0001607062-16-000598.txt : 20160114 0001607062-16-000598.hdr.sgml : 20160114 20160114135627 ACCESSION NUMBER: 0001607062-16-000598 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 51 CONFORMED PERIOD OF REPORT: 20151031 FILED AS OF DATE: 20160114 DATE AS OF CHANGE: 20160114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENEREX BIOTECHNOLOGY CORP CENTRAL INDEX KEY: 0001059784 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 820490211 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-25169 FILM NUMBER: 161342572 BUSINESS ADDRESS: STREET 1: 33 HARBOUR SQ STREET 2: STE 202 CITY: TORONTO ONTARIO CANADA STATE: A1 ZIP: M5J 2G2 BUSINESS PHONE: 4163642551 MAIL ADDRESS: STREET 1: 33 HARBOUR SQ STREET 2: STE 202 CITY: TORONTO ONTARIO CA STATE: A1 ZIP: M5J 2G2 10-Q 1 gnbt103115form10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2015

☐ TRANSITION REPORTS PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to ________________

COMMISSION FILE NUMBER: 0-25169

	GENEREX BIOTECHNOLOGY CORPORATION
	(Exact name of registrant as specified in its charter)

Delaware		98-0178636
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

	4145 NORTH SERVICE ROAD, SUITE 200
	BURLINGTON, ONTARIO
	CANADA L7L 6A3
	(Address of principal executive offices)

	(416) 364-2551
	(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☐

Non-accelerated filer ☐		Smaller reporting company ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The number of outstanding shares of the registrant's common stock, par value $.001, was 870,325,348 as of January 14, 2016.

GENEREX BIOTECHNOLOGY CORPORATION

INDEX

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

Consolidated Balance Sheets - October 31, 2015 (unaudited) and July 31, 2015	3

Consolidated Statements of Comprehensive Income - For the three periods ended October 31, 2015 and 2014 (unaudited)	4

Consolidated Statements of Cash Flows - For the three-month periods ended October 31, 2015 and 2014 (unaudited)	5

Notes to Consolidated Financial Statements (unaudited)	6

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3. Quantitative and Qualitative Disclosures About Market Risk	27

Item 4. Controls and Procedures	28

PART II: OTHER INFORMATION

Item 1. Legal Proceedings	28

Item 1A. Risk Factors	28

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	31

Item 3. Defaults Upon Senior Securities	31

[Item 4. Removed and Reserved.]	-

Item 5. Other Information	31

Item 6. Exhibits	33

Signatures	32

PART I. FINANCIAL INFORMATION

GENEREX BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
INTERIM CONSOLIDATED BALANCE SHEETS

				October 31, 2015	July 31, 2015
				(Unaudited)
			ASSETS
Current Assets:
	Cash and cash equivalents			$ 52,429	$ 749,965
	Other current assets			51,962	51,240
			Total Current Assets	104,391	801,205

Property and Equipment, Net				2,459	2,869
Patents, Net				1,377,451	1,430,016

			TOTAL ASSETS	$ 1,484,301	$ 2,234,090


			LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
Current Liabilities:
	Accounts payable and accrued expenses (Note 4)			$ 8,538,585	$ 8,018,333
			Total Current Liabilities	8,538,585	8,018,333

Derivative Warrant Liability (Note 7 and 8)				2,525,315	2,363,415

Derivative Additional Investment Rights Liability (Note 7 and 8)				296,725	142,662

			Total Liabilities	11,360,625	10,524,410

Commitments and Contingencies (Note 5)

Stockholders’ Deficiency (Note 7):
	Series A 9% Convertible Preferred Stock, $1,000 par value; authorized 5,500
		shares, -0- issued shares at October 31, 2015 and July 31, 2015, respectively		--	--
	Series B 9% Convertible Preferred Stock, $1,000 par value; authorized 2,000
		shares, -0- issued shares at October 31, 2015 and July 31, 2015, respectively		--	--
	Series C 9% Convertible Preferred Stock, $1,000 par value; authorized 750
		shares, -0- issued shares at October 31, 2015 and July 31, 2015, respectively		--	--
	Series D 9% Convertible Preferred Stock, $1,000 par value; authorized 750
		shares, -0- issued shares at October 31, 2015 and July 31, 2015, respectively		--	--
	Series E 9% Convertible Preferred Stock, $1,000 par value; authorized 2,450
		shares, -0- issued shares at October 31, 2015 and July 31, 2015, respectively		--	--
	Series F 9% Convertible Preferred Stock, $1,000 par value; authorized 4,150 shares,
		250 and 670 issued shares at October 31, 2015 and July 31, 2015, respectively		--	--
	Series G 9% Convertible Preferred Stock, $1,000 par value; authorized 1,000 shares,
		500 issued shares at October 31, 2015 and July 31, 2015, respectively		--	--
	Common stock, $.001 par value; authorized 2,450,000,000 and 1,500,000,000 shares at
		October 31, 2015 and July 31, 2015, respectively; 870,325,348 and 825,496,238
		issued and outstanding at October 31, 2015 and July 31, 2015, respectively		870,325	825,496
	Additional paid-in capital			362,660,077	362,556,710
	Accumulated deficit			(374,212,528)	(372,481,263)
	Accumulated other comprehensive income			805,802	808,737
			Total Stockholders’ Deficiency	(9,876,324)	(8,290,320)

			TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY	$ 1,484,301	$ 2,234,090

GENEREX BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME (UNAUDITED)

			For the Three Months Ended
			October 31,
			2015	2014
Operating Expenses:
	Research and development		$ 177,570	$ 408,296
	General and administrative (Note 4)		1,140,009	172,334
		Total Operating Expenses	1,317,579	580,630

Operating Loss			(1,317,579)	(580,630)

Other Income/(Expense):
	Interest income		--	9
	Interest expense		(97,723)	(81,734)
	Change in fair value of derivative liabilities (Note 8)		(315,963)	711,978

Net (Loss) / Income			$ (1,731,265)	$ 49,623


Net (Loss) / Income per Common Share (Note 6)
	Basic		$ (0.002)	$ 0.0001
	Diluted		$ (0.002)	$ 0.0001

Shares Used to Compute (Loss) / Income per Share (Note 6)
	Basic		850,126,309	779,964,709
	Diluted		850,126,309	811,211,437


Other Comprehensive (Loss) / Income:
Net (Loss) / Income			$ (1,731,265)	$ 49,623
	Change in foreign currency translation adjustments		(2,936)	3,518

Comprehensive (Loss) / Income:			$ (1,734,201)	$ 53,141

GENEREX BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

					For the Three Months
					Ended October 31,
					2015	2014
Cash Flows From Operating Activities:
	Net (loss)/income				$ (1,731,265)	$ 49,623
	Adjustments to reconcile net (loss) / income to net cash used in operating activities:
		Depreciation and amortization			52,661	115,912
		Stock compensation expense			27,344	--
		Common stock issued for services rendered			4,500	21,050
		Common stock issued as make-whole payments on preferred stock			113,400	58,523
		Change in fair value of derivative liabilities			315,963	(711,978)
		Changes in operating assets and liabilities:
			Accounts payable and accrued expenses		522,064	(601,072)
			Other current assets		(784)	32,294
				Net Cash Used in Operating Activities	(696,117)	(1,035,648)

Cash Flows From Investing Activities:
	Costs incurred for patents				--	(13,887)
				Net Cash Used in Investing Activities	--	(13,887)

Cash Flows From Financing Activities:
	Proceeds from exercise of stock options				2,952	542
				Net Cash Provided by Financing Activities	2,952	542

Effect of Exchange Rates on Cash					(4,372)	(5,058)

Net decrease in cash and cash equivalents					(697,537)	(1,054,051)

Cash and cash equivalents, beginning of period					749,965	3,269,489

Cash and cash equivalents, end of period					$ 52,428	$ 2,215,438

Item 1. Financial Statements

Note 1 – Basis of Presentation:

The accompanying unaudited interim consolidated financial statements (“interim statements”) have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and disclosures required by generally accepted accounting principles for complete financial statements are not included herein. The interim statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form 10-K. The results for the three month period ended October 31, 2015 may not be indicative of the results for the entire year.

Interim statements are subject to possible adjustments in connection with the annual audit of the Company’s accounts for fiscal year 2016. In the Company’s opinion, all adjustments necessary for a fair presentation of these interim statements have been included and are of a normal and recurring nature.

The Company has a limited history of operations and limited revenue to date. The Company has several product candidates that are in various research or early stages of pre-clinical and clinical development. There can be no assurance that the Company will be successful in obtaining regulatory clearance for the sale of existing or any future products or that any of the Company’s products will be commercially viable.

Going Concern

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has experienced negative cash flows from operations since inception and has an accumulated deficit of approximately $374 million and a working capital deficiency of approximately $8.4 million at October 31, 2015. The Company has funded its activities to date almost exclusively from debt and equity financings, as well as the sale of non-essential real estate assets in fiscal 2012 through the first quarter of fiscal 2014.

The Company will continue to require substantial funds to continue research and development, including pre-clinical studies and clinical trials of its product candidates, and to commence sales and marketing efforts, if the U.S. Food and Drug Administration or other regulatory approvals are obtained. Management’s plans in order to meet its operating cash flow requirements include financing activities such as private placements of its common stock, preferred stock offerings, issuances of debt and convertible debt instruments. Management is also actively pursuing financial and strategic alternatives, including strategic investments and divestitures, industry collaboration activities and strategic partners. Management has sold its non-essential real estate assets to augment its cash position.

These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. There are no assurances that such additional funding will be achieved and that the Company will succeed in its future operations. The interim statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts of liabilities that might be necessary should the Company be unable to continue in existence. The Company’s inability to obtain required funding in the near future or its inability to obtain funding on favorable terms will have a material adverse effect on its operations and strategic development plan for future growth. If the Company cannot successfully raise additional capital and implement its strategic development plan, its liquidity, financial condition and business prospects will be materially and adversely affected, and the Company may have to cease operations.

Note 2 – Effects of Recent Accounting Pronouncements:

Recently Issued Accounting Pronouncements

In November 2014, the FASB issued guidance regarding Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. The guidance will be effective for the Company’s first quarter of the fiscal year ended July 31, 2017. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements.

In August 2014, the FASB issued guidance regarding disclosure of uncertainties about an entity’s ability to continue as a going concern. The guidance will be effective for the Company’s fiscal year ended July 31, 2017 and subsequent interim periods. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements.

Note 3 – Stock-Based Compensation:

As of October 31, 2015, the Company had two stockholder-approved stock incentive plans under which shares and options exercisable for shares of common stock have been or may be granted to employees, directors, consultants and advisors. A total of 12,000,000 shares of common stock are reserved for issuance under the 2001 Stock Option Plan (the 2001 Plan) and 135,000,000 shares of common stock are reserved for issuance under the 2006 Stock Plan as amended (the 2006 Plan). At October 31, 2015, there were 2,338,916 and 78,678,172 shares of common stock reserved for future awards under the 2001 Plan and 2006 Plan, respectively. The Company issues new shares of common stock from the shares reserved under the respective Plans upon conversion or exercise of options and issuance of restricted shares.

The 2001 and 2006 Plans (the Plans) are administered by the Board of Directors (the Board). The Board is authorized to select from among eligible employees, directors, advisors and consultants those individuals to whom options are to be granted and to determine the number of shares to be subject to, and the terms and conditions of the options. The Board is also authorized to prescribe, amend and rescind terms relating to options granted under the Plans. Generally, the interpretation and construction of any provision of the Plans or any options granted hereunder is within the discretion of the Board.

The Plans provide that options may or may not be Incentive Stock Options (ISOs) within the meaning of Section 422 of the Internal Revenue Code. Only employees of the Company are eligible to receive ISOs, while employees and non-employee directors, advisors and consultants are eligible to receive options which are not ISOs, i.e. “Non-Qualified Options.” The options granted by the Board in connection with its adoption of the Plans were Non-Qualified Options. In addition, the 2006 Plan also provides for restricted stock grants.

The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing model or the value of the services provided, whichever is more readily determinable. The Black-Scholes option pricing model takes into account, as of the grant date, the exercise price and expected life of the option, the current price of the underlying stock and its expected volatility, expected dividends on the stock and the risk-free interest rate for the term of the option. The Black-Scholes option pricing model was not used to estimate the fair value any option grants in the quarter ended October 31, 2015 or in the fiscal year ended July 31, 2015.

The following is a summary of the common stock options granted, forfeited or expired and exercised under the Plans for the three months ended October 31, 2015:

	Options		Weighted Average Exercise Price per Share		Aggregate Intrinsic Value
Outstanding, August 1, 2015	30,233,074	$	0.0468
Add: Granted	2,952,404		0.0010
Less: Exercised	2,952,404		0.0010
Outstanding, October 31, 2015	30,233,074	$	0.0468	$	189,958
Exercisable, October 31, 2015	30,233,074	$	0.0468	$	189,958

The 30,333,074 outstanding options at October 31, 2015 had a weighted average remaining contractual term of 2.33 years. Options typically vest over a period of two to four years and have a contractual life of five to ten years.

There were no non-vested common stock options granted, vested or forfeited under the Plan for the three months ended October 31, 2015. There was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plans at October 31, 2015.

Note 4 – Accounts Payable and Accrued Expenses:

Accounts payable and accrued expenses consist of the following:

	October 31, 2015		July 31, 2015

Accounts Payable and Accruals - General and Administrative	$	3,746,467	$	3,156,951
Accounts Payable and Accruals - Research and Development		3,981,099		3,861,902
Accounts Payable and Accruals - Selling and Marketing		326,218		326,250
Accrued Make-whole Payments on Convertible Preferred Stock (see Note 7)		202,500		315,900
Executive Compensation and Directors' Fees Payable		282,301		357,330
Total	$	8,583,585	$	8,018,333

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 above. 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 was recognized as a general and administrative expense in the Company’s fiscal quarter ended October 31, 2015.

Note 5 – Commitments and Contingencies:

Pending Litigation

In February 2001, a former business associate of the former Vice President of Research and Development (“VP”) of the Company and an entity known as Centrum Technologies Inc. (“CTI”) commenced an action in the Ontario Superior Court of Justice against the Company and the VP seeking, among other things, damages for alleged breaches of contract and tortious acts related to a business relationship between this former associate and the VP that ceased in July 1996. The plaintiffs’ statement of claim also seeks to enjoin the use, if any, by the Company of three patents allegedly owned by CTI. The three patents are entitled Liquid Formulations for Proteinic Pharmaceuticals, Vaccine Delivery System for Immunization, Using Biodegradable Polymer Microspheres, and Controlled Releases of Drugs or Hormones in Biodegradable Polymer Microspheres. It is the Company’s position that the buccal drug delivery technologies which are the subject matter of the Company’s research, development, and commercialization efforts, including Generex Oral-lyn™ and the RapidMist™ Diabetes Management System, do not make use of, are not derivative of, do not infringe upon, and are entirely different from the intellectual property identified in the plaintiffs’ statement of claim. On July 20, 2001, the Company filed a preliminary motion to dismiss the action of CTI as a nonexistent entity or, alternatively, to stay such action on the grounds of want of authority of such entity to commence the action. The plaintiffs brought a cross motion to amend the statement of claim to substitute Centrum Biotechnologies, Inc. (“CBI”) for CTI. CBI is a corporation of which 50 percent of the shares are owned by the former business associate and the remaining 50 percent are owned by the Company. Consequently, the shareholders of CBI are in a deadlock. The court granted the Company’s motion to dismiss the action of CTI and denied the plaintiffs’ cross motion without prejudice to the former business associate to seek leave to bring a derivative action in the name of or on behalf of CBI. The former business associate subsequently filed an application with the Ontario Superior Court of Justice for an order granting him leave to file an action in the name of and on behalf of CBI against the VP and the Company. The Company opposed the application. In September 2003, the Ontario Superior Court of Justice granted the request and issued an order giving the former business associate leave to file an action in the name of and on behalf of CBI against the VP and the Company. A statement of claim was served in July 2004. The Company is not able to predict the ultimate outcome of this legal proceeding at the present time or to estimate an amount or range of potential loss, if any, from this legal proceeding.

On May 20, 2011, Ms. Perri filed a statement of claim (subsequently amended) in the Ontario Superior Court of Justice, naming as defendants the Company and certain directors of the Company, Mr. Barratt, Ms. Masterson, Mr. McGee, and Mr. Fletcher. In this action, Ms. Perri has alleged that defendants engaged in discrimination, harassment, bad faith and infliction of mental distress in connection with the termination of her employment with the Company. Ms. Perri is seeking damages in this action in excess of $7,000,000 for, among other things, breach of contract, breach of fiduciary duty, violations of the Ontario Human Rights Code and aggravated and punitive damages. On September 20, 2011, the defendants filed a statement of defense and counterclaim, also naming Time Release Corp., Khazak Group Consulting Corp., and David Khazak, C.A. as defendants by counterclaim, and seeking damages of approximately $2.3 million in funds that the defendants allege Ms. Perri wrongly caused the Company to pay to third parties in varying amounts over several years and an accounting of certain third-party payments, plus interests and costs. The factual basis for the counterclaim involves payments made by the Company to third parties believed to be related to Ms. Perri. The Company intends to defend this action and pursue its counterclaim vigorously and is not able to predict the ultimate outcome of this legal proceeding at the present time or to estimate an amount or range of potential loss, if any, from this legal proceeding.

On June 1, 2011, Golden Bull Estates Ltd. filed a claim (subsequently amended) in the Ontario Superior Court of Justice, naming the Company, 1097346 Ontario, Inc. and Generex Pharmaceuticals, Inc. as defendants. The plaintiff, Golden Bull Estates, is controlled by Ms. Perri. The plaintiff alleges damages in the amount of $550,000 for breach of contract, $50,000 for punitive damages, plus interest and costs. The plaintiff’s claims relate to an alleged contract between the plaintiff and the Company for property management services for certain Ontario properties owned by the Company. The Company terminated the plaintiff’s property management services in April 2011. Following the close of pleadings, the Company served a motion for summary judgment. The plaintiff responded by amending its statement of claim to include a claim to the Company’s interest in certain of its real estate holdings. The plaintiff moved for leave to issue and register a Certificate of Pending Litigation in respect of this real estate. The motion was not successful in respect of any current real estate holdings of the Company. The Company is not able to predict the ultimate outcome of this legal proceeding at the present time or to estimate an amount or range of potential loss, if any, from this legal proceeding.

