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Straight Path Communications Inc. – ‘10-K/A’ for 7/31/13 – ‘EX-101.INS’

On:  Tuesday, 10/29/13, at 5:49pm ET   ·   As of:  10/30/13   ·   For:  7/31/13   ·   Accession #:  1213900-13-5972   ·   File #:  1-36015

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

10/30/13  Straight Path Communications Inc. 10-K/A      7/31/13   54:3.8M                                   Edgar Agents LLC/FA

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

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K/A      Annual Report Amendment                             HTML     55K 
53: R1          Document and Entity Information                     HTML     47K 
35: R2          Combined and Consolidated Balance Sheets            HTML     96K 
32: R3          Combined and Consolidated Balance Sheets            HTML     40K 
                (Parenthetical)                                                  
10: R4          Combined and Consolidated Statements of Operations  HTML     76K 
34: R5          Combined and Consolidated Statements of Equity      HTML     40K 
                (Deficit)                                                        
22: R6          Combined and Consolidated Statements of Cash Flows  HTML     82K 
47: R7          Description of Business and Summary of Significant  HTML    112K 
                Accounting Policies                                              
23: R8          Fair Value Measurements                             HTML     25K 
25: R9          Income Taxes                                        HTML     77K 
11: R10         Accrued Expenses                                    HTML     32K 
24: R11         Note Payable                                        HTML     21K 
46: R12         Equity                                              HTML     31K 
41: R13         Stock-Based Compensation                            HTML     36K 
33: R14         Commitments and Contingencies                       HTML     50K 
50: R15         Related Party Transactions                          HTML     41K 
45: R16         Revenues and Gain on Sale of Rights in Wireless     HTML     33K 
                Spectrum                                                         
 8: R17         Business Segment Information                        HTML     44K 
13: R18         Description of Business and Summary of Significant  HTML    105K 
                Accounting Policies (Policies)                                   
49: R19         Description of Business and Summary of Significant  HTML     36K 
                Accounting Policies (Tables)                                     
52: R20         Income Taxes (Tables)                               HTML     77K 
54: R21         Accrued Expenses (Tables)                           HTML     30K 
51: R22         Related Party Transactions (Tables)                 HTML     31K 
37: R23         Revenues and Gain on Sale of Rights in Wireless     HTML     26K 
                Spectrum (Tables)                                                
12: R24         Business Segment Information (Tables)               HTML     55K 
21: R25         Description of Business and Summary of Significant  HTML     25K 
                Accounting Policies (Details)                                    
16: R26         Description of Business and Summary of Significant  HTML     63K 
                Accounting Policies (Details Textual)                            
15: R27         Income Taxes (Details)                              HTML     30K 
27: R28         Income Taxes (Details 1)                            HTML     45K 
36: R29         Income Taxes (Details 2)                            HTML     30K 
42: R30         Income Taxes (Details 3)                            HTML     25K 
19: R31         Income Taxes (Details Textual)                      HTML     23K 
28: R32         Accrued Expenses (Details)                          HTML     37K 
48: R33         Note Payable (Details)                              HTML     24K 
17: R34         Equity (Details)                                    HTML     25K 
39: R35         Stock-Based Compensation (Details)                  HTML     73K 
40: R36         Commitments and Contingencies (Details)             HTML     70K 
29: R37         Related Party Transactions (Details)                HTML     31K 
14: R38         Related Party Transactions (Details Textual)        HTML     21K 
38: R39         Revenues and Gain on Sale of Rights in Wireless     HTML     23K 
                Spectrum (Details)                                               
18: R40         Revenues and Gain on Sale of Rights in Wireless     HTML     30K 
                Spectrum (Details Textual)                                       
26: R41         Business Segment Information (Details)              HTML     29K 
44: R42         Business Segment Information (Details 1)            HTML     22K 
20: R43         Business Segment Information (Details Textual)      HTML     18K 
31: XML         IDEA XML File -- Filing Summary                      XML     82K 
 9: EXCEL       IDEA Workbook of Financial Reports                  XLSX    108K 
30: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    642K 
 2: EX-101.INS  XBRL Instance -- strp-20130731                       XML    858K 
 4: EX-101.CAL  XBRL Calculations -- strp-20130731_cal               XML    111K 
 5: EX-101.DEF  XBRL Definitions -- strp-20130731_def                XML    346K 
 6: EX-101.LAB  XBRL Labels -- strp-20130731_lab                     XML    722K 
 7: EX-101.PRE  XBRL Presentations -- strp-20130731_pre              XML    558K 
 3: EX-101.SCH  XBRL Schema -- strp-20130731                         XSD    114K 
43: ZIP         XBRL Zipped Folder -- 0001213900-13-005972-xbrl      Zip     92K

‘EX-101.INS’   —   XBRL Instance — strp-20130731

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">Note 1—Description of Business and Summary of Significant Accounting Policies</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Description of Business</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Straight Path Communications Inc. (“Straight Path”), a Delaware corporation, was incorporated in April 2013. Straight Path’s businesses consist of 100% ownership of Straight Path Spectrum, Inc. (“Straight Path Spectrum”), which holds, leases and markets fixed wireless spectrum licenses, and 84.5% ownership of Straight Path IP Group, Inc. (“Straight Path IP”), which holds intellectual property primarily related to communications over the Internet and the licensing and other businesses related to this intellectual property.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">The “Company” in these financial statements refers to Straight Path, Straight Path Spectrum, and Straight Path IP on a combined and consolidated basis as if Straight Path existed and owned the above interests in these entities in all periods presented.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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 2013 refers to the fiscal year ending July 31, 2013).</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Straight Path Spectrum, Inc.</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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 fourteen 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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">In October 2010, Straight Path Spectrum paid an aggregate of $0.2 million 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 prepaid expenses, which is being charged to expense on a straight-line basis over the ten year term of the licenses.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Straight Path IP Group, Inc.</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">The Company believes that many parties are operating by infringing on Straight Path IP’s intellectual property, specifically one or more of Straight Path IP’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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Straight Path IP’s patent portfolio consists of the NetSpeak Portfolio and the Droplet Portfolio described below.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div style="color: #000000; font-family: 'times new roman'; font-size: 13px; 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;"> <table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr valign="top"> <td align="right" style="width: 36pt;"> <div><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">(1)  </font></div> </td> <td> <div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">NetSpeak Portfolio:</font></div> </td> </tr> </table> </div> <div style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block;"> </div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">United States Patents Nos. 6,108,704; 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></div> <div style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block;"> </div> <div style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block;"> <div align="left" style="margin-left: 36pt;"> <table style="width: 26%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr bgcolor="#cceeff"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">727702</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Australia</font></div> </td> </tr> <tr bgcolor="white"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">764522</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Australia</font></div> </td> </tr> <tr bgcolor="#cceeff"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">764583</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Australia</font></div> </td> </tr> <tr bgcolor="white"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">764521</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Australia</font></div> </td> </tr> <tr bgcolor="#cceeff"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">2231127</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Canada</font></div> </td> </tr> <tr bgcolor="white"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">96197195.9</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">China</font></div> </td> </tr> <tr bgcolor="#cceeff"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">852868</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Finland</font></div> </td> </tr> <tr bgcolor="white"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">852868</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">France</font></div> </td> </tr> <tr bgcolor="#cceeff"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">852868</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Germany</font></div> </td> </tr> <tr bgcolor="white"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">1017192</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Hong Kong</font></div> </td> </tr> <tr bgcolor="#cceeff"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">10-414512</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Korea</font></div> </td> </tr> <tr bgcolor="white"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">212126</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Mexico</font></div> </td> </tr> <tr bgcolor="#cceeff"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">51774</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Singapore</font></div> </td> </tr> <tr bgcolor="white"> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">852868</font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Sweden</font></div> </td> </tr> <tr bgcolor="#cceeff"> <td width="12%" valign="top"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">852868</font></font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">NI-096566</font></font></div> </td> </tr> <tr bgcolor="white"> <td width="12%" valign="top"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">NI-096566</font></font></div> </td> <td width="2%" valign="top"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="12%" valign="top"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Taiwan</font></div> </td> </tr> </table> </div> </div> <div style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">(collectively, the “NetSpeak patents”)  These patents are Straight Path IP’s core assets. The patents have finite lives, and the patents start to expire on September 25, 2015, although Straight Path IP may continue to enforce the patents for patent infringement that occurred before expiration. There is no guarantee that the patents will be adequately exploited or commercialized.</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Two leading multi-national law firms are engaged to provide legal services with respect to the enforcement of Straight Path IP’s patents. The terms of the agreements with the firms provide for Straight Path IP to pay fees solely out of proceeds of recoveries (subject to certain exceptions if Straight Path IP terminates the relationship) up to a maximum of 40% of those proceeds, and for the firms to advance expenses of the litigation.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div style="color: #000000; font-family: 'times new roman'; font-size: 13px; 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;"> <table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr valign="top"> <td align="right" style="width: 54pt;"> <div><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">(2)  </font></div> </td> <td> <div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Droplet Portfolio:</font></div> </td> </tr> </table> </div> <div style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block;"> </div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">United States Patents Nos. 6,825,780; 6,847,317; 7,844,122; 7,525,463; 8,279,098;</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">7,436,329; and 7,679,649 and a number of U.S. and foreign patent applications.</font></div> <div style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block;"> </div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">The Company’s Spin-Off</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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 and Class B, that was exchanged for all of the outstanding shares of the Company’s common stock held by IDT. 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. In the distribution, 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 0.8 million shares of its Class A common stock (based on 1.6 million shares of IDT 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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Basis of Accounting</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">All material intercompany balances and transactions have been eliminated in combination and consolidation.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">The combined and consolidated financial statements include the assets, liabilities, results of operations and cash flows of the entities included in the 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 are as follows. Straight Path IP’s legal and professional fees, salaries and employee benefits have been allocated based on specific identification. 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. Medical and dental benefits were allocated to these entities based on rates similar to COBRA health benefit provision rates charged to former IDT employees. 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. 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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">In order for the Company to meet its obligations and other cash flow needs, IDT transferred cash to the Company such that the Company had approximately $15 million in cash at the time of the Spin-Off, which management believes will be sufficient to meet the Company’s cash requirements during fiscal 2014.