Accounts Payable and Accrued Expenses

6 Months Ended

Jan. 31, 2015

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Note 5 – Accounts Payable and Accrued Expenses:

Accounts payable and accrued expenses consist of the following:

	January 31, 2015		July 31, 2014
Accounts Payable and Accruals – General and Administrative	$	3,126,199	$	3,208,069
Accounts Payable and Accruals – Research and Development		3,591,645		3,955,543
Accounts Payable and Accruals – Selling and Marketing		326,356		3,955,543
Accrued Make-whole Payments on Convertible Preferred Stock (see Note 8)		278,978		337,500
Executive Compensation and Directors’ Fees Payable		210,991		205,943
Total	$	7,534,169	$	8,034,122

In the six months ended January 31, 2015 the Company had a gain on extinguishment of debt of $327,839 related to the final settlement of a previously owed balance to a vendor. This is reported on the Company’s consolidated statement of operations under the caption “Gain on extinguishment of debt” and is included in the changes in accounts payable and accrued expenses category in the consolidated statement of cash flows.