Quarterly report pursuant to Section 13 or 15(d)

Acquisition Obligation

Acquisition Obligation
9 Months Ended
Apr. 30, 2016
Debt Disclosure [Abstract]  
Acquisition Obligation

Note 6—Acquisition Obligation


On March 24, 2011, the Company recorded an acquisition obligation for amounts due to Inovio in accordance with the Asset Purchase Agreement (see Note 5). The Company entered into two subsequent amendments to the Asset Purchase Agreement, each of which modified the Company’s payment terms. In addition, the Company issued to Inovio a warrant to purchase 50,000 shares of common stock pursuant to the first amendment and a warrant to purchase 150,000 shares of common stock pursuant to the second amendment. The Company evaluated these warrants and determined that each met the criteria for equity classification.


The scheduled payments for the $3,000,000 obligation under this arrangement, as amended, were completed by December 31, 2013. At April 30, 2016 and April 30, 2015 there were no payment obligations outstanding under the Asset Purchase Agreement.