Annual report pursuant to Section 13 and 15(d)

Statement of Cash Flow and Consolidated Statements of Cash Flows

v3.3.0.814
Statement of Cash Flow and Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jul. 31, 2015
Jul. 31, 2014
Jul. 31, 2013
Operating activities      
Net loss $ (21,243,111) $ (12,012,117) $ (7,150,187)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 664,596 780,110 736,875
Non-cash interest expense   20,684 83,215
Stock-based compensation 2,547,729 1,815,559 452,128
Stock-based compensation related to stock issuance liability in connection with a contractual agreement 55,500    
Common stock issued for services 57,750 150,000 34,500
Loss on sale of fixed assets 4,325    
Changes in operating assets and liabilities:      
(Increase) decrease in prepaid expenses (1,068,699) (405,904) 156,194
(Increase) decrease in other current 2,465 (11,067) (30,845)
(Increase) decrease in other long-term assets (187,442)    
(Decrease) increase in accounts payable and accrued liabilities 1,068,652 657,266 344,764
(Decrease) increase in accrued compensation 459,592 42,654 (218,849)
(Decrease) increase in accrued other (12,027) (16,858) 60,603
(Decrease) Increase in accrued income taxes (800) (800) (1,600)
Net cash used in operating activities (17,651,470) (8,980,473) (5,533,202)
Investing activities      
Purchases of property and equipment (1,412,217) (512,500) (114,550)
Leasehold improvements (18,938)    
Net cash used in investing activities (1,431,155) (512,500) (114,550)
Financing activities      
Proceeds from issuance of common stock and warrants 13,580,001 27,948,001 7,200,000
Payment of financing and offering costs (1,091,794) (1,981,360) (504,000)
Payment of amounts due under acquisition obligation   (1,000,000) (1,500,000)
Proceeds from exercise of warrants and stock options 776,988 17,408,851 280,418
Net cash provided by financing activities 13,265,195 42,375,492 5,476,418
Net increase (decrease) in cash (5,817,430) 32,882,519 (171,334)
Cash and cash equivalents, at beginning of period 37,852,694 4,970,175 5,141,509
Cash and cash equivalents, at end of period 32,035,264 37,852,694 4,970,175
Cash paid during the period for:      
Income taxes 1,969 1,600 2,800
Noncash investing and financing transaction:      
Fair value of placement agent warrants issued in the public offerings $ 571,868 $ 1,042,242 $ 228,240