Quarterly report pursuant to Section 13 or 15(d)

Note Payable

v3.20.1
Note Payable
6 Months Ended
Jan. 31, 2020
Debt Disclosure [Abstract]  
Note Payable

Note 5—Note Payable

 

On March 22, 2019, the Company entered into a finance agreement with First Insurance Funding (“FIF”). Pursuant to the terms of the agreement, FIF loaned the Company the principal amount of $185,990, which would accrue interest at 6.25% per annum, to partially fund the payment of the premium of the Company’s D&O insurance. The agreement required the Company to make nine monthly payments of $21,207, including interest starting on April 18, 2019. At January 31, 2020, the outstanding balance related to this finance agreement was paid in full.