for the exercise of stock options and received proceeds of $17,000.</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">4.  </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company retired 3,550 shares issued to former employees of IDT. </font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Class B common stock activity for fiscal 2015 was as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1250.4px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 62.13px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 36.53px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">1.</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1148.54px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company issued 264,500 shares to directors and officers as compensation.  See Note 6 for a further discussion</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">2.</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company issued 12,053 shares upon the exercise of stock options and received proceeds of $68,341.</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">3.</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company issued 20,300 shares for the exercise of deferred stock units.</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">4.</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">2,200 restricted shares issued to former employees of IDT were forfeited in accordance with the terms of the grant.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Class B common stock activity subsequent to July 31, 2015 was as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1250.4px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="text-align: left; vertical-align: top;"><td style="width: 63.2px;"> </td><td style="width: 37.6px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">1.</font></td><td style="width: 1149.6px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">On August 7, 2015, the Company issued 60,000 shares of its Class B common stock to Davidi Jonas ("Jonas"), the Company’s Chief Executive Officer and President, as compensation. See Note 6 for a further discussion.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Preferred Stock:</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company’s Board of Directors has the authority to fix the price, rights, preferences, privileges and restrictions, including voting rights, of shares of the Company’s Preferred Stock without any further vote or action by the stockholders.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Dividends:</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In April 2015, Straight Path IP Group declared a dividend totaling $5,647,342. Straight Path IP Group paid $875,338 to its minority stockholders and such dividends were charged to noncontrolling interests. The dividend to Straight Path of $4,772,004 was not paid as of the filing of this report but eliminates in consolidation</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company does not anticipate paying any additional dividends on its common stock until it achieves sustainable profitability (after satisfying all of its operational needs, including payments to the Former SPSI CEO) and retains certain minimum cash reserves. Following that time, we will retain sufficient cash to provide for investment in growth opportunities and provide for the creation of long-term stockholder value, particularly through development of the SPSI business and possibly the acquisition of complementary businesses or assets.  However, we do not intend to retain earnings beyond those needs and beyond what we believe we can effectively deploy, and we expect that such additional resources would be returned to stockholders via distributions or other means.  The payment of dividends in any specific period will be at the sole discretion of the Company’s Board of Directors.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Treasury Stock for Payroll Tax Withholding:</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Treasury stock consists of shares of Class B common stock that were tendered by employees of ours to satisfy the employees’ tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. The fair market value of the shares tendered was based on the trading day immediately prior to the vesting date and the proceeds utilized to pay the withholding taxes due upon such vesting event. In September 2014, 35,846 shares of Class B common stock with a value of $348,051 were repurchased. In April 2015, 9,982 shares of Class B common stock with a value of $197,344 were repurchased.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">On January 16, 2015, the Company sold 4,105 shares of treasury stock to one of its officers at market price and received proceeds of $65,003.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">At July 31, 2015, there were 41,723 shares of treasury stock at a value of $480,392.</font></p></div>
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<p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>Note 6— Stock-Based Compensation</b></font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><i>Stock Options</i></font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">The Company adopted, effective as of July 31, 2013, the 2013 Stock Option and Incentive Plan (the “Plan”). There are 678,532 shares of the Company’s Class B common stock reserved for the grant of awards under the Plan. In October 2013, the Board of Directors approved an amendment to the Plan increasing the number of shares of the Company’s Class B common stock available for grant of awards by an additional 350,000 shares. The increase was approved by the stockholders on January 12, 2015 at the Company’s annual stockholder meeting.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">In connection with the Spin-Off, each holder of an option to purchase IDT Class B common stock received a ratable share in a pool of options to purchase 32,155 shares of the Company’s Class B common stock (which was based on 10% of the outstanding options to purchase 641,567 shares of IDT Class B common stock issued by IDT and the 1 for 2 distribution ratio of the Spin-Off). The exercise price of the Company’s options is $5.67 per share which is equal to the closing price of the Company’s Class B common stock on the first trading day following the consummation of the Spin-Off. The expiration date of the Company’s options is equal to the later of (i) the expiration of the IDT option held by such option holder and (ii) a date on or about the first anniversary of the Spin-Off when the Company’s insiders will be free to trade in shares of the Company under the Company’s insider trading policy. The options to purchase shares of the Company were issued under the Company’s Plan. The adjustment to the exercise price of the options to purchase IDT shares and the issuance of the 32,155 options to purchase the Company’s shares were accounted for as a modification. No incremental charge was required as a result of the modification.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">The following table summarizes all stock option activity during Fiscal 2015 and Fiscal 2014. There was no activity in Fiscal 2013.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <table style="font: 10pt/normal times new roman, times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td><b> </b></td> <td style="padding-bottom: 1.5pt;"><b> </b></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>Stock<br /> Options</b></td> <td style="padding-bottom: 1.5pt;"><b> </b></td> <td style="padding-bottom: 1.5pt;"><b> </b></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>Weighted-<br /> average<br /> Exercise<br /> Price</b></td> <td style="padding-bottom: 1.5pt;"><b> </b></td> <td style="padding-bottom: 1.5pt;"><b> </b></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>Weighted-<br /> average<br /> Remaining<br /> Contractual<br /> Term (in years)</b></td> <td style="padding-bottom: 1.5pt;"><b> </b></td> <td style="padding-bottom: 1.5pt;"><b> </b></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>Aggregate<br /> Intrinsic<br /> Value<br /> (in thousands)</b></td> <td style="padding-bottom: 1.5pt;"><b> </b></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Outstanding as of August 1, 2012 and 2013</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"></td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 52%; padding-left: 9pt;">Granted</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">32,155</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">5.67</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-left: 9pt;">Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(3,065</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.67</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1.5pt; padding-left: 9pt;">Cancelled/Forfeited</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,542</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">5.67</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Outstanding as of July 31, 2014</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26,548</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">5.67</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.7</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">112</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-left: 9pt;">Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;"></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-left: 9pt;">Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(12,053</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">5.67</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1.5pt; padding-left: 9pt;">Cancelled/Forfeited</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(472</td> <td style="text-align: left; padding-bottom: 1.5pt;">)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">5.67</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;">Outstanding as of July 31, 2015</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">14,023</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5.67</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5.4</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">251</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4pt;">Vested and expected to vest as of July 31, 2015</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">14,023</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5.67</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5.4</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">251</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4pt;">Exercisable as of July 31, 2015</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">6,923</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5.67</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4.5</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">124</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">The total intrinsic value of options exercised during fiscal 2015 was $186,976.  The aggregate intrinsic value in the table above represents the total intrinsic value, based on the Company’s closing stock price of $23.57 as of July 31, 2015 which would have been received by the option holders had all option holders exercised their options as of that date.  All of the options are in the money as of July 31, 2015.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><i>Common Stock</i></font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">In May 2011, Straight Path IP Group entered into an employment agreement with its then Chief Executive Officer (the “Former SPIP CEO”), pursuant to which Straight Path IP Group committed to grant options to the Former SPIP CEO to purchase shares of Straight Path IP Group’s common stock representing 5.0% of Straight Path IP Group’s outstanding equity, at an exercise price of approximately $0.4 million. The options vested monthly from May 2011 through April 2015. The estimated value of this grant was $0.2 million which Straight Path IP Group was recognizing using the straight-line method over the vesting period. The fair value of the options was estimated using a Black-Scholes valuation model and the following assumptions: (1) expected volatility of 49% based on the historical volatility of a comparable company and other factors, (2) a discount rate of 2.2% and (3) an expected term of six years. The fair value of the underlying Straight Path IP Group shares was determined using the income approach. The Company recorded stock-based compensation expense related to this grant of $13,000 and $52,000 in fiscal 2013 and fiscal 2012, respectively. The Company ceased recording stock-based compensation upon the termination of the Former SPIP CEO, and such options are now subject to dispute by us, as discussed in Note 7.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">On April 15, 2013, a consultant was granted a stock option to purchase up to 0.5% of the outstanding shares of common stock of Straight Path IP Group. The option vested 33.2% immediately, 33.4% on May 31, 2013 and 33.4% on May 31, 2014. The estimated value of this grant was $13,318 which Straight Path IP Group recognized using the straight-line method over the vesting period. The fair value of the options was estimated using a Black-Scholes valuation model and the following assumptions: (1) expected volatility of 51% based on the historical volatility of comparable companies and other factors, (2) a discount rate of 0.8% and (3) an expected term of four years. The estimated fair value of the underlying Straight Path IP Group shares was determined using the income approach based on expected future royalties.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">  </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">On August 2, 2013, the Company granted its non-employee directors a total of 3,750 shares of the Company’s Class B common stock with an aggregate fair value of $21,263. These shares vested immediately upon grant. In addition, on August 2, 2013, the Company granted Jonas 229,608 restricted shares of Class B Common Stock, and Jonathan Rand ("Rand"), the Company’s Chief Financial Officer and Treasurer, 38,268 restricted shares of Class B Common Stock. Both grants of restricted shares vest as to one-third of the granted shares on each of August 2, 2014, 2015 and 2016, unless otherwise determined by the Compensation Committee of the Company’s Board of Directors. The aggregate fair value of the grant was approximately $1,519,000 which is being charged to expense on a straight-line basis over the vesting period.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">On August 6, 2013, the Company granted various consultants an aggregate of 10,100 restricted shares of its Class B common stock. These restricted shares vest as to one-third of the granted shares in each of August 2014, 2015 and 2016, unless otherwise determined by the Compensation Committee of the Company’s Board of Directors. The aggregate grant date fair value of the grant was $50,000, which is being charged to expense on a straight-line basis over the vesting period.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">In January 2014, the Company granted its non-employee directors an aggregate of 24,000 shares of the Company’s Class B common stock with an aggregate fair value on the date of grant of $197,000.  These shares vested immediately upon grant.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">On July 30, 2014, the Company granted Jonas 71,000 restricted shares of Class B common stock and Rand 52,000 restricted shares of Class B common stock. One-third of both grants of restricted shares vested on March 30, 2015 and the remaining vest as to approximately one-third of the granted shares on each of February 1, 2016 and 2017. The aggregate fair value of the grant was approximately $1,214,000 which is being charged to expense on a straight-line basis over the vesting period.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">On July 31, 2014, the Company granted a consultant 5,500 restricted shares of its Class B common stock.  These restricted shares vested as to one-half of the granted shares on each of January 31, 2015 and July 31, 2015, unless otherwise determined by the Compensation Committee of the Company’s Board of Directors. The aggregate grant date fair value of the grant was approximately $91,000, which was charged to expense on a straight-line basis over the vesting period.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">On September 1, 2014, the Company granted Zhouyue (Jerry) Pi (“Pi”), its Chief Technology Officer, 60,000 restricted shares of Class B common stock. These restricted shares vest as to one-third of the granted shares on each of October 16, 2015, September 1, 2016 and September 1, 2017. The aggregate fair value of the grant was $573,000 which is being charged to expense on a straight-line basis over the vesting period.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: left; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">On January 5, 2015, the Company granted three of its directors an aggregate of 24,000 restricted shares of Class B common stock. These grants are the annual grants to non-employee directors provided for in the Plan. The shares vested immediately. The aggregate fair value of the grant was approximately $438,000.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: left; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">On July 23, 2015, the Company granted Pi 30,000 restricted shares of Class B common stock. These restricted shares vest as to one-third of the granted shares on each of October 16, 2016, 2017 and 2018. The aggregate fair value of the grant was $914,400 which is being charged to expense on a straight-line basis over the vesting period.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">On July 23, 2015, the Company granted two employees a total of 22,500 restricted shares of Class B common stock. These restricted shares vest as to one-third of the granted shares on each of October 16, 2015, 2016 and 2017. The aggregate fair value of the grant was $685,800 which is being charged to expense on a straight-line basis over the vesting period.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: left; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">On July 23, 2015, the Company granted one employee a total of 5,000 restricted shares of Class B common stock. These restricted shares vest as to one-half of the granted shares on each of October 16, 2016 and 2017. The aggregate fair value of the grant was $152,400 which is being charged to expense on a straight-line basis over the vesting period.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; color: #222222; font-size-adjust: none; font-stretch: normal; background-color: white;">On July 23, 2015, the Compensation Committee of the Board approved the issuance to Jonas of 60,000 shares of Class B common stock for services performed for the entire fiscal year of 2015, ending July 31, 2015, subject to ratification by the CFO Jonathan Rand. The shares were to vest immediately upon ratification. The aggregate fair value of the issuance was $1,494,900 and was charged as stock compensation in fiscal 2015. The shares were issued on August 7, 2015. As of July 31, 2015, such shares were classified as common stock to be issued.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: left; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">Stock-based compensation is included in selling, general and administrative expense and amounted to $3,346,977 and $758,343 for the years ended July 31, 2015 and 2014, respectively. As of July 31, 2015, there were 386,560 restricted shares of Class B common stock that had not vested. As of July 31, 2015, there was approximately $3.3 million of total unrecognized compensation cost related to non-vested restricted shares. The Company expects to recognize the unrecognized compensation cost as follows: Fiscal 2016 - $1.81 million, Fiscal 2017 - $985,000, Fiscal 2018 - $400,000 and Fiscal 2019 - $64,000.</font></p>
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>Note 7—Commitments and Contingencies</b></font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><i>Legal Proceedings</i> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><i>Sipnet Appeal</i></font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-align: left; font-size-adjust: none; font-stretch: normal;"></p> <p style="font: 10pt/normal times new roman, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">On April 11, 2013, Sipnet EU S.R.O., a Czech company, (“Petitioner”) filed a petition for an <i>inter partes </i>review (“IPR” or “IPRs”) IPR at the Patent Trial and Appeals Board of the United States Patent and Trademark Office (the “PTAB”) for certain claims of U.S. Patent 6,108,704 (the “’704 Patent”). On October 9, 2014, the PTAB issued an administrative decision that claims 1-7 and 32-42 of the ’704 Patent are unpatentable. We disagree with this finding, and appealed the decision to the United States Court of Appeals for the Federal Circuit (“Sipnet Appeal”). On September 9, 2015, the Federal Circuit held oral argument, and we expect a decision in within several months.</p> <p style="font: 10pt/normal times new roman, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">The decision of the PTAB has had a materially adverse impact on our enforcement efforts. During the pendency of the Sipnet Appeal and outstanding IPRs, all litigation related to the relevant patents that was brought by us as plaintiff has been stayed or dismissed without prejudice, and therefore, we are not currently moving forward with actions against Samsung Electronics Co. Ltd., Samsung Electronics America, Inc., Samsung Telecommunications America, L.L.C. (collectively, “Samsung”), LG Electronics, Inc., LG Electronics, U.S.A., Inc., LG Electronics MobileComm U.S.A., Inc. (collectively “LG”), Toshiba Corporation, Toshiba America Inc., Toshiba America Information Systems, Inc. (collectively “Toshiba”), Vizio, Inc. (“Vizio”), Apple, Inc. (“Apple”), Avaya, Inc. (“Avaya”), Cisco Systems, Inc. (“Cisco”), or Verizon Services Corp. and Verizon Business Network Services Inc. (collectively “Verizon”). While most of the claims found to be unpatentable were not asserted in our enforcement actions, we intend to vigorously defend all of the claims of the ’704 Patent. The PTAB’s decision could lead to challenges to other claims of our patents, particularly if the decision withstands appeal.</p> <p style="font: 10pt/normal times new roman, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><i>Additional IPRs</i></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">On August 22, 2014, Samsung filed three petitions with the PTAB for IPR of certain claims of U.S. Patent Nos. 6,108,704, 6,009,469, and 6,131,121. Straight Path IP Group filed the Patent Owner’s Preliminary Statement in each of these proceedings on December 9, 2014. On March 6, 2015, the PTAB instituted the requested IPR of these claims based on Samsung’s petitions, citing certain findings in the Sipnet decision. On June 8, 2015, Straight Path IP Group filed its Patent Owner’s Response to the institution. On June 15, 2015, Cisco Systems, Inc. and Avaya Inc. joined this instituted IPR.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">On October 31, 2014, LG, Toshiba, Vizio and Hulu, LLC (“Hulu”) filed three petitions with the PTAB for IPR of certain claims of U.S. Patent Nos. 6,108,704, 6,009,469, and 6,131,121. Straight Path IP Group filed the Patent Owner’s Preliminary Statements for U.S. Patent No. 6,131,121 on February 18, 2015 and U.S. Patent Nos. 6,108,704 and 6,009,469 on February 20, 2015. On May 15, 2015, the PTAB instituted the requested IPR of these claims based on these petitions, citing certain findings in the Sipnet decision. On June 15, 2015, Cisco Systems, Inc. and Avaya Inc. filed three related petitions and requested to join the instituted IPRs. Also, on June 15, 2015, Verizon Services Corp. and Verizon Business Network Services Inc. filed related petitions on the ’704 and ’121 patents and requested to join the instituted IPRs. The PTAB has not yet ruled on these pending motions for joinder.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">On September 28, 2015, Cisco, Avaya and Verizon filed a petition for an IPR petition with the PTAB for all claims of U.S. Patent No. 6,701,365. Straight Path IP Group’s Preliminary Response is due in January 2016. This petition has not been granted at this time.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><i>Patent Enforcement</i></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">On August 1, 2013, Straight Path IP Group filed complaints in the United States District Court for the Eastern District of Virginia against LG, Toshiba and Vizio, alleging infringement of three of its patents (U.S. Patent Nos. 6,108,704, 6,009,469, and 6,131,121), and seeking damages related to such infringement. The actions against LG, Toshiba, and Vizio have been consolidated (“consolidated action”). In October 2014, Hulu intervened in the action as to Hulu’s streaming functionality in the accused products. In that same month, Amazon.com, Inc. (“Amazon”) moved to intervene, sever, and stay claims related to Amazon’s streaming functionality in the accused products. On October 13, 2014, Amazon filed an action seeking declaratory relief of non-infringement of Straight Path IP Group’s U.S. Patent Nos. 6,009,469, 6,108,704, and 6,131,121 in the U.S. District Court for the Northern District of California based in part on the allegations related to the actions in Virginia (“Amazon action”). On December 5, 2014, Straight Path IP Group filed a motion to dismiss Amazon’s complaint, or in the alternative, to transfer venue to Virginia. On May 28, 2015, the California court transferred the matter to Virginia, where we expect that it will be consolidated and stayed with the other actions. In November 2014, Straight Path IP Group, defendants, and Hulu jointly moved to stay the consolidated action pending the completion of the defendants’ and Hulu’s IPR petitions of the asserted patents and the completion of the Sipnet Appeal. On November 4, 2014, the court granted the parties’ request and also held the briefing in the Amazon intervention in abeyance. The Amazon action has been stayed but not yet consolidated with the other matters pending in Virginia.</p> <p style="font: 10pt/normal times new roman, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">On August 23, 2013, Straight Path IP Group filed a complaint in the United States District Court for the Eastern District of Texas against Samsung alleging infringement of three of its patents (U.S. Patent Nos. 6,108,704, 6,009,469, and 6,131,121) and seeking damages related to such infringement. In September 2014, Straight Path IP Group and Samsung jointly filed a motion to stay the action. On October 29, 2014, the court granted the motion and stayed the action pending the outcome of the Sipnet Appeal and the IPR petitions filed by Samsung.  </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">On September 24, 2014, Straight Path IP Group filed complaints against each of Apple, Avaya, and Cisco in the United States District Court for the Northern District of California. Straight Path IP Group claims that (a) Apple’s telecommunications products, including FaceTime software, infringe four of its patents (U.S. Patent Nos. 6,108,704, 6,131,121, 6,701,365, and 7,149,208); that (b) Avaya’s IP telephony, video conference and telepresence products such as Defendant’s Aura Platform infringe four of its patents (U.S. Patent Nos. 6,009,469, 6,108,704, 6,131,121, and 6,701,365); and (c) Cisco’s IP telephony, video conference and telepresence products such as the Unified Communications Solutions infringe four of its patents (U.S. Patent Nos. 6,009,469, 6,108,704, 6,131,121, and 6,701,365). On December 24, 2014, Straight Path IP Group dismissed the complaints against Avaya and Cisco without prejudice. On January 5, 2015, Straight Path IP Group dismissed the complaint against Apple without prejudice.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">On September 26, 2014, Straight Path IP Group filed a complaint against Verizon in the United States District Court for the Southern District of New York. Straight Path IP Group claims Verizon’s telephony products such as its Advanced Communications Products, including Unified Communications and Collaboration and VOIP infringe three of its patents (U.S. Patent Nos. 6,108,704, 6,131,121, and 6,701,365). On November 24, 2014, Straight Path IP Group dismissed the complaint without prejudice subject to a confidential Standstill Agreement with Verizon.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><i>Arbitration with the Former SPIP CEO </i></font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">On December 11, 2012, Straight Path IP Group filed a demand for arbitration seeking a declaration that the former Chief Executive Officer of Straight Path IP (the “Former SPIP CEO”) employment was properly terminated for cause and that the Former SPIP CEO is not entitled to severance or certain equity rights under his employment agreement. On March 15, 2013, the Former SPIP CEO filed a response and counterclaims alleging breach of contract and seeking various forms of relief. Specifically, he sought certain declarations related to the termination of his employment, and certain payments and the vesting of options to purchase common stock representing 5% of the outstanding common stock of Straight Path IP Group, damages for unpaid compensation and severance, a sum in excess of $35 million in compensatory damages, and punitive damages in an unspecified amount. The arbitration was held in November 2014. On February 26, 2015, the Arbitrator issued his Final Award. The Arbitrator concluded that the Former SPIP CEO is not entitled to any further compensation and does not have any entitlement to equity interests in Straight Path IP Group. On May 27, 2015, the Former SPIP CEO filed a petition in the Supreme Court of the State of New York, County of New York to vacate the arbitration award and requesting damages for $3.5 million. The petition was removed to the United States District Court, Southern District of New York.  The Petitioner amended the petition to vacate in September 2015.  We opposed the amended petition to vacate in October 2015 and are awaiting the court’s decision.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">Under the terms of the Separation Agreement between the Company and IDT related to the Spin-Off, IDT is responsible for the costs of the arbitration and will indemnify the Company for liability other than for issuance of equity to the Former SPIPG CEO.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">In addition to the foregoing, the Company may from time to time be subject to other legal proceedings that arise in the ordinary course of business. </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><i>Lease Commitments</i></font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">The Company operated under a lease agreement for its corporate headquarters in Glen Allen, Virginia for a term of one year beginning on June 1, 2014 and ending on May 31, 2015 at a monthly rent of $575.  In May 2015, the Company extended the lease for its headquarters in Glen Allen, Virginia from May 31, 2015 to May 31, 2017. The annual rent will be approximately $7,200 per year.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">In October 2014, the Company entered into a lease agreement for a satellite office in Englewood Cliffs, New Jersey for three years commencing on November 1, 2014 and ending on October 31, 2017 at a monthly rent of $3,100.  In March 2015, the term of the lease was extended to April 30, 2018.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">Effective August 1, 2013, the Company began leasing space on a roof for some of its telecom equipment as part of its Spectrum operations. The monthly rental was $120 through March 2014 and $600 thereafter and continues on a month-to-month basis until terminated by either party with 30 days' notice.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">Rental expense under the operating leases was $40,685 and $25,785 in fiscal 2015 and fiscal 2014, respectively.</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">Future minimum rental commitments of non-cancelable operating leases are as follows as of July 31, 2015: </p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <table style="font: 10pt/normal times new roman, times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>Years ending July 31,</b></font></td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="2"> </td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 88%; text-align: left; text-indent: -18pt; padding-left: 36pt;">2016</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">44,307</td> <td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -18pt; padding-left: 36pt;">2017</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">44,342</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -18pt; padding-bottom: 1.5pt; padding-left: 36pt;">2018</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">34,000</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">122,649</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><i>FCC License Renewal</i> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">As of October 24, 2013, Straight Path Spectrum has eight hundred twenty eight (828) 39 GHz Economic Area (“EA”) licenses with an expiration date of October 18, 2020. Straight Path Spectrum has filed its substantial service performance filings for its 39 GHz EA licenses, and these showings have been accepted by the FCC, which is effective for the current period of the licenses, through 2020.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">In addition, Straight Path Spectrum holds one hundred and thirty three LMDS licenses in the 28 GHz range, of which 14 licenses expire on August 10, 2018, 118 licenses expire on September 21, 2018, and the New York City LMDS license expires on February 1, 2016. Straight Path Spectrum has met its substantial service build-out obligations for these LMDS licenses.</font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><i>Other Commitments and Contingencies</i> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; text-indent: 36pt; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">The former Chief Executive Officer of Straight Path Spectrum (the “Former SPSI CEO”) is entitled to receive payments from future revenues generated from the leasing, licensing or sale of rights in certain of Straight Path Spectrum’s wireless spectrum licenses. Those payments are to be made out of 50% of the covered revenue and are in a maximum aggregate amount of $3.25 million. The payments arise under the June 2013 settlement of certain claims and disputes with the Former SPSI CEO and parties related to the Former SPSI CEO. Approximately $8,000 was incurred to the Former SPSI CEO for this obligation for fiscal 2015 and approximately $35,000 for fiscal 2014.</p> <p style="font: 10pt/normal times new roman, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"> </p> <p style="font: 10pt/normal times new roman, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;">Straight Path IP Group generally pays law firms that represent it in litigation against alleged infringers of its intellectual property rights a percentage of the amounts recovered ranging from 0% to 40% depending on several factors.</font></p>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Note 8—Related Party Transactions</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In connection with the Spin-Off, the Company and IDT entered into a Separation and Distribution Agreement and a Tax Separation Agreement to complete the separation of the Company’s businesses from IDT, to distribute the Company’s common stock to IDT’s stockholders and set forth certain understandings related to the Spin-Off. These agreements govern the relationship between the Company and IDT after the distribution and also provide for the allocation of employee benefits, taxes and other liabilities and obligations attributable to periods prior to the distribution. These agreements reflect terms between affiliated parties established without arms-length negotiation. The Company believes that the terms of these agreements equitably reflect the benefits and costs of the Company’s ongoing relationships with IDT.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Pursuant to the Separation and Distribution Agreement, the Company has indemnified IDT and IDT has indemnified the Company for losses related to the failure of the other to pay, perform or otherwise discharge, any of the liabilities and obligations set forth in the agreement. The Separation and Distribution Agreement includes, among other things, that IDT is obligated to reimburse the Company for the payment of any liabilities of the Company arising or related to the period prior to the Spin-Off.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Pursuant to the Separation and Distribution Agreement, the Company has indemnified IDT and IDT has indemnified the Company for losses related to the failure of the other to pay, perform or otherwise discharge, any of the liabilities and obligations set forth in the agreement. The Separation and Distribution Agreement includes, among other things, that IDT is obligated to reimburse the Company for the payment of any liabilities of the Company arising or related to the period prior to the Spin-Off. In the year ended July 31, 2014, IDT paid approximately $386,000 pursuant to this obligation, which was recorded as “Income from IDT Corporation payments of liabilities” in the consolidated statement of operations. No payments were received in fiscal 2015.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">At the Spin-Off, the Company entered into a Transition Services Agreement (“TSA”) with IDT, pursuant to which IDT has provided certain services, including, but not limited to information and technology, human resources, payroll, tax, accounts payable, purchasing, treasury, financial systems, investor relations, legal, corporate accounting, internal audit, and facilities for an agreed period following the Spin-Off. As of January 1, 2015, all of these services are being provided by other vendors. The Company and IDT have extended the TSA until July 31, 2015 enabling the Company to seek input from IDT on an ad hoc basis if the Company deems necessary.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">IDT charged the Company for certain transactions and allocates routine expenses based on specific items prior to January 1, 2015. Specifically, IDT allocated payroll, benefits, insurance, facilities and other expenses to the Company, which were included in “Selling, general and administrative expense” in the consolidated statements of operations. In addition, IDT charged the Company for regulatory fees, connectivity charges and legal expenses, which were included in “Direct cost of revenues” in the consolidated statements of operations.