Annual report pursuant to Section 13 and 15(d)

Balance Sheet Details

v3.21.2
Balance Sheet Details
12 Months Ended
Jul. 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:

 

    July 31, 2021     July 31, 2020  
Equipment and furniture   $ 1,919,301     $ 1,859,824  
Computer software     109,242       109,242  
Leasehold improvements     32,651       21,934  
Construction in progress     234,409       -  
Property and equipment, gross     2,295,603       1,991,000  
Accumulated depreciation and amortization     (1,366,782 )     (1,176,506 )
Total   $ 928,821     $ 814,494  

 

Depreciation and amortization expense recorded for the years ended July 31, 2021 and 2020 was approximately $0.2 million.

 

Intangible Assets

 

Intangible assets, net, is comprised of the following:

 

    July 31, 2021  
License   $ 495,000  
Accumulated amortization     (46,588 )
Total   $ 448,412  

 

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 years ended July 31, 2021 and 2020 was less than $0.1 million and $0, respectively.

 

At July 31, 2021, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows:

 

Years ending July 31,      
2022   $ 69,882  
2023     69,882  
2024     69,882  
2025     69,882  
2026     69,882  
Thereafter     99,002  
Total   $ 448,412  

 

Accounts Payable and Accrued Liabilities

 

Accounts payable and accrued liabilities are comprised of the following:

 

    July 31, 2021     July 31, 2020  
Research and development costs   $ 4,206,926     $ 4,730,347  
Professional services fees     1,229,040       3,097,881  
Other     125,679       94,808  
Total   $ 5,561,645     $ 7,923,036  

 

Accrued Compensation

 

Accrued compensation is comprised of the following:

 

    July 31, 2021     July 31, 2020  
Accrued payroll   $ 311,590     $ 279,473  
401K payable     9,065       5,654  
Total   $ 320,655     $ 285,127