|9 Months Ended|
Apr. 30, 2020
|Subsequent Events [Abstract]|
Note 11—Subsequent Events
Except as disclosed elsewhere herein, below are the Company’s subsequent events.
In May 2020, the Company received $0.9 million in net proceeds from the sale of its New Jersey Net Operating Losses under the State of New Jersey NOL Transfer Program for the period ended July 31, 2019.
On May 29, 2020, the Company issued an aggregate of 1,428,932 stock options to certain individuals, including executive officers, non-executive employees, non-employee directors and consultants. The stock options issued have a ten-year term, vest over a period ranging from one to three years and have an exercise price of $1.56.
On March 11, 2020, the Compensation Committee of the Board of Directors of the Company approved the payment of discretionary bonuses to certain individuals, including our Chief Executive Officer and seven other officers in an aggregate amount equal to $836,250. On May 29, 2020, the Company, using the net shares method, issued an aggregate of 185,003 shares of Company common stock to pay one-half of the discretionary bonuses. The shares will be subject to a six-month holding period requirement. 117,986 shares of Company common stock were withheld at vesting to cover individual tax withholding obligations.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef