Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
 12 Months Ended
Jul. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Significant Components of Deferred Tax

Significant components of the Company’s deferred tax assets as of July 31, 2017 and 2016 are as follows:

 

    2017     2016  
Net operating loss carryforwards   $ 30,237,000     $ 23,568,000  
Credits     2,004,000       1,440,000  
Start-up costs     46,000       51,000  
Accumulated depreciation     170,000       341,000  
Option and stock awards     4,886,000       3,347,000  
Other     686,000       503,000  
Net deferred tax assets     38,029,000       29,250,000  
Valuation allowance for deferred tax assets     (38,029,000 )     (29,250,000 )
Net deferred taxes   $ -     $ -  

Schedule of Reconciliation of Incomes Taxes Using the Statutory Income Tax Rate

A reconciliation of income taxes using the statutory income tax rate, compared to the effective rate, is as follows:

    2017     2016  
Federal tax benefit at the expected statutory rate     34.00 %     34.00 %
State income tax, net of federal tax benefit     0.00 %     0.00 %
Non-deductible expenses     (0.94 )%     (2.21 )%
Change in valuation allowance     (33.74 )%     (32.83 )%
Other     0.67 %     1.03 %
Income tax benefit - effective rate     (0.01 )%     (0.01 )%