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In July 2015, legal expenses totaling $513,481 that were paid by IDT on behalf of the Company were forgiven. The Company recognized the transaction as an increase of additional paid-in capital.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Following are the amounts that IDT charged the Company pursuant to the TSA or through intercompany charges for periods prior to the Spin-Off:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1250.4px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31</b><br /><b>(in thousands)</b></font></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 950.4px; text-align: left;">Balance at beginning of year</td><td style="width: 12.8px;"><b> </b></td><td style="width: 12.8px; text-align: left;"><b>$</b></td><td style="width: 112.8px; text-align: right;"><b>6</b></td><td style="width: 12.8px; text-align: left;"><b> </b></td><td style="width: 12.8px;"> </td><td style="width: 12px; text-align: left;">$</td><td style="width: 112px; text-align: right;"></td><td style="width: 12px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Payments by IDT on behalf of the Company</td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>464</b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">940</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Deferred taxes offset against IDT net operating losses</td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b></b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"></td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Cash repayments, net of advances</td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(470</b></td><td style="text-align: left;"><b>)</b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(934</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Amount due to IDT contributed to equity</td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b> </b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b></b></td><td style="text-align: left; padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"></td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Balance at end of year</td><td style="padding-bottom: 4pt;"><b> </b></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b></b></td><td style="text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">6</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Average balance during the year</td><td style="padding-bottom: 4pt;"><b> </b></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>56</b></td><td style="text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">111</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table></div>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<strp:RevenuesInWirelessSpectrumDisclosureTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>Note 9—Revenues in Wireless Spectrum</b> </font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 36pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><i>Revenues</i></font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">In fiscal 2015, 2014 and 2013, Straight Path Spectrum’s revenues from transactions with a single customer that amounted to 10% or more of total revenues were as follows:</font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"></p> <table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>Year ended July 31</b></font></td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"><b> </b></td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>(in thousands)</b></font></td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>2015</b></font></td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>2014</b></font></td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><b>2013</b></font></td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1003px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-indent: 0pt; padding-left: 0pt;">Customer 1</td> <td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td> <td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><b>$</b></td> <td style="width: 142px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><b>165</b></td> <td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> <td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td> <td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;">$</td> <td style="width: 141px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">165</td> <td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> <td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td> <td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;">$</td> <td style="width: 141px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">165</td> <td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-indent: 0pt; padding-left: 0pt;">Customer 2</td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><b> </b></td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><b>87</b></td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">114</td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">134</td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-indent: 0pt; padding-left: 0pt;">Customer 3</td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"><b> </b></td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;"><b>70</b></td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">53</td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">-</td> <td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td> </tr> </table> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">The loss of any of these major customers would have a material adverse effect on the Company’s results of operations and cash flows.</font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><i>Revenue From Patent Infringement</i></font></p> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">As discussed above, the Company has filed a series of lawsuits claiming infringement of a number of its key patents and was seeking both damages and injunctive relief.  Many of the actions have been settled. In connection with the settlements, Straight Path IP Group recognized revenue of approximately $12,814,000 in fiscal 2015 and $4,372,000 in fiscal 2014. The total settlement amounts aggregated $18.3 million, excluding contingent amounts for which collectability is not reasonably assured. These settlement agreements include license fees for the duration of the license term. The license term is through the expiration of the licenses in September 2015.</font> Currently, all unsettled suits are suspended or dismissed without prejudice.</p>
</strp:RevenuesInWirelessSpectrumDisclosureTextBlock>
<us-gaap:SegmentReportingDisclosureTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Note 10—Business Segment Information</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company has two reportable business segments, Straight Path Spectrum, which holds, leases and sells fixed wireless spectrum, and Straight Path IP Group, which holds intellectual property primarily related to communications over the Internet and the licensing and other businesses related to this intellectual property.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. There are no significant asymmetrical allocations to segments.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Operating results for the business segments of the Company were as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Straight Path Spectrum</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Straight<br />Path IP Group</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31, 2015</b></font></td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Revenues</b></font></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>426</b></td><td style="width: 16px; text-align: left;"><b> </b></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>12,814</b></td><td style="width: 15px; text-align: left;"><b> </b></td><td style="width: 15px;"><b> </b></td><td style="width: 15px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>13,240</b></td><td style="width: 15px; text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Income (loss) from operations</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(1,641</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,907</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>266</b></td><td style="text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Year ended July 31, 2014</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Revenues</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">424</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4,372</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4,796</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Loss from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(495</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(197</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(692</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Year ended July 31, 2013</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Revenues</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">525</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">605</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">1,130</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Loss from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,891</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,724</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(3,615</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Gain on sale of rights in wireless spectrum included in loss from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">150</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">150</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Loss on settlement of Straight Path Spectrum legal proceedings included in</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">loss from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,150</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,150</td><td style="text-align: left;">)</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">  </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Total assets for the business segments of the Company were as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Straight Path Spectrum</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Straight<br />Path IP Group</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td>Total assets:</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>July 31, 2015</b></font></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>5,637</b></td><td style="width: 16px; text-align: left;"><b> </b></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>14,601</b></td><td style="width: 15px; text-align: left;"><b> </b></td><td style="width: 15px;"><b> </b></td><td style="width: 15px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>20,238</b></td><td style="width: 15px; text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td>July 31, 2014</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">5,586</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">24,853</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">30,439</td><td style="text-align: left;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">None of the Company’s revenues were generated outside of the United States in fiscal 2015, fiscal 2014 or fiscal 2013. The Company did not have any assets outside the United States at July 31, 2015 or 2014.</font></p></div>
</us-gaap:SegmentReportingDisclosureTextBlock>
<us-gaap:QuarterlyFinancialInformationTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Note 11—Quarterly Financial Data (Unaudited)</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b> </b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">The data below for each of the quarterly periods in the years July 31, 2015 and 2014 is unaudited. All amounts are in thousands except per share amounts.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="18"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Year Ended July 31, 2015</b></font></td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: right;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>July 31,<br />2015</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>April 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>January 31, 2015</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>October 31, 2014</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Total</b></font></td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 627px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Revenues</b></font></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>2,769</b></td><td style="width: 16px; text-align: left;"><b> </b></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>2,867</b></td><td style="width: 16px; text-align: left;"><b> </b></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>2,781</b></td><td style="width: 15px; text-align: left;"><b> </b></td><td style="width: 15px;"><b> </b></td><td style="width: 15px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>4,823</b></td><td style="width: 15px; text-align: left;"><b> </b></td><td style="width: 15px;"><b> </b></td><td style="width: 15px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>13,240</b></td><td style="width: 15px; text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Direct cost of revenues</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,282</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,315</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,338</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>2,108</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>6,043</b></td><td style="text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Selling, general and administrative</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>2,870</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,353</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,605</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,103</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>6,931</b></td><td style="text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Other income</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>322</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>9</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>9</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>32</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>372</b></td><td style="text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Provision for (income taxes) income tax benefits</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(2,660</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>801</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(100</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(755</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(2,714</b></td><td style="text-align: left;"><b>)</b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Net (loss) income</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(3,721</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,009</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(253</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>889</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(2,076</b></td><td style="text-align: left;"><b>)</b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Net loss (income) attributable to noncontrolling interests</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>529</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(211</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(24</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(183</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>111</b></td><td style="text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Net (loss) income attributable to SPCI</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(3,192</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>798</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(277</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>706</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(1,965</b></td><td style="text-align: left;"><b>)</b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Income (loss) per share - basic</b></font></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.28</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>0.07</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.02</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>0.06</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.17</b></td><td style="text-align: left;"><b>)</b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Income (loss) per share - diluted</b></font></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.28</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>0.07</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.02</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>0.06</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.17</b></td><td style="text-align: left;"><b>)</b></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="18"><b>Year Ended July 31, 2014</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td></tr><tr style="vertical-align: bottom;"><td style="text-align: right;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>July 31,<br />2014</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>April 30,<br />2014</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>January 31, 2014</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>October 31, 2013</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>Total</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 627px;">Revenues</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">3,303</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">913</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">453</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">127</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">4,796</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Direct cost of revenues</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,751</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">425</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">283</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">28</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,487</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Selling, general and administrative</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">725</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">665</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,042</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">569</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,001</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Other income</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">13</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">338</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">53</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">408</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Provision for income tax benefits (income taxes)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,393</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(40</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,353</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Net income (loss)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,233</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">121</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(868</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(417</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,069</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Net (income) loss attributable to noncontrolling interests</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(195</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(4</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">141</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">26</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(32</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Net income (loss) attributable to SPCI</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,038</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">117</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(727</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(391</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,037</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Income (loss) per share - basic</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.28</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.01</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.07</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.04</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.19</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Income (loss) per share - diluted</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.27</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.01</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.07</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.04</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.18</td><td style="text-align: left;"> </td></tr></table></div>
