Quarterly report pursuant to Section 13 or 15(d)

Note Payable

v3.19.2
Note Payable
9 Months Ended
Apr. 30, 2019
Debt Disclosure [Abstract]  
Note Payable

Note 6—Note Payable

 

On March 22, 2019, the Company entered into a finance agreement with First Insurance Funding (“FIF”). Pursuant to the terms of the agreement, FIF loaned the Company the principal amount of $185,990, which would accrue interest at 6.250% per annum, to partially fund the payment of the premium of the Company’s D&O insurance. The agreement requires the Company to make nine monthly payments of $21,207, including interest starting on April 18, 2019. At April 30, 2019, the outstanding balance related to this finance agreement was $165,768.