Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3
Income Taxes (Tables)
12 Months Ended
Jul. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Significant Components of Deferred Tax

Significant components of the Company’s deferred tax assets as of July 31, 2019 and 2018 are listed below:

 

    2019     2018  
Net operating loss carryforwards   $ 35,361,000     $ 28,313,000  
Credits     3,257,000       2,408,000  
Start-up costs     23,000       24,000  
Accumulated depreciation     122,000       162,000  
Option and stock awards     4,825,000       5,703,000  
Other     241,000       591,000  
Net deferred tax assets     43,829,000       37,201,000  
Valuation allowance for deferred tax assets     (43,829,000 )     (37,201,000 )
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:

 

    2019     2018  
Federal tax benefit at the expected statutory rate     21.00 %     26.47 %
State income tax, net of federal tax benefit     (0.01 )%     0.00 %
Non-deductible expenses     (0.46 )%     (2.53 )%
Impact of federal rate change     0.00 %     (32.14 )%
Impact of rate change on valuation allowance     0.00 %     32.14 %
Change in valuation allowance     (21.32 )%     (24.72 )%
Other     0.79 %     0.78 %
Income tax benefit - effective rate     (0.00 )%     (0.00 )%