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Use of Estimates</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"><font style="display: inline; font-size: 10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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></font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Reclassification</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">License renewal costs of $21,000 previously included in “Other current assets” in the combined balance sheet at July 31, 2012 have been reclassified to “Prepaid expenses” to conform to the current year’s presentation.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Revenue Recognition</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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. Straight Path Spectrum recorded the amounts that the Former SPSI CEO was entitled to, related to the sale of rights in spectrum, in “Gains on sale of rights of wireless spectrum”, in the same period the related revenues were recognized. (See Note 10).</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Straight Path IP licenses its portfolio of patents to companies who use these patents in the provision of their service. 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 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 earns royalties at the time that the customers’ sales occur. Straight Path IP’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 is unable to estimate the customers’ sales in any given period to determine the royalties due to Straight Path IP, it recognizes royalty revenues when sales and royalties are reported by customers and when other revenue recognition criteria are met.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">In addition, Straight Path IP 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 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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Direct Cost of Revenues</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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 consists of legal expenses directly related to revenues from litigation settlements.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Cash and Cash Equivalents</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Intangibles</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Intangibles consists 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 8). 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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Income Taxes</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">The accompanying financial statements include provisions for federal and state income taxes on a separate tax return basis.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">The Company classifies interest and penalties on income taxes as a component of income tax expense.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Contingencies</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Earnings Per Share</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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 or assumed to have been outstanding during the applicable period. Diluted earnings per share is determined in the same manner as basic earnings per share, except that the number of shares assumed to have been outstanding is increased to include restricted stock subject to risk of forfeiture, unless the effect of such increase in anti-dilutive.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Stock-Based Compensation</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Fair Value Measurements</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div style="color: #000000; font-family: 'times new roman'; font-size: 13px; 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;"> <table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" width="9%" valign="top" style="text-indent: 18pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Level 1 –</font></div> </td> <td align="left" width="91%" valign="bottom"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></div> </td> </tr> <tr> <td align="left" width="9%" valign="top" style="text-indent: 18pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Level 2 –</font></div> </td> <td align="left" width="91%" valign="bottom"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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></div> </td> </tr> <tr> <td align="left" width="9%" valign="top" style="text-indent: 18pt;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Level 3 –</font></div> </td> <td align="left" width="91%" valign="bottom"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value.</font></div> </td> </tr> </table> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Allowance for Doubtful Accounts</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="right" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"> <table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">Year ended July 31</font></div> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">(in thousands)</font></div> </td> <td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"> </font></td> <td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">Balance at</font></div> <div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">beginning of</font></div> <div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">year</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"> </font></td> <td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"> </font></td> <td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">Additions</font></div> <div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">charged to</font></div> <div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">costs and</font></div> <div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">expenses</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"> </font></td> <td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"> </font></td> <td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">Deductions</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"> </font></td> <td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;"> </font></td> <td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">Balance at</font></div> <div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">end of year</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> </tr> <tr> <td align="left" valign="bottom"> <div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">2013</font></div> </td> <td align="left" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom"> <div align="left" style="text-indent: -18pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Reserves deducted from accounts receivable:</font></div> </td> <td align="left" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="60%" valign="bottom"> <div align="left" style="text-indent: -18pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Allowance for doubtful accounts</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">11</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">—</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">(7</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">)</font></td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">4</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="60%" valign="bottom"> <div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">2012</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="60%" valign="bottom"> <div align="left" style="text-indent: -18pt; display: block; margin-left: 27pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Reserves deducted from accounts receivable:</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="60%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: -18pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Allowance for doubtful accounts</font></div> </td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td> <td width="7%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">11</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td> <td width="7%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">—</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td> <td width="7%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">—</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td> <td width="7%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">11</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td> </tr> </table> </div>
</us-gaap:BusinessDescriptionAndAccountingPoliciesTextBlock>
<us-gaap:FairValueDisclosuresTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; display: inline;">Note 2—Fair Value Measurements<font style="font-size: 10pt; display: inline;"> </font></font></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">At July 31, 2013, the Company did not have any assets or liabilities measured at fair value on a recurring basis.</font></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"><font style="font-size: 10pt; display: inline;">At July 31, 2013 and 2012, the carrying amounts of the financial instruments included in cash and cash equivalents, other current assets and accrued expenses approximate 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 and accrued expenses 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></font></div>
</us-gaap:FairValueDisclosuresTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">Note 3—Income Taxes</font></div> <div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Significant components of the Company’s deferred income tax assets consist of the following:</font></div> <div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" style="border-bottom: black 2px solid;"> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">July 31</font></div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div> </td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2013</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2012</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Deferred income tax assets:</font></div> </td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="76%" valign="bottom"> <div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Accrued expenses</font></div> </td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">177</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">118</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="76%" valign="bottom"> <div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Net operating loss</font></div> </td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">50,620</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">49,864</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="76%" valign="bottom"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Total deferred income tax assets</font></div> </td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">50,797</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">49,982</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Valuation allowance</font></div> </td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(50,797</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td> <td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(49,982</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">DEFERRED INCOME TAX ASSETS, NET</font></div> </td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> </table> </div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Because of the way it is structured, the Company will file separate income tax returns for its separate businesses. 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 federal income tax assets in the foreseeable future. Accordingly, the Company recorded a valuation allowance against its deferred Federal income tax assets.</font></div> <div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Winstar Holdings, LLC (“Winstar”) is a wholly-owned affiliate treated as a partnership for Federal income tax purposes. Winstar has material net operating losses that are “suspended” in accordance with section 704(d) of the Internal Revenue Code, and accordingly, are not available to the Company. 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 will be reported and appropriate disclosures made.</font></div> <div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">The provision for (benefit from) income taxes consists of the following:</font></div> <div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" style="border-bottom: black 2px solid;"> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Year ended July 31</font></div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div> </td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td valign="bottom" style="border-bottom: black 2px solid; text-align: right; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;" colspan="2"> <div style="text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2013</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"> </td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td valign="bottom" style="border-bottom: black 2px solid; text-align: right; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;" colspan="2"> <div style="text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2012</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Current:</font></div> </td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="76%" valign="bottom"> <div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Federal</font></div> </td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(560</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(172</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td> </tr> <tr bgcolor="white"> <td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"> <div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">State and local</font></div> </td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(113</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td> <td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(42</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td> </tr> <tr bgcolor="#cceeff"> <td width="76%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">  </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(673</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td> <td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(214</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td> </tr> <tr bgcolor="white"> <td align="left" width="76%" valign="bottom"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Deferred:</font></div> </td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="76%" valign="bottom"> <div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Federal</font></div> </td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">560</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">192</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"> <div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">State and local</font></div> </td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">121</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">47</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td width="76%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">  </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">681</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom: black 2px;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">239</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">PROVISION FOR INCOME TAXES</font></div> </td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">8</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">25</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> </table> </div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font> </div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes provided are as follows:</font></div> <div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" style="border-bottom: black 2px solid;"> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Year ended July 31</font></div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div> </td> <td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"> <div align="center" style="margin-left: 0pt; display: block; margin-right: 2.4pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2013</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"> <div align="center" style="margin-left: 0pt; display: block; margin-right: 2.9pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2012</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="76%" valign="bottom"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">U.S. federal income tax at statutory rate</font></div> </td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">1,445</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">1,912</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="76%" valign="bottom"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Valuation allowance</font></div> </td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"> </td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 15.3pt;"></font>(1,445</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(1,889</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">State and local income tax, net of federal benefit</font></div> </td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 44.15pt;"></font>8</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">PROVISION FOR INCOME TAXES</font></div> </td> <td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">8</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">25</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> </table> </div> <div style="text-align: center;"> </div> <div style="text-align: left; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">At July 31, 2013, the Company had U.S. federal and state net operating loss carryforwards of approximately $127 million and $125 million, respectively. These carry-forward losses are available to offset future U.S. federal and state taxable income. The U.S. federal net operating loss carryforwards will start to expire in fiscal 2022, with fiscal 2012’s loss expiring in fiscal 2033. The state net operating loss carryforwards will start to expire in fiscal 2022, with fiscal 2012’s loss expiring in fiscal 2033. Straight Path IP has state net operating loss carryforwards of approximately $2.3 million, all other net operating loss carryforwards relate to Straight Path Spectrum.</font></div> <div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">The change in the valuation allowance for deferred income taxes was as follows:</font></div> <div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div> <div align="left"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" style="border-bottom: black 2px solid;"> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Year ended July 31</font></div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div> </td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Balance at</font></div> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">beginning of</font></div> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">year</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Additions</font></div> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">charged to</font></div> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">costs and</font></div> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">expenses</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Deductions</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Balance at</font></div> <div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">end of year</font></div> </td> <td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2013</font></div> </td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom"> <div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Reserves deducted from deferred income taxes, net:</font></div> </td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="52%" valign="bottom"> <div align="left" style="margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Valuation allowance</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">49,982</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">815</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">50,797</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="52%" valign="bottom"> <div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2012</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="52%" valign="bottom"> <div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Reserves deducted from deferred income taxes, net:</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="52%" valign="bottom"> <div align="left" style="margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Valuation allowance</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">52,107</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(2,125</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td> <td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td> <td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">49,982</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td> </tr> </table> </div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">The Company had no unrecognized income tax benefits at July 31, 2013 or 2012.</font></div> <div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div> <div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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 U.S. federal tax returns for fiscal years 2009 through fiscal 2013, and state and local tax returns generally for fiscal 2008 through fiscal 2013.</font></div>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; display: inline;">Note 4— Accrued Expenses</font></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">Accrued expenses consist of the following:</font></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">July 31</font></div><div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">(in thousands)</font></div></td><td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 9pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">2013</font></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><div align="right" style="text-indent: 0pt; margin-right: 0pt; margin-left: 9pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">2012</font></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="text-indent: -18pt; margin-right: 0pt; margin-left: 18pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">Accrued sales commissions</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">1</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">898</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom"><div align="left" style="text-indent: -18pt; margin-right: 0pt; margin-left: 18pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">Accrued taxes</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">124</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">124</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="text-indent: -18pt; margin-right: 0pt; margin-left: 18pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">Accrued professional fees</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">901</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">116</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom"><div align="left" style="text-indent: -18pt; margin-right: 0pt; margin-left: 18pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">Accrued compensation</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">403</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><div align="left" style="text-indent: -18pt; margin-right: 0pt; margin-left: 18pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">Other</font></div></td><td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">44</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">31</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><div align="left" style="text-indent: -18pt; margin-right: 0pt; margin-left: 18pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; display: inline;">TOTAL</font></div></td><td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">1,473</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">1,169</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr></table></div><div> </div>
</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; display: inline;">Note 5— Note Payable</font></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">In the first quarter of fiscal 2010, the Company converted a liability of $2.0 million into an unsecured note payable. The note incurred interest at an annual rate of 5.1% and was payable in three annual payments of $0.7 million, which included principal and interest. The note was fully repaid in October 2011.</font></div>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; display: inline;">Note 6—Equity</font></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; display: inline;">Class A Common Stock and Class B Common Stock</font></div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">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></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; display: inline;">Preferred Stock</font></div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">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></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; display: inline;">Dividend</font></div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">The Company does not anticipate paying 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, it is the Company’s intention to distribute not less than 50% of its consolidated positive net earnings available for distribution to its stockholders.  Distributions will be subject to the need to retain earnings for investment in growth opportunities or the acquisition of complementary assets.  The nature of the Company’s operations is that, in the short term until its enforcement and licensing, leasing and sales programs become more firmly established, the Company does not anticipate generating meaningful cash flows.  The payment of dividends in any specific period will be at the sole discretion of the Company’s Board of Directors.</font></div>
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">Note 7— Stock-Based Compensation</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">In the Spin-Off, the exercise price of each outstanding option to purchase IDT Class B common stock that was issued by IDT was proportionately reduced based on the relative trading prices of IDT and the Company following the Spin-Off. Further, 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></div> <div style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">On August 2, 2013, the Company granted its non-employee directors an aggregate 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 Davidi Jonas, the Company’s Chief Executive Officer and President, 229,608 restricted shares of Class B Common Stock, and Jonathan Rand, the Company’s Chief Financial Officer and Treasurer, 38,268 restricted shares of Class B Common Stock. Both grants of restricted shares will 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 $1.5 million which will be charged to expense on a straight line basis over the vesting period.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">As part of the Spin-Off, holders of restricted Class B common stock of IDT received, in respect of those restricted shares, one share of the Company’s Class B common stock for every two restricted shares of IDT that they held as of the record date for the Spin-Off. The Company issued an aggregate of 1.0 million restricted shares of its Class B common stock to the holders of restricted Class B common stock of IDT. Such shares of the Company’s Class B common stock are restricted under the same terms as the IDT restricted stock in respect of which they were issued. The restricted shares of the Company’s Class B common stock received in the Spin-Off are subject to forfeiture on the same terms, and their restrictions will lapse at the same time, as the corresponding IDT shares.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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. The option vests 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 will recognize 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 shares was determined using the income approach based on expected future royalties.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">On September 24, 2012, IDT’s Board of Directors approved a grant of 10% of the equity of Straight Path IP to Howard Jonas, Chairman and Chief Executive Officer of IDT. These Straight Path IP shares vested immediately. The Company recorded stock-based compensation expense of $0.7 million in fiscal 2013 for the grant of these shares, based on the estimated fair value of the shares on the grant date. The estimated fair value of the Straight Path IP shares was determined using the income approach based on expected future royalties.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">In May 2011, Straight Path IP entered into an employment agreement with its then Chief Executive Officer (the “Former SPIP CEO”), pursuant to which Straight Path IP committed to grant options to the Former SPIP CEO to purchase shares of Straight Path IP’s common stock representing 5.0% of Straight Path IP’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 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 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 8.</font></div>
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">Note 8—Commitments and Contingencies</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Legal Proceedings</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">On December 11, 2012, Straight Path IP Group filed a demand for arbitration seeking a declaration that the Former SPIP CEO’s 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 is seeking certain declarations related to the termination of his employment, and he is seeking 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 parties have selected an arbitrator, commenced discovery, and set a case management schedule. The Company does not believe that the Former SPIP CEO’s counterclaims have merit, and is vigorously seeking to enforce its rights, prevail on its claims, and defend against the defendant’s counterclaims. At the current time, the Company cannot reasonably estimate its likely exposure in this matter.</font></div> <div style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">On or about December 31, 2012, the Former SPSI CEO, and a related party (the “Related Entity”) filed a complaint in New York County against IDT Corporation, IDT Spectrum, Inc., IDT Spectrum, LLC, and certain IDT executives (collectively “the Spectrum Defendants”) seeking (a) a declaration that the Related Entity was the sole owner of certain wireless spectrum licenses acquired in May 2012 in the Related Party’s name, (b) an award of money damages to compensate for alleged economic injury caused by the Spectrum Defendants’ alleged interference with plaintiffs’ existing and prospective business relationships, (c) for the court to impose a constructive trust over the proceeds of the Straight Path Spectrum, Inc. portfolio in order to ensure that it is managed in a manner that maximizes its value, and (d) damages for breach of fiduciary duty. That case was removed to federal court on February 5, 2013.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">On February 1, 2013, IDT Corporation, IDT Spectrum, Inc., and IDT Spectrum LLC (“IDT Plaintiffs”) filed a complaint against the Former SPSI CEO and other parties in United Stated District Court for the District of New Jersey. The IDT Plaintiffs also moved for a temporary restraining order and preliminary injunction. On February 5, 2013, the court granted IDT’s motion for a temporary restraining order. Following an evidentiary hearing, the court reserved decision regarding issuance of a preliminary injunction.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">On June 6, 2013, IDT Corporation and certain related parties, including Straight Path Spectrum, settled all outstanding claims and disputes with the Former SPSI CEO and related parties described in the preceding two paragraphs. The disputes related primarily to certain contractual and other alleged rights the Former SPSI CEO claimed to have with respect to certain wireless spectrum licenses owned by Straight Path Spectrum, including rights to a portion of future proceeds from licensing, leasing, and sale of rights in spectrum licenses. In connection with the settlement, and in consideration for the transfer of certain wireless spectrum licenses that an entity controlled by the Former SPSI CEO had purchased as agent for Straight Path Spectrum, the Former SPSI CEO’s relinquishment of his claimed rights for future proceeds from other wireless spectrum licenses owned by Straight Path Spectrum, and the releases referred to below, Straight Path Spectrum made a cash payment in the amount of $1.5 million to the Former SPSI CEO, and 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. The future payments shall equal 50% of revenues, net of certain expenses, received from such activities with respect to the covered licenses that are to be retained by Straight Path Spectrum, up to a maximum of $3 million. Upon the transfer of certain additional wireless spectrum licenses to Straight Path Spectrum, IDT will be obligated to pay the Former SPSI CEO up to an additional $0.5 million and the $3 million maximum on future payments will be increased to up to $4 million. The parties to the settlement exchanged mutual releases with respect to all claims they had against each other arising from all prior or existing relationships.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;">  </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">The Company recorded the $1.5 million payment in fiscal 2013 in connection with the settlement with the Former SPSI CEO and parties related to the Former SPSI CEO as follows. The Company attributed $0.3 million to the value of the wireless spectrum licenses that were transferred to the Company by an entity controlled by the Former SPSI CEO, which was included in “Intangibles” in the combined and consolidated balance sheet at July 31, 2013, and the remaining $1.2 million was included in “Loss on settlement of Straight Path Spectrum legal proceedings” in fiscal 2013 in the combined and consolidated statement of operations. In addition, the Company reversed accrued amounts due to the Former SPSI CEO and parties related to the Former SPSI CEO related to the March and April 2012 sale of rights in wireless spectrum (see Note 10) and recorded a gain in fiscal 2013 of $0.2 million that was included in “Gain on sale of rights in wireless spectrum” in the combined and consolidated statement of operations.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">On April 11, 2013, Sipnet EU S.R.O., a Czech company, (“Petitioner”) filed a petition for an <font style="font-style: italic; display: inline;">inter partes</font> review at the Patent Office for certain claims of U.S. Patent 6,108,704 (“the ’704 Patent”).  On October 11, 2013, the Patent Office partially granted the request and instituted an <font style="font-style: italic; display: inline;">inter partes</font> review.  On October 25, 2013, Straight Path IP Group filed a petition for rehearing, requesting review of the decision, which is pending.  We intend to vigorously defend the claims of the ’704 Patent. Although we believe that our patents are valid, they may be deemed invalid during the <font style="font-style: italic; display: inline;">inter partes</font> review.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times;">On August 1, 2013, Straight Path IP Group filed complaints in the United States District Court for the Eastern District of Virginia against Bandwidth.com, Inc., Telesphere Networks Ltd., and Vocalocity, Inc. claiming infringement of two of its key patents (U.S. Patent Nos. 6,701,365 and 6,513,066). Straight Path IP Group seeks both damages and injunctive relief from the defendants. Defendant Bandwidth.com has filed an answer and counterclaim. Defendant Telesphere has filed an answer. On October 18, 2013, Straight Path IP Group filed an Amended Complaint against Vocalocity and an answer to Bandwidth’s counterclaims. The court has consolidated the cases, discovery has started, and a scheduling order has been issued setting the final pre-trial conference as February 20, 2014.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">On August 1, 2013, Straight Path IP Group filed a complaint with the International Trade Commission (“ITC”) to institute an investigation against respondents AmTran Logistics, Inc., AmTran Technology Co., Ltd., LG Electronics, Inc., LG Electronics U.S.A., Inc., LG Electronics MobileComm U.S.A., Inc., Panasonic Corporation, Panasonic Corporation of North America, Sharp Corporation, Sharp Electronics Corporation, Sony Computer Entertainment, Inc., Sony Computer Entertainment America LLC, Sony Computer Entertainment America Inc., Sony Corporation, Sony Corporation of America, Sony Electronics, Inc., Sony Mobile Communications AB, Sony Mobile Communications (USA) Inc., Sony Ericsson Mobile Communications (USA) Inc., Toshiba Corporation, Toshiba America Inc., Toshiba America Information Systems, Inc., and Vizio, Inc. The Company alleges that the respondents infringe three of its key patents (U.S. Patent Nos. 6,108,704, 6,009,469, and 6,131,121). Straight Path IP Group seeks to exclude the allegedly infringing products from importation into the United States. On September 4, 2013, the ITC instituted the investigation. The respondents filed their answers on October 21, 2013. Discovery is ongoing. A procedural schedule has not been issued.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">On August 1, 2013, Straight Path IP Group also filed complaints in the United States District Court for the Eastern District of Virginia against the same respondents in the ITC action, alleging infringement of the same three key patents. Straight Path IP Group seeks damages in these actions. With a co-pending ITC investigation involving the same patents, the defendants were entitled by statute to a stay of the district court proceedings. All of the defendants, except Vizio, have asked the court for such a stay. The court has granted the motions by the Sony and LG defendants, and the other stay motions are pending. These actions, except against the LG defendants, have been consolidated. Straight Path IP Group has not served the complaints, and a scheduling order has not been issued.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">On August 23, 2013, Straight Path IP Group filed complaints in the United States District Court for the Eastern District of Texas against Blackberry Ltd., Blackberry Corp., Huawei Investment & Holding Co., Ltd., Huawei Technologies Co., Ltd., Huawei Technologies USA, Inc., Huawei Devices USA, Inc., Samsung Electronics Co. Ltd., Samsung Electronics America, Inc., Samsung Telecommunications America, L.L.C., ZTE Corporation, and ZTE USA, Inc. alleging infringement of three of its key patents (U.S. Patent Nos. 6,108,704, 6,009,469, and 6,131,121). Straight Path IP Group seeks damages in these actions. The defendants, except ZTE Corporation, have either been served or have waived service of process. A scheduling order has not been issued.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;">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. Although there can be no assurance in this regard, the Company does not expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition.</div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Lease Commitments</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">In April 2013, the Company entered into a lease agreement for its corporate headquarters in Richmond, Virginia for a term of twelve months beginning on May 1, 2013 and ending on April 30, 2014 at a monthly rent of $800. In July 2013, the Company entered into a lease agreement for a satellite office in Englewood Cliffs, New Jersey for one year commencing on August 1, 2013 and ending on July 31, 2014 for aggregate rent of $8,800.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Rental expense under operating leases was $13,000 and $15,000 in fiscal 2013 and fiscal 2012, respectively.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">FCC License Renewal</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">As of October 24, 2013, Straight Path Spectrum has eight hundred fourteen 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.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Straight Path Spectrum also has thirty four active 39 GHz Rectangular Service Area (“RSA”) common carrier licenses, the vast majority of which expire in early to mid-2017. Straight Path Spectrum has filed substantial service showings for all of these active 39 GHz RSA licenses and these showings have been accepted by the FCC.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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></div>
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<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Note 9—Related Party Transactions</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">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 and to distribute the Company’s common stock to IDT’s stockholders. 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></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">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></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company also entered into a Transition Services Agreement, pursuant to which IDT will continue to provide 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.</font></div> <div style="text-indent: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">IDT charged the Company for certain transactions and allocates routine expenses based on company specific items. In addition, IDT controlled the flow of the Company’s treasury transactions. In fiscal 2013 and fiscal 2012, IDT allocated to the Company an aggregate of $0.7 million and $1.1 million, respectively, for payroll, benefits, insurance, facilities and other expenses, which were included in “Selling, general and administrative expense” in the combined and consolidated statements of operations. In addition, in both fiscal 2013 and fiscal 2012, IDT charged the Company an aggregate of $0.1 million for regulatory fees, connectivity charges and legal expenses, which was included in “Direct cost of revenues” in the combined and consolidated statements of operations. In all periods presented, the Company was included in IDT’s consolidated federal income tax return.</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The change in the Company’s liability to IDT was as follows:</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> </div> <div align="right"> <table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Year ended July 31</font></div> <div align="left" style="text-indent: -18pt; margin-right: 10.8pt; margin-left: 18pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">(in thousands)</font></div> </td> <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">2013</font></div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;"> </font></td> <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;"> </font></td> <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">2012</font></div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="80%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance at beginning of year</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 10.8pt;"></font><font style="font-weight: bold; display: inline;">—</font></font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 10.8pt;"></font>236,655</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="80%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Payments by IDT on behalf of the Company</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 29.65pt;"></font>1,008</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 29.65pt;"></font>1,767</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="80%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Deferred taxes offset against IDT net operating losses</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 46.3pt;"></font>12</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 52.95pt;"></font>3</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="white"> <td align="left" width="80%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cash repayments, net of advances</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 29.65pt;"></font>1,737</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 20.75pt;"></font>(5,020</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="80%" valign="bottom"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount due to IDT contributed to equity</font></div> </td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 20.75pt;"></font>(2,757</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" width="1%" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="7%" valign="bottom" style="text-align: right;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 7.4pt;"></font>(233,405</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr bgcolor="white"> <td align="left" width="80%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance at end of year</font></div> </td> <td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="7%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 10.8pt;"></font><font style="font-weight: bold; display: inline;">—</font></font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="7%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 10.8pt;"></font><font style="font-weight: bold; display: inline;">—</font></font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr bgcolor="#cceeff"> <td align="left" width="80%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Average balance during the year</font></div> </td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="7%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 10.8pt;"></font>1,099</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td width="1%" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td width="7%" valign="bottom" style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="margin-left: 10.8pt;"></font>118,328</font></td> <td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<strp:RevenuesAndGainOnSaleOfWirelessSpectrumRightsDisclosureTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; display: inline;">Note 10—Revenues and Gain on Sale of Rights in Wireless Spectrum</font></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; display: inline;">Revenues</font></div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">In fiscal 2013 and fiscal 2012, Straight Path Spectrum’s revenues from transactions with a single customer that amounted to 10% or more of total revenues were as follows:</font></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; 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;"><table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">Year ended July 31</font></div><div align="left" style="text-indent: -18pt; margin-right: 10.8pt; margin-left: 18pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">(in thousands)</font></div></td><td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">2013</font></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">2012</font></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr><tr><td align="left" valign="bottom"><div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; font-weight: bold; display: inline;">Customer:</font></div></td><td valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td valign="bottom" colspan="2"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td valign="bottom" colspan="2"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">Covad Communications Group</font></div></td><td width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">165</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"><font style="margin-left: 10.8pt;"></font>161</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom"><div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">AT&T</font></div></td><td width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">134</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">124</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom"><div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">Verizon</font></div></td><td valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td valign="bottom" style="text-align: right;" colspan="2"><div style="text-align: right; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">na</font></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td><td valign="bottom" style="text-align: right;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">90</font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"> </font></td></tr></table></div><div style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">na-less than 10% of total revenues in the period</font></div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">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></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; display: inline;">Revenue From Patent Infringement</font></div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">In January 2012, Straight Path IP filed complaints in the United States District Court for the Eastern District of Virginia against Stalker Software, Inc. (d/b/a CommuniGate Systems, Inc.), ooVoo, LLC, and Vivox, Inc. claiming infringement of a number of its key patents. Straight Path IP sought both damages and injunctive relief from the defendants. The defendants each filed an answer to the complaint and/or a counterclaim. A Markman hearing (also known as a claim construction hearing) was held on October 10, 2012, and on October 26, 2012, the judge issued an Opinion and Order that was favorable to Straight Path IP. In October and November 2012, Straight Path IP reached confidential settlement agreements with each of the three defendants. In connection with the settlements, Straight Path IP received cash and one of the defendants transferred to Straight Path IP a number of patents and patent applications and a non-sublicensable, non-exclusive right in source code for peer to peer calling applications. In connection with the settlements, Straight Path IP recognized revenue of $0.6 million in fiscal 2013. The total settlement amounts aggregated $0.8 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></div><div align="justify" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: 'times new roman'; font-size: 10pt; font-style: italic; display: inline;">Gain on Sale of Rights in Wireless Spectrum</font></div><div align="left" style="font: 13px/normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; margin-right: 0pt; margin-left: 0pt; word-spacing: 0px; display: block; white-space: normal; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;"><font style="font-family: 'times new roman'; font-size: 10pt; display: inline;">In March and April 2012, Straight Path Spectrum closed on the sale of rights in wireless spectrum partitioned and/or disaggregated from eight of its LMDS and 39 GHz EA spectrum licenses covering metropolitan areas from its nationwide portfolio. In fiscal 2012, Straight Path Spectrum received cash of $6.8 million in exchange for the rights in the spectrum and recorded a gain of $5.3 million. In fiscal 2013, Straight Path Spectrum settled certain claims of the Former SPSI CEO and parties related to the Former SPSI CEO in connection with the March and April 2012 sale of rights in wireless spectrum and recorded an additional gain of $0.2 million (see Note 8).</font></font></div></div>
</strp:RevenuesAndGainOnSaleOfWirelessSpectrumRightsDisclosureTextBlock>
<us-gaap:SegmentReportingDisclosureTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left"><table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Straight Path Spectrum</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Straight Path IP</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Total</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr><td align="left" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">Year ended July 31, 2013</font></div></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="64%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Revenues</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">525</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">605</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">1,130</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="64%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Loss from operations</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 13.15pt;"></font>(1,891</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 13.15pt;"></font>(1,724</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 13.15pt;"></font>(3,615</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td></tr><tr bgcolor="#cceeff"><td align="left" width="64%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Gain on sale of rights in wireless spectrum included in loss from operations</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 32.05pt;"></font>150</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"><font style="margin-left: 38.7pt;"></font>—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 32.05pt;"></font>150</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="64%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Loss on settlement of Straight Path Spectrum legal proceedings included in loss from operations</font></div></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(1,150</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"><font style="margin-left: 36pt;"></font>—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(1,150</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td></tr><tr bgcolor="#cceeff"><td align="left" width="64%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">Year ended July 31, 2012</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="64%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Revenues</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">553</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">553</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="64%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Income (loss) from operations</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 22.05pt;"></font>5,366</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 23.15pt;"></font>(585</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 22.05pt;"></font>4,781</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="64%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Gain on sale of rights in wireless spectrum included in income from operations</font></div></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 22.05pt;"></font>5,330</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"><font style="margin-left: 38.7pt;"></font>—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 22.05pt;"></font>5,330</font></td></tr></table></div>
</us-gaap:SegmentReportingDisclosureTextBlock>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: 'times new roman'; font-size: 10pt;">Basis of Accounting</font></div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">All material intercompany balances and transactions have been eliminated in combination and consolidation.</font></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">The combined and consolidated financial statements include the assets, liabilities, results of operations and cash flows of the entities included in the 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 are as follows. Straight Path IP’s legal and professional fees, salaries and employee benefits have been allocated based on specific identification. 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. Medical and dental benefits were allocated to these entities based on rates similar to COBRA health benefit provision rates charged to former IDT employees. 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. 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></div> <div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">In order for the Company to meet its obligations and other cash flow needs, IDT transferred cash to the Company such that the Company had approximately $15 million in cash at the time of the Spin-Off, which management believes will be sufficient to meet the Company’s cash requirements during fiscal 2014.</font></div>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Use of Estimates</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="font-size: 10pt; display: inline;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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></font></div>
</us-gaap:UseOfEstimates>
<us-gaap:PriorPeriodReclassificationAdjustmentDescription contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Reclassification</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">License renewal costs of $21,000 previously included in “Other current assets” in the combined balance sheet at July 31, 2012 have been reclassified to “Prepaid expenses” to conform to the current year’s presentation.</font></div>
</us-gaap:PriorPeriodReclassificationAdjustmentDescription>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Revenue Recognition</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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 <font style="display: inline;">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</font>. 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></div><div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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. Straight Path Spectrum recorded the amounts that the Former SPSI CEO was entitled to, related to the sale of rights in spectrum, in “Gains on sale of rights of wireless spectrum”, in the same period the related revenues were recognized. (See Note 10).</font></div><div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Straight Path IP licenses its portfolio of patents to companies who use these patents in the provision of their service. 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 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 earns royalties at the time that the customers’ sales occur. Straight Path IP’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 is unable to estimate the customers’ sales in any given period to determine the royalties due to Straight Path IP, it recognizes royalty revenues when sales and royalties are reported by customers and when other revenue recognition criteria are met.</font></div><div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">In addition, Straight Path IP 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 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></div>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:CostOfSalesPolicyTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Direct Cost of Revenues</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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 consists of legal expenses directly related to revenues from litigation settlements.</font></div>
</us-gaap:CostOfSalesPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Cash and Cash Equivalents</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.</font></div>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Intangibles</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Intangibles consists 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 8). 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></div>
</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Income Taxes</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">The accompanying financial statements include provisions for federal and state income taxes on a separate tax return basis.</font></div><div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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></div><div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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></div><div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">The Company classifies interest and penalties on income taxes as a component of income tax expense.</font></div>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:CommitmentsAndContingenciesPolicyTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Contingencies</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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></div>
</us-gaap:CommitmentsAndContingenciesPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Earnings Per Share</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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 or assumed to have been outstanding during the applicable period. Diluted earnings per share is determined in the same manner as basic earnings per share, except that the number of shares assumed to have been outstanding is increased to include restricted stock subject to risk of forfeiture, unless the effect of such increase in anti-dilutive.</font></div>
</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Stock-Based Compensation</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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.</font></div>
</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Fair Value Measurements</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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></div><div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div><table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" width="2%" valign="top"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="6%" valign="top"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Level 1 –</font></div></td><td align="left" width="92%" valign="bottom"><div align="left" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></div></td></tr><tr><td align="left" width="2%" valign="top"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="6%" valign="top"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Level 2 –</font></div></td><td align="left" width="92%" valign="bottom"><div align="left" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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></div></td></tr><tr><td align="left" width="2%" valign="top"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="6%" valign="top"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Level 3 –</font></div></td><td align="left" width="92%" valign="bottom"><div align="left" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value.</font></div></td></tr></table></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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></div>
</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-style: italic; display: inline;">Allowance for Doubtful Accounts</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">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></div><div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left"><table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Year ended July 31</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Balance at</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">beginning of</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">year</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Additions</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">charged to</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">costs and</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">expenses</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Deductions</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Balance at</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">end of year</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr><td align="left" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">2013</font></div></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Reserves deducted from accounts receivable:</font></div></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Allowance for doubtful accounts</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">11</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(7</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">4</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">2012</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Reserves deducted from accounts receivable:</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Allowance for doubtful accounts</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">11</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">11</font></td></tr></table></div>
</us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy>
<us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left"><table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Year ended July 31</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Balance at</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">beginning of</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">year</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Additions</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">charged to</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">costs and</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">expenses</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Deductions</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Balance at</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">end of year</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr><td align="left" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">2013</font></div></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Reserves deducted from accounts receivable:</font></div></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Allowance for doubtful accounts</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">11</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(7</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">4</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">2012</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Reserves deducted from accounts receivable:</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Allowance for doubtful accounts</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">11</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">11</font></td></tr></table></div>
</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left"><table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">July 31</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2013</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2012</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr><td align="left" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Deferred income tax assets:</font></div></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Accrued expenses</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">177</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">118</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Net operating loss</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">50,620</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">49,864</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Total deferred income tax assets</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">50,797</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">49,982</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Valuation allowance</font></div></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(50,797</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(49,982</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">DEFERRED INCOME TAX ASSETS, NET</font></div></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr></table></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"></font> </div>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left"><table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Year ended July 31</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;" colspan="2"><div style="text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2013</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;"> </td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid; text-align: right; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;" colspan="2"><div style="text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2012</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr><td align="left" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Current:</font></div></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Federal</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(560</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(172</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">State and local</font></div></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(113</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(42</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td></tr><tr bgcolor="#cceeff"><td width="76%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">  </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(673</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(214</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Deferred:</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Federal</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">560</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">192</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">State and local</font></div></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">121</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">47</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td width="76%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">  </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">681</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">239</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">PROVISION FOR INCOME TAXES</font></div></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">8</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">25</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr></table></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"></font> </div>
</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left"><table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Year ended July 31</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 2.4pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2013</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 2.9pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2012</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">U.S. federal income tax at statutory rate</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">1,445</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">1,912</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Valuation allowance</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 15.3pt;"></font>(1,445</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(1,889</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">State and local income tax, net of federal benefit</font></div></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 44.15pt;"></font>8</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">PROVISION FOR INCOME TAXES</font></div></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">8</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">25</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr></table></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"></font> </div>
</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:SummaryOfValuationAllowanceTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left"><table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Year ended July 31</font></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Balance at</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">beginning of</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">year</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Additions</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">charged to</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">costs and</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">expenses</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Deductions</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="right" valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Balance at</font></div><div align="right" style="margin-left: 9pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">end of year</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr><td align="left" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2013</font></div></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" valign="bottom"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Reserves deducted from deferred income taxes, net:</font></div></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Valuation allowance</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">49,982</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">815</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">50,797</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2012</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 27pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Reserves deducted from deferred income taxes, net:</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="52%" valign="bottom"><div align="left" style="margin-left: 36pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Valuation allowance</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">52,107</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(2,125</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">49,982</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr></table></div><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"></font> </div>
</us-gaap:SummaryOfValuationAllowanceTextBlock>
<us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">July 31</font></div><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">(in thousands)</font></div></td><td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">2013</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td align="right" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><div align="right" style="text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">2012</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Accrued sales commissions</font></div></td><td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">1</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">898</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom"><div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Accrued taxes</font></div></td><td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">124</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">124</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Accrued professional fees</font></div></td><td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">901</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">116</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom"><div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Accrued compensation</font></div></td><td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">403</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td align="left" width="1%" valign="bottom"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">—</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Other</font></div></td><td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="9%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">44</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="9%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">31</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><div align="left" style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt; font-weight: bold;">TOTAL</font></div></td><td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td><td width="9%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">1,473</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td><td width="1%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">$</font></td><td width="9%" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: right;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">1,169</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid; text-align: left;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;"> </font></td></tr></table></div><div> </div>
</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
<strp:ScheduleOfChangeInLiabilityToRelatedPartyTableTextBlock contextRef="Context_FYE__31-Jul-2013">
<table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Year ended July 31</font></div><div align="left" style="margin-left: 18pt; display: block; margin-right: 10.8pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2013</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2012</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Balance at beginning of year</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 10.8pt;"></font><font style="font-weight: bold; display: inline;">—</font></font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 10.8pt;"></font>236,655</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Payments by IDT on behalf of the Company</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 29.65pt;"></font>1,008</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 29.65pt;"></font>1,767</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Deferred taxes offset against IDT net operating losses</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 46.3pt;"></font>12</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 52.95pt;"></font>3</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Cash repayments, net of advances</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 29.65pt;"></font>1,737</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 20.75pt;"></font>(5,020</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Amount due to IDT contributed to equity</font></div></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 20.75pt;"></font>(2,757</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 7.4pt;"></font>(233,405</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">)</font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Balance at end of year</font></div></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 10.8pt;"></font><font style="font-weight: bold; display: inline;">—</font></font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 10.8pt;"></font><font style="font-weight: bold; display: inline;">—</font></font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Average balance during the year</font></div></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 10.8pt;"></font>1,099</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 10.8pt;"></font>118,328</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr></table>
</strp:ScheduleOfChangeInLiabilityToRelatedPartyTableTextBlock>
<us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="justify" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left"><table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Year ended July 31</font></div><div align="left" style="margin-left: 18pt; display: block; margin-right: 10.8pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2013</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2012</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr><td align="left" valign="bottom"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">Customer:</font></div></td><td valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Covad Communications Group</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">165</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"><font style="margin-left: 10.8pt;"></font>161</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="76%" valign="bottom"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">AT&T</font></div></td><td width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">134</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="9%" valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">124</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Verizon</font></div></td><td valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="text-align: right;" colspan="2"><div style="text-align: right; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">na</font></div></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">90</font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr></table></div>
</us-gaap:ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock>
<us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock contextRef="Context_FYE__31-Jul-2013">
<div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"> </div><div align="left"><table style="width: 100%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">(in thousands)</font></div></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Straight Path Spectrum</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Straight Path IP</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td valign="bottom" style="border-bottom: black 2px solid;" colspan="2"><div align="center" style="margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">Total</font></div></td><td nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr><td align="left" valign="bottom"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; font-weight: bold; display: inline;">Total assets:</font></div></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" valign="bottom" colspan="2"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td nowrap="nowrap" valign="bottom" style="text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="#cceeff"><td align="left" width="64%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">July 31, 2013</font></div></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">3,642</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">12,097</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">15,739</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr><tr bgcolor="white"><td align="left" width="64%" valign="bottom" style="border-bottom: black 2px solid;"><div align="left" style="margin-left: 18pt; display: block; margin-right: 0pt; text-indent: -18pt;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">July 31, 2012</font></div></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2,574</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">241</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td align="left" width="1%" valign="bottom" style="border-bottom: black 2px solid;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td><td width="1%" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">$</font></td><td width="9%" valign="bottom" style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt; font-family: times new roman; display: inline;">2,815</font></td><td width="1%" nowrap="nowrap" valign="bottom" style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt; font-family: times new roman; display: inline;"> </font></td></tr></table></div><div style="display: block; text-indent: 0pt;"> </div>
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<us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> 7000 </us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs>
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<us-gaap:SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_Subsidiaries1Member" unitRef="pure" decimals="3"> 0.845 </us-gaap:SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions>
<us-gaap:FiniteLivedIntangibleAssetsCostIncurredToRenewOrExtend contextRef="Context_Custom_01-Oct-2010_31-Oct-2010_LegalEntityAxis_SubsidiariesMember" unitRef="USD" decimals="-5"> 200000 </us-gaap:FiniteLivedIntangibleAssetsCostIncurredToRenewOrExtend>
<strp:LicenseExpirationDate contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_EconomicAreaLicenseMember"> 2020-10-18 </strp:LicenseExpirationDate>
<strp:LicenseExpirationDate contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_SubsidiariesMember"> 2020-10-18 </strp:LicenseExpirationDate>
<strp:LicenseExpirationDate contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_Subsidiaries1Member"> 2015-09-25 </strp:LicenseExpirationDate>
<strp:LicenseExpirationDate contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_RectangularServiceAreaLicenseMember"> 2017-06-30 </strp:LicenseExpirationDate>
<strp:LicenseExpirationDate contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_SubsidiariesMember_StatementGeographicalAxis_NY_FiniteLivedIntangibleAssetsByMajorClassAxis_LocalMultipointDistributionServiceLicenseMember"> 2016-02-01 </strp:LicenseExpirationDate>
<strp:LicenseExpirationDate contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_LocalMultipointDistributionServiceLicenseMember_OtherCommitmentsAxis_LicensesExpireOnTwoThousandEighteenAugustTenMember"> 2018-08-10 </strp:LicenseExpirationDate>
<strp:LicenseExpirationDate contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_LocalMultipointDistributionServiceLicenseMember_OtherCommitmentsAxis_LicensesExpireOnTwoThousandEighteenSeptemberTwentyOneMember"> 2018-09-21 </strp:LicenseExpirationDate>
<strp:LicenseDescription contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_SubsidiariesMember"> The Company included the license renewal costs in prepaid expenses, which is being charged to expense on a straight-line basis over the ten year term of the licenses. </strp:LicenseDescription>
<strp:NetSpeakPortfolio contextRef="Context_FYE__31-Jul-2013_FiniteLivedIntangibleAssetsByMajorClassAxis_PatentsMember">
<div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr valign="top"><td align="right" width="5%" style="width: 48px;"><div><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">(1)  </font></div></td><td width="95%"><div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">NetSpeak Portfolio:</font></div></td></tr></table></div><div style="color: #000000; font-family: 'times new roman'; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block;"> </div><div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">United States Patents Nos. 6,108,704; 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></div><div style="color: #000000; font-family: 'times new roman'; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block;"> </div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin-left: 36pt;"><table style="width: 90%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">727702</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Australia</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">764522</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Australia</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">764583</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Australia</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">764521</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Australia</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">2231127</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Canada</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">96197195.9</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">China</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">852868</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Finland</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">852868</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">France</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">852868</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Germany</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">1017192</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Hong Kong</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">10-414512</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Korea</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">212126</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Mexico</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">51774</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Singapore</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">852868</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Sweden</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">852868</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Italy</font></div></td></tr><tr><td align="left" width="15%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">NI-096566</font></div></td><td align="left" width="85%" valign="top"><div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Taiwan</font></div></td></tr></table></div><div> </div>
</strp:NetSpeakPortfolio>
<strp:DropletPortfolio contextRef="Context_FYE__31-Jul-2013_FiniteLivedIntangibleAssetsByMajorClassAxis_PatentsMember">
<div align="left" style="color: #000000; font-family: 'times new roman'; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0"><tr valign="top"><td align="right" width="5%" style="width: 60pt;"><div><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">(2)  </font></div></td><td width="95%"><div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">Droplet Portfolio:</font></div></td></tr></table></div><div style="color: #000000; font-family: 'times new roman'; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block;"> </div><div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">United States Patents Nos. 6,825,780; 6,847,317; 7,844,122; 7,525,463; 8,279,098;</font></div><div align="justify" style="color: #000000; font-family: 'times new roman'; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0pt; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: 'times new roman'; font-size: 10pt;">7,436,329; and 7,679,649 and a number of U.S. and foreign patent applications.</font></div>
</strp:DropletPortfolio>
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<us-gaap:PriorPeriodReclassificationAdjustment contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="0"> 21000 </us-gaap:PriorPeriodReclassificationAdjustment>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities contextRef="Context_As_Of__31-Jul-2012" unitRef="USD" decimals="-3"> 118000 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities contextRef="Context_As_Of__31-Jul-2013" unitRef="USD" decimals="-3"> 177000 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="Context_As_Of__31-Jul-2012" unitRef="USD" decimals="-3"> 49864000 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="Context_As_Of__31-Jul-2013" unitRef="USD" decimals="-3"> 50620000 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsGross contextRef="Context_As_Of__31-Jul-2012" unitRef="USD" decimals="-3"> 49982000 </us-gaap:DeferredTaxAssetsGross>
<us-gaap:DeferredTaxAssetsGross contextRef="Context_As_Of__31-Jul-2013" unitRef="USD" decimals="-3"> 50797000 </us-gaap:DeferredTaxAssetsGross>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context_As_Of__31-Jul-2011" unitRef="USD" decimals="-3"> 52107000 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context_As_Of__31-Jul-2012" unitRef="USD" decimals="-3"> 49982000 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context_As_Of__31-Jul-2013" unitRef="USD" decimals="-3"> 50797000 </us-gaap:DeferredTaxAssetsValuationAllowance>
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<us-gaap:DeferredTaxAssetsNet contextRef="Context_As_Of__31-Jul-2013" unitRef="USD" xsi:nil="true"/>
<us-gaap:CurrentFederalTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> -172000 </us-gaap:CurrentFederalTaxExpenseBenefit>
<us-gaap:CurrentFederalTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> -560000 </us-gaap:CurrentFederalTaxExpenseBenefit>
<us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> -42000 </us-gaap:CurrentStateAndLocalTaxExpenseBenefit>
<us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> -113000 </us-gaap:CurrentStateAndLocalTaxExpenseBenefit>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> -214000 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> -673000 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:DeferredFederalIncomeTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> 192000 </us-gaap:DeferredFederalIncomeTaxExpenseBenefit>
<us-gaap:DeferredFederalIncomeTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> 560000 </us-gaap:DeferredFederalIncomeTaxExpenseBenefit>
<us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> 47000 </us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit>
<us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> 121000 </us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> 239000 </us-gaap:DeferredIncomeTaxExpenseBenefit>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> 681000 </us-gaap:DeferredIncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> 1912000 </us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate>
<us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> 1445000 </us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate>
<us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> -1889000 </us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> -1445000 </us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> 2000 </us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes>
<us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> 8000 </us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes>
<us-gaap:ValuationAllowancesAndReservesChargedToCostAndExpense contextRef="Context_FYE__31-Jul-2012" unitRef="USD" xsi:nil="true"/>
<us-gaap:ValuationAllowancesAndReservesChargedToCostAndExpense contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> 815000 </us-gaap:ValuationAllowancesAndReservesChargedToCostAndExpense>
<us-gaap:ValuationAllowancesAndReservesDeductions contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> -2125000 </us-gaap:ValuationAllowancesAndReservesDeductions>
<us-gaap:ValuationAllowancesAndReservesDeductions contextRef="Context_FYE__31-Jul-2013" unitRef="USD" xsi:nil="true"/>
<us-gaap:OperatingLossCarryforwards contextRef="Context_As_Of__31-Jul-2013_IncomeTaxAuthorityAxis_DomesticCountryMember" unitRef="USD" decimals="-6"> 127000000 </us-gaap:OperatingLossCarryforwards>
<us-gaap:OperatingLossCarryforwards contextRef="Context_As_Of__31-Jul-2013_IncomeTaxAuthorityAxis_StateAndLocalJurisdictionMember" unitRef="USD" decimals="-6"> 125000000 </us-gaap:OperatingLossCarryforwards>
<us-gaap:OperatingLossCarryforwards contextRef="Context_As_Of__31-Jul-2013_IncomeTaxAuthorityAxis_StateAndLocalJurisdictionMember_LegalEntityAxis_Subsidiaries1Member" unitRef="USD" decimals="-5"> 2300000 </us-gaap:OperatingLossCarryforwards>
<strp:OperatingLossCarryforwardsExpirationTerm contextRef="Context_FYE__31-Jul-2013_IncomeTaxAuthorityAxis_DomesticCountryMember"> The U.S. federal net operating loss carryforwards will start to expire in fiscal 2022, with fiscal 2012's loss expiring in fiscal 2033. </strp:OperatingLossCarryforwardsExpirationTerm>
<strp:OperatingLossCarryforwardsExpirationTerm contextRef="Context_FYE__31-Jul-2013_IncomeTaxAuthorityAxis_StateAndLocalJurisdictionMember"> The state net operating loss carryforwards will start to expire in fiscal 2022, with fiscal 2012's loss expiring in fiscal 2033. </strp:OperatingLossCarryforwardsExpirationTerm>
