Annual report pursuant to Section 13 and 15(d)

Balance Sheet Details

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Balance Sheet Details
12 Months Ended
Jul. 31, 2016
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Details

Note 5—Balance Sheet Details

 

Property and Equipment

 

Property and equipment, net, is comprised of the following:

 

    July 31, 2016     July 31, 2015  
Computers and Equipment   $ 2,866,879     $ 1,589,914  
Computer Software     211,228       18,701  
Leasehold Improvements     80,102       112,469  
Construction In Progress     85,402       417,440  
Property and Equipment, gross     3,243,611       2,138,524  
Accumulated Depreciation     (443,681 )     (330,542 )
    $ 2,799,930     $ 1,807,982  

 

Depreciation expense recorded for the years ended July 31, 2016 and 2015 was approximately $356,000 and $200,000, respectively. During the year ended July 31, 2016, leasehold improvements related to the Company’s former corporate headquarters of approximately $112,000 were written off upon moving to the new corporate headquarters.

 

Accounts Payable and Accrued Liabilities

 

Accounts payable and accrued liabilities are comprised of the following:

 

    July 31, 2016     July 31, 2015  
Research and Development Costs   $ 2,389,711     $ 1,865,087  
Professional and Other Outside Service Fees     707,070       213,122  
Office Equipment (not-capitalized)     794       69,900  
Other     125,752       212,396  
    $ 3,223,327     $ 2,360,505  

 

Accrued Compensation

 

Accrued compensation is comprised of the following:

 

    July 31, 2016     July 31, 2015  
Separation Costs   $ 134,993     $ 353,909  
Relocation Costs           76,884  
Stock issuance liability           55,500  
Accrued payroll     93,021        
401K costs     14,365       14,329  
Other     545       824  
    $ 242,924     $ 501,446  

 

Separation costs relate to agreements with certain of the Company’s former executive officers—see Note 9, Commitments and Contingencies for further information.

 

Other Long-Term Liabilities

 

Other long-term liabilities are comprised of the following:

 

    July 31, 2016     July 31, 2015  
Deferred Rent   $ 887,292     $ 32,518  
    $ 887,292     $ 32,518  

 

At July 31, 2016, deferred rent is primarily comprised of the Company’s rent liability on its new Corporate headquarters (or, Nancy Ridge), whereas in the prior year ended period deferred rent was primarily comprised of the Company’s rent liability on its previous corporate headquarters (or, Summers Ridge). (See Note 9 Commitments and Contingencies for more information on the Nancy Ridge lease.) The Company terminated its Summers Ridge lease early and has no further obligations on that lease as of July 31, 2016.