Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
9 Months Ended 75 Months Ended
Apr. 30, 2014
Apr. 30, 2013
Apr. 30, 2014
Operating activities      
Net loss $ (8,468,760) $ (5,377,572) $ (21,819,675)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 579,545 550,890 2,284,691
Write-down of supplies inventory     38,000
Write-down of web development costs     9,000
Fair value of derivative liabilities in excess of proceeds     808,590
Loss on extinguishment of debt     761,492
Gain on adjustment to fair value of derivative liabilities     (3,150,986)
Non-cash interest expense 20,684 71,075 370,466
Share-based compensation 1,397,174 357,272 2,182,080
Common stock issued for services 150,000 34,500 399,833
Changes in operating assets and liabilities:      
(Increase) decrease in prepaid expenses and other current assets (482,164) 208,228 (591,696)
Increase (decrease) in accounts payable and accrued liabilities 539,959 (76,107) 1,269,044
(Decrease) increase in accrued other (5,005) (800) 57,198
Net cash used in operating activities (6,268,567) (4,232,514) (17,381,963)
Investing activities      
Purchases of property and equipment (154,105) (16,773) (393,452)
Investment in intangible assets     (250,000)
Net cash used in investing activities (154,105) (16,773) (643,452)
Financing activities      
Proceeds from issuance of common stock and warrants 11,948,000 7,200,000 31,037,000
Payment of financing and offering costs (836,360) (504,000) (1,882,860)
Payment of amounts due under acquisition obligation (1,000,000) (500,000) (2,750,000)
Proceeds from exercise of warrants and stock options 15,593,011 241,050 15,873,429
Proceeds from amounts due to stockholder     153,867
Repayment of amounts due to stockholder     (153,867)
Net cash provided by financing activities 25,704,651 6,437,050 42,277,569
Net increase in cash 19,281,979 2,187,763 24,252,154
Cash and cash equivalents, at beginning of period 4,970,175 5,141,509  
Cash and cash equivalents, at end of period 24,252,154 7,392,272 24,252,154
Cash paid during the period for:      
Interest     1,357
Income taxes 22,837 2,800 28,037
Noncash investing and financing transaction:      
Fair value of placement agent warrants issued in the public offering 410,535 228,240 915,755
Acquisition obligation of asset purchase agreement     2,750,000
Acquisition obligation discounts - imputed interest and fair value of warrants     $ 402,355