Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Details

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Balance Sheet Details
9 Months Ended
Apr. 30, 2017
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Details

Note 5—Balance Sheet Details

 

Property and Equipment

 

Property and equipment, net, is comprised of the following:

 

    April 30, 2017     July 31, 2016  
Office Furniture & Fixtures   $ 2,905,900     $ 2,851,900  
Computer Software     235,782       226,207  
Leasehold Improvements     80,102       80,102  
Construction In Progress      -       85,402  
Property and Equipment, gross     3,221,784       3,243,611  
Accumulated Depreciation and Amortization     (728,000 )     (443,681 )
    $ 2,493,784     $ 2,799,930  

 

Depreciation and amortization expense recorded for the three- and nine-month periods ended April 30, 2017 and 2016, was approximately $95,000 and $284,000 and approximately $102,000 and $254,000, respectively.

 

Other Long-Term Assets

 

Other long-term assets is comprised of the following:

 

    April 30, 2017     July 31, 2016  
Restricted cash   $ 93,640     $ 92,686  
Rent Deposit     96,623       96,623  
Prepaid clinical services     193,993       -  
    $ 384,256     $ 189,309  

 

Accounts Payable and Accrued Liabilities

 

Accounts payable and accrued liabilities are comprised of the following:

 

    April 30, 2017     July 31, 2016  
Research & Development Costs   $ 1,870,854     $ 2,389,711  
Professional Services Fees     457,341       707,070  
Other     316,064       126,546  
    $ 2,644,259     $ 3,223,327  

 

On September 8, 2016, the Company entered into a $50,000 credit card facility with Banc of California, which collateralized the Company’s visa business card from Elan Financial Services. At November 30, 2016, Banc of California discontinued utilization of Elan Financial Services and replaced the visa business card with their own debit MasterCard, which functions similar to a credit card.

  

Accrued Compensation

 

Accrued compensation is comprised of the following:

 

    April 30, 2017     July 31, 2016  
Separation Costs   $ -     $ 134,993  
Payroll Accrual     167,496       93,021  
401K Payable     -       14,365  
Other     738       545  
    $ 168,234     $ 242,924  

 

Other Long-Term Liabilities

 

Other long-term liabilities are comprised of the following:

 

    April 30, 2017     July 31, 2016  
Deferred rent   $ 1,196,716     $ 887,292