Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.5.0.2
Income Taxes (Tables)
12 Months Ended
Jul. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of Significant Components of Deferred Tax

Significant components of the Company’s deferred tax assets as of July 31, 2016 and 2015 are listed below:

 

    2016     2015  
Net operating loss carryforwards   $ 23,568,000     $ 15,460,000  
Credits     1,440,000       1,082,000  
Start-up costs     51,000       56,000  
Accumulated Depreciation     341,000       591,000  
Other     3,850,000       1,691,000  
Net deferred tax assets     29,250,000       18,880,000  
Valuation allowance for deferred tax assets     (29,250,000 )     (18,880,000 )
Net deferred taxes   $     $  

Schedule of Reconciliation of Incomes Taxes Using the Statutory Income Tax Rate

A reconciliation of incomes taxes using the statutory income tax rate, compared to the effective rate, is as follows:

 

    2016     2015  
Federal tax benefit at the expected statutory rate     34.00 %     34.00 %
State income tax, net of federal tax benefit     (0.00 )%     (0.01 )%
Non-deductible expenses     (2.21 )%     (1.34 )%
Change in valuation allowance     (32.83 )%     (34.55 )%
Other     1.03 %     1.89 %
Income tax benefit - effective rate     (0.01 )%     (0.01 )%