Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.3
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Operating activities    
Net loss $ (30,276,053) $ (39,136,366)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 243,712 334,494
Loss on disposal of property and equipment 703 875,098
Warrant inducement expense 2,465,396
Amortization of discount on investments (51,481) (28,948)
Stock-based compensation 3,364,371 8,252,515
Common stock issued for services 845,994 1,845,951
Modification of equity award 135,425  
Foreign currency exchange loss, net 281,473
Changes in operating assets and liabilities:    
Prepaid expenses (1,209,064) 97,535
Other current assets (357,351) (593,141)
Other long-term assets (9,035) (49,800)
Accounts payable and accrued liabilities (741,444) 1,427,760
Accrued compensation related (394,521) 955,903
Other long-term liabilities (836,714) 331,677
Net cash used in operating activities (29,003,985) (23,221,926)
Investing activities    
Purchases of property and equipment (9,882) (65,156)
Purchase of investment securities (25,474,695)
Maturity of investment securities 17,236,000 2,250,000
Sale of investment securities 5,977,794
Net cash provided by (used in) investing activities 23,203,912 (23,289,851)
Financing activities    
Proceeds from issuance of common stock through ESPP 27,291 35,809
Proceeds from issuance of common stock and warrants 27,897,155 32,283,444
Payment of financing and offering costs (1,159,180) (3,575,699)
Proceeds from exercise of options 566,135 321,145
Proceeds from exercise of warrants 9,999,983
Principal payments on note payable (81,577)
Tax withholdings paid on equity awards (101,480)
Tax withholdings paid related to net share settlement of equity awards (32,505) (181,550)
Tax shares sold to pay for tax withholdings on equity awards 83,246
Repurchase of fractional shares (567)
Net cash provided by financing activities 27,198,518 38,883,132
Effect of exchange rate changes on cash (54,292) (12,404)
Net increase (decrease) in cash 21,344,153 (7,641,049)
Cash and cash equivalents, at beginning of year 3,803,627 11,444,676
Cash and cash equivalents, at end of year 25,147,780 3,803,627
Supplemental disclosure for cash flow information:    
Interest 3,253
Income taxes 1,700 680
Noncash investing and financing transactions:    
Expiration of warrants 4,060,759 1,200,742
Amounts accrued for offering costs 200,000 45,000
Note issued for insurance premium $ 185,990