Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Details

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Balance Sheet Details
3 Months Ended
Oct. 31, 2017
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Details

Note 5—Balance Sheet Details

 

Property and Equipment

 

Property and equipment, net, is comprised of the following:

 

    October 31, 2017     July 31, 2017  
Equipment and furniture   $ 2,861,632     $ 2,861,632  
Computer software     292,034       292,034  
Leasehold improvements     80,102       80,102  
Property and equipment, gross     3,233,768       3,233,768  
Accumulated depreciation and amortization     (919,673 )     (823,669 )
    $ 2,314,095     $ 2,410,099  

 

Depreciation and amortization expense recorded for the three months ended October 31, 2017 and 2016, was approximately $96,000 and $95,000, respectively.

 

Accounts Payable and Accrued Liabilities

 

Accounts payable and accrued liabilities are comprised of the following:

 

    October 31, 2017     July 31, 2017  
Research and development costs   $ 2,438,653     $ 1,537,892  
Professional and other outside service fees     1,202,834       1,584,899  
Rent     5,000        
Other     157,421       158,342  
    $ 3,803,908     $ 3,281,133  

 

Accrued Compensation

 

Accrued compensation is comprised of the following:

 

    October 31, 2017     July 31, 2017  
Separation costs   $     $ 100,295  
Accrued payroll     194,271       14,222  
401(k) plan payable     13,778        
Other     324       324  
    $ 208,373     $ 114,841  

 

Separation costs relate to agreements with certain of the Company’s former executive officers. See Note 9 for more information.

 

Other Long-Term Liabilities

 

Other long-term liabilities are comprised of the following:

 

    October 31, 2017     July 31, 2017  
Deferred rent   $ 1,145,120     $ 1,140,953  
    $ 1,145,120     $ 1,140,953  

 

As of October 31, 2017, the deferred rent liability is related to the Company’s straight-line expense recognition of rent for its corporate headquarters. See Note 9 for more information.