Accounts Payable and Accrued Expenses

9 Months Ended

12 Months Ended

Apr. 30, 2015

Jul. 31, 2014

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Note 6 - Accounts Payable and Accrued Expenses:

Accounts payable and accrued expenses consist of the following:

		July 31,
		2014		2013
Accounts Payable and Accruals - General and Administrative	$	3,208,069	$	3,447,618
Accounts Payable and Accruals - Research and Development		3,955,543		3,557,184
Accounts Payable and Accruals - Selling and Marketing		327,067		328,629
Accrued Make-whole Payments on Covertible Preferred Stock (see Note 9)		337,500		251,100
Executive Compensation and Directors’ Fees Payable		205,943		76,703
Total	$	8,034,122	$	7,661,234

Accounts Payable and Accrued Expenses

Note 4 – Accounts Payable and Accrued Expenses:

Accounts payable and accrued expenses consist of the following:

	April 30, 2015		July 31, 2014
Accounts Payable and Accruals – General and Administrative	$	3,127,111	$	3,208,069
Accounts Payable and Accruals – Research and Development		3,699,158		3,955,543
Accounts Payable and Accruals – Selling and Marketing		326,586		327,067
Accrued Make-whole Payments on Convertible Preferred Stock (see Note 7)		233,077		337,500
Executive Compensation and Directors’ Fees Payable		236,547		205,943
Total	$	7,622,479	$	8,034,122

In the nine months ended April 30, 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 comprehensive income 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.