<us-gaap:AccruedSalesCommissionCurrent contextRef="Context_As_Of__31-Jul-2012" unitRef="USD" decimals="-3"> 898000 </us-gaap:AccruedSalesCommissionCurrent>
<us-gaap:AccruedSalesCommissionCurrent contextRef="Context_As_Of__31-Jul-2013" unitRef="USD" decimals="-3"> 1000 </us-gaap:AccruedSalesCommissionCurrent>
<us-gaap:AccruedIncomeTaxesCurrent contextRef="Context_As_Of__31-Jul-2012" unitRef="USD" decimals="-3"> 124000 </us-gaap:AccruedIncomeTaxesCurrent>
<us-gaap:AccruedIncomeTaxesCurrent contextRef="Context_As_Of__31-Jul-2013" unitRef="USD" decimals="-3"> 124000 </us-gaap:AccruedIncomeTaxesCurrent>
<us-gaap:AccruedProfessionalFeesCurrent contextRef="Context_As_Of__31-Jul-2012" unitRef="USD" decimals="-3"> 116000 </us-gaap:AccruedProfessionalFeesCurrent>
<us-gaap:AccruedProfessionalFeesCurrent contextRef="Context_As_Of__31-Jul-2013" unitRef="USD" decimals="-3"> 901000 </us-gaap:AccruedProfessionalFeesCurrent>
<us-gaap:EmployeeRelatedLiabilitiesCurrent contextRef="Context_As_Of__31-Jul-2012" unitRef="USD" xsi:nil="true"/>
<us-gaap:EmployeeRelatedLiabilitiesCurrent contextRef="Context_As_Of__31-Jul-2013" unitRef="USD" decimals="-3"> 403000 </us-gaap:EmployeeRelatedLiabilitiesCurrent>
<us-gaap:OtherAccruedLiabilitiesCurrent contextRef="Context_As_Of__31-Jul-2012" unitRef="USD" decimals="-3"> 31000 </us-gaap:OtherAccruedLiabilitiesCurrent>
<us-gaap:OtherAccruedLiabilitiesCurrent contextRef="Context_As_Of__31-Jul-2013" unitRef="USD" decimals="-3"> 44000 </us-gaap:OtherAccruedLiabilitiesCurrent>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of__31-Oct-2009" unitRef="USD" decimals="-5"> 2000000 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of__31-Oct-2009" unitRef="pure" decimals="3"> 0.051 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentPeriodicPayment contextRef="Context_3ME__31-Oct-2009" unitRef="USD" decimals="-5"> 700000 </us-gaap:DebtInstrumentPeriodicPayment>
<us-gaap:CommonStockVotingRights contextRef="Context_FYE__31-Jul-2013_StatementClassOfStockAxis_CommonClassAMember"> Shares of Class A common stock are entitled to three votes per share. </us-gaap:CommonStockVotingRights>
<us-gaap:CommonStockVotingRights contextRef="Context_FYE__31-Jul-2013_StatementClassOfStockAxis_CommonClassBMember"> Shares of Class B common stock are entitled to one-tenth of a vote per share. </us-gaap:CommonStockVotingRights>
<us-gaap:CommonStockConversionBasis contextRef="Context_FYE__31-Jul-2013"> 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. </us-gaap:CommonStockConversionBasis>
<strp:DistributionOfEarningsToStockholdersDescription contextRef="Context_FYE__31-Jul-2013"> The Company's intention to distribute not less than 50% of its consolidated positive net earnings available for distribution to its stockholders. </strp:DistributionOfEarningsToStockholdersDescription>
<us-gaap:CommonStockCapitalSharesReservedForFutureIssuance contextRef="Context_As_Of__31-Jul-2013_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="0"> 678532 </us-gaap:CommonStockCapitalSharesReservedForFutureIssuance>
<strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsToPurchaseNumberOfSharesAtTimeOfSpinOff contextRef="Context_As_Of__31-Jul-2013_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="0"> 32155 </strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsToPurchaseNumberOfSharesAtTimeOfSpinOff>
<strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsToPurchaseNumberOfSharesAtTimeOfSpinOff contextRef="Context_As_Of__31-Jul-2013_LegalEntityAxis_IdtMember" unitRef="shares" decimals="0"> 641567 </strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsToPurchaseNumberOfSharesAtTimeOfSpinOff>
<strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOptionsToPurchaseNumberOfSharesAtTimeOfSpinOffIssuedInSpinOff contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_IdtMember" unitRef="pure" decimals="2"> 0.10 </strp:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOptionsToPurchaseNumberOfSharesAtTimeOfSpinOffIssuedInSpinOff>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1 contextRef="Context_As_Of__31-Jul-2013_StatementClassOfStockAxis_CommonClassBMember" unitRef="USD_per_Share" decimals="2"> 5.67 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_FYE__31-Jul-2013_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefFinancialOfficerAndTreasurerMember" unitRef="shares" decimals="0"> 38268 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_FYE__31-Jul-2013_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_ChiefExecutiveOfficerAndPresidentMember" unitRef="shares" decimals="0"> 229608 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_FYE__31-Jul-2013_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_NonEmployeeDirectorMember" unitRef="shares" decimals="0"> 3750 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_01-Sep-2012_24-Sep-2012_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_ChairmanAndChiefExecutiveOfficerMember" unitRef="USD" decimals="-5"> 700000 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_FYE__31-Jul-2013_StatementClassOfStockAxis_CommonClassBMember" unitRef="USD" decimals="-5"> 1500000 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_FYE__31-Jul-2013_StatementClassOfStockAxis_CommonClassBMember_TitleOfIndividualAxis_NonEmployeeDirectorMember" unitRef="USD" decimals="0"> 21263 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_IdtMember_StatementClassOfStockAxis_CommonClassBMember" unitRef="shares" decimals="-6"> 1000000 </us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="Context_FYE__31-Jul-2013"> Both grants of restricted shares will vest as to one-third of the granted shares on each of August 2, 2014, 2015 and 2016. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
<strp:SpinOffDistributionOfRestrictedShares contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_IdtMember"> One share of the Company's Class B common stock for every two restricted shares of IDT </strp:SpinOffDistributionOfRestrictedShares>
<strp:OptionToPurchasePercentageOfOutstandingSharesPercentage contextRef="Context_Custom_01-May-2011_31-May-2011_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerCeoMember" unitRef="pure" decimals="2"> 0.05 </strp:OptionToPurchasePercentageOfOutstandingSharesPercentage>
<strp:OptionToPurchasePercentageOfOutstandingSharesPercentage contextRef="Context_Custom_14-Mar-2013_15-Mar-2013_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="pure" decimals="2"> 0.05 </strp:OptionToPurchasePercentageOfOutstandingSharesPercentage>
<strp:OptionToPurchasePercentageOfOutstandingSharesPercentage contextRef="Context_Custom_01-Apr-2013_15-Apr-2013" unitRef="pure" decimals="3"> 0.005 </strp:OptionToPurchasePercentageOfOutstandingSharesPercentage>
<strp:GrantOfPercentageOfEquityPercentage contextRef="Context_Custom_01-Sep-2012_24-Sep-2012_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_ChairmanAndChiefExecutiveOfficerMember" unitRef="pure" decimals="2"> 0.10 </strp:GrantOfPercentageOfEquityPercentage>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="Context_Custom_01-May-2011_31-May-2011_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerCeoMember" unitRef="pure" decimals="2"> 0.49 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_Subsidiaries1Member_AwardDateAxis_MayThirtyFirstTwoThousandFourteenMember" unitRef="pure" decimals="2"> 0.51 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="Context_Custom_01-May-2011_31-May-2011_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerCeoMember" unitRef="pure" decimals="4"> 0.0220 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_Subsidiaries1Member_AwardDateAxis_MayThirtyFirstTwoThousandFourteenMember" unitRef="pure" decimals="3"> 0.008 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="Context_Custom_01-May-2011_31-May-2011_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerCeoMember"> P6Y </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_Subsidiaries1Member_AwardDateAxis_MayThirtyFirstTwoThousandFourteenMember"> P4Y </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>
<us-gaap:LossContingencyDamagesSoughtValue contextRef="Context_Custom_14-Mar-2013_15-Mar-2013_LegalEntityAxis_Subsidiaries1Member_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="USD" decimals="-6"> 35000000 </us-gaap:LossContingencyDamagesSoughtValue>
<us-gaap:LossContingencyDamagesPaidValue contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_SubsidiariesMember_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="USD" decimals="-3"> 1500000 </us-gaap:LossContingencyDamagesPaidValue>
<us-gaap:LossContingencySettlementAgreementTerms contextRef="Context_Custom_05-Jun-2013_06-Jun-2013_LegalEntityAxis_SubsidiariesMember_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember"> The future payments shall equal 50% of revenues, net of certain expenses, received from such activities with respect to the covered licenses that are to be retained by Straight Path Spectrum, up to a maximum of $3 million. </us-gaap:LossContingencySettlementAgreementTerms>
<strp:AdditionalFuturePaymentForWirelessSpectrumLicenses contextRef="Context_Custom_05-Jun-2013_06-Jun-2013_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="USD" decimals="-5"> 500000 </strp:AdditionalFuturePaymentForWirelessSpectrumLicenses>
<strp:MaximumFuturePaymentForWirelessSpectrumLicenses contextRef="Context_Custom_05-Jun-2013_06-Jun-2013_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="USD" decimals="-6"> 3000000 </strp:MaximumFuturePaymentForWirelessSpectrumLicenses>
<strp:IncreaseFuturePaymentForWirelessSpectrumLicenses contextRef="Context_Custom_05-Jun-2013_06-Jun-2013_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="USD" decimals="-6"> 4000000 </strp:IncreaseFuturePaymentForWirelessSpectrumLicenses>
<strp:ValueOfLicenseIntangibleAssetTransferredInSettlement contextRef="Context_As_Of__31-Jul-2013_TitleOfIndividualAxis_FormerChiefExecutiveOfficerMember" unitRef="USD" decimals="-3"> 300000 </strp:ValueOfLicenseIntangibleAssetTransferredInSettlement>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent contextRef="Context_As_Of__30-Apr-2013" unitRef="USD" decimals="0"> 800 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent contextRef="Context_As_Of__31-Jul-2013" unitRef="USD" decimals="0"> 8800 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>
<us-gaap:LeaseAndRentalExpense contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="0"> 15000 </us-gaap:LeaseAndRentalExpense>
<us-gaap:LeaseAndRentalExpense contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="0"> 13000 </us-gaap:LeaseAndRentalExpense>
<us-gaap:DescriptionOfLesseeLeasingArrangementsOperatingLeases contextRef="Context_Custom_01-Apr-2013_30-Apr-2013"> Corporate headquarters in Richmond, Virginia for a term of twelve months beginning on May 1, 2013 and ending on April 30, 2014 at a monthly rent of $800. </us-gaap:DescriptionOfLesseeLeasingArrangementsOperatingLeases>
<us-gaap:DescriptionOfLesseeLeasingArrangementsOperatingLeases contextRef="Context_Custom_01-Jul-2013_31-Jul-2013"> Satellite office in Englewood Cliffs, New Jersey for one year commencing on August 1, 2013 and ending on July 31, 2014 for aggregate rent of $8,800. </us-gaap:DescriptionOfLesseeLeasingArrangementsOperatingLeases>
<strp:NumberOfLicensesHeld contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_EconomicAreaLicenseMember" unitRef="License" decimals="INF"> 814 </strp:NumberOfLicensesHeld>
<strp:NumberOfLicensesHeld contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_LocalMultipointDistributionServiceLicenseMember" unitRef="License" decimals="INF"> 133 </strp:NumberOfLicensesHeld>
<strp:NumberOfLicensesHeld contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_SubsidiariesMember_FiniteLivedIntangibleAssetsByMajorClassAxis_RectangularServiceAreaLicenseMember" unitRef="License" decimals="INF"> 34 </strp:NumberOfLicensesHeld>
<us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="Context_As_Of__31-Jul-2011_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 236655000 </us-gaap:DueToRelatedPartiesCurrentAndNoncurrent>
<us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="Context_As_Of__31-Jul-2012_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="Context_As_Of__31-Jul-2013_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" xsi:nil="true"/>
<strp:PaymentsByRelatedPartyParent contextRef="Context_FYE__31-Jul-2012_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 1767000 </strp:PaymentsByRelatedPartyParent>
<strp:PaymentsByRelatedPartyParent contextRef="Context_FYE__31-Jul-2013_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 1008000 </strp:PaymentsByRelatedPartyParent>
<strp:DeferredTaxesUtilizedByRelatedParty contextRef="Context_FYE__31-Jul-2012_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 3000 </strp:DeferredTaxesUtilizedByRelatedParty>
<strp:DeferredTaxesUtilizedByRelatedParty contextRef="Context_FYE__31-Jul-2013_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 12000 </strp:DeferredTaxesUtilizedByRelatedParty>
<strp:CashRepaymentsToRelatedPartyNetOfAdvances contextRef="Context_FYE__31-Jul-2012_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> -5020000 </strp:CashRepaymentsToRelatedPartyNetOfAdvances>
<strp:CashRepaymentsToRelatedPartyNetOfAdvances contextRef="Context_FYE__31-Jul-2013_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 1737000 </strp:CashRepaymentsToRelatedPartyNetOfAdvances>
<strp:AmountDueToRelatedPartyContributedToEquity contextRef="Context_FYE__31-Jul-2012_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> -233405000 </strp:AmountDueToRelatedPartyContributedToEquity>
<strp:AmountDueToRelatedPartyContributedToEquity contextRef="Context_FYE__31-Jul-2013_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> -2757000 </strp:AmountDueToRelatedPartyContributedToEquity>
<strp:AverageRelatedPartyTransactionDueFromToRelatedParty contextRef="Context_FYE__31-Jul-2012_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 118328000 </strp:AverageRelatedPartyTransactionDueFromToRelatedParty>
<strp:AverageRelatedPartyTransactionDueFromToRelatedParty contextRef="Context_FYE__31-Jul-2013_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-3"> 1099000 </strp:AverageRelatedPartyTransactionDueFromToRelatedParty>
<us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty contextRef="Context_FYE__31-Jul-2012_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-5"> 1100000 </us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty>
<us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty contextRef="Context_FYE__31-Jul-2013_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-5"> 700000 </us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty>
<us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty contextRef="Context_FYE__31-Jul-2012_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-5"> 100000 </us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
<us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty contextRef="Context_FYE__31-Jul-2013_RelatedPartyTransactionAxis_InternationalDiscountTelecommunicationsMember" unitRef="USD" decimals="-5"> 100000 </us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
<us-gaap:LitigationSettlementAmount contextRef="Context_FYE__31-Jul-2013_LegalEntityAxis_Subsidiaries1Member" unitRef="USD" decimals="-5"> 800000 </us-gaap:LitigationSettlementAmount>
<us-gaap:NumberOfReportableSegments contextRef="Context_FYE__31-Jul-2013" unitRef="Segments" decimals="INF"> 2 </us-gaap:NumberOfReportableSegments>
<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> -1126000 </us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>
<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="Context_FYE__31-Jul-2013" unitRef="USD" decimals="-3"> -2637000 </us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>
<us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="Context_FYE__31-Jul-2012" unitRef="USD" decimals="-3"> 7040000 </us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
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