In December 2011, a vendor of the Company commenced an action against the Company and its subsidiary, Generex Pharmaceuticals, Inc., in the Ontario Superior Court of Justice claiming damages for unpaid invoices including interest in the amount of $429,000, in addition to costs and further interest. The Company responded to this statement of claim and also asserted a counterclaim in the proceeding for $200,000 arising from the vendor’s breach of contract and detinue, together with interest and costs. On November 16, 2012, the parties agreed to settle this action and the Company has agreed to pay the plaintiff $125,000, following the spinout of its subsidiary Antigen, from the proceeds of any public or private financing related to Antigen subsequent to such spinout. Each party agreed to execute mutual releases to the claim and counterclaim to be held in trust by each party’s counsel until payment of the settlement amount. Following payment to the plaintiff, the parties agree that a Consent Dismissal Order without costs will be filed with the court. If the Company fails to make the payment following completion of any post-spinout financing related to Antigen or any other subsidiaries, the Plaintiffs may take out a judgment in the amount of the claim plus interest of 3% per annum and costs fixed at $25,000.

The Company is involved in certain other legal proceedings in addition to those specifically described herein. Subject to the uncertainty inherent in all litigation, the Company does not believe at the present time that the resolution of any of these legal proceedings is likely to have a material adverse effect on the Company’s consolidated financial position, operations or cash flows.

With respect to all litigation, as additional information concerning the estimates used by the Company becomes known, the Company reassesses its position both with respect to accrued liabilities and other potential exposures.

Note 6 – Net (Loss) / Income Per Share (“EPS”):

Basic EPS and Diluted EPS for the three-month period ended October 31, 2015 have been computed by dividing the net loss available to common stockholders for the period by the weighted average shares outstanding during each period. All outstanding stock options, non-vested restricted stock, warrants and common stock underlying convertible preferred stock, representing 606,644,111 incremental shares at October 31, 2015, have been excluded from the respective computations of Diluted EPS as they are anti-dilutive.

Basic EPS for the three-month period ended October 31, 2014 has been computed by dividing the net income available to common stockholders for the respective periods by the weighted average shares outstanding during those periods.

The following table represents a reconciliation of the basic and diluted EPS computations contained in our interim statements for the three-month period ended October 31, 2014:

	Three Months Ended
	October 31, 2014
	Net Income		Weighted Average Shares		Earnings per Share
Basic EPS	$	49,623		779,964,709	$	0.0001
Effect of dilutive securities:
Stock options		—		31,246,728		—
Warrants		—		—		—
Convertible preferred stock		—		—		—
Diluted EPS	$	49,623		811,211,437	$	0.0001

Diluted EPS for the three-month periods ended October 31, 2014 has been computed by dividing the net income available to common stockholders for the respective periods by the diluted weighted average shares outstanding during that period.

Per the treasury method of calculating diluted EPS, 31,246,728 shares representing outstanding stock options which have an exercise price lower than the average market price for the quarter ended October 31, 2014, are included in the calculation of EPS. All remaining outstanding stock options and warrants which have out-of-the-money exercise prices, representing 260,739,100 incremental shares in aggregate, have been excluded from the October 31, 2014 computation of diluted EPS, as they are anti-dilutive. In addition, 43,740,916 shares underlying the remaining Series E and F convertible preferred stock (including 9,299,250 shares for “make-whole payments”) have been excluded from the number of shares used in the diluted EPS calculation, as they are anti-dilutive.

Note 7 – Stockholders’ Deficiency:

Common Stock

During the three months ended October 31, 2015, the Company issued or committed to issue 300,000 shares of common stock to various consultants for services rendered, valued at $4,500.

During the three months ended October 31, 2015, the Company issued 27,999,999 shares of common stock in conjunction with the conversion of 420 shares of the Series F 9% Convertible Preferred Stock and 13,576,707 shares of common stock as “make-whole” dividend payments on the Series F 9% Convertible Preferred Stock.

During the three months ended October 31, 2015, the Company issued 2,952,404 to various employees in exchange for services rendered in the amount of $27,344.

During the three months ended October 31, 2015, the Company received proceeds of $2,952 from exercises of options at $0.001 per share. The Company issued 2,952,404 shares of common stock as a result of these exercises.

The stockholders’ deficiency transactions for the three months ended October 31, 2015, including the transactions described above are summarized below:

	Common Stock
	Shares		Amount		Additional Paid-In Capital			Stockholders' Deficiency

Balance at August 1, 2015		825,496,238	$	825,495	$	362,556,710		$	(8,290,320	)
Issuance of common stock on conversion of convertible preferred stocks		27,999,999		28,000		(28,000	)		—
Issuance of common stock as make-whole payments on convertible preferred stock		13,576,707		13,577		99,823			113,400
Issuance of common stock for services		300,000		300		4,200			4,500
Issuance of stock options for services		—		—		27,344			27,344
Exercise of stock options		2,952,404		2,953		—			2,953
Balance at October 31, 2015		870,325,348	$	870,325	$	362,660,077

Other changes to Stockholders’ Deficiency
Net loss for three months ended October 31, 2015									(1,731,265	)
Currency translation adjustment									(2,936	)
Stockholders’ Deficiency at October 31, 2015								$	(9,876,324	)

Warrants

There are 512,911,037 warrants outstanding as of October 31, 2015. There were no warrants issued, or exercised for the three months ended October 31, 2015. The outstanding warrants at October 31, 2015 have a weighted average exercise price of $0.015 per share and have a weighted average remaining life of 2.23 years.

As of October 31, 2015, the Company has 512,911,037 warrants with a current exercise price of $0.015 which have price protection provisions that allow for the reduction in the current exercise price upon the occurrence of certain events, including the Company’s issuance of common stock or securities convertible into or exercisable for common stock, such as options and warrants, at a price per share less than the exercise price then in effect. For instance, if the Company issues shares of its common stock or options exercisable for or securities convertible into common stock at an effective price per share of common stock less than the exercise price then in effect, the exercise price will be reduced to the effective price of the new issuance. Simultaneously with any reduction to the exercise price, the number of shares of common stock that may be purchased upon exercise of each of these warrants shall be increased proportionately, so that after such adjustment the aggregate exercise price payable for the adjusted number of warrants shall be the same as the aggregate exercise price in effect immediately prior to such adjustment. There are a limited number of permitted types of stock and equity instrument issuances for each series of warrants which will not invoke the price protection provisions of these warrants.

The Company accounts for the warrants with price protection provisions in accordance with FASB ASC Topic 815 as described in Note 8 - Derivative Liabilities below. As of October 31, 2015, there were a total of 512,911,037 warrants with an estimated fair value of $2,525,315, which are identified on the interim consolidated balance sheets under the caption “Derivative Warrant Liability”.

Series A, B, C, D and E 9% Convertible Preferred Stock

All of the Company’s Series A, B, C, D and E 9% Convertible Preferred Stock was converted prior to the beginning of the Company’s 2016 fiscal year.

Series F and G 9% Convertible Preferred Stock

The Company has authorized 4,150 shares of Series F 9% Convertible Preferred Stock with a stated value of one thousand ($1,000) per share. Pursuant to a securities purchase agreement dated March 27, 2014, the Company sold an aggregate of 2,075 shares of Series F convertible preferred stock, as well as accompanying warrants to purchase 69,166,667 shares of common stock. An aggregate of 69,166,667 shares of the Company’s common stock were issuable upon conversion of the Series F convertible preferred stock which was issued at the closing on March 27, 2014.

The Company has authorized 1,000 shares of Series G 9% Convertible Preferred Stock with a stated value of one thousand ($1,000) per share. Pursuant to a securities purchase agreement dated June 24, 2015, the Company sold an aggregate of 500 shares of Series G convertible preferred stock, as well as accompanying warrants to purchase 33,333,333 shares of common stock. An aggregate of 33,333,333 shares of the Company’s common stock are issuable upon conversion of the Series G convertible preferred stock which was issued at the closing on June 24, 2015.

Subject to certain ownership limitations, the convertible preferred stock is convertible at the option of the holder at any time into shares of the Company’s common stock at an effective conversion price of $0.015 per share (Note: The conversion price for the Series F Convertible Preferred Stock was adjusted from $0.03 to $0.015 in conjunction with the Series G Convertible Preferred Stock financing on June 24, 2015), and will accrue a 9% dividend until the third year anniversary of the issuances. On each one year anniversary thereafter, such dividend rate will increase by an additional 3%. The dividend is payable quarterly on September 30, December 31, March 31 and June 30, beginning on June 30, 2014 and June 30, 2015, respectively, and on each conversion date in cash, or at the Company’s option, in shares of common stock. In the event that the Series F and G convertible preferred stock is converted prior to March 27, 2017 and June 24, 2018, respectively, the Company will pay the holder of the converted preferred stock an amount equal to $270 per $1,000 of stated value of the convertible preferred stock, less the amount of all prior quarterly dividends paid on such converted preferred stock before the relevant conversion date. Such “make-whole payment” may be made in cash or, at the Company’s option, in shares of its common stock. In addition, beginning on the third anniversary date of the issuances, the Company will pay dividends on shares of preferred stock equal to (on an as-if-converted-to-common-stock basis) and in the same form as dividends (other than dividends in the form of common stock) actually paid on shares of the common stock when, and if such dividends are paid. The Company will incur a late fee of 18% per annum on unpaid dividends.

The conversion price of the convertible preferred stock is subject to adjustment in the case of stock splits, stock dividends, combinations of shares, similar recapitalization transactions and certain pro-rata distributions to common stockholders. The conversion price will also be adjusted if the Company sells or grants any shares of common stock or

securities convertible into, or rights to acquire, common stock at an effective price per share that is lower than the then conversion price, except in the event of certain exempt issuances. In addition, the holders of convertible preferred stock will be entitled to receive any securities or rights to acquire securities or property granted or issued by the Company pro rata to the holders of its common stock to the same extent as if such holders had converted all of their shares of convertible preferred stock. In the event of a fundamental transaction, such as a merger, consolidation, sale of substantially all assets and similar reorganizations or recapitalizations, the holders of convertible preferred stock will be entitled to receive, upon conversion of their shares, any securities or other consideration received by the holders of the Company’s common stock pursuant to the fundamental transaction. The conversion price for the Series F Convertible Preferred Stock was adjusted from $0.03 to $0.015 in conjunction with the Series G Convertible Preferred Stock on June 24, 2015 and the number of common shares underlying the 838 Series F Convertible Preferred Stock outstanding at that date increased from 27,941,667 to 55,883,333.

In conjunction with the issuance of the Series F convertible preferred stock in March 2014 and the issuance of the Series G convertible preferred stock in June 2015, the Company also issued 69,166,667 and 33,333,333 warrants, respectively to the investors. Subject to certain ownership limitations, the warrants will be exercisable at any time after their respective dates of issuance and on or before the fifth-year anniversary thereafter at an exercise price of $0.015 per share of common stock (Note: The conversion price for the warrants issued in the Series F Convertible Preferred Stock financing was adjusted from $0.03 to $0.015 in conjunction with the Series G Convertible Preferred Stock financing on June 24, 2015 and the number of warrants increased from 69,166,667 to 138,333,334). The exercise price of the warrants and, in some cases, the number of shares issuable upon exercise, are subject to adjustment in the case of stock splits, stock dividends, combinations of shares, similar recapitalization transactions and certain pro-rata distributions to common stockholders. The exercise price and number of shares of common stock issuable upon exercise will also be adjusted if the Company sells or grants any shares of common stock or securities convertible into, or rights to acquire, common stock at an effective price per share that is lower than the then exercise price, except in the event of certain exempt issuances. In addition, the warrant holders will be entitled to receive any securities or rights to acquire securities or property granted or issued by the Company pro rata to the holders of its common stock to the same extent as if such holders had exercised all of their warrants. In the event of a fundamental transaction, such as a merger, consolidation, sale of substantially all assets and similar reorganizations or recapitalizations, the warrant holders will be entitled to receive, upon exercise of their warrants, any securities or other consideration received by the holders of the Company’s common stock pursuant to the fundamental transaction. These warrants have been classified as derivative liabilities and are described further in Note 8 – Derivative Liabilities.

In addition, until the first anniversary date of the March 2014 securities purchase agreement and the first anniversary of the August 19, 2015 shareholder approval of the increase in authorized stock, respectively, each investor may, in its sole determination, elect to purchase, severally and not jointly with the other investors, in one or more purchases, in the ratio of such investor's original subscription amount to the original aggregate subscription amount of all investors, additional units consisting of convertible preferred stock and warrants at a purchase price of $1,000 per unit with an aggregate subscription amount thereof of up to $2,075,000 and $500,000, respectively, which units will have terms identical to the units of convertible preferred stock and warrants issued in connection with the March 2014 and June 2015 closings. These additional investment rights of the investors have been classified as derivative liabilities and are described further in Note 8 – Derivative Liabilities. The March 2014 additional investment rights expired on March 27, 2015 and none had been exercised up to that date. The June 2015 additional investment rights expire on August 19, 2016 and none have been exercised to date.

As of October 31, 2015, 1,825 of the Series F convertible preferred stock had been converted to common stock. There were 80,441,665 shares of common stock issued upon the conversion of the Series F convertible preferred stock and 29,971,378 shares of common stock issued as “make-whole payments” on such conversions. As of October 31, 2015, none of the Series G convertible preferred stock had been converted to common stock.

Accounting for proceeds from the Series F convertible preferred stock financing

The initial cash proceeds, net of issuance costs of $55,000, from the Series F convertible preferred stock financing in March 2014 were $2,020,000. The proceeds from the financing were allocated first to the warrants that were issued in the financing, second to the additional investment rights associated with the financing and then to the make whole payments and subsequent issuance costs. As the assigned fair values were greater than the net cash proceeds from the transaction, the excess was treated as a “deemed dividend” for accounting purposes and was reported on the Company’s consolidated statement of comprehensive (loss) / income for the fiscal year ended July 31, 2014 under the caption “Preferred Stock Dividend”. The calculation methodologies for the fair values of the derivative warrant liability and the derivative additional investment rights liability are described in Note 8 – Derivative Liabilities below. The fair values assigned to each component and the calculation of the amount of the deemed dividend are as follows:

Accounting allocation of initial proceeds
Net proceeds	$	2,020,000
Derivative warrant liability fair value		(2,016,064	)
Derivative additional investment rights fair value		(863,735	)
Other issuance costs (finders’ fee)		(166,000	)
Make whole payments liability		(560,250	)
Deemed dividend	$	(1,586,050	)

The initial “make-whole payments” of $560,250 on the Series F convertible preferred stock were accrued as of the date of the financing and the remaining balance of $67,500 (after conversions) is included in Accounts Payable and Accrued Expenses (see Note 4) at October 31, 2015.

Accounting for proceeds from the Series G convertible preferred stock financing

The initial cash proceeds, net of issuance costs of $25,000, from the Series G convertible preferred stock financing in June 2015 were $475,000. The proceeds from the financing were allocated first to the warrants that were issued in the financing, second to the additional investment rights associated with the financing and then to the make whole payments and subsequent issuance costs. As the assigned fair values were greater than the net cash proceeds from the transaction, the excess was treated as a “deemed dividend” for accounting purposes and was reported on the Company’s consolidated statement of comprehensive (loss) / income for the fiscal year ended July 31, 2015 under the caption “Preferred Stock Dividend”. The calculation methodologies for the fair values of the derivative warrant liability and the derivative additional investment rights liability are described in Note 8 – Derivative Liabilities below. The fair values assigned to each component and the calculation of the amount of the deemed dividend are as follows:

Accounting allocation of initial proceeds
Net proceeds	$	475,000
Derivative warrant liability fair value		(354,535	)
Derivative additional investment rights fair value		(285,048	)
Other issuance costs (finders’ fee)		(40,000	)
Make whole payments liability		(135,000	)
Deemed dividend	$	(339,583	)

The initial “make-whole payments” of $135,000 on the Series G convertible preferred stock were accrued as of the date of the financing and the remaining balance of $135,000 (after conversions) is included in Accounts Payable and Accrued Expenses (see Note 4) at October 31, 2015.

Note 8 – Derivative Liabilities:

Derivative warrant liability

The Company has warrants outstanding with price protection provisions that allow for the reduction in the exercise price of the warrants in the event the Company subsequently issues stock or securities convertible into stock at a price lower than the exercise price of the warrants. Simultaneously with any reduction to the exercise price, the number of shares of common stock that may be purchased upon exercise of each of these warrants shall be increased or decreased proportionately, so that after such adjustment the aggregate exercise price payable for the adjusted number of warrants shall be the same as the aggregate exercise price in effect immediately prior to such adjustment.

Accounting for Derivative Warrant Liability

The Company’s derivative instruments have been measured at fair value at October 31, 2015 and July 31, 2015 using the binomial lattice model. The Company recognizes all of its warrants with price protection in its consolidated balance sheets as a liability. The liability is revalued at each reporting period and changes in fair value are recognized currently in the consolidated statements of comprehensive income. The initial recognition and subsequent changes in fair value of the derivative warrant liability have no effect on the Company’s consolidated cash flows.

The derivative warrants outstanding at October 31, 2015 are all currently exercisable with a weighted-average remaining life of 2.23 years.

a gain of $517,466 within the Company’s consolidated statements of comprehensive (loss) / income for the three months ended October 31, 2014, which are included in the consolidated statement of comprehensive (loss) / income under the caption “Change in fair value of derivative liabilities”. The fair values of the warrants at October 31, 2015 and July 31, 2015 were $2,525,315 and $2,363,415, respectively, which are reported on the consolidated balance sheets under the caption “Derivative Warrant Liability”. The following summarizes the changes in the value of the derivative warrant liability from August 1, 2015 until October 31, 2015:

		Value	No. of Warrants
Balance at August 1, 2015 – Derivative warrant liability	$	2,363,415	512,911,037
Decrease in fair value of derivative warrant liability		161,900	n/a
Balance at October 31, 2015 – Derivative warrant liability	$	2,525,315	512,911,037

Fair Value Assumptions Used in Accounting for Derivative Warrant Liability

The Company has determined its derivative warrant liability to be a Level 2 fair value measurement and has used the binominal lattice pricing model to calculate the fair value as of October 31, 2015 and July 31, 2014. The binomial lattice model requires six basic data inputs: the exercise or strike price, time to expiration, the risk free interest rate, the current stock price, the estimated volatility of the stock price in the future, and the dividend rate. Because the warrants contain the price protection feature, the probability that the exercise price of the warrants would decrease as the stock price decreased was incorporated into the valuation calculations. The key inputs used in the October 31, 2015 and July 31, 2015 fair value calculations were as follows:

		October 31, 2015			July 31, 2015
Current exercise price	$	0.015		$	0.015
Time to expiration		2.2			2.5 years
Risk-free interest rate		1.05	%		1.08	%
Estimated volatility		95	%		82	%
Dividend		0			0
Stock price at period end date	$	0.0082		$	0.01

Fair Value Assumptions Used in Accounting for Derivative Additional Investment Rights Liability

The Company has determined the derivative additional investment rights liability to be a Level 2 fair value measurement and has used the binominal lattice pricing model to measure the fair value. The Series F additional investment rights expired in March 2015. The fair value of the Series G derivative liability associated with the additional investment rights was determined to be $296,725 at October 31, 2015 (July 31, 2015 - $142,662).

