Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.4.0.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Operating activities    
Net loss $ (20,326,520) $ (14,666,698)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 253,664 601,777
Loss on disposal of property and equipment 41,989 4,325
Stock-based compensation $ 4,676,215 1,650,550
Common stock issued for services 59,250
Changes in operating assets and liabilities:    
Decrease(Increase) in prepaid expenses and other current assets $ 532,214 (550,688)
Decrease in other long-term assets 25,286 6,625
Increase in accounts payable and accrued liabilities 461,617 $ 466,051
Increase in accrued compensation 15,724
Increase in other long-term liabilities 573,654
Net cash used in operating activities (13,746,157) $ (12,428,808)
Investing activities    
Purchases of property and equipment (1,156,420) (761,693)
Net cash used in investing activities (1,156,420) $ (761,693)
Financing activities    
Proceeds from issuance of common stock and warrants 7,500,010
Payment of financing and offering costs $ (613,915)
Proceeds from exercise of warrants and stock options $ 776,995
Net cash provided by financing activities $ 6,886,095 776,995
Net (decrease) in cash (8,016,482) (12,413,506)
Cash and cash equivalents, at beginning of period 32,035,264 37,852,694
Cash and cash equivalents, at end of period $ 24,018,782 $ 25,439,188
Supplemental disclosure for cash flow information:    
Interest
Income taxes $ 2,463 $ 1,969
Noncash investing and financing transaction:    
Fair value of placement agent warrants issued in the public offering 242,143
Issuance of common stock in connection with a contractual agreement 55,500
Noncash expiration of March 2011 warrants 431,981
R&D Equipment in use, but, financed through accounts payable and accrued liabilities $ 393,718