Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
12 Months Ended
Jul. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of (Benefit) Provision for Income Taxes

Set forth below is the (benefit) provision for income taxes for continuing operations for the years ended July,31:

 

    2020     2019  
Current:   $       $    
Federal     -       -  
State     (872,000 )     1,300  
Foreign     -       -  
Total (benefit from) provision for income taxes   $ (872,000 )   $ 1,300
Schedule of Significant Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of July 31, 2020 and 2019 are listed below:

 

    2020     2019  
Net operating loss carryforwards   $ 46,623,000     $ 35,361,000  
Credits     4,311,000       3,257,000  
Start-up costs     21,000       23,000  
Accumulated depreciation     98,000       122,000  
Option and stock awards     386,000       4,825,000  
Other     122,000       241,000  
Net deferred tax assets     51,561,000       43,829,000  
Valuation allowance for deferred tax assets     (51,561,000 )     (43,829,000 )
Net deferred taxes   $ -       -  

Schedule of Reconciliation of Income Taxes Using Statutory Income Tax Rate

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

 

    2020     2019  
Federal tax benefit at the expected statutory rate     21.00 %     21.00 %
State income tax, net of federal tax benefit     1.60 %     (0.01 )%
Non-deductible expenses     (0.76 )%     (0.46 )%
Tax impact of stock option cancellations     (10.04 )%     - %
Change in valuation allowance     (11.46 )%     (21.32 )%
Other     1.68 %     0.79 %
Income tax benefit - effective rate     2.02 %     (0.00 )%