Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Details

v3.20.4
Balance Sheet Details
6 Months Ended
Jan. 31, 2021
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Details

Note 4—Balance Sheet Details

 

Property and Equipment

 

Property and equipment, net, is comprised of the following:

 

    January 31, 2021     July 31, 2020  
Equipment and furniture   $ 1,859,824     $ 1,859,824  
Computer software     109,242       109,242  
Leasehold improvements     21,934       21,934  
Property and equipment, gross     1,991,000       1,991,000  
Accumulated depreciation and amortization     (1,272,927 )     (1,176,506 )
Total   $ 718,073     $ 814,494  

 

Depreciation and amortization expense recorded for the three and six months ended January 31, 2021 was approximately $46,000 and $96,000, respectively. Depreciation and amortization expense recorded for the three and six months ended January 31, 2020 was approximately $56,000 and $112,000, respectively.

 

Intangible Assets

 

Intangible assets, net, is comprised of the following:

 

    January 31, 2021  
License   $ 495,000  
Accumulated amortization     (11,647 )
Total   $ 483,353  

 

In November 2020, the Company licensed generator technology for use in its clinical trials and other research and development efforts. Unless earlier terminated, the term of the license agreement will remain in effect for 85 months. The Company has determined that the license has alternative future uses in research and development projects. The value of the acquired license is recorded as an intangible asset with amortization over the estimated useful life of 85 months.

 

Intangible asset amortization expense recorded for the three and six months ended January 31, 2021 was approximately $12,000 and $12,000, respectively. Intangible asset expense recorded for both the three and six months ended January 31, 2020 was $0.

 

At January 31, 2021, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows (in thousands):

 

2021   $ 34,941  
2022     69,882  
2023     69,882  
2024     69,882  
2025     69,882  
Thereafter     168,884  
Total   $ 483,353  

 

Accounts Payable and Accrued Liabilities

 

Accounts payable and accrued liabilities are comprised of the following:

 

    January 31, 2021     July 31, 2020  
Research and development costs   $ 6,152,870     $ 4,730,347  
Professional services fees     2,362,178       3,097,881  
Other     335,304       94,808  
Total   $ 8,850,352     $ 7,923,036  

 

Accrued Compensation

 

Accrued compensation is comprised of the following:

 

    January 31, 2021     July 31, 2020  
Accrued payroll   $ 361,067     $ 279,473  
401K payable     8,101       5,654  
Total   $ 369,168     $ 285,127