Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
3 Months Ended
Oct. 31, 2014
Oct. 31, 2013
Operating activities    
Net loss $ (4,061,116) $ (2,051,486)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 211,347 190,453
Loss on disposal of fixed assets 2,635  
Non-cash interest expense   12,293
Stock-based compensation 611,240 70,410
Common stock issued for services   50,000
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses and other current assets 30,324 (547,804)
Increase (decrease) in accounts payable and accrued liabilities (188,667) 220,311
Increase (decrease) in accrued other (35,445) 824
Net cash used in operating activities (3,429,682) (2,054,999)
Investing activities    
Purchases of property and equipment (433,415) (11,454)
Net cash used in investing activities (433,415) (11,454)
Financing activities    
Proceeds from issuance of common stock and warrants   11,948,000
Payment of financing and offering costs   (836,360)
Proceeds from exercise of warrants and stock options   1,178,398
Net cash provided by financing activities   12,290,038
Net (decrease) increase in cash (3,863,097) 10,223,585
Cash and cash equivalents, at beginning of period 37,852,694 4,970,175
Cash and cash equivalents, at end of period 33,989,597 15,193,760
Cash paid during the period for:    
Income taxes 910 1,600
Noncash investing and financing transaction:    
Fair value of placement agent warrants issued in the public offerings   $ 410,535