Annual report pursuant to Section 13 and 15(d)

Balance Sheet Details

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Balance Sheet Details
12 Months Ended
Jul. 31, 2017
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, 2017     July 31, 2016  
Computers and Equipment   $ 2,861,632     $ 2,866,879  
Computer Software     292,034       211,228  
Leasehold Improvements     80,102       80,102  
Construction In Progress     -       85,402  
Property and Equipment, gross     3,233,768       3,243,611  
Accumulated Depreciation and Amortization     (823,669 )     (443,681 )
    $ 2,410,099     $ 2,799,930  

 

Depreciation and amortization expense recorded for the years ended July 31, 2017 and 2016 was approximately $380,000 and $356,000, respectively.

 

Accounts Payable and Accrued Liabilities

 

Accounts payable and accrued liabilities are comprised of the following:

 

    July 31, 2017     July 31, 2016  
Research and Development Costs   $ 1,537,892     $ 2,389,711  
Professional and Other Outside Service Fees     1,584,899       707,070  
Office Equipment (not-capitalized)           794  
Other     158,342       125,752  
    $ 3,281,133     $ 3,223,327  

 

Accrued Compensation

 

Accrued compensation is comprised of the following:

 

    July 31, 2017     July 31, 2016  
Separation Costs   $     $ 134,993  
Accrued payroll     100,295       93,021  
401K costs     14,222       14,365  
Other     324       545  
    $ 114,841     $ 242,924  

 

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

 

Other Long-Term Liabilities

 

Other long-term liabilities are comprised of the following:

 

    July 31, 2017     July 31, 2016
Deferred Rent   $ 1,140,953     $ 887,292
    $ 1,140,953     $ 887,292

 

At July 31, 2017, the deferred rent liability is related to the Company’s straight-line expense recognition of rent for its corporate headquarters. See Note 9, Commitments and Contingencies, for more information.