The key inputs used in the fair value calculation at October 31, 2015 and July 31, 2015 were as follows:

	October 31, 2015			July 31, 2015
Underlying number of units of convertible preferred stock		500			500
Underlying number of units of warrants		33,333,333			33,333,333
Current exercise price of warrants		0.015			0.015
Current conversion price of preferred stock		0.015			0.015
Time to expiration		0.80 years			1.05 years
Risk-free interest rate		0.23	%		0.30	%
Estimated volatility		106	%		79	%
Dividend		0			0
Stock price at period end date	$	0.0082			0.01

The revaluation of the additional investment rights in the three-month period ended October 31, 2015, resulted in the recognition of a loss of $154,063 and in the three-month period ended October 31, 2014, the revaluation resulted in the recognition of a gain of $194,512. The respective loss and gain are recorded within the Company’s consolidated statements of comprehensive (loss) / income under the caption “Change in fair value of derivative liabilities”.

Note 9 – Subsequent Events:

The Company has evaluated subsequent events occurring after the balance sheet date through the date the interim statements were issued and determined that there are no events requiring financial statement disclosure.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

As used herein, the terms the “Company,” “Generex,” “we,” “us,” or “our” refer to Generex Biotechnology Corporation, a Delaware corporation. The following discussion and analysis by management provides information with respect to our financial condition and results of operations for the three-month periods ended October 31, 2015 and 2014. This discussion should be read in conjunction with the information contained in Part I, Item 1A - Risk Factors and Part II, Item 8 - Financial Statements and Supplementary Data in our Annual Report on Form 10-K for the year ended July 31, 2015, as amended, and the information contained in Part I, Item 1 - Financial Statements and Part II, Item 1A- Risk Factors in this Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2015.

Forward-Looking Statements

We have made statements in this Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this Quarterly Report on Form 10-Q of Generex Biotechnology Corporation for the fiscal quarter ended October 31, 2015 that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). The Act limits our liability in any lawsuit based on forward-looking statements that we have made. All statements, other than statements of historical facts, included in this Quarterly Report that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections, future capital expenditures, business strategy, competitive strengths, goals, expansion, market and industry developments and the growth of our businesses and operations, are forward-looking statements. These statements can be identified by introductory words such as “may,” "expects," “anticipates,” "plans," "intends," "believes," "will," "estimates" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Our forward-looking statements address, among other things:

•

our expectations concerning product candidates for our technologies;

•

our expectations concerning existing or potential development and license agreements for third-party collaborations, acquisitions and joint ventures;

•

our expectations of when different phases of clinical activity may commence and conclude;

•

our expectations of when regulatory submissions may be filed or when regulatory approvals may be received; and

•

our expectations of when commercial sales of our products may commence and when actual revenue from the product sales may be received.

Any or all of our forward-looking statements may turn out to be wrong. They may be affected by inaccurate assumptions that we might make or by known or unknown risks and uncertainties. Actual outcomes and results may differ materially from what is expressed or implied in our forward-looking statements. Among the factors that could affect future results are:

•

the inherent uncertainties of product development based on our new and as yet not fully proven technologies;

•

the risks and uncertainties regarding the actual effect on humans of seemingly safe and efficacious formulations and treatments when tested clinically;

•

the inherent uncertainties associated with clinical trials of product candidates;

•

the inherent uncertainties associated with the process of obtaining regulatory approval to market product candidates;

•

the inherent uncertainties associated with commercialization of products that have received regulatory approval;

	•	the further decline in our stock price;

	•	our ability to pay dividends on our recently issued preferred stock; and

•

our ability to obtain the necessary financing to fund our operations and effect our strategic development plan.

Additional factors that could affect future results are set forth in Part I, Item 1A Risk Factors of our Annual Report on Form 10-K for the year ended July 31, 2015, as amended, and in Part II, Item 1A. Risk Factors of this Quarterly Report on Form 10-Q. We caution investors that the forward-looking statements contained in this Quarterly Report must be interpreted and understood in light of conditions and circumstances that exist as of the date of this Quarterly Report. We expressly disclaim any obligation or undertaking to update or revise forward-looking statements to reflect any changes in management's expectations resulting from future events or changes in the conditions or circumstances upon which such expectations are based.

Executive Summary

Overview of Business

We are engaged primarily in the research and development of drug delivery systems and technologies. Our primary focus at the present time is our proprietary technology for the administration of formulations of large molecule drugs to the oral (buccal) cavity using a hand-held aerosol applicator. Through our wholly-owned subsidiary, Antigen Express, Inc. (“Antigen”), we have undertaken work on immunomedicines incorporating proprietary vaccine formulations.

We believe that our buccal delivery technology is a platform technology that has application to many large molecule drugs and provides a convenient, non-invasive, accurate and cost-effective way to administer such drugs. We have identified several large molecule drugs as possible candidates for development, including estrogen, heparin, monoclonal antibodies, human growth hormone and fertility hormones, but to date have focused our development efforts primarily on one pharmaceutical product, Generex Oral-lyn™, an insulin formulation administered as a fine spray into the oral cavity using our proprietary hand-held aerosol spray applicator known as RapidMist™.

Our wholly-owned subsidiary, Antigen, concentrates on developing proprietary vaccine formulations that work by stimulating the immune system to either attack offending agents (i.e., cancer cells, bacteria, and viruses) or to stop attacking benign elements (i.e., self proteins and allergens). Our immunomedicine products are based on two platform technologies and are in the early stages of development. We have undertaken clinical development work in respect of Antigen’s synthetic peptide vaccines designed to stimulate a potent and specific immune response against tumors expressing the HER-2/neu oncogene for patients with HER-2/neu positive breast cancer in a Phase II clinical trial and patients with prostate cancer and against avian influenza in two Phase I clinical trials. The synthetic vaccine technology has certain advantages for pandemic or potentially pandemic viruses, such as the H5N1 avian and H1N1 swine flu. In addition to developing vaccines for pandemic influenza viruses, we have undertaken vaccine development efforts for seasonal influenza virus, HIV, HPV, melanoma, ovarian cancer, allergy and Type I diabetes mellitus.

Financial Condition

We are a development stage company and do not expect sufficient revenues to support our operation in the immediately foreseeable future. To date, we have not been profitable and our accumulated net loss available to shareholders was $374,212,528 at October 31, 2015. As of October 31, 2015, our current cash position is not sufficient to meet our working capital needs for the next twelve months. To continue operations, we will require additional funds to support our working capital requirements and any development activities, or will need to suspend operations. Management is seeking various alternatives to ensure that we can meet some of our operating cash flow requirements through financing activities, such as private placement of our common stock, preferred stock offerings and offerings of debt and convertible debt instruments as well as through merger or acquisition opportunities. In addition, management is actively seeking strategic alternatives, including strategic investments and divestitures. Management has sold non-essential real estate assets which were classified as Assets Held for Investment to augment its cash position. We cannot provide any assurance that we will obtain the required funding. Our inability to obtain required funding in the near future or our inability to obtain funding on favorable terms will have a material adverse effect on our operations and our strategic development plan for future growth. If we cannot successfully raise additional capital and implement our strategic development plan, our liquidity, financial condition and business prospects will be materially and adversely affected and we may have to cease operations.

Generex Oral-lyn™

Regulatory Approvals and Clinical Trials

To date, we have received regulatory approval in Ecuador, India (subject to marketing approval of in-country clinical study), Lebanon and Algeria for the commercial marketing and sale of Generex Oral-lyn™. No dossier related activities took place in any other countries during fiscal 2015 or the first quarter of fiscal 2016, nor are any expected during the remainder of fiscal 2016.

In March 2008, we initiated Phase III clinical trials for this product in the U.S. with the first patient screening for such trials at a clinical study site in Texas in April 2008. Approximately 450 patients have been enrolled to date at approximately 70 clinical sites around the world, including sites in the United States, Canada, Bulgaria, Poland, Romania, Russia, Ukraine and Ecuador. The first Oral-lyn™ global Phase III trial initiated in April 2008 had a final patient visit date in August 2011. After appropriate validation, the data from approximately 450 patients was tabulated, reviewed and analyzed. Those results from the Phase III trial along with a comprehensive review and supplemental analyses of approximately 40 prior Oral-lyn™ clinical studies were compiled and submitted to the FDA in late December 2011 in a comprehensive package including a composite meta-analysis of all safety data. We are currently in ongoing discussions with the FDA with respect to the pathway for regulatory approval, including any additional clinical or pharmacological studies that might be required to support regulatory approval or enhance marketing success. We do not currently plan to expend significant resources on additional clinical trials of Oral-lyn™ until after such time that we secure additional financing.

Marketing

We have entered into licensing and distribution agreements with a number of multinational distributors to assist us with the process of gaining regulatory approval for the registration, marketing, distribution, and sale of Generex Oral-lyn™ in countries throughout the world. Under these licensing and distribution agreements, excluding one with Dong Sung Pharm Co. in South Korea, we will not receive an upfront license fee, but the distributor will bear any and all costs associated with the procurement of governmental approvals for the sale of Generex Oral-Lyn™, including any clinical and regulatory costs. We possess the worldwide marketing rights to our oral insulin product.

In India, a marketing plan has been submitted by Shreya Life Sciences Pvt. Ltd., to Generex on the marketing strategy for the distribution of Oral Recosulin™, the trademark under which Shreya will market Generex Oral-lyn™ within India. The marketing plan also includes post-approval marketing studies. Per the requirements of the regulatory approval in India, an in-country clinical study must be completed in India with Oral Recosulin™ before commercial sales can commence. The field portion of the study was completed in the third calendar quarter of 2012. The marketing acceptance dossier has been submitted to the Indian regulatory authority. Generex has provided additional, detailed scientific data to support the Shreya submission. We have not recognized any revenues from the sale of Generex Oral-lyn™ in India through the first quarter of the 2016 fiscal year.

We do not currently plan to expend significant resources on additional clinical trials or to further the commercialization of Generex Oral-lyn™ until after such time that we secure additional financing.

Cancer and Immunotherapeutic Vaccine Platforms

Our wholly-owned subsidiary Antigen Express is developing proprietary vaccine formulations based upon two platform technologies that were discovered by its founder, the Ii-Key hybrid peptides and Ii-Suppression. These technologies are applicable for either antigen-specific immune stimulation or suppression, depending upon the dosing and formulation of its products. Using active stimulation, we are focusing on major diseases such as breast, prostate and ovarian cancer, melanoma, influenza (including H5N1 avian and H1N1 swine flu) and HIV. Autoimmune diseases such as diabetes and multiple sclerosis are the focus of our antigen-specific immune suppression work.

Antigen’s immunotherapeutic vaccine AE37 is currently in Phase II clinical trials for patients with HER-2/neu positive breast cancer. The trial is being conducted with the United States Military Cancer Institute's (USMCI) Clinical Trials Group and will examine the rate of relapse in patients with node-positive or high-risk node-negative breast cancer after two years. The study is randomized and will compare patients treated with AE37 plus the adjuvant GM-CSF versus GM-CSF alone. The Phase II trial follows a Phase I trial that demonstrated safety, tolerability, and immune stimulation of the AE37 vaccine in breast cancer patients.

Based on positive results in trials of the AE37 vaccine in breast cancer patients, we entered into an agreement in August 2006 with the Euroclinic, a private center in Athens, Greece, to commence clinical trials with the same compound as an immunotherapeutic vaccine for prostate cancer. A Phase I trial involving 29 patients was completed in August 2009, which similarly showed safety, tolerability and induction of a specific immune response. Agreements, as well as a protocol, are in place for initiation of a Phase II clinical trial once additional funding is available.

The same technology used to enhance immunogenicity is being applied in the development of a synthetic peptide vaccine for H5N1 avian influenza and the 2009 H1N1 swine flu. In April 2007, a Phase I clinical trial of Antigen’s proprietary peptides derived from the hemagglutinin protein of the H5N1 avian influenza virus was initiated in healthy volunteers in the Lebanese-Canadian Hospital in Beirut, Lebanon. We have completed the first portion of the Phase I trial. Modified peptide vaccines for avian influenza offer several advantages over traditional egg-based or cell-culture based vaccines. Modified peptide vaccines can be manufactured by an entirely synthetic process which reduces cost and increases both the speed and quantity of vaccine relative to egg- or cell-culture based vaccines. Another advantage is that the peptides are derived from regions of the virus that are similar enough in all H5N1 and H1N1 virus strains such that they would not have to be newly designed for the specific strain to emerge in a pandemic.

A Physician’s Investigational New Drug (“IND”) application for the Phase I and Phase II trials in patients with stage II HER-2/neu positive breast cancer has been filed with the FDA. The Phase I trial was completed at the Walter Reed Army Medical Center in Washington, D.C., and the Phase II trial is taking place at 13 sites, including 11 in the U.S., one in Germany and one in Greece. A Physician’s Investigational New Drug application for a Phase I trial in patients with breast or ovarian cancer also has been filed with the FDA and this Phase I trial is being conducted in Dallas, Texas at the Mary Crowley Cancer Center. Applications were filed and approvals obtained for a Phase I prostate cancer trial using AE37 in Athens, Greece from the Hellenic Organization of Drugs, and this Phase I trial was completed in August 2009. The Ministry of Health in Lebanon gave approval for Phase I trial of our experimental H5N1 prophylactic vaccine in Beirut, Lebanon following submission of an application. All other immunomedicine products are in the pre-clinical stage of development.

Other Potential Buccal Products

We have had past discussions regarding possible research collaborations with various pharmaceutical companies concerning use of our large molecule drug delivery technology with other compounds, including monoclonal antibodies, human growth hormone, fertility hormone, estrogen and heparin, and a number of vaccines. We have not expended resources to further develop any of these products during the fiscal year ended July 31, 2015 or thus far in fiscal 2016 and do not currently have plans to expend further resources on these products.

Competition

We face competition from other providers of alternate forms of insulin. Some of our most significant competitors, Pfizer, Eli Lilly, and Novo Nordisk, have announced that they will discontinue development and/or sale of their inhalable forms of insulin. Generex Oral-lyn™ is not an inhaled insulin; rather, it is a buccally absorbed formulation with no residual pulmonary deposition. We believe that our buccal delivery technology offers several advantages, including the ease of use, portability, avoidance of pulmonary inhalation and safety profile. Furthermore, insulin administered through the Generex Oral-lyn™ RapidMist™ technology is absorbed directly into the blood stream and not only acts rapidly, but returns to baseline quickly, thereby minimizing the chance of developing hypoglycemia.

In May 2009, MannKind Corporation submitted an NDA to the FDA requesting approval to market AFREZZA^® (insulin human [rDNA origin]) Inhalation Powder, for the treatment of adult patients with Type 1 and Type 2 diabetes for the control of hyperglycemia. In January 2011, MannKind announced that it had received a complete response letter from the FDA for AFREZZA^®. In August 2011, MannKind announced that it has confirmed with the FDA the design of the two additional clinical studies which are required for AFREZZA^®. In August 2013, MannKind announced positive late-stage data on its inhaled insulin AFREZZA® from the two additional Phase III studies on Type 1 and Type 2diabetes and has resubmitted a new drug application to the FDA in October 2013 seeking approval for the marketing of AFREZZA^®. Mannkind received FDA approval in June 2014 and this product is now commercially available in the United States. In addition to other delivery systems for insulin, there are numerous products, such as sulfonylureas (Amaryl®and Glynase®), biguanides (branded and generic metformin products), thiazolidinediones (Avandia®and Actos®), glucagon-like peptide 1 (Byetta®and Victoza®), and dipeptidyl peptidase IV inhibitors (Januvia® and Onglyza™), which have been approved for use in the treatment of Type 2 diabetics in substitution of, or in addition to, insulin therapy. These products may also be considered competitive with insulin products.

Large pharmaceutical companies, such as Merck & Co., Inc., GlaxoSmithKline PLC, Novartis, Inc., MedImmune Inc. (a subsidiary of Astra-Zeneca, Inc.) and others, also compete against us in the oncology, immunomedicine and vaccine markets. These companies have competing experience and expertise in securing government contracts and grants to support research and development efforts, conducting testing and clinical trials, obtaining regulatory approvals to market products, as well as manufacturing and marketing approved products. As such, they are also considered significant competitors in these fields of pharmaceutical products and therapies. There are also many smaller companies which are pursuing similar technologies in these fields who are considered to be competitors of Generex.

Brief Company Background

We are a development stage company. From inception through the end of the quarter ended October 31, 2015, we have received only limited revenues from operations. We did not have any revenue for the three months ended October 31, 2015 or in the fiscal year ended July 31, 2015

We operate in only one segment: the research and development of drug delivery systems and technologies for metabolic and immunological diseases.

We were incorporated in the State of Delaware in 1997. Our principal executive offices are located at 4145 North Service Road, Suite 200, Burlington, Ontario, Canada, and our telephone number at that address is (416) 364-2551. We maintain an Internet website at www.generex.com. We make available free of charge on or through our website our filings with the SEC.

Accounting for Research and Development Projects

Our major research and development projects are the refinement of our platform buccal delivery technology, our buccal insulin project (Generex Oral-lyn™) and Antigen’s peptide immunotherapeutic vaccines.

During the first quarter of the current fiscal year and during the last fiscal year, we expended resources on the clinical testing and results analysis of our buccal insulin product, Generex Oral-lyn™. In July 2007, we received no objection from the FDA to proceed with our long-term multi-center Phase III study protocol for Generex Oral-lyn™. The first Oral-lyn global Phase III trial initiated in April 2008 had a final patient visit date in August 2011. After appropriate validation, the data from approximately 450 patients was tabulated, reviewed and analyzed. Those results from the Phase III trial along with a comprehensive review and supplemental analyses of approximately 40 prior Oral-lyn clinical studies were compiled and submitted to the FDA in late December 2011 in a comprehensive package including a composite meta-analysis of all safety data. We continue to have discussions with the FDA with respect to the pathway for regulatory approval, including any additional clinical or pharmacological studies that might be required to support regulatory approval or enhance marketing success. Late-stage trials involve testing our product with a large number of patients over a significant period of time. The completion of late-stage trials in Canada and the United States will require significantly greater funds than we currently have on hand. We do not currently plan to expend significant resources on additional clinical trials of Oral-lyn™ until after such time that we secure additional financing.

During the first quarter of the current fiscal year and during the last fiscal year, we expended resources on research and development relating to Antigen’s peptide immunotherapeutic vaccines and related technologies. Antigen has one vaccine currently in Phase II clinical trials in the United States involving patients with HER-2/neu positive breast cancer and has completed a Phase I clinical trial for a vaccine for H5N1 avian influenza at the Lebanese-Canadian Hospital in Beirut. Antigen’s prostate cancer vaccine based on AE37 has been tested in a completed (August 2009) Phase I clinical trial in Greece.

Because of various uncertainties, we cannot predict the timing of completion and commercialization of our buccal insulin in all jurisdictions or Antigen’s peptide immunotherapeutic vaccines or related technologies. These uncertainties include the success of current studies, our ability to obtain the required financing and the time required to obtain regulatory approval even if our research and development efforts are completed and successful, our ability to enter into collaborative marketing and distribution agreements with third-parties, and the success of such marketing and distribution arrangements. For the same reasons, we cannot predict when any products may begin to produce net cash inflows.

Most of our buccal delivery research and development activities to date have involved developing our platform technology for use with insulin. Insubstantial amounts have been expended on projects with other drugs, including morphine and fentanyl, and those projects involved a substantial amount of platform technology development. As a result, we have not made significant distinctions in the accounting for research and development expenses among products, as a significant portion of all research has involved improvements to the platform technology in connection with insulin, which may benefit all of our potential buccal products. During the three months ended October 31, 2015, approximately 76% of our $177,570 in research and development expenses was attributable to insulin and platform technology development. During the three months ended October 31, 2014, approximately 50% of our $408,296 in research and development expenses was attributable to insulin and platform technology development.

During the three months ended October 31, 2015, approximately 24% of our $177,570 in research and development expenses was attributable to Antigen's immunomedicine products compared to approximately 50% of our $408,296 in research and development expenses for the three months ended October 31, 2014. Because these products are in initial phases of clinical trials or early, pre-clinical stage of development (with the exception of the Phase II clinical trials of Antigen HER-2/neu positive breast cancer vaccine that are underway), all of the expenses were accounted for as basic research and no distinctions were made as to particular products. Due to the early stage of development, we cannot predict the timing of completion of any products arising from this technology, or when products from this technology might begin producing revenues.

Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations is based on our interim consolidated financial statements which have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial statements. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

We consider certain accounting policies related to impairment of long-lived assets, intangible assets and accrued liabilities to be critical to our business operations and the understanding of our results of operations:

Going Concern. As shown in the consolidated interim financial statements, we have not been profitable and have reported recurring losses from operations. These factors raise substantial doubt about our ability to continue to operate in the normal course of business. The consolidated interim financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern.

Revenue Recognition. Net sales are recognized in the period in which the products are delivered. Delivery of the products generally completes the criteria for revenue recognition for us. In the event where the customers have the right of return, sales are deferred until the right of return lapses, the product is sold to a third party or a provision for returns can be reasonably estimated based on historical experience.

Impairment of Long-Lived Assets. Management reviews for impairment whenever events or changes in circumstances indicate that the carrying amount of property and equipment may not be recoverable under the provisions of accounting for the impairment of long-lived assets. If it is determined that an impairment loss has occurred based upon expected future cash flows, the loss is recognized in the Statement of Operations. As of October 31, 2015, there were no indications of any impairments of our long-lived assets.

Intangible Assets. We have intangible assets related to patents. The determination of the related estimated useful lives and whether or not these assets are impaired involves significant judgments. In assessing the recoverability of these intangible assets, we use an estimate of undiscounted operating income and related cash flows over the remaining useful life, market conditions and other factors to determine the recoverability of the asset. If these estimates or their related assumptions change in the future, we may be required to record impairment charges against these assets. In the fiscal year ended July 31, 2015, the Company recorded a write down of $320,160 on certain patents.

Estimating accrued liabilities, specifically litigation accruals. Management's current estimated range of liabilities related to pending litigation is based on management's best estimate of future costs. While the final resolution of the litigation could result in amounts different than current accruals, and therefore have an impact on our consolidated financial results in a future reporting period, management believes the ultimate outcome will not have a significant effect on our consolidated results of operations, financial position or cash flows.

Share-based compensation. Management determines value of stock-based compensation to employees in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718, Compensation – Stock Compensation. Management determines value of stock-based compensation to non-employees and consultants in accordance with and ASC 505, Equity-Based Payments to Non-Employees.

Derivative liabilities. FASB ASC 815, Derivatives and Hedging, requires all derivatives to be recorded on the balance sheet at fair value for fiscal years beginning after December 15, 2008. As a result, certain derivative warrant liabilities are now separately valued as of August 1, 2009 and accounted for on our balance sheet, with any changes in fair value recorded in earnings. For our balance sheets as of October 31, 2015 and July 31, 2015, we used the binomial lattice model to estimate the fair value of these derivative liabilities. Key assumptions of the binomial lattice option-pricing model include the market price of our stock, the exercise price of the warrants, applicable volatility rates, risk-free interest rates, expected dividends and the instrument’s remaining term. These assumptions require significant management judgment. In addition, changes in any of these variables during a period can result in material changes in the fair value (and resultant gains or losses) of this derivative instrument.

Results of Operations

Three months ended October 31, 2015 compared to three months ended October 31, 2014

We had a net loss for the quarter ended October 31, 2015 of $1,731,265 versus net income of $49,623 in the corresponding quarter of the prior fiscal year. The loss in this year’s fiscal quarter was caused primarily by our operating expenses of $1,317,579, in addition to the loss due to the change in fair value of the derivative liabilities of $315,963, while in the prior year the net income was due primarily to operating expenses of $580,630 offset by a gain due to the change in fair value of the derivative liabilities of $711,978. Our operating loss for the quarter ended October 31, 2015 increased to $1,317,579 compared to $580,630 in the same fiscal quarter of 2014. The increase in operating loss resulted from an increase in general and administrative expenses (to $1,140,009 from $172,334) offset by a decrease in research and development expenses (to $177,570 from $408,296). We did not have revenue in either of the quarters ended October 31, 2015 or 2014.

The decrease in research and development expenses in the current fiscal quarter versus the comparative quarter in the previous fiscal year is due to our current efforts to reduce expenditures to conserve cash. In the general and administrative expense category, a non-cash charge of approximately $610,000 related to a forbearance fee on the non-payment of a non-interest bearing note accounted for almost 54% of the current fiscal year quarter’s expenditures in this category. In the previous fiscal year quarter, we had a credit to expenses in this category of approximately $328,000 related to the final settlement of a previously owing balance owing to a vendor. Without these two items, first quarter expenses in the general and administrative expense category would have been fairly flat from year to year.

Our interest expense in the first quarter of fiscal 2016 was $97,723 compared to the previous year’s fiscal quarter at $81,734. Change in fair value of derivative liabilities contributed a loss of $315,963 in the first quarter of fiscal 2016 compared to a gain of $711,978 in the first quarter of fiscal 2015.

Financial Condition, Liquidity and Resources

Sources of Liquidity

To date we have financed our development stage activities primarily through private placements of our common stock and securities convertible into our common stock.

As of October 31, 2015, our current cash position is not sufficient to meet our working capital needs for the next twelve months. Therefore, we will require additional funds to support our working capital requirements and any development or other activities, or will need to curtail our clinical trials and other planned activities or suspend operations.

While we have financed our development stage activities to date primarily through private placements of our common stock and securities convertible into our common stock and raised approximately $5.3 million during fiscal 2014 (including proceeds from warrant exercises and the net proceeds from the sale of our properties held for investment)), our cash balances were low throughout fiscal 2015 and thus far through fiscal 2016.

Our stockholders approved a reverse split proposal at our annual general meeting held on August 19, 2015, which approval allows the Board to implement a reverse split in its discretion at any time prior to December 31, 2016 and is not contingent upon listing our common stock on a national stock exchange. However, the terms of the securities purchase agreements that we entered into on January 14, 2014, March 27, 2014 and June 24, 2015 prohibit us from undertaking a reverse or forward stock split or reclassification of our common stock without the consent of the purchasers of the securities, except for a reverse stock split made in conjunction with a listing of the common stock on a national securities exchange.

Management may seek to meet all or some of our operating cash flow requirements through financing activities, such as private placement of our common stock, preferred stock offerings and offerings of debt and convertible debt instruments as well as through merger or acquisition opportunities.

Upon the filing of our Annual Report on Form 10-K on October 14, 2011, we were no longer eligible to use Form S-3 to register shares sold to investors, as the aggregate market value of our outstanding voting and non-voting common equity held by non-affiliates was less than $75 million. As we are required under the registration rights agreements that we entered into on January 31, 2012, August 8, 2012, December 10, 2012, June 17, 2013, January 14, 2014, March 27, 2014 and June 24, 2015 with certain investors to register shares of our common stock issuable upon conversion or exercise of the securities purchased by the investors, we filed the respective registration statements on Form S-1. We incurred additional legal and accounting fees in connection with the preparation of these Form S-1 registration statements.

In addition, management is actively pursuing financial and strategic alternatives, including strategic investments and divestitures, industry collaboration activities, and potential strategic partners. Management has sold non-essential real estate assets which are classified as Assets Held for Investment to augment the company’s cash position and reduce its long-term debt.

We will continue to require substantial funds to continue research and development, including preclinical studies and clinical trials of our product candidates, further clinical trials for Oral-lyn™ and to commence sales and marketing efforts if the FDA or other regulatory approvals are obtained.

Unforeseen problems with the conduct or results of Phase III clinical trials for Oral-lyn™ or further negative developments in general economic conditions could interfere with our ability to raise additional capital as needed, or materially adversely affect the terms upon which such capital is available. We cannot provide any assurance that we will obtain the required funding. Our inability to obtain required funding in the near future or our inability to obtain funding on favorable terms will have a material adverse effect on our operations and our strategic development plan for future growth. If we cannot successfully raise additional capital and implement our strategic development plan, our liquidity, financial condition and business prospects will be materially and adversely affected and we may have to cease operations.

Equity Financings

Following is a summary of the equity financing activities that we have completed since the beginning of the 2015 calendar year.

Financing – June 2015

Series G 9% Convertible Preferred Stock and Warrants

On June 24, 2015, we entered into a securities purchase agreement with certain investors, pursuant to which we agreed to sell an aggregate of 500 shares of our newly designated non-voting Series G 9% Convertible Preferred Stock and warrants to purchase up to an aggregate of 100% of the shares of our common stock issuable upon conversion of the convertible preferred stock. The purchase closed on June 25, 2015. We sold the convertible preferred stock and warrants in units, with each unit consisting of one share of convertible preferred stock and a warrant to purchase 100% of the shares of our common stock issuable upon conversion of such share of convertible preferred stock. Each unit was sold at a negotiated price of $1,000, for an aggregate purchase price of $500,000. An aggregate of 33,333,333 shares of our common stock are issuable upon conversion of, or exercise of, the convertible preferred stock and warrants. We received net proceeds of approximately $475,000 from this transaction.

Subject to certain ownership limitations, the Series G convertible preferred stock will be convertible at the option of the holder at any time into shares of our common stock at an effective conversion price of $0.015 per share, and will accrue a 9% dividend until June 24, 2018 and, beginning on June 24, 2018 and on each one year anniversary thereafter, such dividend rate will increase by an additional 3%. The dividend will be payable quarterly on September 30, December 31, March 31 and June 30, beginning on the first such date after the original issue date and on each conversion date in cash, or at our option, in shares of common stock. In the event that the convertible preferred stock is converted prior to June 24, 2018, we will pay the holder of the converted preferred stock an amount equal to $270 per $1,000 of stated value of the convertible preferred stock, less the amount of all prior quarterly dividends paid on such converted preferred stock before the relevant conversion date. Such “make-whole payment” may be made in cash or, at our option, in shares of our common stock. In addition, beginning June 24, 2018, we will pay dividends on shares of the convertible preferred stock equal to (on an as-if-converted-to-common-stock basis) and in the same form as dividends (other than dividends in the form of common stock) actually paid on shares of the common stock when, as and if such dividends are paid. We will incur a late fee of 18% per annum on unpaid dividends.

The conversion price of the Series G convertible preferred stock will be subject to adjustment in the case of stock splits, stock dividends, combinations of shares, similar recapitalization transactions and certain pro-rata distributions to common stockholders. The conversion price will also be adjusted if we sell or grant any shares of common stock or securities convertible into, or rights to acquire, common stock at an effective price per share that is lower than the then conversion price, except in the event of certain exempt issuances. In addition, the holders of convertible preferred stock will be entitled to receive any securities or rights to acquire securities or property granted or issued by us pro rata to the holders of our common stock to the same extent as if such holders had converted all of their shares of convertible preferred stock. In the event of a fundamental transaction, such as a merger, consolidation, sale of substantially all assets and similar reorganizations or recapitalizations, the holders of convertible preferred stock will be entitled to receive, upon conversion of their shares, any securities or other consideration received by the holders of our common stock pursuant to the fundamental transaction.

We may become obligated to redeem the Series G convertible preferred stock in cash upon the occurrence of certain triggering events, including, material breach of certain contractual obligations to the holders of the convertible preferred stock, the occurrence of a change in control of Generex, the occurrence of certain insolvency events relating to Generex, or the failure of our common stock to continue to be listed or quoted for trading on one or more specified United States securities exchanges or regulated quotation service. Upon the occurrence of certain triggering events, each holder of convertible preferred stock will have the option to redeem such holder’s shares of convertible preferred stock for a redemption price payable in shares of common stock or receive an increased dividend rate of 18% on all of such holder’s outstanding convertible preferred stock. Late fees will apply on all redemption amounts not paid within five trading days of the payment date.

Subject to certain ownership limitations, the warrants will be exercisable at any time after their date of issuance and on or before the fifth-year anniversary thereafter at an exercise price of $0.015 per share of common stock. The exercise price of the warrants and, in some cases, the number of shares issuable upon exercise, are subject to adjustment in the case of stock splits, stock dividends, combinations of shares, similar recapitalization transactions and certain pro-rata distributions to common stockholders. The exercise price and number of shares of common stock issuable upon exercise will also be adjusted if we sell or grant any shares of common stock or securities convertible into, or rights to acquire, common stock at an effective price per share that is lower than the then exercise price, except in the event of certain exempt issuances. In addition, the warrant holders will be entitled to receive any securities or rights to acquire securities or property granted or issued by us pro rata to the holders of our common stock to the same extent as if such holders had exercised all of their warrants. In the event of a fundamental transaction, such as a merger, consolidation, sale of substantially all assets and similar reorganizations or recapitalizations, the warrant holders will be entitled to receive, upon exercise of their warrants, any securities or other consideration received by the holders of common stock pursuant to the fundamental transaction.

The securities purchase agreement and the certificate of designation authorizing the Series G convertible preferred stock include certain agreements and covenants for the benefit of the holders of the convertible preferred stock, including restrictions on our ability to amend the certificate of incorporation and bylaws, pay cash dividends or distributions with respect to our common stock or other junior securities, repurchase more than a de minimis number of shares of our common stock or other junior securities.

With very limited exceptions, the investors will have a pro rata right of first refusal in respect of participation in any private debt or equity financings undertaken by us during the 12 months following the closing of the transaction.

We offered these securities privately pursuant to Rule 506(b) of Regulation D under the Securities Act of 1933. We entered into a registration rights agreement with the investors pursuant to which we agreed to file a registration statement with the SEC covering the public resale of the common stock issuable upon conversion of the preferred stock, issuable as dividends on the preferred stock, issuable upon exercise of the warrants and issued as a finders’ fee.

We agreed to file the registration statement within 25 days of the closing of the transaction and to use our best efforts to have the registration statement declared effective within 75 days after the filing date. The registration statement was declared effective by the SEC on July 31, 2015.

In addition, until the first anniversary date of the securities purchase agreement, each investor could, in its sole determination, elect to purchase, severally and not jointly with the other investors, in one or more purchases, in the ratio of such investor's original subscription amount to the original aggregate subscription amount of all investors, additional units consisting of convertible preferred stock and warrants at a purchase price of $1,000 per unit with an aggregate subscription amount thereof of up to $500,000, which units would be identical to the units of convertible preferred stock and warrants issued in connection with the June 2015 closing. To ensure that we have sufficient authorized shares of common stock to reserve for issuance if the investors exercise this right in full, we sought stockholder approval of an amendment to our Certificate of Incorporation at our annual meeting on August 19, 2015 to increase our authorized shares of common stock, and the amendment was approved. On September 15, 2015, we filed the amendment increasing our authorized common stock from 1,500,000,000 shares to 2,450,000,000 shares.

In addition, if, during the six-month period after the issuance of the warrants and continuing until such time that all of the securities may be sold without our compliance with the current public information requirement under Securities Act rule 144(c)(1), we fail to meet such requirement, we will pay liquidate damages equal to 2.0% of the purchase price paid by each investor, payable in cash every 30 days until current public information for Generex is available or is no longer required for the investors to rely on Rule 144 to transfer the securities (including underlying securities) acquired under the securities purchase agreement.

Proceeds from Warrant Exercises

We may receive additional proceeds from the exercise of warrants issued in February 2012, August 2012, December 2012, June 2013, January 2014, March 2014 and June 2015 in connection with the issuance of the Series C 9% Convertible Preferred Stock, Series D 9% Convertible Preferred Stock, Series E 9% Convertible Preferred Stock, Series F 9% Convertible Preferred Stock and Series G 9% Convertible Preferred Stock, although some of the warrants include a cashless exercise feature.

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In connection with the securities purchase agreement dated August 8, 2012, we sold an aggregate of 750 shares of our Series C 9% Convertible Preferred Stock and issued warrants exercisable for up to 9,375,000 shares of our common stock to investors.

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In connection with the securities purchase agreement dated December 10, 2012, we sold an aggregate of 750 shares of our Series D 9% Convertible Preferred Stock and issued warrants exercisable for up to 24,999,999 shares of our common stock to investors.

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In connection with the securities purchase agreement dated June 17, 2013, we sold an aggregate of 1,225 shares of our Series E 9% Convertible Preferred Stock and issued warrants exercisable for up to 40,833,335 shares of our common stock to investors.

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In connection with the securities purchase agreement dated January 14, 2014, we sold an aggregate of 800 shares of our Series E 9% Convertible Preferred Stock and issued warrants exercisable for up to 26,666,668 shares of our common stock to investors.

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In connection with the securities purchase agreement dated March 27, 2014, we sold an aggregate of 2,075 shares of our Series F 9% Convertible Preferred Stock and issued warrants exercisable for up to 69,166,667 shares of our common stock to investors.

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In connection with the securities purchase agreement dated June 24, 2015, we sold an aggregate of 500 shares of our Series G 9% Convertible Preferred Stock and issued warrants exercisable for up to 33,333,333 shares of our common stock to investors.

As of October 31, 2015, all of the warrants issued in the aforementioned registered direct offerings were exercisable. At October 31, 2015, outstanding warrants issued in connection with the February 2012, August 2012, December 2012, June 2013, January 2014, March 2014 and June 2015 private placements were as follows (after adjustment for anti-dilution provisions and subsequent exercises):

Date Issued	*Aggregate No. of* *Shares Unexercised*		*Exercise* *Price*		Expiration Date
February 1, 2012*		11,350,454	$	0.015	February 1, 2017

August 10, 2012*		9,999,998		0.015	August 10, 2017

December 10, 2012*		16,648,288		0.015	December 12, 2017

June 17, 2013*		68,333,338		0.015	June 17, 2018

January 15, 2014*		51,333,336		0.015	January 15, 2019

March 27, 2014*		138,333,334		0.015	March 27, 2019

June 25, 2015*		33,333,333		0.015	June 25, 2020

*Upon issuance of securities at a price per share of common stock less than the then applicable exercise price, the warrants are subject to anti-dilution adjustment of the exercise price and to the number of shares of common stock that may be purchased upon exercise of each warrant such that the aggregate exercise price payable upon exercise of the warrant will be the same as the aggregate exercise price in effect immediately prior to such adjustment. Due to the anti-dilution adjustment provision of these warrants, they have been reclassified on Generex’s balance sheet as a liability under the caption “Derivative Warrant Liability” with any changes in fair value at each reporting period recorded in earnings in accordance with ASC 815.

In addition, we may receive additional proceeds from the exercise of warrants issued in connection with the securities purchase agreement and related documents that we entered into on March 31, 2008 with existing institutional investors relating to a private placement of 8% secured convertible notes (the “Notes”) and warrants (the “Series Warrants”) for aggregate gross proceeds to us of $20,650,000. As of June 1, 2009, the outstanding principal balance and accrued interest on the Notes were satisfied in full.

The Series Warrants issued in connection with the March 2008 securities purchase agreement included:

(i)

Series A and A-1 Warrants, which are exercisable for a period of 7 years into an aggregate of 75% of the number of shares of our common stock initially issuable upon conversion of the Notes, with the Series A Warrants being exercisable into 5,257,729 shares immediately upon issuance and the Series A-1 warrants being exercisable into 7,541,857 shares as of October 1, 2008;

(ii)

Series B Warrants, which became exercisable on October 1, 2008 into 100% of the shares of our common stock initially issuable upon conversion of the Notes (initially 17,066,166 shares) and remain exercisable for a period of 18 months after the registration statement covering the shares of common stock issuable upon conversion or exercise of the Notes and Warrants was declared effective by the SEC; and

(iii)

Series C Warrants, which are exercisable for a period of 7 years as of October 1, 2008, but only to the extent that the Series B Warrant are exercised and only in the same percentage that the Series B Warrants are exercised, up to a maximum percentage of 75% of the number of shares of our common stock initially issuable upon conversion of the Notes (initially a maximum of 12,799,580 shares).

The initial exercise price of each Series Warrant was $1.21. The Series Warrants include a cashless exercise feature. The exercise price of the Series Warrants was subsequently reduced initially to $0.50, then to $0.33, to $0.25, to $0.15, to $0.08, to $0.03 and currently to $0.015 as a result of a price protection provision triggered by our offering of stock in private placements in May 2009, January and July 2011 and February, August 2012, December 2012 and June 2015. This price protection feature allows for the reduction in the exercise price of the Series Warrants in the event we subsequently issue common stock or securities convertible into or exercisable for common stock, such as options and warrants, at a price per share less than the Series Warrant exercise price then in effect. In addition, with any reduction to the Series Warrant exercise price, the number of shares of common stock that may be purchased upon exercise of each Series Warrant will be increased or decreased proportionately, so that after such adjustment the aggregate Series Warrant exercise price payable for the adjusted number of shares issuable upon exercise will be the same as the aggregate Series Warrant exercise price in effect immediately prior to such adjustment. We account for these warrants with price protection in accordance with ASC 815 as described in Note 9 to the Notes to Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K.

As of October 31, 2015, outstanding Series Warrants were as follows (after adjustment for anti-dilution provisions and subsequent exercises)

Date Issued	*Aggregate No. of* *Shares Unexercised*		*Exercise* Price*		Expiration Date
March 31, 2008		129,033,516	$	0.015	March 31, 2016

March 31, 2008		54,545,440	$	0.015	September 30, 2016

Cash Flows for the Three months ended October 31, 2015

For the three months ended October 31, 2015, we used $696,116 in cash to fund our operating activities. The use for operating activities included a net loss of $1,731,265, changes to working capital including an increase of $522,064 related to accounts payable and accrued expenses, offset by a decrease related to other current assets of $784.

The use of cash was offset by non-cash expenses of $52,661 related to depreciation and amortization, stock-based compensation issued in exchange for services rendered by consultants of $4,500 and common stock issued for interest on our convertible preferred stock of $113,400. There was also a year-to-date non-cash loss of $315,963 related to the fair valuation of the derivative liabilities at October 31, 2015.

We had cash provided by financing activities in the three months ended October 31, 2015 of $2,952, which pertained to proceeds from cash exercises of stock options.

Our net working capital deficiency at October 31, 2015 increased to $8,434,194 from $7,217,128 at July 31, 2015, which was attributed largely to cash used in operations for the three-month period ended October 31, 2015.

Conversion of Outstanding Series A, Series B, Series C, Series D, Series E and Series F 9% Convertible Preferred Stock

As of October 31, 2015, all of the 2,575 shares of our Series A 9% Convertible Preferred Stock had been converted into shares of our common stock. A total of 17,166,666 shares of common stock have been issued upon the conversion of 2,575 shares of Series A convertible preferred stock. Upon conversion, we paid the holders of the Series A convertible preferred stock a “make whole” payment equal to $270 per $1,000 of stated value of the Series A convertible preferred stock, less the amount of all prior quarterly dividends paid on such converted preferred stock before the relevant conversion date. We issued 6,129,666 additional shares of common stock on such conversions of the Series A convertible preferred stock as “make-whole payments”.

As of October 31, 2015, all of the 2,000 shares of our Series B 9% Convertible Preferred Stock had been converted into shares of our common stock. We issued 38,520,832 shares of common stock upon the conversion of the Series B convertible preferred stock and an additional 14,819,679 shares of common stock were issued as “make-whole payments” on such conversions.

As of October 31, 2015, all of the 750 shares of our Series C 9% Convertible Preferred Stock had been converted into shares of our common stock. We issued 22,916,665 shares of common stock upon the conversion of the Series C convertible preferred stock and an additional 6,664,863 shares of common stock were issued as “make-whole payments” on such conversions.

As of October 31, 2015, all of the 750 shares of our Series D 9% Convertible Preferred Stock had been converted into shares of our common stock. We issued 24,999,999 shares of common stock upon the conversion of the Series D convertible preferred stock and an additional 7,825,191 shares of common stock were issued as “make-whole payments” on such conversions.

As of October 31, 2015, all of the 2,025 shares of our Series E 9% Convertible Preferred Stock had been converted into shares of our common stock. We issued 68,333,333 shares of common stock upon the conversion of the Series E convertible preferred stock and an additional 19,035,193 shares of common stock were issued as “make-whole payments” on such conversions.

As of October 31, 2015, 1,825 shares of the Series F convertible preferred stock had been converted to common stock. There were 80,441,665 shares of common stock issued upon the conversion of the Series F convertible preferred stock and 29,971,378 shares of common stock issued as “make-whole payments” on such conversions.

As of October 31, 2015, no shares of our Series G 9% Convertible Preferred Stock had been converted into shares of our common stock.

Funding Requirements and Commitments

If we obtain necessary financing, we expect to devote substantial resources to obtaining regulatory approval of Generex Oral-lyn™ in the U.S., Canada and Europe and to commercializing Generex Oral-lyn™. We may also devote resources to obtaining approval for the importation, marketing and commercialization of Generex Oral-lyn™ in other countries where we have licensed distributors.

In addition to the resources that we will dedicate to regulatory approval and commercialization of Generex Oral-lyn™, we will expend resources on further clinical development of our immunotherapeutic vaccines.

Our future funding requirements and commitments and our ability to raise additional capital will depend on factors that include:

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the timing and amount of expense incurred to complete our clinical trials;

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the costs and timing of the regulatory process as we seek approval of our products in development;

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the advancement of our products in development;

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our ability to generate new relationships with industry partners throughout the world that will provide us with regulatory assistance and long-term commercialization opportunities;

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the timing, receipt and amount of sales, if any, from Generex Oral-lyn™ in India, Lebanon, Algeria and Ecuador;

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the cost of manufacturing (paid to third parties) of our licensed products, and the cost of marketing and sales activities of those products;

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the costs of prosecuting, maintaining, and enforcing patent claims, if any claims are made;

	•	our ability to maintain existing collaborative relationships and establish new relationships as we advance our products in development;

	•	our ability to obtain the necessary financing to fund our operations and effect our strategic development plan; and

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the receptivity of the financial market to biopharmaceutical companies.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors, and we do not have any non-consolidated special purpose entities.

Certain Related Party Transactions

See Part III, Item 13 – Certain Relationships and Related Transactions, and Directors Independence in our Annual Report on Form 10-K for the year ended July 31, 2015, as amended, for further descriptions of our transactions with related parties during the last fiscal year.

Recently Adopted Accounting Pronouncements

None

Recently Issued Accounting Pronouncements

In November 2014, the FASB issued guidance regarding Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. The guidance will be effective for our first quarter of the fiscal year ended July 31, 2017. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements.

In August 2014, the FASB issued guidance regarding disclosure of uncertainties about an entity’s ability to continue as a going concern. The guidance will be effective for our annual fiscal year ended July 31, 2017 and subsequent interim periods. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risks associated with changes in the exchange rates between U.S. and Canadian currencies and with changes in the interest rates related to our fixed rate debt. We do not believe that any of these risks will have a material impact on our financial condition, results of operations and cash flows.

At the present time, we maintain our cash in short-term government or government guaranteed instruments, short-term commercial paper, and interest bearing bank deposits or demand bank deposits which do not earn interest. A substantial majority of these instruments and deposits are denominated in U.S. dollars, with the exception of funds denominated in Canadian dollars on deposit in Canadian banks to meet short-term operating needs in Canada. We do not presently employ any hedging or similar strategy intended to mitigate against losses that could be incurred as a result of fluctuations in the exchange rates between U.S. and Canadian currencies.

As of October 31, 2015, we did not have any fixed rate debt. We have neither issued nor own any long-term debt instruments, or any other financial instruments, for trading purposes to which we would be subject to material market risks.

We have warrants outstanding with price protection provisions that allow for the reduction in the exercise price of the warrants in the event we subsequently issue common stock or securities convertible into or exercisable for common stock, such as options and warrants, at a price per share less than the warrant exercise price then in effect. In addition, with any reduction to the warrant exercise price, the number of shares of common stock that may be purchased upon exercise of each warrant will be increased proportionately, so that after such adjustment the aggregate warrant exercise price payable for the adjusted number of shares issuable upon exercise will be the same as the aggregate warrant exercise price in effect immediately prior to such adjustment. We account for the warrants with price protection in accordance with FASB ASC 815. We recognize the warrants with price protection in our consolidated balance sheet as liabilities. The warrant liability is revalued at each reporting period and changes in fair value are recognized currently in the consolidated statements of operations under the caption Change in fair value of derivative warrant liability. While the change in fair value of the derivative warrant liability has no effect on our cash flows, the gains or losses can have a significant impact on non-operating income and expenses and thus the net income or loss. As of October 31, 2015, there were 512,911,037 warrants outstanding subject to price protection provisions with an estimated fair value of $2,525,315 or $0.005 per warrant. If the estimated fair value of the warrants increases, there will be a corresponding non-operating expense equal to the change in the value of the liability. Likewise, if the estimated fair value of the warrants decreases, there will be a corresponding non-operating gain equal to the change in the value of the liability. There is a directly proportional relationship between the fair value of the warrants and the market price of the stock; therefore increases or decreases in the market price will lead to corresponding increases or decreases in the value of the warrant liability and result in losses or gains, respectively, on our consolidated statements of operations.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Prior to the filing of this Quarterly Report on Form 10-Q, an evaluation was performed under the supervision of and with the participation of Generex’s management, including the Chief Executive Officer (“CEO”) and acting Chief Financial Officer (“CFO”), of the effectiveness of Generex’s disclosure controls and procedures. Based on the evaluation, the CEO and CFO have concluded that, as of October 31, 2015, the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to the Company’s management, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

During the fiscal quarter ended October 31, 2015, there were no changes in Generex’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, Generex’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

See Note 5 – Commitments and Contingencies (Pending Litigation) of the Notes to the Consolidated Financial Statements set forth under Item 1 of Part I of this Quarterly Report for a description of legal proceedings in which we are currently involved.

We are involved in certain other legal proceedings in addition to those specifically described in this Quarterly Report. Subject to the uncertainty inherent in all litigation, we do not believe at the present time that the resolution of any of these legal proceedings is likely to have a material adverse effect on our financial position, operations or cash flows.

With respect to all litigation matters, as additional information concerning the estimates used by us becomes known, we reassess each matter’s position both with respect to accrued liabilities and other potential exposures.

Item 1A. Risk Factors.

In addition to the other information included in this Quarterly Report on Form 10-Q, you should carefully review and consider the factors discussed in Part I, Item 1A - Risk Factors of our Annual Report on Form 10-K for the year ended July 31, 2015, as amended, certain of which have been updated below. These factors materially affect our business, financial condition or future results of operations. The risks, uncertainties and other factors described in our Annual Report on Form 10-K and below are not the only ones facing our company. Additional risks, uncertainties and other factors not presently known to us or that we currently deem immaterial may also impair our business operations, financial condition or operating results. Any of the risks, uncertainties and other factors could cause the trading price of our common stock to decline substantially.

Risks Related to Our Financial Condition

We will require additional financing to continue our operations.

As of October 31, 2015, our current cash position is not sufficient to meet our working capital needs for the next twelve months based on the pace of our planned activities. To continue operations, we will require additional funds to support our working capital requirements and any expansion or other activities, or will need to significantly reduce our clinical trials and other planned activities or suspend operations. Management is seeking various alternatives to ensure that we can meet some of our operating cash flow requirements through financing activities, such as private placement of our common stock, preferred stock offerings and offerings of debt and convertible debt instruments as well as through merger or acquisition opportunities. In addition, management is actively seeking strategic alternatives, including strategic investments and divestitures. Management has sold non-essential real estate assets which were classified as Assets Held for Investment to augment its cash position.

We cannot provide any assurance that we will obtain the required funding. Our inability to obtain required funding in the near future or our inability to obtain funding on favorable terms will have a material adverse effect on our operations and our strategic development plan for future growth. If we cannot successfully raise additional capital and implement our strategic development plan, our liquidity, financial condition and business prospects will be materially and adversely affected and we may have to cease operations.

We have a history of losses and will incur additional losses.

We are a development stage company with a limited history of operations, and do not expect sufficient revenues to support our operation in the immediately foreseeable future. We do not expect to receive significant revenues in Ecuador, Algeria and Lebanon where we have been approved for commercial sale in the next twelve months. While we have entered into a licensing and distribution agreement with a leading Indian-based pharmaceutical company and insulin distributor, we do not anticipate recognizing significant revenue from sales of Generex Oral-lyn™ in India in the next twelve months, as our Indian partner has to receive marketing approval of a completed in-country clinical study before the product can be offered for commercial sale in India.

To date, we have not been profitable and our accumulated net loss available to shareholders was $374,212,528 at October 31, 2015. Our losses have resulted principally from costs incurred in research and development, including clinical trials, and from general and administrative costs associated with our operations. While we seek to attain profitability, we cannot be sure that we will ever achieve product and other revenue sufficient for us to attain this objective.

With the exception of Generex Oral-lyn™, which has received regulatory approval in Ecuador, India (subject to marketing approval of an in-country clinical study), Lebanon and Algeria, our product candidates are in research or early stages of pre-clinical and clinical development. We will need to conduct substantial additional research, development and clinical trials. We will also need to receive necessary regulatory clearances both in the United States and foreign countries and obtain meaningful patent protection for and establish freedom to commercialize each of our product candidates. We must also complete further clinical trials and seek regulatory approvals for Generex Oral-lyn™ in countries outside of Ecuador, India, Lebanon and Algeria. We cannot be sure that we will obtain required regulatory approvals, or successfully research, develop, commercialize, manufacture and market any other product candidates. We expect that these activities, together with future general and administrative activities, will result in significant expenses for the foreseeable future.

Our independent auditors have expressed substantial doubt about our ability to continue as a going concern as of July 31, 2015.

To date, we have not been profitable and our accumulated net loss available to shareholders was $374,212,528 at October 31, 2015, and our consolidated balance sheet reflected a stockholders’ deficiency of $9,876,324 at that date. We received a report from our independent auditors for the year ended July 31, 2015 that included an explanatory paragraph describing an uncertainty as to Generex’s ability to continue as a going concern. We must secure financing to continue our operations.

Due to material weaknesses in our internal controls over financial reporting, our internal controls were determined not to be effective for the prior fiscal year ended July 31, 2012. Our disclosure controls and procedures and internal controls over financial reporting may not be effective in future periods as a result of existing or newly identified material weaknesses in internal controls.

Effective internal controls are necessary for us to provide reasonable assurance with respect to our financial reports and to effectively prevent fraud. If we cannot provide reasonable assurance with respect to our financial reports and effectively prevent fraud, our reputation and operating results could be harmed. Pursuant to the Sarbanes-Oxley Act of 2002, we are required to furnish a report by management on internal control over financial reporting, including management’s assessment of the effectiveness of such control. Internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud. Therefore, even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. In addition, projections of any evaluation of effectiveness of internal control over financial reporting to future periods are subject to the risk that the control may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience difficulties in their implementation, our business and operating results could be adversely impacted, we could fail to meet our reporting obligations, and our business and stock price could be adversely affected.

At July 31, 2012, our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) and concluded that, subject to the inherent limitations identified in Item 9A of Part II of the Form 10-K filed on October 15, 2012, our disclosure controls and procedures were not effective due to the existence of material weaknesses in our internal control over financial reporting because of inadequate segregation of duties over authorization, review and recording of transactions, as well as the financial reporting of such transactions. Our independent auditors issued an adverse attestation report regarding the effectiveness of the Company’s internal control over financial reporting at July 31, 2012.

We believe we have taken appropriate and reasonable steps to make the necessary improvements to remediate these deficiencies, however we cannot be certain that our remediation efforts will ensure that our management designs, implements and maintains adequate controls over our financial processes and reporting in the future or that the changes made will be sufficient to address and eliminate the material weaknesses previously identified. Our inability to remedy any additional deficiencies or material weaknesses that may be identified in the future could, among other things, have a material adverse effect on our business, results of operations and financial condition, as well as impair our ability to meet our quarterly, annual and other reporting requirements under the Securities Exchange Act of 1934 in a timely manner, and require us to incur additional costs or to divert management resources.

Risks Related to the Market for Our Common Stock

Our stock price is below $5.00 per share and is treated as a “penny stock”, which places restrictions on broker-dealers recommending the stock for purchase.

Our common stock is defined as “penny stock” under the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, and the rules promulgated thereunder. The SEC has adopted regulations that define “penny stock” to include common stock that has a market price of less than $5.00 per share, subject to certain exceptions. These rules include the following requirements:

•

broker-dealers must deliver, prior to the transaction a disclosure schedule prepared by the SEC relating to the penny stock market;

•

broker-dealers must disclose the commissions payable to the broker-dealer and its registered representative;

•

broker-dealers must disclose current quotations for the securities;

•

if a broker-dealer is the sole market-maker, the broker-dealer must disclose this fact and the broker-dealers presumed control over the market; and

•

a broker-dealer must furnish its customers with monthly statements disclosing recent price information for all penny stocks held in the customer’s account and information on the limited market in penny stocks.

Additional sales practice requirements are imposed on broker-dealers who sell penny stocks to persons other than established customers and accredited investors. For these types of transactions, the broker-dealer must make a special suitability determination for the purchaser and must have received the purchaser’s written consent to the transaction prior to sale. If our common stock remains subject to these penny stock rules these disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for our common stock. As a result, fewer broker-dealers may be willing to make a market in our stock, which could affect a shareholder’s ability to sell their shares.

The price of our common stock may be affected by a limited trading volume, may fluctuate significantly and may not reflect the actual value of our business.

There may be a limited public market for our common stock on the over the counter bulletin board market, and there can be no assurance that an active trading market will continue. An absence of an active trading market could adversely affect our stockholders’ ability to sell our common stock in short time periods, or at all. Our common stock has experienced, and is likely to experience in the future, significant price and volume fluctuations that could adversely affect the market price of our common stock without regard to our operating performance. In addition, we believe that factors, such as our sale of securities in connection with capital raising activities, changes in the overall economy and the volatility of the financial markets, could cause the price of our common stock to fluctuate substantially. Thus, the price at which shares of our common stock may trade from time to time may not reflect the actual value of our business or the actual value of our common stock.

Our recent equity financing will dilute current stockholders and could prevent the acquisition or sale of our business.

The equity financing transactions into which we have recently entered have and will dilute current stockholders. At October 31, 2015, there were 512,911,037 shares of common stock issuable upon exercise of the warrants that we issued in a private placement in March 2008, and in the registered direct offerings in February 2012, August 2012, December 2012, June 2013, January 2014, March 2014 and June 2015. In addition, in connection with the private placements that closed on June 17, 2013, March 27, 2014 and June 24, 2015, an additional 65,000,000 shares of common stock are issuable upon conversion of the remaining Series F and G 9% Convertible Preferred Stock at October 31, 2015. Together the shares of common stock issuable upon exercise or conversion of the above-mentioned warrants and preferred stock represent approximately 66% of the shares of common stock outstanding at October 31, 2015. Assuming the holders of the warrants convert and exercise all of the warrants into shares of common stock, the number of shares of issued and outstanding common stock will increase significantly, and current stockholders will own a smaller percentage of the outstanding common stock of Generex. The issuance of shares of common stock pursuant to the warrants will also have a dilutive effect on earnings per share and may adversely affect the market price of the common stock.

In addition, the issuance of shares of common stock upon exercise of the warrants issued in the March 2008 private placement and the private placements in February 2012, August 2012, December 2012, June 2013, January 2014, March 2014 and June 2015, could have an anti-takeover effect because such issuance will make it more difficult for, or discourage an attempt by, a party to obtain control of Generex by tender offer or other means. The issuance of common stock upon the exercise of the warrants or conversion of convertible preferred stock will increase the number of shares entitled to vote, increase the number of votes required to approve a change of control of the company, and dilute the interest of a party attempting to obtain control of the company.

If we raise funds through one or more additional equity financings in the future, it will have a further dilutive effect on existing holders of our shares by reducing their percentage ownership. The shares may be sold at a time when the market price is low because we are in need of the funds. This will dilute existing holders more than if our stock price was higher. In addition, equity financings normally involve shares sold at a discount to the current market price. Most of our outstanding warrants have price protection provisions, which decrease the exercise price of the warrant and increase the number of shares which may be purchased upon exercise of the warrants, if we sell additional equity at an effective price per common share less than the current exercise price of the warrant. Therefore, equity financings at a low price per share will result in even more dilution to existing shareholders.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

In the fiscal quarter ended October 31, 2015, we sold, or have entered into commitments to issue, common stock and other securities in transactions in reliance upon exemptions from the registration requirements of the Securities Act.

We have issued or committed to issue shares of our common stock to Joseph Moscato, a consultant, pursuant to an agreement to provide us with investor relation services through September 30, 2015. During the three months ended October 31, 2015, we issued or committed to issue 300,000 shares of common stock to Joseph Moscato pursuant to the consulting agreement. The sale of such shares was exempt from registration under the Securities Act in reliance upon Section 4(2) thereof. We believe that Joseph Moscato is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act. The certificates issued for the shares of common stock included a legend to indicate that they are restricted. The sales of such securities did not involve the use of underwriters, and no commissions were paid in connection therewith.

Issuer Purchases of Equity Securities

Neither Generex nor any affiliated purchaser (as defined in Section 240.10 b-18(a)(3) of the Exchange Act) purchased any of its equity securities during the fiscal quarter ended October 31, 2015.

Item 3. Defaults Upon Senior Securities.

None.

Item 5. Other Information.

Reference is made to the disclosure set forth under Part II, Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds under the caption Unregistered Sales of Equity Securities in this Quarterly Report on Form 10-Q, which is incorporated by reference herein.

Item 6. Exhibits.

Exhibits are incorporated herein by reference or are filed with this quarterly report as set forth in the Exhibit Index beginning on page 31 hereof.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	GENEREX BIOTECHNOLOGY CORPORATION
	(Registrant)

Date: January 14, 2016	By:	/s/ Mark A. Fletcher
		Mark A. Fletcher
		President and Chief Executive Officer

Date: January 14, 2016	By:	/s/ Stephen Fellows
		Stephen Fellows
		Chief Financial Officer

EXHIBIT INDEX

Exhibit Number		Description of Exhibit⁽¹⁾

1		Amendment dated as of April 7, 2010 to Placement Agent Agreement Placement Agency Agreement, dated June 8, 2009, by and between Generex Biotechnology Corporation and Midtown Partners & Co., LLC and amendments dated August 5, August 18, and September 11, 2009 (incorporated by reference to Exhibit 1.2 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on April 8, 2010)

2		Agreement and Plan of Merger among Generex Biotechnology Corporation, Antigen Express, Inc. and AGEXP Acquisition Inc. (incorporated by reference to Exhibit 2.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on August 15, 2003)

3(i)(a)		Restated Certificate of Incorporation of Generex Biotechnology Corporation (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Post-Effective Amendment No. 1 to the Registration Statement on Form S-8 filed on October 26, 2009)

3(i)(b)		Certificate of Designation of Preferences, Rights and Limitations of Series A 9% Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on July 11, 2011).

3(i)(c)		Certificate of Designation of Preferences, Rights and Limitations of Series B 9% Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to Generex Biotechnology Corporation’s Current Report on form 8-K filed on February 1, 2012)

3(i)(d)		Certificate of Designation of Preferences, Rights and Limitations of Series C 9% Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on August 8, 2012).

3(i)(e)		Certificate of Designation of Preferences, Rights and Limitations of Series D 9% Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to Generex Biotechnology Corporation’s Current Report on form 8-K filed on December 11, 2012)

3(i)(f)		Certificate of Amendment to Restated Certificate of Incorporation of Generex Biotechnology Corporation (incorporated by reference to Exhibit 3(i)(f) to Generex Biotechnology Corporation’s Current Report on Registration Statement on Form S-1 (File No. 333-187656) filed on April 1, 2013)

3(i)(g)		Certificate of Designation of Preferences, Rights and Limitations of Series E 9% Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to Generex Biotechnology Corporation’s Current Report on form 8-K filed on June 17, 2013)

3(i)(h)		Certificate of Designation of Preferences, Rights and Limitations of Series F 9% Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to Generex Biotechnology Corporation’s Current Report on form 8-K filed on March 28, 2014)

3(i)(i)		Certificate of Designation of Preferences, Rights and Limitations of Series G 9% Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to Generex Biotechnology Corporation’s Current Report on form 8-K filed on June 25, 2015)

3(ii)		Amended and Restated By-Laws of Generex Biotechnology Corporation (incorporated by reference to Exhibit 3.2(ii) to Generex Biotechnology Corporation’s Report on Form 8-K filed December 5, 2007)

4.1		Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Registration Statement on Form S-1 (File No. 333-82667) filed on July 12, 1999)

4.2.1		Form of Securities Purchase Agreement entered into with Cranshire Capital, L.P.; Gryphon Partners, L.P.; Langley Partners, L.P.; Lakeshore Capital, Ltd.; LH Financial; Omicron Capital; Photon Fund, Ltd.; Howard Todd Horberg and Vertical Ventures, LLC dated May 29, 2003 (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 10-Q/A for the quarter ended October 31, 2003 filed on August 13, 2003)

4.2.2		Form of Registration Rights Agreement entered into with Cranshire Capital, L.P.; Gryphon Partners, L.P.; Langley Partners, L.P.; Lakeshore Capital, Ltd.; LH Financial; Omicron Capital; Photon Fund, Ltd.; Howard Todd Horberg and Vertical Ventures, LLC dated May 29, 2003 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 10-Q/A for the quarter ended October 31, 2003 filed on August 13, 2003)

4.2.3		Form of Warrant granted to Cranshire Capital, L.P.; Gryphon Partners, L.P.; Langley Partners, L.P.; Lakeshore Capital, Ltd.; LH Financial; Omicron Capital; Photon Fund, Ltd.; Howard Todd Horberg and Vertical Ventures, LLC dated May 29, 2003 (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 10-Q/A for the quarter ended October 31, 2003 filed on August 13, 2003)

4.3		Form of replacement Warrant issued to warrant holders exercising at reduced exercise price in May and June 2003 (incorporated by reference to Exhibit 4.13.7 to Generex Biotechnology Corporation’s Report on Form 10-K for the period ended July 31, 2003 filed on October 29, 2003)

4.4.1		Securities Purchase Agreement, dated December 19, 2003, by and among Generex Biotechnology Corporation and the investors named therein (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K/A filed on March 24, 2004)

4.4.2		Registration Rights Agreement, dated December 19, 2003, by and among Generex Biotechnology Corporation and the investors named therein (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K/A filed on March 24, 2004)

4.4.3		Form of Warrant issued in connection with Exhibit 4.4.1 (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K/A filed on March 24, 2004)

4.4.4		Form of Additional Investment Right issued in connection with Exhibit 4.4.1 (incorporated by reference to Exhibit 4.4 to Generex Biotechnology Corporation’s Report on Form 8-K/A filed on March 24, 2004)

4.5.1		Securities Purchase Agreement, dated January 7, 2004, by and between Generex Biotechnology Corporation and ICN Capital Limited (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.5.2		Registration Rights Agreement, dated January 7, 2004, by and between Generex Biotechnology Corporation and ICN Capital Limited (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.5.3		Warrant issued in connection with Exhibit 4.5.1 (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.5.4		Additional Investment Right issued in connection with Exhibit 4.5.1 (incorporated by reference to Exhibit 4.4 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.6.1		Securities Purchase Agreement, dated January 9, 2004, by and between Generex Biotechnology Corporation and Vertical Ventures, LLC (incorporated by reference to Exhibit 4.5 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.6.2		Registration Rights Agreement, dated January 9, 2004, by and between Generex Biotechnology Corporation and Vertical Ventures, LLC (incorporated by reference to Exhibit 4.6 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.6.3		Warrant issued in connection with Exhibit 4.6.1 (incorporated by reference to Exhibit 4.7 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.6.4		Additional Investment Right issued in connection with Exhibit 4.6.1 (incorporated by reference to Exhibit 4.8 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.7.1		Securities Purchase Agreement, dated February 6, 2004, by and between Generex Biotechnology Corporation and Alexandra Global Master Fund, Ltd. (incorporated by reference to Exhibit 4.9 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.7.2		Registration Rights Agreement, dated February 6, 2004, by and between Generex Biotechnology Corporation and Alexandra Global Master Fund, Ltd. (incorporated by reference to Exhibit 4.10 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.7.3		Warrant issued in connection with Exhibit 4.7.1 (incorporated by reference to Exhibit 4.11 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.7.4		Additional Investment Right issued in connection with Exhibit 4.7.1 (incorporated by reference to Exhibit 4.12 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.7.5		Escrow Agreement, dated February 26, 2004, by and among Generex Biotechnology Corporation, Eckert Seamans Cherin & Mellott, LLC and Alexandra Global Master Fund, Ltd. (incorporated by reference to Exhibit 4.13 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.8.1		Securities Purchase Agreement, dated February 11, 2004, by and between Generex Biotechnology Corporation and Michael Sourlis (incorporated by reference to Exhibit 4.14 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.8.2		Registration Rights Agreement, dated February 11, 2004, by and between Generex Biotechnology Corporation and Michael Sourlis (incorporated by reference to Exhibit 4.15 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.8.3		Additional Investment Right issued in connection with Exhibit 4.8.1 (incorporated by reference to Exhibit 4.17 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.9.1		Securities Purchase Agreement, dated February 13, 2004, by and between Generex Biotechnology Corporation and Zapfe Holdings, Inc. (incorporated by reference to Exhibit 4.18 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.9.2		Registration Rights Agreement, dated February 13, 2004, by and between Generex Biotechnology Corporation and Zapfe Holdings, Inc. (incorporated by reference to Exhibit 4.19 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.9.3		Warrant issued in connection with Exhibit 4.9.1 (incorporated by reference to Exhibit 4.20 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.9.4		Additional Investment Right issued in connection with Exhibit 4.9.1 (incorporated by reference to Exhibit 4.21 Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2004)

4.10.1		Securities Purchase Agreement, dated June 23, 2004, by and among Generex Biotechnology Corporation and the investors named therein (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on July 14, 2004)

4.10.2		Registration Rights Agreement, dated June 23, 2004, by and among Generex Biotechnology Corporation and the investors (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on July 14, 2004)

4.10.3		Form of Warrant issued in connection with Exhibit 4.10.1 (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on July 14, 2004)

4.10.4		Form of Additional Investment Right issued in connection Exhibit 4.10.1 (incorporated by reference to Exhibit 4.4 to Generex Biotechnology Corporation’s Report on Form 8-K filed on July 14, 2004)

4.11.1		Securities Purchase Agreement, dated November 10, 2004, by and among Generex Biotechnology Corporation and the investors named therein (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on November 12, 2004)

4.11.2		Form of 6% Secured Convertible Debenture issued in connection with Exhibit 4.11.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on November 12, 2004)

4.11.3		Registration Rights Agreement, dated November 10, 2004, by and among Generex Biotechnology Corporation and the investors named therein (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on November 12, 2004)

4.11.4		Form of Voting Agreement entered into in connection with Exhibit 4.11.1 (incorporated by reference to Exhibit 4.7 to Generex Biotechnology Corporation’s Report on Form 8-K filed on November 12, 2004)

4.12		Warrant issued to The Aethena Group, LLC on April 28, 2005 (incorporated by reference to Exhibit 4.20 to Generex Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on June 14, 2005)

4.13.1		Amendment No. 4 to Securities Purchase Agreement and Registration Rights Agreement entered into by and between Generex Biotechnology Corporation and the Purchasers listed on the signature pages thereto on January 19, 2006 (incorporated by reference herein to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on January 20, 2006)

4.13.2		Form of Additional AIRs issued in connection with Exhibit 4.13.1 (incorporated by reference herein to Exhibit 4.4 to Generex Biotechnology Corporation’s Report on Form 8-K filed on January 20, 2006)

4.14		Form of Warrant issued by Generex Biotechnology Corporation on January 23, 2006 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on January 24, 2006)

4.15.1		Agreement to Amend Warrants between Generex Biotechnology Corporation and Cranshire Capital L.P. dated February 27, 2006 (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on February 28, 2006).

4.15.2		Agreement to Amend Warrants between Generex Biotechnology Corporation and Omicron Master Trust dated February 27, 2006 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on February 28, 2006).

4.15.3		Agreement to Amend Warrants between Generex Biotechnology Corporation and Iroquois Capital L.P. dated February 27, 2006 (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on February 28, 2006).

4.15.4		Agreement to Amend Warrants between Generex Biotechnology Corporation and Smithfield Fiduciary LLC dated February 27, 2006 (incorporated by reference to Exhibit 4.4 to Generex Biotechnology Corporation’s Report on Form 8-K filed on February 28, 2006).

4.15.5		Form of Warrant issued by Generex Biotechnology Corporation on February 27, 2006 (incorporated by reference to Exhibit 4.26 to Generex Biotechnology Corporation’s Report on Form 10-K filed on October 16, 2006)

4.16.1		Agreement to Amend Additional Investment Right between Generex Biotechnology Corporation and Cranshire Capital, L.P. dated February 28, 2006 (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2006).

4.16.2		Agreement to Amend Additional Investment Right between Generex Biotechnology Corporation and Omicron Master Trust dated February 28, 2006 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2006).

4.16.3		Agreement to Amend Additional Investment Right between Generex Biotechnology Corporation and Iroquois Capital LP dated February 28, 2006 (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2006).

4.16.4		Agreement to Amend Additional Investment Right between Generex Biotechnology Corporation and Smithfield Fiduciary LLC dated February 28, 2006 (incorporated by reference to Exhibit 4.4 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 1, 2006).

4.16.5		Form of Additional AIR Debenture issued by Generex Biotechnology Corporation on February 28, 2006 (incorporated by reference to Exhibit 4.31 to Generex Biotechnology Corporation’s Report on Form 10-K filed on October 16, 2006)

4.16.6		Form of Additional AIR Warrant issued by Generex Biotechnology Corporation on February 28, 2006 (incorporated by reference to Exhibit 4.32 to Generex Biotechnology Corporation’s Report on Form 10-K filed on October 16, 2006)

4.17.1		Form of Agreement to Amend Warrants between Generex Biotechnology Corporation and the Investors dated March 6, 2006 (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 7, 2006).

4.17.2		Form of Warrant issued by Generex Biotechnology Corporation on March 6, 2006 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 7, 2006)

4.18		Warrant issued by Generex Biotechnology Corporation on April 17, 2006 to Zapfe Holdings, Inc. (incorporated by reference to Exhibit 4.33 to Generex Biotechnology Corporation’s Report on Form 10-Q filed on June 14, 2006)

4.19		Form of Warrant issued by Generex Biotechnology Corporation on April 17, 2006 to certain employees (incorporated by reference to Exhibit 4.34 to Generex Biotechnology Corporation’s Report on Form 10-Q filed on June 14, 2006).

4.20.1		Securities Purchase Agreement entered into by and between Generex Biotechnology Corporation and four Investors on June 1, 2006 (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on June 2, 2006)

4.20.2		Form of Warrant issued by Generex Biotechnology Corporation on June 1, 2006 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on June 2, 2006)

4.21.1		Form of Amendment to Outstanding Warrants (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on June 2, 2006)

4.21.2		Form of Warrant issued by Generex Biotechnology Corporation on June 1, 2006 in connection with Exhibit 4.39 (incorporated by reference to Exhibit 4.4 to Generex Biotechnology Corporation’s Report on Form 8-K filed on June 2, 2006)

4.22.1		Securities Purchase Agreement, dated as of March 31, 2008 among the Registrant and each of the purchasers named therein (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on April 2, 2008)

4.22.2		Form of 8% Secured Convertible Note, as amended (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Registration Statement (333-150562) on Form S-3 filed on October 31, 2008)

4.22.3		Form of Series A Warrant, as amended (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Registration Statement on Form S-3 (333-150562) filed on October 31, 2008)

4.22.4		Form of Series A-1 Warrant, as amended (incorporated by reference to Exhibit 4.4 to Generex Biotechnology Corporation’s Registration Statement on Form S-3 (333-150562) filed on October 31, 2008)

4.22.5		Form of Series B Warrant, as amended (incorporated by reference to Exhibit 4.5 to Generex Biotechnology Corporation’s Registration Statement on Form S-3 (333-150562) filed on October 31, 2008)

4.22.6		Form of Series C Warrant, as amended (incorporated by reference to Exhibit 4.6 to Generex Biotechnology Corporation’s Registration Statement on Form S-3 (333-150562) filed on October 31, 2008)

4.22.7		Registration Rights Agreement, dated March 31, 2008, among Registrant and each of the purchasers under Securities Purchase Agreement (incorporated by reference to Exhibit 4.7 to Generex Biotechnology Corporation’s Report on Form 8-K filed on April 2, 2008)

4.22.8		Security Agreement (incorporated by reference to Exhibit 4.8 to Generex Biotechnology Corporation’s Report on Form 8-K filed on April 2, 2008)

4.22.9		Form of Guaranty (incorporated by reference to Exhibit 4.9 to Generex Biotechnology Corporation’s Report on Form 8-K filed on April 2, 2008)

4.23.1		Form of Securities Purchase Agreement, dated May 15, 2009, entered into between Generex Biotechnology Corporation and each investor in the offering (incorporated by reference to Exhibit 1.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on May 18, 2009)

4.24.1		Form of Securities Purchase Agreement, dated June 15, 2009, entered into between Generex Biotechnology Corporation and each investor in the offering (incorporated by reference to Exhibit 10.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on June 16, 2009)

4.24.2		Form of Warrant issued in connection with Exhibit 4.24.1 (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on June 16, 2009).

4.24.3		Form of Warrant issued to Midtown Partners & Co., LLC in connection with Exhibit 4.24.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on June 16, 2009)

4.25.1		Form of Securities Purchase Agreement, dated August 6, 2009, entered into between Generex Biotechnology Corporation and each investor in the offering (incorporated by reference to Exhibit 10.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on August 6, 2009)

4.25.2		Form of Warrant issued in connection with Exhibit 4.25.1 (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on August 6, 2009)

4.25.3		Form of Warrant issued to Midtown Partners & Co., LLC in connection with Exhibit 4.25.1 (incorporated by reference to Exhibit 4.28 to Generex Biotechnology Corporation’s Report on Form 8-K filed on August 6, 2009)

4.26.1		Form of Securities Purchase Agreement, dated September 11, 2009, entered into between Generex Biotechnology Corporation and each investor in the offering (incorporated by reference to Exhibit 10.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on September 15, 2009)

4.26.2		Form of Warrant issued in connection with Exhibit 4.26.1 (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on September 15, 2009)

4.26.3		Form of Warrant issued to Midtown Partners & Co., LLC in connection with Exhibit 4.26.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on September 15, 2009)

4.27.1		Common Stock Purchase Agreement dated April 7, 2010 by and between Generex Biotechnology Corporation and Seaside 88, LP. (incorporated by reference to Exhibit 10.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on April 8, 2010)

4.27.2		First Amendment to Common Stock Purchase Agreement dated April 28, 2010 by and between Generex Biotechnology Corporation and Seaside 88, LP. (incorporated by reference to Exhibit 10.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on April 29, 2010)

4.27.3		Form of Warrant issued to Midtown Partners & Co., LLC in connection with the Placement Agency Agreement and in connection with Exhibit 4.27.1 hereto (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on April 8, 2010)

4.28.1		Form of Securities Purchase Agreement, dated January 24, 2011, entered into between Generex Biotechnology Corporation and each investor in the offering (incorporated by reference to Exhibit 10.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on January 25, 2011)

4.28.2		Form of Warrant issued in connection with Exhibit 4.28.1 (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on January 25, 2011).

4.28.3		Amendment to Purchase Agreement dated March 25, 2011 (incorporated by reference to Exhibit 10.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on March 30, 2011).

4.28.4		Second Amendment to Purchase Agreement dated April 13, 2011 (incorporated by reference to Exhibit 10.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on April 14, 2011).

4.29.1		Form of Securities Purchase Agreement, dated July 8, 2011, by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on July 11, 2011).

4.29.2		Form of Common Stock Warrant issued in connection with Exhibit 4.29.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on July 11, 2011).

4.30.1		Form of Securities Purchase Agreement, dated January 31, 2012, by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on February 1, 2012).

4.30.2		Form of Common Stock Warrant issued in connection with Exhibit 4.30.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on February 1, 2012).

4.30.3		Form of Registration Rights Agreement by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on February 1, 2012).

4.31.1		Form of Securities Purchase Agreement, dated August 8, 2012, by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on August 8, 2012).

4.31.2		Form of Common Stock Warrant issued in connection with Exhibit 4.30.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on August 8, 2012).

4.31.3		Form of Registration Rights Agreement by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on August 8, 2012).

4.32.1		Form of Securities Purchase Agreement, dated December 10, 2012, by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on December 11, 2012).

4.32.2		Form of Common Stock Warrant issued in connection with Exhibit 4.30.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on December 11, 2012).

4.32.3		Form of Registration Rights Agreement by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on December 10, 2012).

4.33.1		Form of Securities Purchase Agreement, dated June 17, 2013, by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on June 17, 2013).

4.33.2		Form of Common Stock Warrant issued in connection with Exhibit 4.33.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on June 17, 2013).

4.33.3		Form of Registration Rights Agreement by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on June 17, 2013).

4.34.1		Form of Securities Purchase Agreement, dated January 14, 2014, by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on January 14, 2014).

4.34.2		Form of Common Stock Warrant issued in connection with Exhibit 4.34.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on January 14, 2014).

4.35.1		Form of Securities Purchase Agreement, dated March 27, 2014, by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on March 28, 2014).

4.35.2		Form of Common Stock Warrant issued in connection with Exhibit 4.35.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 28, 2014).

4.35.3		Form of Registration Rights Agreement by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on March 28, 2014).

4.36.1		Form of Securities Purchase Agreement, dated June 24, 2015, by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K filed on June 25, 2015).

4.36.2		Form of Common Stock Warrant issued in connection with Exhibit 4.36.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on June 25, 2015).

4.36.3		Form of Registration Rights Agreement by and among Generex Biotechnology Corporation and the purchaser(s) listed on the signature pages thereto (incorporated by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on June 25, 2015).

31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(1)	In the case of incorporation by reference to documents filed by the Registrant under the Exchange Act, the Registrant’s file number under the Exchange Act is 000-25169.

EX-31.1 2 ex31_1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Mark A. Fletcher, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended October 31, 2015 of Generex Biotechnology Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

		a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

		b)	Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

		d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	GENEREX BIOTECHNOLOGY CORPORATION
	(Registrant)

Date: January 14, 2016	By:	/s/ Mark A. Fletcher
		Mark A. Fletcher
		President and Chief Executive Officer
		(Principal Executive Officer)

EX-31.2 3 ex31_2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, Stephen Fellows, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended October 31, 2015 of Generex Biotechnology Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

		a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

		b)	Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
		c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

		d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	GENEREX BIOTECHNOLOGY CORPORATION
	(Registrant)

Date: January 14, 2016	By:	/s/ Stephen Fellows
		Stephen Fellows
		Chief Financial Officer
		(Principal Financial and Accounting Officer

EX-32 4 ex32.htm EXHIBIT 32

Exhibit 32

CERTIFICATIONS

Pursuant to Section 906 of the Public Company Accounting Reform and Investor Protection Act of 2002 (18 U.S.C. ss. 1350, as adopted), Mark A. Fletcher, Chief Executive Officer and President of Generex Biotechnology Corporation (the "Company"), and Stephen Fellows, Chief Financial Officer of the Company, each hereby certifies that, to the best of their knowledge:

1. The Company's Quarterly Report on Form 10-Q for the period ended October 31, 2015 to which this Certification is attached as Exhibit 32 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the end of the period covered by the Report.

DATE: January 14, 2016	By:	/s/ Mark A Fletcher
		Mark A. Fletcher
		President & Chief Executive Officer
		(Principal Executive Officer)


DATE: January 14, 2016	By:	/s/ Stephen Fellows
		Stephen Fellows
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

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825496238

Note 1 Basis of Presentation: The accompanying unaudited interim consolidated financial statements (interim statements) have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information and disclosures required by generally accepted accounting principles for complete financial statements are not included herein. The interim statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Companys latest Annual Report on Form 10-K. The results for the three month period ended October 31, 2015 may not be indicative of the results for the entire year.   Interim statements are subject to possible adjustments in connection with the annual audit of the Companys accounts for fiscal year 2016. In the Companys opinion, all adjustments necessary for a fair presentation of these interim statements have been included and are of a normal and recurring nature.   The Company has a limited history of operations and limited revenue to date. The Company has several product candidates that are in various research or early stages of pre-clinical and clinical development. There can be no assurance that the Company will be successful in obtaining regulatory clearance for the sale of existing or any future products or that any of the Companys products will be commercially viable.   Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has experienced negative cash flows from operations since inception and has an accumulated deficit of approximately $374 million and a working capital deficiency of approximately $8.4 million at October 31, 2015. The Company has funded its activities to date almost exclusively from debt and equity financings, as well as the sale of non-essential real estate assets in fiscal 2012 through the first quarter of fiscal 2014.   The Company will continue to require substantial funds to continue research and development, including pre-clinical studies and clinical trials of its product candidates, and to commence sales and marketing efforts, if the U.S. Food and Drug Administration or other regulatory approvals are obtained.  Managements plans in order to meet its operating cash flow requirements include financing activities such as private placements of its common stock, preferred stock offerings, issuances of debt and convertible debt instruments.  Management is also actively pursuing financial and strategic alternatives, including strategic investments and divestitures, industry collaboration activities and strategic partners.  Management has sold its non-essential real estate assets to augment its cash position.   These factors raise substantial doubt regarding the Companys ability to continue as a going concern. There are no assurances that such additional funding will be achieved and that the Company will succeed in its future operations. The interim statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts of liabilities that might be necessary should the Company be unable to continue in existence. The Companys inability to obtain required funding in the near future or its inability to obtain funding on favorable terms will have a material adverse effect on its operations and strategic development plan for future growth. If the Company cannot successfully raise additional capital and implement its strategic development plan, its liquidity, financial condition and business prospects will be materially and adversely affected, and the Company may have to cease operations.

Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has experienced negative cash flows from operations since inception and has an accumulated deficit of approximately $374 million and a working capital deficiency of approximately $8.4 million at October 31, 2015. The Company has funded its activities to date almost exclusively from debt and equity financings, as well as the sale of non-essential real estate assets in fiscal 2012 through the first quarter of fiscal 2014.   The Company will continue to require substantial funds to continue research and development, including pre-clinical studies and clinical trials of its product candidates, and to commence sales and marketing efforts, if the U.S. Food and Drug Administration or other regulatory approvals are obtained.  Managements plans in order to meet its operating cash flow requirements include financing activities such as private placements of its common stock, preferred stock offerings, issuances of debt and convertible debt instruments.  Management is also actively pursuing financial and strategic alternatives, including strategic investments and divestitures, industry collaboration activities and strategic partners.  Management has sold its non-essential real estate assets to augment its cash position.   These factors raise substantial doubt regarding the Companys ability to continue as a going concern. There are no assurances that such additional funding will be achieved and that the Company will succeed in its future operations. The interim statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts of liabilities that might be necessary should the Company be unable to continue in existence. The Companys inability to obtain required funding in the near future or its inability to obtain funding on favorable terms will have a material adverse effect on its operations and strategic development plan for future growth. If the Company cannot successfully raise additional capital and implement its strategic development plan, its liquidity, financial condition and business prospects will be materially and adversely affected, and the Company may have to cease operations.

374000000

8400000

Note 2 Effects of Recent Accounting Pronouncements:   Recently Issued Accounting Pronouncements In November 2014, the FASB issued guidance regarding Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. The guidance will be effective for the Companys first quarter of the fiscal year ended July 31, 2017. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements.   In August 2014, the FASB issued guidance regarding disclosure of uncertainties about an entitys ability to continue as a going concern. The guidance will be effective for the Companys fiscal year ended July 31, 2017 and subsequent interim periods. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements.

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: silver"> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Options</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Weighted Average Exercise Price per Share</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Aggregate Intrinsic Value</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 47%">Outstanding, August 1, 2015</td> <td style="width: 5%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">30,233,074</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">0.0468</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td>Add: Granted</td> <td> </td> <td> </td> <td style="text-align: right">2,952,404</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.0010</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Less: Exercised</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,952,404</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.0010</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td>Outstanding, October 31, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">30,233,074</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.0468</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">189,958</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Exercisable, October 31, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">30,233,074</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.0468</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">189,958</td></tr> </table>

30333074

30233074

189958

Note 3 Stock-Based Compensation:   As of October 31, 2015, the Company had two stockholder-approved stock incentive plans under which shares and options exercisable for shares of common stock have been or may be granted to employees, directors, consultants and advisors. A total of 12,000,000 shares of common stock are reserved for issuance under the 2001 Stock Option Plan (the 2001 Plan) and 135,000,000 shares of common stock are reserved for issuance under the 2006 Stock Plan as amended (the 2006 Plan). At October 31, 2015, there were 2,338,916 and 78,678,172 shares of common stock reserved for future awards under the 2001 Plan and 2006 Plan, respectively. The Company issues new shares of common stock from the shares reserved under the respective Plans upon conversion or exercise of options and issuance of restricted shares.   The 2001 and 2006 Plans (the Plans) are administered by the Board of Directors (the Board). The Board is authorized to select from among eligible employees, directors, advisors and consultants those individuals to whom options are to be granted and to determine the number of shares to be subject to, and the terms and conditions of the options. The Board is also authorized to prescribe, amend and rescind terms relating to options granted under the Plans. Generally, the interpretation and construction of any provision of the Plans or any options granted hereunder is within the discretion of the Board.   The Plans provide that options may or may not be Incentive Stock Options (ISOs) within the meaning of Section 422 of the Internal Revenue Code. Only employees of the Company are eligible to receive ISOs, while employees and non-employee directors, advisors and consultants are eligible to receive options which are not ISOs, i.e. Non-Qualified Options. The options granted by the Board in connection with its adoption of the Plans were Non-Qualified Options. In addition, the 2006 Plan also provides for restricted stock grants.   The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing model or the value of the services provided, whichever is more readily determinable. The Black-Scholes option pricing model takes into account, as of the grant date, the exercise price and expected life of the option, the current price of the underlying stock and its expected volatility, expected dividends on the stock and the risk-free interest rate for the term of the option. The Black-Scholes option pricing model was not used to estimate the fair value any option grants in the quarter ended October 31, 2015 or in the fiscal year ended July 31, 2015.   The following is a summary of the common stock options granted, forfeited or expired and exercised under the Plans for the three months ended October 31, 2015: <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: silver"> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Options</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Weighted Average Exercise Price per Share</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Aggregate Intrinsic Value</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 47%">Outstanding, August 1, 2015</td> <td style="width: 5%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">30,233,074</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">0.0468</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td>Add: Granted</td> <td> </td> <td> </td> <td style="text-align: right">2,952,404</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0.0010</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Less: Exercised</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,952,404</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.0010</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td>Outstanding, October 31, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">30,233,074</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.0468</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">189,958</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Exercisable, October 31, 2015</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">30,233,074</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.0468</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">189,958</td></tr> </table>   The 30,333,074 outstanding options at October 31, 2015 had a weighted average remaining contractual term of 2.33 years. Options typically vest over a period of two to four years and have a contractual life of five to ten years.   There were no non-vested common stock options granted, vested or forfeited under the Plan for the three months ended October 31, 2015. There was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plans at October 31, 2015.

2952404

30233074

189958

0.0010

0.0468

12000000

135000000

31246728

2338916

78678172

P2Y3M

Note 4 Accounts Payable and Accrued Expenses:   Accounts payable and accrued expenses consist of the following: <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">October 31, 2015</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">July 31, 2015</td></tr> <tr style="background-color: silver"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; width: 56%">Accounts Payable and Accruals - General and Administrative</td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="vertical-align: bottom; width: 1%">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">3,746,467</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="vertical-align: bottom; width: 1%">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">3,156,951</td> <td> </td></tr> <tr style="background-color: silver"> <td style="vertical-align: bottom; padding-bottom: 1pt">Accounts Payable and Accruals - Research and Development</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">3,81,099</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">3,861,902</td> <td> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Accounts Payable and Accruals - Selling and Marketing</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">326,218</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">326,250</td> <td> </td></tr> <tr style="background-color: silver"> <td style="vertical-align: bottom">Accrued Make-whole Payments on Convertible Preferred Stock (see Note 7)</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">202,500</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">315,900</td> <td> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-bottom: 1pt">Executive Compensation and Directors' Fees Payable</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">282,301</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">357,330</td> <td> </td></tr> <tr style="background-color: silver"> <td style="vertical-align: bottom; padding-bottom: 2.5pt; text-indent: 20pt">Total</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right">8,583,585</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right">8,018,333</td> <td> </td></tr> </table>   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 above. 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 partys forbearance due to the delay in the proposed Antigen spinout. The additional charge of approximately $610,000 was recognized as a general and administrative expense in the Companys fiscal quarter ended October 31, 2015.

