Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
12 Months Ended 78 Months Ended
Jul. 31, 2014
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2014
Expenses:        
Research and development $ 5,796,347 $ 3,159,209 $ 2,368,481 $ 11,909,395
General and administrative 6,153,313 3,905,763 3,158,693 14,395,945
Loss from operations (11,949,660) (7,064,972) (5,527,174) (26,305,340)
Other income (expense):        
Fair value of derivative liabilities in excess of proceeds       (808,590)
Adjustments to fair value of derivative liabilities     4,192,781 3,150,986
Loss on extinguishment of debt     (761,492) (761,492)
Financing transaction costs       (210,000)
Non-cash interest expense (20,684) (83,215) (266,567) (370,466)
Interest expense       (1,357)
Impairment charges 0 0   (9,000)
Net loss before income taxes (11,970,344) (7,148,187) (2,362,452) (25,315,259)
Provision for income taxes 41,773 2,000 2,400 47,773
Net loss, net of tax $ (12,012,117) $ (7,150,187) $ (2,364,852) $ (25,363,032)
Basic and diluted net loss per common share (in dollars per share) $ (0.06) $ (0.07) $ (0.04)  
Weighted average shares used in computing basic and diluted net loss per common share (in shares) 190,543,627 106,558,325 67,443,432