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Subsequent Events
12 Months Ended
Jul. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events

Note 15 - Subsequent Events:

 

On September 23, 2015, the Company signed an amendment to a letter agreement which was originally signed in September 2011 and extended in October 2012. The letter agreement agreed to convert an unsecured payable from May 2009 in the amount of approximately $1.1 million to a non-interest bearing balance of approximately $2.25 million included in Accounts Payable & Accruals - General and Administrative (Note 6). Per the original letter agreement, such balance will be settled in Antigen stock following the proposed spinout of Antigen. The September 23, 2015 amendment agreed to amend the total balance owing to approximately $3.15 million (from $2.54 million) in recognition of the party’s forbearance due to the delay in the proposed Antigen spinout. The additional charge of approximately $610,000 will be recognized as an expense in the Company’s fiscal quarter ended October 31, 2015.

 

At our annual shareholders’ meeting on August 19, 2015, the Company received shareholder approval for an increase in authorized shares of common stock from 1,500,000 to 2,450,000. The Certificate of Amendment to the Certificate of Incorporation was filed on September 15, 2015 to effect such increase.

 

The Company has evaluated subsequent events occurring after the balance sheet date through the date the consolidated financial statements were issued.