</us-gaap:QuarterlyFinancialInformationTextBlock>
<us-gaap:SubsequentEventsTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"><b>Note 12—Subsequent Events</b> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal times new roman, times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">In September 2015, the Company signed a development agreement with CBNL to accelerate the introduction of a PMP radio utilizing the 39 GHz band with all appropriate software as described in the agreement for $1,000,000. The agreement provides for several milestones for which the Company can receive refunds of the fee paid. The agreement enables the Company to purchase at least 300 of the 39 GHz radios at favorable terms, once they are commercially available.</p>
</us-gaap:SubsequentEventsTextBlock>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Basis of Accounting</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The accompanying financial statements for periods prior to the July 31, 2013 Spin-Off were prepared on a combined basis because the operations were under common control.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The combined and consolidated financial statements include the assets, liabilities, results of operations and cash flows of the entities included in the Company post-Spin-Off. The assets and liabilities in the accompanying financial statements are recorded at historical cost. Direct expenses historically incurred by IDT on behalf of the entities are reflected in these financial statements. The most significant expenses were as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; text-align: center; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"></font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path IP Group’s legal and professional fees.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; text-align: center; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"></font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Salaries and employee benefits have been allocated based on specific identification.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; text-align: center; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"></font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Facility costs as well as certain salaries consisting of payroll, human resources, purchasing, accounts payable, treasury, network and telephone services, legal, travel, and consulting fees were allocated to these entities based on estimates of the incremental cost incurred by IDT.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; text-align: center; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"></font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Medical and dental benefits were allocated to these entities based on rates similar to COBRA health benefit provision rates charged to former IDT employees.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; text-align: center; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"></font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Stock-based compensation and retirement benefits under IDT’s defined contribution plan were allocated to these entities based on specific identification. Insurance was allocated to these entities based on a combination of headcount and specific policy identification.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Management believes that the assumptions and methods of allocation used were reasonable. However, the costs as allocated are not necessarily indicative of the costs that would have been incurred if these entities operated on a stand-alone basis. Therefore, the combined and consolidated financial statements included herein may not necessarily be indicative of the financial position, results of operations, changes in equity and cash flows of the Company to be expected in the future or what they would have been had the Company been a separate stand-alone entity during the periods presented.</font></p></div>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Use of Estimates</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.</font></p></div>
</us-gaap:UseOfEstimates>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Revenue Recognition</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path Spectrum lease revenues are recognized on a straight line basis over the contractual lease period, which generally range from one to three years. Revenues from sale of rights in FCC licenses are recognized upon execution of the agreement by both parties, provided that the amounts are fixed or determinable, there are no significant undelivered obligations and collectability is reasonably assured. Revenues from sale of rights in FCC licenses less applicable costs of the sale are classified as “Gain on sale of rights in wireless spectrum” in the accompanying Combined and Consolidated Statements of Operations.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path Spectrum recorded the amounts that the Former Chief Executive Officer of Straight Path Spectrum (the “Former SPSI CEO”) was entitled to, related to leases, in “Selling, general and administrative” expense, in the same period the related revenues were recognized.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path IP Group licenses its portfolio of patents to companies who use these patents in the provision of their product(s) and/or service(s). The contractual terms of the license agreements generally provide for payments over an extended period of time. For the licensing agreements with fixed royalty payments, Straight Path IP Group generally recognizes revenue on a straight-line basis over the contractual term of the license, once collectability of the amounts is reasonably assured. For the licensing agreements with variable royalty payments which are based on a percentage of sales, Straight Path IP Group earns royalties at the time that the customers’ sales occur. Straight Path IP Group’s customers, however, do not report and pay royalties owed for sales in any given period until after the conclusion of that period. As Straight Path IP Group is unable to estimate the customers’ sales in any given period to determine the royalties due to Straight Path IP Group, it recognizes royalty revenues when sales and royalties are reported by customers and when other revenue recognition criteria are met.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">In addition, Straight Path IP Group may enter into certain settlements of patent infringement disputes. The amount of consideration received upon any settlement (including but not limited to past royalty payments and future royalty payments) is allocated to each element of the settlement based on the fair value of each element. In addition, revenues related to past royalties are recognized upon execution of the agreement by both parties, provided that the amounts are fixed or determinable, there are no significant undelivered obligations and collectability is reasonably assured. Straight Path IP Group does not recognize any revenues prior to execution of the agreement since there is no reliable basis on which it can estimate the amounts for royalties related to previous periods or assess collectability.</font></p></div>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:CostOfSalesPolicyTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Direct Cost of Revenues</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Direct cost of revenues for Straight Path Spectrum consists primarily of network and connectivity costs and associated regulatory taxes and fees. Such costs are charged to expense as incurred.  Direct cost of revenues for Straight Path IP Group consists of legal expenses directly related to revenues from litigation settlements. Expenses incurred for which revenue has not yet been recognized is classified as prepaid expenses – settlements in the consolidated balance sheet.</font></p></div>
</us-gaap:CostOfSalesPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Cash Equivalents and Concentrations of Credit Risk</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of money market accounts. The Company maintains principally all cash and cash equivalent balances in various financial institutions which, at times may exceed the amounts insured by the Federal Deposit Insurance Corporation.  The exposure to the Company is solely dependent upon daily bank balances and the respective strength of the financial institutions.  The Company has not incurred any losses on these accounts.</font></p></div>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Intangible Assets</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Intangible assets consists primarily of the cost of the wireless spectrum licenses that were transferred to the Company by an entity controlled by the Former SPSI CEO in connection with the June 2013 settlement of all outstanding claims and disputes with the Former SPSI CEO and parties related to the Former SPSI CEO (see Note 7). The wireless spectrum licenses are not amortized since they are deemed to have an indefinite life. These assets are reviewed annually or more frequently under certain conditions for impairment using a fair value approach. On August 1, 2013, the Company adopted the accounting standard update that reduced the complexity of performing an impairment test for indefinite-lived intangible assets by simplifying how an entity tests those assets for impairment and improved consistency in impairment testing guidance among long-lived asset categories. The Company may first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. Prior to the adoption of this update, the Company was required to test indefinite-lived intangible assets for impairment by comparing the fair value of the asset with its carrying amount. The adoption of this standard update did not impact the Company’s financial position, results of operations or cash flows.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">No impairment was recorded for the years ended July 31, 2015 and 2014. </font></p></div>
</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Income Taxes</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Because of the way it is structured, Straight Path and its subsidiaries file the following income tax returns.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Straight Path Spectrum files its own tax returns. The operations of Straight Path IP Group are included in the consolidated tax return of Straight Path.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in its assessment of a valuation allowance. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company uses a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The Company determines whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. Tax positions that meet the more-likely-than-not recognition threshold are measured to determine the amount of tax benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in one or more of the following: an increase in a liability for income taxes payable, a reduction of an income tax refund receivable, a reduction in a deferred tax asset, or an increase in a deferred tax liability.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company classifies interest and penalties on income taxes as a component of income tax expense.</font></p></div>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:CommitmentsAndContingenciesPolicyTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Contingencies</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company accrues for loss contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. When the Company accrues for loss contingencies and the reasonable estimate of the loss is within a range, the Company records its best estimate within the range. When no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount in the range. The Company discloses an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred.</font></p></div>
</us-gaap:CommitmentsAndContingenciesPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Earnings per Share</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Basic earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;" colspan="10">Years Ended</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">July 31,</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2013</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="10">(in thousands)</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">Basic weighted-average number of shares</td><td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 142px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;">11,457</td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">10,667</td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 15px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">10,504</td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">Effect of dilutive securities:</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: 0pt; padding-left: 10pt; font-size: 10pt;">Stock options</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;">-</td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">9</td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">-</td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 10pt; font-size: 10pt;">Non-vested restricted Class B common stock</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">591</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;">Diluted weighted-average number of shares</td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,457</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,267</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,504</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The following shares were excluded from the diluted earnings (loss) per share computations because their inclusion would have been anti-dilutive:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">  </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;" colspan="10">Years Ended</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">July 31,</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2013</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="10">(in thousands)</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">Stock options</td><td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 142px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;">4</td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">-</td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 15px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">-</td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;">Non-vested restricted Class B common stock</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">331</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;">Shares excluded from the calculations of diluted earnings (loss) per share</td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">335</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">For the year ended July 31, 2015, the diluted loss per share equals basic loss per share because the Company had a net loss and the impact of the assumed exercise of stock options and assumed vesting of restricted stock would have been anti-dilutive. At July 31, 2013, the Company did not have any dilutive securities. </font></p></div>
</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Stock-Based Compensation</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company accounts for stock-based compensation in accordance with FASB ASC 718, “Compensation - Stock Compensation.”  The Company recognizes compensation expense for all of its grants of stock-based awards based on the estimated fair value on the grant date. Compensation cost for awards is recognized using the straight-line method over the vesting period. Stock-based compensation is included in selling, general and administrative expense.  See Note 6.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505, “Equity.”  Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505.</font></p></div>
</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Fair Value Measurements</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Fair value of financial and non-financial assets and liabilities is defined as an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used to measure fair value, which prioritizes the inputs to valuation techniques used to measure fair value, is as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 155.93px; padding-right: 0.8pt; vertical-align: top; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Level 1 –</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1408.94px; padding-right: 0.8pt; vertical-align: bottom; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; vertical-align: top; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Level 2 –</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; vertical-align: bottom; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.</font></td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; vertical-align: top; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Level 3 –</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-right: 0.8pt; vertical-align: bottom; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value.</font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.</font></p></div>
