Accounts Payable and Accrued Expenses and Deferred Revenue

12 Months Ended

Jul. 31, 2015

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Note 6 - Accounts Payable and Accrued Expenses and Deferred Revenue:

Accounts payable and accrued expenses consist of the following:

	July 31,
	2015		2014
Accounts Payable and Accruals - General and Administrative	$	3,156,951	$	3,208,069
Accounts Payable and Accruals - Research and Development		3,861,902		3,955,543
Accounts Payable and Accruals - Selling and Marketing		326,250		327,067
Accrued Make-whole Payments on Convertible Preferred Stock (See Note 8)		315,900		337,500
Executive Compensation and Directors’ Fees Payable		357,330		205,943
Total	$	8,018,333	$	8,034,122

In the fiscal year ended July 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. In addition, the Company wrote off a balance of $223,662 previously reported as deferred revenue on the consolidated balance sheets. These amounts have been reported on the Company’s consolidated statements of operations and comprehensive loss under the caption “Gain on extinguishment of debt” and are included in the changes in accounts payable and accrued expenses and deferred revenue categories, respectively in the consolidated statements of cash flows. At July 31, 2015 and 2014, there were deferred revenue balances of $0 and $223,662, respectively on our consolidated balance sheets.