Annual report pursuant to Section 13 and 15(d)

401 (k) Plan

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401 (k) Plan
12 Months Ended
Jul. 31, 2015
401 (k) Plan  
401(k) Plan

Note 12—401(k) Plan

 

Effective May 15, 2012, the Company adopted a defined contribution savings plan pursuant to Section 401(k) of the Internal Revenue Code. The plan is for the benefit of all qualifying employees and permits voluntary contributions by employees up to 100% of eligible compensation, subject to the Internal Revenue Service imposed maximum limits. The terms of the plan allow for discretionary employer contributions. The Company currently matches 100% of its employees’ contributions, up to 6% of their annual compensation. The Company’s contributions are recorded as expense in the accompanying statement of operations and totaled approximately $133,000 for the year ended July 31, 2015. The Company made no discretionary employer contributions to the 401(k) Plan during the fiscal years ended July 31 2014 and 2013.