</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Allowance for Doubtful Accounts</i>  </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The allowance is determined based on known troubled accounts, historical experience and other currently available evidence. Doubtful accounts are written-off upon final determination that the trade accounts will not be collected. The change in the allowance for doubtful accounts is as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31 (in thousands)</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Balance at</b><br /><b>beginning of</b><br /><b>year</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Additions</b><br /><b>charged to</b><br /><b>costs and</b><br /><b>expenses</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Deductions</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Balance at</b><br /><b>end of year</b></font></td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Reserves deducted from accounts receivable:</b></font></td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Allowance for doubtful accounts</b></font></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">2014</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Reserves deducted from accounts receivable:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 815px; text-align: left; padding-bottom: 4pt;">Allowance for doubtful accounts</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(4</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;">)</td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p></div>
</us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><i>Recently Issued Accounting Pronouncements</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">Effective January 1, 2014, the Company adopted Accounting Standards Update No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”).  ASU 2013-11 is expected to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. This guidance is effective prospectively for the Company for annual and interim periods beginning January 1, 2014.  The adoption of ASU 2013-11 did not have a material effect on the Company's financial position, results of operations or cash flows.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">In May 2014, ASU No. 2014-09, “<i>Revenue from Contracts with Customers</i>” ("ASU 2014-09") was issued. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. The guidance will also require that certain contract costs incurred to obtain or fulfill a contract, such as sales commissions, be capitalized as an asset and amortized as revenue is recognized. Adoption of the new rules could affect the timing of both revenue recognition and the incurrence of contract costs for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">ASU 2014-09 was scheduled to be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. In August 2015, the FASB issued ASU 2015-14, "<i>Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date</i>" ("ASU 2015-14") which defers the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for annual reporting periods after December 15, 2017 including interim periods within that reporting period.  Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company will adopt the new standard effective August 1, 2018. The Company is currently evaluating the impact of adoption and the implementation approach to be used.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">In June 2014, ASU 2014-12, “<i>Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period</i>” (“ASU No. 2014-12”) was issued.  ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. An entity should recognize compensation cost in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. ASU 2014-12 becomes effective for interim and annual periods beginning on or after December 15, 2015. Early adoption is permitted.  The Company is currently evaluating the effects of adopting ASU 2014-12 on its consolidated financial statements but the adoption is not expected to have a significant impact on the Company’s consolidated financial statements.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">In June 2014, ASU 2014-15, “<i>Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern</i>” (“ASU No. 2014-15”) was issued.  Before the issuance of ASU 2014-15, there was no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. This guidance is expected to reduce the diversity in the timing and content of footnote disclosures. ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards as specified in the guidance. ASU 2014-15 becomes effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the effects of adopting ASU 2014-15 on its consolidated financial statements but the adoption is not expected to have a significant impact on the Company’s consolidated financial statements.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">In January 2015, the FASB issued ASU 2015-01, “<i>Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items</i>” (“ASU 2015-01”). ASU 2015-01 eliminates from GAAP the concept of extraordinary items. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company anticipates that the adoption of ASU 2015-01 will not have a significant impact on the Company’s consolidated financial statements.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">In February 2015, the FASB issued ASU NO. 2015-02, “<i>Consolidation (Topic 810): Amendments to the Consolidation Analysis</i>” (“ASU 2015-02”). The amendments in ASU 2015-02 change the analysis that reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in ASU 2015-02 are effective for public business entities for fiscal years beginning after December 15, 2015. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. A reporting entity may apply the amendments in ASU 2015-02 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. A reporting entity also may apply the amendments retrospectively. The adoption of ASU 2015-02 is not expected to have a material impact on the Company’s consolidated financial statements.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">In April 2015, the FASB issued ASU 2015-03, “<i>Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</i>” ("ASU 2015-03") as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The Board received feedback that having different balance sheet presentation requirements for debt issuance costs and debt discount and premium creates unnecessary complexity. Recognizing debt issuance costs as a deferred charge (that is, an asset) also is different from the guidance in International Financial Reporting Standards, which requires that transaction costs be deducted from the carrying value of the financial liability and not recorded as separate assets. Additionally, the requirement to recognize debt issuance costs as deferred charges conflicts with the guidance in FASB Concepts Statement No. 6, "Elements of Financial Statements," which states that debt issuance costs are similar to debt discounts and in effect reduce the proceeds of borrowing, thereby increasing the effective interest rate. FASB Concepts Statement No. 6 further states that debt issuance costs cannot be an asset because they provide no future economic benefit. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company will evaluate the effects of adopting ASU 2015-03 if and when it is deemed to be applicable.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">Management does not believe that any other recently issued, but not yet effective, accounting standard if currently adopted would have a material effect on the accompanying financial statements</font></p></div>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:SubsequentEventsPolicyPolicyTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><i>Subsequent Events</i></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Management has evaluated subsequent events through the date of this filing.</font></p></div>
</us-gaap:SubsequentEventsPolicyPolicyTextBlock>
<us-gaap:ScheduleOfWeightedAverageNumberOfSharesTableTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;" colspan="10">Years Ended</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">July 31,</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2013</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="10">(in thousands)</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">Basic weighted-average number of shares</td><td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 142px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;">11,457</td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">10,667</td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 15px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">10,504</td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">Effect of dilutive securities:</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: 0pt; padding-left: 10pt; font-size: 10pt;">Stock options</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;">-</td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">9</td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">-</td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 10pt; font-size: 10pt;">Non-vested restricted Class B common stock</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">591</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;">Diluted weighted-average number of shares</td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,457</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,267</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,504</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p></div>
</us-gaap:ScheduleOfWeightedAverageNumberOfSharesTableTextBlock>
<us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;" colspan="10">Years Ended</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">July 31,</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2013</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="10">(in thousands)</td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: center; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;" colspan="2"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">Stock options</td><td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 142px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;">4</td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="width: 16px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 16px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">-</td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 15px; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="width: 141px; text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;">-</td><td style="width: 15px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;">Non-vested restricted Class B common stock</td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">331</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;">Shares excluded from the calculations of diluted earnings (loss) per share</td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">335</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold;"> </td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="text-align: left; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; text-indent: 0pt; padding-left: 0pt; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td><td style="text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-size: 10pt;"></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p></div>
</us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock>
<us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31 (in thousands)</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Balance at</b><br /><b>beginning of</b><br /><b>year</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Additions</b><br /><b>charged to</b><br /><b>costs and</b><br /><b>expenses</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Deductions</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Balance at</b><br /><b>end of year</b></font></td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Reserves deducted from accounts receivable:</b></font></td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Allowance for doubtful accounts</b></font></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">2014</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Reserves deducted from accounts receivable:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 815px; text-align: left; padding-bottom: 4pt;">Allowance for doubtful accounts</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(4</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;">)</td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p></div>
</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
<us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31</b></font></td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"><b> </b></td><td style="font-size: 10pt;"><b> </b></td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"> </td><td style="font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>(in thousands)</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2014</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2013</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Current:</td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"><b> </b></td><td style="font-size: 10pt;"><b> </b></td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"> </td><td style="font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1003px; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;">Federal</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"><b>$</b></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;"><b></b></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">21</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">560</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-stretch: normal;">State and local</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b>(34</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">6</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">113</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b>(34</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">27</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">673</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;">Deferred:</td><td style="font-size: 10pt;"> </td><td style="text-align: left; font-size: 10pt;"><b> </b></td><td style="text-align: right; font-size: 10pt;"><b> </b></td><td style="text-align: left; font-size: 10pt;"><b> </b></td><td style="font-size: 10pt;"> </td><td style="text-align: left; font-size: 10pt;"> </td><td style="text-align: right; font-size: 10pt;"> </td><td style="text-align: left; font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="text-align: left; font-size: 10pt;"> </td><td style="text-align: right; font-size: 10pt;"> </td><td style="text-align: left; font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;">Federal</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><b>(2,211</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">1,925</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">(560</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-stretch: normal;">State and local</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b>(469</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">401</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">(121</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-size: 10pt;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><b>(2,680</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">2,326</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">(681</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>(PROVISION FOR) BENEFIT FROM INCOME TAXES </b> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><b>$</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><b>(2,714</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"><b>)</b></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">2,353</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">(8</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;">)</td></tr></table>
</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>July 31</b><br /><b>(in thousands)</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td>Deferred income tax assets:</td><td> </td><td colspan="2"><b> </b></td><td><b> </b></td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td>Current:</td><td> </td><td style="text-align: right;" colspan="2"><b> </b></td><td><b> </b></td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Accrued expenses</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>314</b></td><td style="width: 16px; text-align: left;"><b> </b></td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">333</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Stock based compensation</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(329</b></td><td style="text-align: left;"><b>)</b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">51</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Deferred revenue on litigation settlements</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>313</b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,079</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Valuation allowance</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b> </b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b>(298</b></td><td style="text-align: left; padding-bottom: 1.5pt;"><b>)</b></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(71</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>TOTAL CURRENT DEFERRED INCOME TAX ASSETS</b></font></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b></b></td><td style="text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,392</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b> </b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Non-Current:</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b> </b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Deferred revenue on litigation settlements</td><td> </td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b></b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">313</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Stock based compensation</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b></b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">104</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Net operating loss carryforward</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>53,383</b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">50,120</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Valuation allowance</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b> </b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b>(53,383</b></td><td style="text-align: left; padding-bottom: 1.5pt;"><b>)</b></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(50,120</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>TOTAL NON-CURRENT DEFERRED INCOME TAX ASSETS</b></font></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b></b></td><td style="text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">417</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31</b></font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;" colspan="2"><font style="font-size: 10pt;"><b> </b></font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;" colspan="2"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;" colspan="2"><font style="font-size: 10pt;"> </font></td><td style="font-size: 10pt;"><font style="font-size: 10pt;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>(in thousands)</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2014</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2013</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1003px; text-align: left; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;"><font style="font-size: 10pt;">Federal income tax at statutory rate</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b>$</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;"><b>(262</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b>)</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;">$</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;">99</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;">$</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;">(1,445</font></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;">)</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;"><font style="font-size: 10pt;">Permanent differences</font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;"><b>1,048</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;"></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;"></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-left: 0pt; font-stretch: normal;"><font style="font-size: 10pt;">Valuation allowance</font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;"><b>(3,500</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"><b>)</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;">2,250</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;"><font style="font-size: 10pt;">1,445</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; font-stretch: normal;"><font style="font-size: 10pt;">State and local income tax, net of federal benefit</font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;"><b></b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"><b> </b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;">4</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="font-size: 10pt;">(8</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"><font style="font-size: 10pt;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0pt; padding-bottom: 4pt; padding-left: 0pt; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>PROVISION FOR (INCOME TAXES) INCOME TAX BENEFITS</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;"><b>$</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;"><b>(2,714</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;"><b>)</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;">$</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;">2,353</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;"> </font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;">$</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;"><font style="font-size: 10pt;">(8</font></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"><font style="font-size: 10pt;">)</font></td></tr></table>
