|12 Months Ended|
Jul. 31, 2018
|Subsequent Events [Abstract]|
Note 12—Subsequent Events
On August 31, 2018, the Company entered into a stock purchase agreement with Alpha Holdings, Inc. (“Alpha Holdings”), pursuant to which the Company agreed to issue and sell to Alpha Holdings shares of its common stock equal to an aggregate amount of up to $15.0 million at a market purchase price of $1.50 per share, which was the closing price of the Company’s common stock the day immediately before the agreement was executed by the parties.
On October 9, 2018, the Company received total proceeds, before expenses, of $8.0 million in cash from the offering and issued Alpha Holdings 5,333,333 shares of common stock. There were no underwriting or placement agent fees associated with the offering. The second closing of 4,666,667 shares of Common Stock is expected to occur on or before December 15, 2018.
Subsequent to July 31, 2018, shares of common stock issued to executives and employees related to vested RSU’s and the Company’s ESPP totaled 27,917 and 12,071, respectively.
Subsequent to July 31, 2018, shares of common stock issued to consultants for services totaled 154,000.
Subsequent to July 31, 2018, 39,063 RSU’s (equal to 23,658 shares on a net basis after employee taxes) held by an executive vested. The shares have not been issued as of the date of this filing.
Subsequent to July 31, 2018, the Company issued 118,500 stock options to employees as per the terms of various employment agreements.
Subsequent to July 31, 2018, the Company issued 250,000 stock options to a consultant as per the terms of a consulting agreement.
On August 22, 2018, the Company entered into a stock option cancellation agreement with an individual. As per the terms of the agreement, 300,000 fully vested stock options were cancelled in exchange for the issuance of 175,000 shares of restricted common stock.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef