Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.5.0.2
Statements of Cash Flows - USD ($)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Operating activities    
Net loss $ (26,888,514) $ (21,243,111)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 355,583 664,596
Stock-based compensation 6,116,660 2,547,729
Stock-based compensation related to stock issuance liability in connection with a contractual agreement 55,500
Common stock issued for services 55,387 57,750
Loss on disposal of property and equipment 203,196 4,325
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses 855,152 (1,068,699)
(Increase) decrease in other current 6,380 2,465
(Increase) decrease in other long-term assets 24,818 (187,442)
(Decrease) increase in accounts payable and accrued liabilities 861,634 1,068,652
(Decrease) increase in accrued compensation (258,522) 459,592
(Decrease) increase in other long-term liabilities 854,773 (12,027)
(Decrease) Increase in accrued income taxes (800) (800)
Net cash used in operating activities (17,814,253) (17,651,470)
Investing activities    
Purchases of property and equipment (1,470,635) (1,412,217)
Leasehold improvements (80,102) (18,938)
Net cash used in investing activities (1,550,737) (1,431,155)
Financing activities    
Proceeds from issuance of common stock and warrants 17,451,565 13,580,001
Payment of financing and offering costs (1,381,615) (1,091,794)
Proceeds from exercise of warrants and stock options 6,000 776,988
Net cash provided by financing activities 16,075,950 13,265,195
Net increase (decrease) in cash (3,289,040) (5,817,430)
Cash and cash equivalents, at beginning of year 32,035,264 37,852,694
Cash and cash equivalents, at end of year 28,746,224 32,035,264
Supplemental disclosure for cash flow information:    
Interest
Income taxes 2,462 1,969
Noncash investing and financing transaction:    
Fair value of placement agent warrants issued in the public offerings 536,909 571,868
Noncash expiration of March 2011 and June 2011 warrants $ 963,356