</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:SummaryOfValuationAllowanceTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31 (in thousands)</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Balance at</b><br /><b>beginning of</b><br /><b>year</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Additions</b><br /><b>charged to</b><br /><b>costs and</b><br /><b>expenses</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Deductions</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Balance at</b><br /><b>end of year</b></font></td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Reserves deducted from deferred income taxes, net:</b></font></td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left; padding-bottom: 4pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Valuation allowance</b></font></td><td style="width: 16px; padding-bottom: 4pt;"><b> </b></td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>50,191</b></td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="width: 16px; padding-bottom: 4pt;"><b> </b></td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>3,500</b></td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="width: 15px; padding-bottom: 4pt;"><b> </b></td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>(10</b></td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"><b>)</b></td><td style="width: 15px; padding-bottom: 4pt;"><b> </b></td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>53,681</b></td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">2014</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Reserves deducted from deferred income taxes, net:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Valuation allowance</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">50,797</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(606</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">50,191</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">2013</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Reserves deducted from deferred income taxes, net:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Valuation allowance</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">49,982</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">815</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">50,797</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table>
</us-gaap:SummaryOfValuationAllowanceTextBlock>
<us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>July 31</b><br /><b>(in thousands)</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Accrued compensation</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>174</b></td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">577</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Accrued professional fees</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>641</b></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">566</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Accrued taxes</td><td> </td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>-</b></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">124</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Other</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b> </b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b>13</b></td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">67</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>TOTAL ACCRUED EXPENSES</b></font></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>828</b></td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,334</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table></div>
</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>Stock<br />Options</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>Weighted-<br />average<br />Exercise<br />Price</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>Weighted-<br />average<br />Remaining<br />Contractual<br />Term (in years)</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>Aggregate<br />Intrinsic<br />Value<br />(in thousands)</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Outstanding as of August 1, 2012 and 2013</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;"></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;"></td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 803px; padding-left: 9pt;">Granted</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">32,155</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">5.67</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;"> </td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-left: 9pt;">Exercised</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(3,065</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5.67</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt; padding-left: 9pt;">Cancelled/Forfeited</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,542</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">5.67</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Outstanding as of July 31, 2014</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">26,548</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">5.67</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5.7</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">112</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 9pt;">Granted</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;"></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-left: 9pt;">Exercised</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(12,053</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">5.67</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt; padding-left: 9pt;">Cancelled/Forfeited</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(472</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">5.67</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Outstanding as of July 31, 2015</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">14,023</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5.67</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5.4</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">251</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;">Vested and expected to vest as of July 31, 2015</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">14,023</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5.67</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5.4</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">251</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;">Exercisable as of July 31, 2015</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">6,923</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5.67</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4.5</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">124</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table>
</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
<us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Years ending July 31,</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td colspan="2"> </td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1331px; text-align: left; text-indent: -18pt; padding-left: 36pt;">2016</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">44,307</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -18pt; padding-left: 36pt;">2017</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">44,342</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -18pt; padding-bottom: 1.5pt; padding-left: 36pt;">2018</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">34,000</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">122,649</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table>
</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
<strp:ScheduleOfChangeInLiabilityToRelatedPartyTableTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1250.4px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31</b><br /><b>(in thousands)</b></font></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>2015</b></font></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 950.4px; text-align: left;">Balance at beginning of year</td><td style="width: 12.8px;"><b> </b></td><td style="width: 12.8px; text-align: left;"><b>$</b></td><td style="width: 112.8px; text-align: right;"><b>6</b></td><td style="width: 12.8px; text-align: left;"><b> </b></td><td style="width: 12.8px;"> </td><td style="width: 12px; text-align: left;">$</td><td style="width: 112px; text-align: right;"></td><td style="width: 12px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Payments by IDT on behalf of the Company</td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>464</b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">940</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Deferred taxes offset against IDT net operating losses</td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b></b></td><td style="text-align: left;"><b> </b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"></td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Cash repayments, net of advances</td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(470</b></td><td style="text-align: left;"><b>)</b></td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(934</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Amount due to IDT contributed to equity</td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b> </b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><b></b></td><td style="text-align: left; padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"></td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Balance at end of year</td><td style="padding-bottom: 4pt;"><b> </b></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b></b></td><td style="text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">6</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Average balance during the year</td><td style="padding-bottom: 4pt;"><b> </b></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>$</b></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><b>56</b></td><td style="text-align: left; padding-bottom: 4pt;"><b> </b></td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">111</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table></div>
</strp:ScheduleOfChangeInLiabilityToRelatedPartyTableTextBlock>
<us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>Year ended July 31</b></font></td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"><b> </b></td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;" colspan="2"> </td><td style="font-size: 10pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>(in thousands)</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>2015</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>2014</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"><b>2013</b></font></td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1003px; text-indent: 0pt; padding-left: 0pt; font-size-adjust: none; font-stretch: normal;">Customer 1</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;"><b>$</b></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-size-adjust: none; font-stretch: normal;"><b>165</b></td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-size-adjust: none; font-stretch: normal;">165</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-size-adjust: none; font-stretch: normal;">165</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0pt; padding-left: 0pt; font-size-adjust: none; font-stretch: normal;">Customer 2</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;"><b>87</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">114</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">134</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0pt; padding-left: 0pt; font-size-adjust: none; font-stretch: normal;">Customer 3</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"><b> </b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;"><b>70</b></td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">53</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">-</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr></table></div>
</us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock>
<us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Straight Path Spectrum</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Straight<br />Path IP Group</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year ended July 31, 2015</b></font></td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Revenues</b></font></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>426</b></td><td style="width: 16px; text-align: left;"><b> </b></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>12,814</b></td><td style="width: 15px; text-align: left;"><b> </b></td><td style="width: 15px;"><b> </b></td><td style="width: 15px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>13,240</b></td><td style="width: 15px; text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Income (loss) from operations</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(1,641</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,907</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>266</b></td><td style="text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Year ended July 31, 2014</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Revenues</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">424</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4,372</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4,796</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Loss from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(495</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(197</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(692</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Year ended July 31, 2013</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Revenues</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">525</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">605</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">1,130</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Loss from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,891</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,724</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(3,615</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Gain on sale of rights in wireless spectrum included in loss from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">150</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">150</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Loss on settlement of Straight Path Spectrum legal proceedings included in</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">loss from operations</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,150</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"></td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(1,150</td><td style="text-align: left;">)</td></tr></table></div>
</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
<us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(in thousands)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Straight Path Spectrum</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Straight<br />Path IP Group</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td>Total assets:</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>July 31, 2015</b></font></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>5,637</b></td><td style="width: 16px; text-align: left;"><b> </b></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>14,601</b></td><td style="width: 15px; text-align: left;"><b> </b></td><td style="width: 15px;"><b> </b></td><td style="width: 15px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>20,238</b></td><td style="width: 15px; text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td>July 31, 2014</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">5,586</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">24,853</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">30,439</td><td style="text-align: left;"> </td></tr></table></div>
</us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock>
<us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="18"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Year Ended July 31, 2015</b></font></td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: right;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>July 31,<br />2015</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>April 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>January 31, 2015</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>October 31, 2014</b></font></td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Total</b></font></td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 627px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Revenues</b></font></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>2,769</b></td><td style="width: 16px; text-align: left;"><b> </b></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 142px; text-align: right;"><b>2,867</b></td><td style="width: 16px; text-align: left;"><b> </b></td><td style="width: 16px;"><b> </b></td><td style="width: 16px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>2,781</b></td><td style="width: 15px; text-align: left;"><b> </b></td><td style="width: 15px;"><b> </b></td><td style="width: 15px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>4,823</b></td><td style="width: 15px; text-align: left;"><b> </b></td><td style="width: 15px;"><b> </b></td><td style="width: 15px; text-align: left;"><b>$</b></td><td style="width: 141px; text-align: right;"><b>13,240</b></td><td style="width: 15px; text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Direct cost of revenues</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,282</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,315</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,338</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>2,108</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>6,043</b></td><td style="text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Selling, general and administrative</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>2,870</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,353</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,605</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,103</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>6,931</b></td><td style="text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Other income</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>322</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>9</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>9</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>32</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>372</b></td><td style="text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Provision for (income taxes) income tax benefits</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(2,660</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>801</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(100</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(755</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(2,714</b></td><td style="text-align: left;"><b>)</b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Net (loss) income</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(3,721</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>1,009</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(253</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>889</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(2,076</b></td><td style="text-align: left;"><b>)</b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Net loss (income) attributable to noncontrolling interests</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>529</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(211</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(24</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(183</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>111</b></td><td style="text-align: left;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Net (loss) income attributable to SPCI</b></font></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(3,192</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>798</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(277</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>706</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b> </b></td><td style="text-align: right;"><b>(1,965</b></td><td style="text-align: left;"><b>)</b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Income (loss) per share - basic</b></font></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.28</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>0.07</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.02</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>0.06</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.17</b></td><td style="text-align: left;"><b>)</b></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>Income (loss) per share - diluted</b></font></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.28</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>0.07</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.02</b></td><td style="text-align: left;"><b>)</b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>0.06</b></td><td style="text-align: left;"><b> </b></td><td><b> </b></td><td style="text-align: left;"><b>$</b></td><td style="text-align: right;"><b>(0.17</b></td><td style="text-align: left;"><b>)</b></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="18"><b>Year Ended July 31, 2014</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td></tr><tr style="vertical-align: bottom;"><td style="text-align: right;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>July 31,<br />2014</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>April 30,<br />2014</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>January 31, 2014</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>October 31, 2013</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="padding-bottom: 1.5pt;"><b> </b></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><b>Total</b></td><td style="padding-bottom: 1.5pt;"><b> </b></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 627px;">Revenues</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">3,303</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">913</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">453</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">127</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">4,796</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Direct cost of revenues</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,751</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">425</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">283</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">28</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,487</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Selling, general and administrative</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">725</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">665</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,042</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">569</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,001</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Other income</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">13</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">338</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">53</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">408</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Provision for income tax benefits (income taxes)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,393</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(40</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,353</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Net income (loss)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,233</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">121</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(868</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(417</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,069</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Net (income) loss attributable to noncontrolling interests</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(195</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(4</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">141</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">26</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(32</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Net income (loss) attributable to SPCI</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,038</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">117</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(727</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(391</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,037</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Income (loss) per share - basic</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.28</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.01</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.07</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.04</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.19</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Income (loss) per share - diluted</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.27</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.01</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.07</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.04</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.18</td><td style="text-align: left;"></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; 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<strp:LicensePatentExpirationDate contextRef="Context_Custom_01_Oct_2010T00_00_00_TO_31_Oct_2010T00_00_00_LegalEntityAxis_SubsidiariesMember"> 2020-10-18 </strp:LicensePatentExpirationDate>
<strp:LicenseDescription contextRef="Context_Custom_01_Oct_2010T00_00_00_TO_31_Oct_2010T00_00_00_LegalEntityAxis_SubsidiariesMember"> The Company included the license renewal costs in other assets, which are being charged to expense on a straight-line basis over the ten-year term of the licenses. </strp:LicenseDescription>
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<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context_As_Of_31_Jul_2013T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" decimals="-3"> 50797000 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 50191000 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> 53681000 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:ValuationAllowancesAndReservesChargedToCostAndExpense contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" decimals="-3"> 815000 </us-gaap:ValuationAllowancesAndReservesChargedToCostAndExpense>
<us-gaap:ValuationAllowancesAndReservesChargedToCostAndExpense contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ValuationAllowancesAndReservesChargedToCostAndExpense contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> 3500000 </us-gaap:ValuationAllowancesAndReservesChargedToCostAndExpense>
<us-gaap:ValuationAllowancesAndReservesDeductions contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ValuationAllowancesAndReservesDeductions contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> -606000 </us-gaap:ValuationAllowancesAndReservesDeductions>
<us-gaap:ValuationAllowancesAndReservesDeductions contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> -10000 </us-gaap:ValuationAllowancesAndReservesDeductions>
<us-gaap:OperatingLossCarryforwards contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-6"> 134000000 </us-gaap:OperatingLossCarryforwards>
<us-gaap:OperatingLossCarryforwards contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_SubsidiariesMember" unitRef="USD" decimals="-6"> 127000000 </us-gaap:OperatingLossCarryforwards>
<us-gaap:OperatingLossCarryforwards contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_Subsidiaries1Member" unitRef="USD" decimals="-6"> 7000000 </us-gaap:OperatingLossCarryforwards>
<strp:OperatingLossCarryforwardsExpirationTerm contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00">
<div>The net operating loss carryforwards will start to expire in fiscal 2022, with fiscal 2015's loss expiring in fiscal 2035.</div>
</strp:OperatingLossCarryforwardsExpirationTerm>
<strp:SuspendedLossesOffsetTaxableIncome contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_LegalEntityAxis_WinstarHoldingsLlcMember" unitRef="USD" decimals="-6"> 3000000 </strp:SuspendedLossesOffsetTaxableIncome>
<strp:SuspendedLossesOffsetTaxableIncome contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_WinstarHoldingsLlcMember" unitRef="USD" decimals="-6"> 3000000 </strp:SuspendedLossesOffsetTaxableIncome>
<strp:DeferredIncomeTaxAssetsValuationAllowancePercentage contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="pure" decimals="2"> 1.00 </strp:DeferredIncomeTaxAssetsValuationAllowancePercentage>
<strp:DeferredIncomeTaxAssetsValuationAllowancePercentage contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="pure" decimals="2"> 1.00 </strp:DeferredIncomeTaxAssetsValuationAllowancePercentage>
<us-gaap:EmployeeRelatedLiabilitiesCurrent contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 577000 </us-gaap:EmployeeRelatedLiabilitiesCurrent>
<us-gaap:EmployeeRelatedLiabilitiesCurrent contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> 174000 </us-gaap:EmployeeRelatedLiabilitiesCurrent>
<us-gaap:AccruedProfessionalFeesCurrent contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 566000 </us-gaap:AccruedProfessionalFeesCurrent>
<us-gaap:AccruedProfessionalFeesCurrent contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> 641000 </us-gaap:AccruedProfessionalFeesCurrent>
<us-gaap:AccruedIncomeTaxesCurrent contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 124000 </us-gaap:AccruedIncomeTaxesCurrent>
<us-gaap:AccruedIncomeTaxesCurrent contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:OtherAccruedLiabilitiesCurrent contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="-3"> 67000 </us-gaap:OtherAccruedLiabilitiesCurrent>
<us-gaap:OtherAccruedLiabilitiesCurrent contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-3"> 13000 </us-gaap:OtherAccruedLiabilitiesCurrent>
<us-gaap:CommonStockVotingRights contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassAMember">
<div>Class A common stock are entitled to three votes per share</div>
</us-gaap:CommonStockVotingRights>
<us-gaap:CommonStockVotingRights contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember_StatementClassOfStockAxis_CommonClassBMember"> Class B common stock are entitled to one-tenth of a vote per share. </us-gaap:CommonStockVotingRights>
<us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_RelatedPartyTransactionAxis_IdtMember" unitRef="shares" decimals="INF"> 2200 </us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited>
<us-gaap:Dividends contextRef="Context_Custom_01_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="0"> 5647342 </us-gaap:Dividends>
<us-gaap:PaymentsToMinorityShareholders contextRef="Context_Custom_01_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="0"> 875338 </us-gaap:PaymentsToMinorityShareholders>
<us-gaap:DividendsPayableCurrentAndNoncurrent contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="0"> 4772004 </us-gaap:DividendsPayableCurrentAndNoncurrent>
<us-gaap:TreasuryStockNumberOfSharesHeld contextRef="Context_As_Of_30_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="INF"> 35846 </us-gaap:TreasuryStockNumberOfSharesHeld>
<us-gaap:TreasuryStockNumberOfSharesHeld contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="INF"> 9982 </us-gaap:TreasuryStockNumberOfSharesHeld>
<us-gaap:TreasuryStockNumberOfSharesHeld contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="-3"> 41723000 </us-gaap:TreasuryStockNumberOfSharesHeld>
<strp:TreasuryStockRepurchasedValue contextRef="Context_As_Of_30_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="USD" decimals="0"> 348051 </strp:TreasuryStockRepurchasedValue>
<strp:TreasuryStockRepurchasedValue contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="USD" decimals="0"> 197344 </strp:TreasuryStockRepurchasedValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF"> 26548 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF"> 14023 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF"> 32155 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="shares" xsi:nil="true"/>
<strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriod contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF"> -3065 </strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriod>
<strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriod contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF"> -12053 </strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF"> -2542 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF"> -472 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF"> 14023 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF"> 6923 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2"> 5.67 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2"> 5.67 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2"> 5.67 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2"> 5.67 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2"> 5.67 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2"> 5.67 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2"> 5.67 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2"> 5.67 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2"> 5.67 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember"> P5Y8M12D </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember"> P5Y4M24D </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1 contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember"> P5Y4M24D </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1 contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember"> P4Y6M </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD" decimals="-3"> 112000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD" decimals="-3"> 251000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD" decimals="-3"> 251000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1 contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_OptionIndexedToIssuersEquityTypeAxis_EmployeeStockOptionMember" unitRef="USD" decimals="-3"> 124000 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1>
<us-gaap:CommonStockCapitalSharesReservedForFutureIssuance contextRef="Context_As_Of_31_Jul_2013T00_00_00_TO_31_Jul_2013T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="INF"> 678532 </us-gaap:CommonStockCapitalSharesReservedForFutureIssuance>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="Context_As_Of_31_Oct_2013T00_00_00_TO_31_Oct_2013T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="INF"> 350000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsToPurchaseNumberOfSharesAtTimeOfSpinOff contextRef="Context_As_Of_31_Jul_2013T00_00_00_TO_31_Jul_2013T00_00_00_LegalEntityAxis_IdtMember" unitRef="shares" decimals="INF"> 641567 </strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsToPurchaseNumberOfSharesAtTimeOfSpinOff>
<strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsToPurchaseNumberOfSharesAtTimeOfSpinOff contextRef="Context_As_Of_31_Jul_2013T00_00_00_TO_31_Jul_2013T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="INF"> 32155 </strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsToPurchaseNumberOfSharesAtTimeOfSpinOff>
<strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOptionsToPurchaseNumberOfSharesAtTimeOfSpinOffIssuedInSpinOff contextRef="Context_FYE_01_Aug_2012T00_00_00_TO_31_Jul_2013T00_00_00_LegalEntityAxis_IdtMember" unitRef="pure" decimals="2"> 0.10 </strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOptionsToPurchaseNumberOfSharesAtTimeOfSpinOffIssuedInSpinOff>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1 contextRef="Context_As_Of_31_Jul_2013T00_00_00_TO_31_Jul_2013T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="USD_per_Share" decimals="2"> 5.67 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1>
<strp:NumberOfDirectors contextRef="Context_Custom_01_Jan_2015T00_00_00_TO_05_Jan_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_NonEmployeeDirectorMember" unitRef="Directors" decimals="INF"> 3 </strp:NumberOfDirectors>
<strp:NumberOfDirectors contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_TwoEmployeesMember" unitRef="Directors" decimals="INF"> 2 </strp:NumberOfDirectors>
