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Fair Value Measurements
12 Months Ended
Jul. 31, 2015
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note 2—Fair Value Measurements  

 

At July 31, 2015 and 2014, the Company did not have any assets or liabilities measured at fair value on a recurring basis.

 

At July 31, 2015 and 2014, the carrying amounts of the financial instruments included in cash and cash equivalents, trade accounts payable, other current assets, trade accounts payable, accrued expenses and due to IDT Corporation approximated fair value because of the short period of time to maturity. The fair value estimates for cash and cash equivalents were classified as Level 1 and other current assets, accrued expenses and due to IDT Corporation were classified as Level 2 of the fair value hierarchy. The estimated fair value of the Company’s financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting this data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange.