Quarterly report pursuant to Section 13 or 15(d)

Other Equity and Common Stock Transactions

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Other Equity and Common Stock Transactions
9 Months Ended
Apr. 30, 2014
Other Equity and Common Stock Transactions  
Other Equity and Common Stock Transactions

Note 6— Other Equity and Common Stock Transactions

 

In May 2013, the Board of Directors authorized the issuance of 500,000 fully vested shares of the Company’s common stock to a consultant in exchange for advisory services.  As of the grant date, the Company recorded a payable in the amount of $150,000 for the issuance of these shares of stock, based on the closing price of the Company’s common stock as of the date of grant.  The value related to these common shares is amortized over the service period of nine months.  The Company recorded $50,000 and $150,000 of consulting expense during the three and nine month periods ended April 30, 2014, respectively, related to these shares.

 

At April 30, 2014, the Company had outstanding warrants to purchase 34,667,556 shares of common stock, with exercise prices ranging from $0.26 to $1.20, all of which were classified as equity instruments.  These warrants expire at various times between March 2016 and September 2018.