<strp:NumberOfDirectors contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_OneEmployeeMember" unitRef="Directors" decimals="INF"> 1 </strp:NumberOfDirectors>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_28_Jul_2013T00_00_00_TO_02_Aug_2013T01_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefFinancialOfficerAndTreasurerMember" unitRef="shares" decimals="INF"> 38268 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_28_Jul_2013T00_00_00_TO_02_Aug_2013T01_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefExecutiveOfficerAndPresidentMember" unitRef="shares" decimals="INF"> 229608 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_28_Jul_2013T00_00_00_TO_02_Aug_2013T01_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_NonEmployeeDirectorMember" unitRef="shares" decimals="INF"> 3750 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_04_Aug_2013T00_00_00_TO_06_Aug_2013T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="INF"> 10100 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_01_Jan_2014T00_00_00_TO_31_Jan_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_NonEmployeeDirectorMember" unitRef="shares" decimals="INF"> 24000 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_25_Jul_2014T00_00_00_TO_30_Jul_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefFinancialOfficerAndTreasurerMember" unitRef="shares" decimals="INF"> 52000 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_25_Jul_2014T00_00_00_TO_30_Jul_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefExecutiveOfficerAndPresidentMember" unitRef="shares" decimals="INF"> 71000 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="INF"> 5500 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_28_Aug_2014T00_00_00_TO_01_Sep_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefTechnologyOfficerMember" unitRef="shares" decimals="INF"> 60000 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_01_Jan_2015T00_00_00_TO_05_Jan_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_NonEmployeeDirectorMember" unitRef="shares" decimals="INF"> 24000 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefExecutiveOfficerAndPresidentMember" unitRef="shares" decimals="INF"> 60000 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefTechnologyOfficerMember" unitRef="shares" decimals="INF"> 30000 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_TwoEmployeesMember" unitRef="shares" decimals="INF"> 22500 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_OneEmployeeMember" unitRef="shares" decimals="INF"> 5000 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_28_Jul_2013T00_00_00_TO_02_Aug_2013T01_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="USD" decimals="0"> 1519000 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_28_Jul_2013T00_00_00_TO_02_Aug_2013T01_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_NonEmployeeDirectorMember" unitRef="USD" decimals="0"> 21263 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_04_Aug_2013T00_00_00_TO_06_Aug_2013T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="USD" decimals="0"> 50000 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_01_Jan_2014T00_00_00_TO_31_Jan_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_NonEmployeeDirectorMember" unitRef="USD" decimals="0"> 197000 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_25_Jul_2014T00_00_00_TO_30_Jul_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="USD" decimals="0"> 1214000 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="USD" decimals="0"> 91000 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_28_Aug_2014T00_00_00_TO_01_Sep_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefTechnologyOfficerMember" unitRef="USD" decimals="0"> 573000 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_01_Jan_2015T00_00_00_TO_05_Jan_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_NonEmployeeDirectorMember" unitRef="USD" decimals="0"> 438000 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefExecutiveOfficerAndPresidentMember" unitRef="USD" decimals="0"> 1494900 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefTechnologyOfficerMember" unitRef="USD" decimals="0"> 914400 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_TwoEmployeesMember" unitRef="USD" decimals="0"> 685800 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_OneEmployeeMember" unitRef="USD" decimals="0"> 152400 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="Context_Custom_04_Aug_2013T00_00_00_TO_06_Aug_2013T00_00_00_StatementClassOfStockAxis_CommonClassBMember"> These restricted shares vest as to one-third of the granted shares in each of August 2014, 2015 and 2016. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="Context_Custom_25_Jul_2014T00_00_00_TO_30_Jul_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember"> One-third of both grants of restricted shares vested on March 30, 2015 and the remaining vest as to approximately one-third of the granted shares on each of February 1, 2016 and 2017. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember"> These restricted shares vested as to one-half of the granted shares on each of January 31, 2015 and July 31, 2015. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="Context_Custom_28_Aug_2014T00_00_00_TO_01_Sep_2014T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefTechnologyOfficerMember"> These restricted shares vest as to one-third of the granted shares on each of October 16, 2015, September 1, 2016 and September 1, 2017. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefTechnologyOfficerMember"> These restricted shares vest as to one-third of the granted shares on each of October 16, 2016, 2017 and 2018. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_TwoEmployeesMember"> These restricted shares vest as to one-third of the granted shares on each of October 16, 2015, 2016 and 2017. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="Context_Custom_02_Jul_2015T00_00_00_TO_23_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_OneEmployeeMember"> These restricted shares vest as to one-half of the granted shares on each of October 16, 2016 and 2017. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
<strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue contextRef="Context_As_Of_31_May_2011T00_00_00_TO_31_May_2011T00_00_00_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerCeoMember" unitRef="USD" decimals="-5"> 200000 </strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue>
<strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue contextRef="Context_As_Of_15_Apr_2013T00_00_00_TO_15_Apr_2013T00_00_00_LegalEntityAxis_Subsidiaries1Member" unitRef="USD" decimals="0"> 13318 </strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue>
<strp:OptionToPurchasePercentageOfOutstandingSharesPercentage contextRef="Context_Custom_01_May_2011T00_00_00_TO_31_May_2011T00_00_00_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerCeoMember" unitRef="pure" decimals="2"> 0.05 </strp:OptionToPurchasePercentageOfOutstandingSharesPercentage>
<strp:OptionToPurchasePercentageOfOutstandingSharesPercentage contextRef="Context_Custom_14_Mar_2013T00_00_00_TO_15_Mar_2013T00_00_00_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="pure" decimals="2"> 0.05 </strp:OptionToPurchasePercentageOfOutstandingSharesPercentage>
<strp:OptionToPurchasePercentageOfOutstandingSharesPercentage contextRef="Context_Custom_01_Apr_2013T00_00_00_TO_15_Apr_2013T00_00_00_LegalEntityAxis_Subsidiaries1Member" unitRef="pure" decimals="3"> 0.005 </strp:OptionToPurchasePercentageOfOutstandingSharesPercentage>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="Context_Custom_01_Apr_2013T00_00_00_TO_15_Apr_2013T00_00_00_LegalEntityAxis_Subsidiaries1Member" unitRef="pure" decimals="4"> 0.3320 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="Context_Custom_01_May_2013T00_00_00_TO_31_May_2013T00_00_00_LegalEntityAxis_Subsidiaries1Member" unitRef="pure" decimals="4"> 0.3340 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="Context_Custom_01_May_2014T00_00_00_TO_31_May_2014T00_00_00_LegalEntityAxis_Subsidiaries1Member" unitRef="pure" decimals="4"> 0.3340 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>
<strp:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansAggregateExercisePrice contextRef="Context_Custom_01_May_2011T00_00_00_TO_31_May_2011T00_00_00_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerCeoMember" unitRef="USD" decimals="-5"> 400000 </strp:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansAggregateExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="Context_Custom_01_May_2011T00_00_00_TO_31_May_2011T00_00_00_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerCeoMember" unitRef="pure" decimals="2"> 0.49 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="Context_Custom_01_Apr_2013T00_00_00_TO_15_Apr_2013T00_00_00_LegalEntityAxis_Subsidiaries1Member" unitRef="pure" decimals="2"> 0.51 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="Context_Custom_01_May_2011T00_00_00_TO_31_May_2011T00_00_00_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerCeoMember" unitRef="pure" decimals="4"> 0.0220 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="Context_Custom_01_Apr_2013T00_00_00_TO_15_Apr_2013T00_00_00_LegalEntityAxis_Subsidiaries1Member" unitRef="pure" decimals="3"> 0.008 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="Context_Custom_01_May_2011T00_00_00_TO_31_May_2011T00_00_00_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerCeoMember"> P6Y </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="Context_Custom_01_Apr_2013T00_00_00_TO_15_Apr_2013T00_00_00_LegalEntityAxis_Subsidiaries1Member"> P4Y </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="0"> 186976 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue>
<strp:ClosingStockPricePerShare contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD_per_Share" decimals="2"> 23.57 </strp:ClosingStockPricePerShare>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="INF"> 386560 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-5"> 3300000 </us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized>
<strp:UnrecognizedCompensationCostDueInNextTwelveMonths contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="-4"> 1810000 </strp:UnrecognizedCompensationCostDueInNextTwelveMonths>
<strp:UnrecognizedCompensationCostDueWithinTwoYears contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="0"> 985000 </strp:UnrecognizedCompensationCostDueWithinTwoYears>
<strp:UnrecognizedCompensationCostDueWithinThreeYears contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="0"> 400000 </strp:UnrecognizedCompensationCostDueWithinThreeYears>
<strp:UnrecognizedCompensationCostDueWithinFourYears contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="0"> 64000 </strp:UnrecognizedCompensationCostDueWithinFourYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="0"> 44307 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="0"> 44342 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="0"> 34000 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDue contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="0"> 122649 </us-gaap:OperatingLeasesFutureMinimumPaymentsDue>
<us-gaap:LossContingencyDamagesSoughtValue contextRef="Context_Custom_14_Mar_2013T00_00_00_TO_15_Mar_2013T00_00_00_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="USD" decimals="-6"> 35000000 </us-gaap:LossContingencyDamagesSoughtValue>
<strp:LitigationSettlementCollateralAmount contextRef="Context_Custom_01_May_2015T00_00_00_TO_27_May_2015T00_00_00_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="USD" decimals="-5"> 3500000 </strp:LitigationSettlementCollateralAmount>
<strp:PaymentsFromFutureRevenueFromSpectrumPercentage contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_SubsidiariesMember_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="pure" decimals="2"> 0.50 </strp:PaymentsFromFutureRevenueFromSpectrumPercentage>
<strp:MaximumFuturePaymentForWirelessSpectrumLicenses contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_SubsidiariesMember_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="USD" decimals="-4"> 3250000 </strp:MaximumFuturePaymentForWirelessSpectrumLicenses>
<us-gaap:LitigationSettlementAmount contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_LegalEntityAxis_SubsidiariesMember_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="USD" decimals="0"> 35000 </us-gaap:LitigationSettlementAmount>
<us-gaap:LitigationSettlementAmount contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_Subsidiaries1Member" unitRef="USD" decimals="-5"> 18300000 </us-gaap:LitigationSettlementAmount>
<us-gaap:LitigationSettlementAmount contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_SubsidiariesMember_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="USD" decimals="0"> 8000 </us-gaap:LitigationSettlementAmount>
<strp:PercentageOfAmountRecoveredFromPatentInfringersPaidToLawFirm contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_RangeAxis_MinimumMember" unitRef="pure" decimals="2"> 0.00 </strp:PercentageOfAmountRecoveredFromPatentInfringersPaidToLawFirm>
<strp:PercentageOfAmountRecoveredFromPatentInfringersPaidToLawFirm contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_RangeAxis_MaximumMember" unitRef="pure" decimals="2"> 0.40 </strp:PercentageOfAmountRecoveredFromPatentInfringersPaidToLawFirm>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_Custom_01_May_2015T00_00_00_TO_31_May_2015T00_00_00" unitRef="USD" decimals="0"> 7200 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OtherCommitmentsDescription contextRef="Context_Custom_03_Oct_2014T00_00_00_TO_31_Oct_2014T00_00_00"> In March 2015, the term of the lease was extended to April 30, 2018. </us-gaap:OtherCommitmentsDescription>
<us-gaap:OtherCommitmentsDescription contextRef="Context_Custom_01_May_2015T00_00_00_TO_31_May_2015T00_00_00"> May 31, 2015 to May 31, 2017 </us-gaap:OtherCommitmentsDescription>
<us-gaap:PaymentsForRent contextRef="Context_Custom_01_Aug_2013T00_00_00_TO_31_Aug_2013T00_00_00" unitRef="USD" decimals="0"> 120 </us-gaap:PaymentsForRent>
<us-gaap:PaymentsForRent contextRef="Context_Custom_03_Oct_2014T00_00_00_TO_31_Oct_2014T00_00_00" unitRef="USD" decimals="0"> 3100 </us-gaap:PaymentsForRent>
<us-gaap:PaymentsForRent contextRef="Context_Custom_01_May_2015T00_00_00_TO_31_May_2015T00_00_00" unitRef="USD" decimals="0"> 575 </us-gaap:PaymentsForRent>
<us-gaap:LeaseAndRentalExpense contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00" unitRef="USD" decimals="0"> 25785 </us-gaap:LeaseAndRentalExpense>
<us-gaap:LeaseAndRentalExpense contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="USD" decimals="0"> 40685 </us-gaap:LeaseAndRentalExpense>
<strp:LicenseExpirationDate contextRef="Context_Custom_21_Oct_2013T00_00_00_TO_24_Oct_2013T00_00_00_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_EconomicAreaLicenseMember"> 2020-10-18 </strp:LicenseExpirationDate>
<strp:LicenseExpirationDate contextRef="Context_Custom_03_Oct_2014T00_00_00_TO_31_Oct_2014T00_00_00"> 2017-10-31 </strp:LicenseExpirationDate>
<strp:LicenseExpirationDate contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_LocalMultipointDistributionServiceLicenseMember_OtherCommitmentsAxis_LicensesExpireOnTwoThousandEighteenAugustTenMember"> 2018-08-10 </strp:LicenseExpirationDate>
<strp:LicenseExpirationDate contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_LocalMultipointDistributionServiceLicenseMember_OtherCommitmentsAxis_LicensesExpireOnTwoThousandEighteenSeptemberTwentyOneMember"> 2018-09-21 </strp:LicenseExpirationDate>
<strp:LicenseExpirationDate contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_LocalMultipointDistributionServiceLicenseMember_StatementGeographicalAxis_NY"> 2016-02-01 </strp:LicenseExpirationDate>
<strp:LicensesToBeExpired contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_LocalMultipointDistributionServiceLicenseMember_OtherCommitmentsAxis_LicensesExpireOnTwoThousandEighteenAugustTenMember" unitRef="License" decimals="INF"> 14 </strp:LicensesToBeExpired>
<strp:LicensesToBeExpired contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_LocalMultipointDistributionServiceLicenseMember_OtherCommitmentsAxis_LicensesExpireOnTwoThousandEighteenSeptemberTwentyOneMember" unitRef="License" decimals="INF"> 118 </strp:LicensesToBeExpired>
<strp:LeaseAgreementDescription contextRef="Context_Custom_01_Aug_2013T00_00_00_TO_31_Aug_2013T00_00_00"> The monthly rental was $120 through March 2014 and $600 thereafter and continues on a month-to-month basis until terminated by either party with 30 days' notice. </strp:LeaseAgreementDescription>
<us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="Context_As_Of_31_Jul_2013T00_00_00_TO_31_Jul_2013T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="Context_As_Of_31_Jul_2014T00_00_00_TO_31_Jul_2014T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 6000 </us-gaap:DueToRelatedPartiesCurrentAndNoncurrent>
<us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="Context_As_Of_31_Jul_2015T00_00_00_TO_31_Jul_2015T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" xsi:nil="true"/>
<strp:PaymentsByRelatedPartyParent contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 940000 </strp:PaymentsByRelatedPartyParent>
<strp:PaymentsByRelatedPartyParent contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 464000 </strp:PaymentsByRelatedPartyParent>
<strp:DeferredTaxesUtilizedByRelatedParty contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" xsi:nil="true"/>
<strp:DeferredTaxesUtilizedByRelatedParty contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" xsi:nil="true"/>
<strp:CashRepaymentsToRelatedPartyNetOfAdvances contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> -934000 </strp:CashRepaymentsToRelatedPartyNetOfAdvances>
<strp:CashRepaymentsToRelatedPartyNetOfAdvances contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> -470000 </strp:CashRepaymentsToRelatedPartyNetOfAdvances>
<strp:AmountDueToRelatedPartyContributedToEquity contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" xsi:nil="true"/>
<strp:AmountDueToRelatedPartyContributedToEquity contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" xsi:nil="true"/>
<strp:AverageRelatedPartyTransactionDueFromToRelatedParty contextRef="Context_FYE_01_Aug_2013T00_00_00_TO_31_Jul_2014T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 111000 </strp:AverageRelatedPartyTransactionDueFromToRelatedParty>
<strp:AverageRelatedPartyTransactionDueFromToRelatedParty contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 56000 </strp:AverageRelatedPartyTransactionDueFromToRelatedParty>
<us-gaap:LegalFees contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="0"> 513481 </us-gaap:LegalFees>
<us-gaap:ConcentrationRiskPercentage1 contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00_ConcentrationRiskByBenchmarkAxis_SalesRevenueNetMember" unitRef="pure" decimals="2"> 0.10 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:NumberOfReportableSegments contextRef="Context_FYE_01_Aug_2014T00_00_00_TO_31_Jul_2015T00_00_00" unitRef="Segments" decimals="INF"> 2 </us-gaap:NumberOfReportableSegments>
<us-gaap:SubsequentEventDescription contextRef="Context_Custom_01_Sep_2015T00_00_00_TO_30_Sep_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember"> Introduction of a PMP radio utilizing the 39 GHz band with all appropriate software as described in the agreement for $1,000,000. </us-gaap:SubsequentEventDescription>
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<link:footnoteLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link"> </link:footnoteLink>
</xbrli:xbrl>

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