Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
3 Months Ended 9 Months Ended 51 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Apr. 30, 2011
Apr. 30, 2012
Expenses:          
Research and development $ 701,201 $ 216,658 $ 1,725,194 $ 216,658 $ 2,409,865
General and administrative 887,648 279,751 2,238,222 286,547 3,317,084
Loss from operations (1,588,849) (496,409) (3,963,416) (503,205) (5,726,949)
Other income (expense):          
Fair value of derivative liabilities in excess of proceeds         (808,590)
Adjustments to fair value of derivative liabilities 1,613,329   4,192,781   3,150,985
Loss on extinguishment of debt (761,492)   (761,492)   (761,492)
Financing transaction costs         (210,000)
Non-cash interest expense (74,562)   (236,864)   (236,864)
Interest expense   (1,400)   (1,400) (1,357)
Impairment charges         (9,000)
Net income (loss) before income taxes (811,574) (497,809) (768,991) (504,605) (4,603,267)
Provision for income taxes   1,600 2,400 1,600 4,000
Net income (loss) $ (811,574) $ (499,409) $ (771,391) $ (506,205) $ (4,607,267)
Basic net income (loss) per common share (in dollars per share) $ (0.01) $ (0.01) $ (0.01) $ (0.01)  
Diluted net income (loss) per common share (in dollars per share) $ (0.01) $ (0.01) $ (0.01) $ (0.01)  
Weighted average shares used in computing basic net income (loss) per common share (in shares) 68,222,667 61,611,326 60,589,577 66,240,762  
Weighted average shares used in computing diluted net income (loss) per common share (in shares) 68,222,667 61,611,326 60,589,577 66,240,762