Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
 12 Months Ended
Jul. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Significant components of Deferred Tax

Significant components of the Company’s deferred tax assets as of July 31, 2018 and 2017 are listed below:

 

    2018     2017  
Net operating loss carryforwards   $ 28,313,000     $ 30,237,000  
Credits     2,408,000       2,004,000  
Start-up costs     24,000       46,000  
Accumulated depreciation     162,000       170,000  
Option and stock awards     5,703,000       4,886,000  
Other     591,000       686,000  
Net deferred tax assets     37,201,000       38,029,000  
Valuation allowance for deferred tax assets     (37,201,000 )     (38,029,000 )
Net deferred taxes   $ -       -  

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

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

 

    2018     2017  
Federal tax benefit at the expected statutory rate     26.47 %     34.00 %
State income tax, net of federal tax benefit     0.00 %     0.00 %
Non-deductible expenses     (2.53 )%     (0.94 )%
Impact of federal rate change     -32.14 %     - %
Impact of rate change on valuation allowance     32.14 %     - %
Change in valuation allowance     (24.72 )%     (33.74 )%
Other     0.78 %     0.67 %
Income tax benefit - effective rate     (0.00 )%     (0.01 )%