Accounts payable and accrued expenses consist of the following: <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">October 31, 2015</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">July 31, 2015</td></tr> <tr style="background-color: silver"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; width: 56%">Accounts Payable and Accruals - General and Administrative</td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="vertical-align: bottom; width: 1%">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">3,746,467</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 8%"> </td> <td style="vertical-align: bottom; width: 1%">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">3,156,951</td> <td> </td></tr> <tr style="background-color: silver"> <td style="vertical-align: bottom; padding-bottom: 1pt">Accounts Payable and Accruals - Research and Development</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">3,81,099</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">3,861,902</td> <td> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom">Accounts Payable and Accruals - Selling and Marketing</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">326,218</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">326,250</td> <td> </td></tr> <tr style="background-color: silver"> <td style="vertical-align: bottom">Accrued Make-whole Payments on Convertible Preferred Stock (see Note 7)</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">202,500</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">315,900</td> <td> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-bottom: 1pt">Executive Compensation and Directors' Fees Payable</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">282,301</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">357,330</td> <td> </td></tr> <tr style="background-color: silver"> <td style="vertical-align: bottom; padding-bottom: 2.5pt; text-indent: 20pt">Total</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right">8,583,585</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right">8,018,333</td> <td> </td></tr> </table>

3746467

3156951

3981099 3861902

326218

326250

202500 315900 282301 357330

8583585

8018333

135000

67500

0.50 0.50

7000000

550000

50000

429000

2300000

200000

20-May-11

1-Jun-11

31-Dec-11

Ms. Perri

Golden Bull Estates

Vendor

125000

0.03

25000

Note 7 Stockholders Deficiency:   Common Stock During the three months ended October 31, 2015, the Company issued or committed to issue 300,000 shares of common stock to various consultants for services rendered, valued at $4,500.   During the three months ended October 31, 2015, the Company issued 27,999,999 shares of common stock in conjunction with the conversion of 420 shares of the Series F 9% Convertible Preferred Stock and 13,576,707 shares of common stock as make-whole dividend payments on the Series F 9% Convertible Preferred Stock.   During the three months ended October 31, 2015, the Company issued 2,952,404 to various employees in exchange for services rendered in the amount of $27,344.   During the three months ended October 31, 2015, the Company received proceeds of $2,952 from exercises of options at $0.001 per share.  The Company issued 2,952,404 shares of common stock as a result of these exercises.   The stockholders deficiency transactions for the three months ended October 31, 2015, including the transactions described above are summarized below: <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="7" style="text-align: center">Common Stock</td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amount</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Additional Paid-In Capital</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Stockholders' Deficiency</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="width: 44%; font-size: 10pt; text-align: justify">Balance at August 1, 2015</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">825,496,238</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">825,495</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">362,556,710</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">(8,290,320</td> <td style="width: 1%; font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; text-align: justify">Issuance of common stock on conversion of convertible preferred stocks</td> <td> </td> <td> </td> <td style="text-align: right">27,999,999</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(28,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt; text-align: justify">Issuance of common stock as make-whole payments on convertible preferred stock</td> <td> </td> <td> </td> <td style="text-align: right">13,576,707</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">13,577</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,823</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">113,400</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; text-align: justify">Issuance of common stock for services</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">300,000</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">300</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">4,200</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">4,500</td> <td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt; text-align: justify">Issuance of stock options for services</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">  </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">  </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">27,344</td> <td style="font-size: 10pt"> </td> <td> </td> <td> </td> <td style="text-align: right">27,344</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Exercise of stock options</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right">2,952,404</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right">2,953</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right">  </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right">2,953</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 2.5pt; font-size: 10pt">Balance at October 31, 2015</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">870,325,348</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">870,325</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">362,660,077</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt; text-decoration: underline; text-align: justify">Other changes to Stockholders Deficiency</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; text-align: justify">Net loss for three months ended October 31, 2015</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,731,265</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Currency translation adjustment</td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(2,936</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; font-size: 10pt">Stockholders Deficiency at October 31, 2015</td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,876,324</td> <td style="padding-bottom: 2.5pt">)</td></tr> </table>    Warrants There are 512,911,037 warrants outstanding as of October 31, 2015. There were no warrants issued, or exercised for the three months ended October 31, 2015. The outstanding warrants at October 31, 2015 have a weighted average exercise price of $0.015 per share and have a weighted average remaining life of 2.23 years.   As of October 31, 2015, the Company has 512,911,037 warrants with a current exercise price of $0.015 which have price protection provisions that allow for the reduction in the current exercise price upon the occurrence of certain events, including the Companys issuance of common stock or securities convertible into or exercisable for common stock, such as options and warrants, at a price per share less than the exercise price then in effect. For instance, if the Company issues shares of its common stock or options exercisable for or securities convertible into common stock at an effective price per share of common stock less than the exercise price then in effect, the exercise price will be reduced to the effective price of the new issuance. Simultaneously with any reduction to the exercise price, the number of shares of common stock that may be purchased upon exercise of each of these warrants shall be increased proportionately, so that after such adjustment the aggregate exercise price payable for the adjusted number of warrants shall be the same as the aggregate exercise price in effect immediately prior to such adjustment. There are a limited number of permitted types of stock and equity instrument issuances for each series of warrants which will not invoke the price protection provisions of these warrants.   The Company accounts for the warrants with price protection provisions in accordance with FASB ASC Topic 815 as described in Note 8 - Derivative Liabilities below. As of October 31, 2015, there were a total of 512,911,037 warrants with an estimated fair value of $2,525,315, which are identified on the interim consolidated balance sheets under the caption Derivative Warrant Liability.   Series A, B, C, D and E 9% Convertible Preferred Stock All of the Companys Series A, B, C, D and E 9% Convertible Preferred Stock was converted prior to the beginning of the Companys 2016 fiscal year.   Series F and G 9% Convertible Preferred Stock The Company has authorized 4,150 shares of Series F 9% Convertible Preferred Stock with a stated value of one thousand ($1,000) per share. Pursuant to a securities purchase agreement dated March 27, 2014, the Company sold an aggregate of 2,075 shares of Series F convertible preferred stock, as well as accompanying warrants to purchase 69,166,667 shares of common stock. An aggregate of 69,166,667 shares of the Companys common stock were issuable upon conversion of the Series F convertible preferred stock which was issued at the closing on March 27, 2014.   The Company has authorized 1,000 shares of Series G 9% Convertible Preferred Stock with a stated value of one thousand ($1,000) per share. Pursuant to a securities purchase agreement dated June 24, 2015, the Company sold an aggregate of 500 shares of Series G convertible preferred stock, as well as accompanying warrants to purchase 33,333,333 shares of common stock. An aggregate of 33,333,333 shares of the Companys common stock are issuable upon conversion of the Series G convertible preferred stock which was issued at the closing on June 24, 2015.   Subject to certain ownership limitations, the convertible preferred stock is convertible at the option of the holder at any time into shares of the Companys common stock at an effective conversion price of $0.015 per share (Note: The conversion price for the Series F Convertible Preferred Stock was adjusted from $0.03 to $0.015 in conjunction with the Series G Convertible Preferred Stock financing on June 24, 2015), and will accrue a 9% dividend until the third year anniversary of the issuances. On each one year anniversary thereafter, such dividend rate will increase by an additional 3%. The dividend is payable quarterly on September 30, December 31, March 31 and June 30, beginning on June 30, 2014 and June 30, 2015, respectively, and on each conversion date in cash, or at the Companys option, in shares of common stock. In the event that the Series F and G convertible preferred stock is converted prior to March 27, 2017 and June 24, 2018, respectively, the Company will pay the holder of the converted preferred stock an amount equal to $270 per $1,000 of stated value of the convertible preferred stock, less the amount of all prior quarterly dividends paid on such converted preferred stock before the relevant conversion date. Such make-whole payment may be made in cash or, at the Companys option, in shares of its common stock. In addition, beginning on the third anniversary date of the issuances, the Company will pay dividends on shares of preferred stock equal to (on an as-if-converted-to-common-stock basis) and in the same form as dividends (other than dividends in the form of common stock) actually paid on shares of the common stock when, and if such dividends are paid. The Company will incur a late fee of 18% per annum on unpaid dividends.   The conversion price of the convertible preferred stock is subject to adjustment in the case of stock splits, stock dividends, combinations of shares, similar recapitalization transactions and certain pro-rata distributions to common stockholders. The conversion price will also be adjusted if the Company sells or grants any shares of common stock or securities convertible into, or rights to acquire, common stock at an effective price per share that is lower than the then conversion price, except in the event of certain exempt issuances. In addition, the holders of convertible preferred stock will be entitled to receive any securities or rights to acquire securities or property granted or issued by the Company pro rata to the holders of its common stock to the same extent as if such holders had converted all of their shares of convertible preferred stock. In the event of a fundamental transaction, such as a merger, consolidation, sale of substantially all assets and similar reorganizations or recapitalizations, the holders of convertible preferred stock will be entitled to receive, upon conversion of their shares, any securities or other consideration received by the holders of the Companys common stock pursuant to the fundamental transaction. The conversion price for the Series F Convertible Preferred Stock was adjusted from $0.03 to $0.015 in conjunction with the Series G Convertible Preferred Stock on June 24, 2015 and the number of common shares underlying the 838 Series F Convertible Preferred Stock outstanding at that date increased from 27,941,667 to 55,883,333.   In conjunction with the issuance of the Series F convertible preferred stock in March 2014 and the issuance of the Series G convertible preferred stock in June 2015, the Company also issued 69,166,667 and 33,333,333 warrants, respectively to the investors. Subject to certain ownership limitations, the warrants will be exercisable at any time after their respective dates of issuance and on or before the fifth-year anniversary thereafter at an exercise price of $0.015 per share of common stock (Note: The conversion price for the warrants issued in the Series F Convertible Preferred Stock financing was adjusted from $0.03 to $0.015 in conjunction with the Series G Convertible Preferred Stock financing on June 24, 2015 and the number of warrants increased from 69,166,667 to 138,333,334). The exercise price of the warrants and, in some cases, the number of shares issuable upon exercise, are subject to adjustment in the case of stock splits, stock dividends, combinations of shares, similar recapitalization transactions and certain pro-rata distributions to common stockholders. The exercise price and number of shares of common stock issuable upon exercise will also be adjusted if the Company sells or grants any shares of common stock or securities convertible into, or rights to acquire, common stock at an effective price per share that is lower than the then exercise price, except in the event of certain exempt issuances. In addition, the warrant holders will be entitled to receive any securities or rights to acquire securities or property granted or issued by the Company pro rata to the holders of its common stock to the same extent as if such holders had exercised all of their warrants. In the event of a fundamental transaction, such as a merger, consolidation, sale of substantially all assets and similar reorganizations or recapitalizations, the warrant holders will be entitled to receive, upon exercise of their warrants, any securities or other consideration received by the holders of the Companys common stock pursuant to the fundamental transaction. These warrants have been classified as derivative liabilities and are described further in Note 8 Derivative Liabilities.   In addition, until the first anniversary date of the March 2014 securities purchase agreement and the first anniversary of the August 19, 2015 shareholder approval of the increase in authorized stock, respectively, each investor may, in its sole determination, elect to purchase, severally and not jointly with the other investors, in one or more purchases, in the ratio of such investor's original subscription amount to the original aggregate subscription amount of all investors, additional units consisting of convertible preferred stock and warrants at a purchase price of $1,000 per unit with an aggregate subscription amount thereof of up to $2,075,000 and $500,000, respectively, which units will have terms identical to the units of convertible preferred stock and warrants issued in connection with the March 2014 and June 2015 closings. These additional investment rights of the investors have been classified as derivative liabilities and are described further in Note 8 Derivative Liabilities. The March 2014 additional investment rights expired on March 27, 2015 and none had been exercised up to that date. The June 2015 additional investment rights expire on August 19, 2016 and none have been exercised to date.   As of October 31, 2015, 1,825 of the Series F convertible preferred stock had been converted to common stock. There were 80,441,665 shares of common stock issued upon the conversion of the Series F convertible preferred stock and 29,971,378 shares of common stock issued as make-whole payments on such conversions. As of October 31, 2015, none of the Series G convertible preferred stock had been converted to common stock.   Accounting for proceeds from the Series F convertible preferred stock financing   The initial cash proceeds, net of issuance costs of $55,000, from the Series F convertible preferred stock financing in March 2014 were $2,020,000. The proceeds from the financing were allocated first to the warrants that were issued in the financing, second to the additional investment rights associated with the financing and then to the make whole payments and subsequent issuance costs. As the assigned fair values were greater than the net cash proceeds from the transaction, the excess was treated as a deemed dividend for accounting purposes and was reported on the Companys consolidated statement of comprehensive (loss) / income for the fiscal year ended July 31, 2014 under the caption Preferred Stock Dividend. The calculation methodologies for the fair values of the derivative warrant liability and the derivative additional investment rights liability are described in Note 8 Derivative Liabilities below. The fair values assigned to each component and the calculation of the amount of the deemed dividend are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">    Accounting allocation of initial proceeds</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="width: 71%; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Net proceeds</td> <td style="width: 10%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt">$</td> <td style="width: 17%; font-size: 10pt; text-align: right">2,020,000</td> <td style="width: 1%; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Derivative warrant liability fair value</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(2,016,064</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Derivative additional investment rights fair value</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(863,735</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Other issuance costs (finders fee)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(166,000</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Make whole payments liability</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right">(560,250</td> <td style="padding-bottom: 1pt; font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Deemed dividend</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: black 2.25pt double; font-size: 10pt">$</td> <td style="border-bottom: black 2.25pt double; font-size: 10pt; text-align: right">(1,586,050</td> <td style="padding-bottom: 2.5pt; font-size: 10pt">)</td></tr> </table>   The initial make-whole payments of $560,250 on the Series F convertible preferred stock were accrued as of the date of the financing and the remaining balance of $67,500 (after conversions) is included in Accounts Payable and Accrued Expenses (see Note 4) at October 31, 2015.   Accounting for proceeds from the Series G convertible preferred stock financing   The initial cash proceeds, net of issuance costs of $25,000, from the Series G convertible preferred stock financing in June 2015 were $475,000. The proceeds from the financing were allocated first to the warrants that were issued in the financing, second to the additional investment rights associated with the financing and then to the make whole payments and subsequent issuance costs. As the assigned fair values were greater than the net cash proceeds from the transaction, the excess was treated as a deemed dividend for accounting purposes and was reported on the Companys consolidated statement of comprehensive (loss) / income for the fiscal year ended July 31, 2015 under the caption Preferred Stock Dividend. The calculation methodologies for the fair values of the derivative warrant liability and the derivative additional investment rights liability are described in Note 8 Derivative Liabilities below. The fair values assigned to each component and the calculation of the amount of the deemed dividend are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">    Accounting allocation of initial proceeds</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="width: 71%; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Net proceeds</td> <td style="width: 10%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt">$</td> <td style="width: 17%; font-size: 10pt; text-align: right">475,000</td> <td style="width: 1%; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Derivative warrant liability fair value</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(354,535</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Derivative additional investment rights fair value</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(285,048</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Other issuance costs (finders fee)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(40,000</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Make whole payments liability</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right">(135,000</td> <td style="padding-bottom: 1pt; font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Deemed dividend</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: black 2.25pt double; font-size: 10pt">$</td> <td style="border-bottom: black 2.25pt double; font-size: 10pt; text-align: right">(339,583</td> <td style="padding-bottom: 2.5pt; font-size: 10pt">)</td></tr> </table>   The initial make-whole payments of $135,000 on the Series G convertible preferred stock were accrued as of the date of the financing and the remaining balance of $135,000 (after conversions) is included in Accounts Payable and Accrued Expenses (see Note 4) at October 31, 2015.

Note 5 Commitments and Contingencies:   Pending Litigation In February 2001, a former business associate of the former Vice President of Research and Development (VP) of the Company and an entity known as Centrum Technologies Inc. (CTI) commenced an action in the Ontario Superior Court of Justice against the Company and the VP seeking, among other things, damages for alleged breaches of contract and tortious acts related to a business relationship between this former associate and the VP that ceased in July 1996. The plaintiffs statement of claim also seeks to enjoin the use, if any, by the Company of three patents allegedly owned by CTI. The three patents are entitled Liquid Formulations for Proteinic Pharmaceuticals, Vaccine Delivery System for Immunization, Using Biodegradable Polymer Microspheres, and Controlled Releases of Drugs or Hormones in Biodegradable Polymer Microspheres. It is the Companys position that the buccal drug delivery technologies which are the subject matter of the Companys research, development, and commercialization efforts, including Generex Oral-lyn and the RapidMist Diabetes Management System, do not make use of, are not derivative of, do not infringe upon, and are entirely different from the intellectual property identified in the plaintiffs statement of claim. On July 20, 2001, the Company filed a preliminary motion to dismiss the action of CTI as a nonexistent entity or, alternatively, to stay such action on the grounds of want of authority of such entity to commence the action. The plaintiffs brought a cross motion to amend the statement of claim to substitute Centrum Biotechnologies, Inc. (CBI) for CTI. CBI is a corporation of which 50 percent of the shares are owned by the former business associate and the remaining 50 percent are owned by the Company. Consequently, the shareholders of CBI are in a deadlock. The court granted the Companys motion to dismiss the action of CTI and denied the plaintiffs cross motion without prejudice to the former business associate to seek leave to bring a derivative action in the name of or on behalf of CBI. The former business associate subsequently filed an application with the Ontario Superior Court of Justice for an order granting him leave to file an action in the name of and on behalf of CBI against the VP and the Company. The Company opposed the application. In September 2003, the Ontario Superior Court of Justice granted the request and issued an order giving the former business associate leave to file an action in the name of and on behalf of CBI against the VP and the Company. A statement of claim was served in July 2004. The Company is not able to predict the ultimate outcome of this legal proceeding at the present time or to estimate an amount or range of potential loss, if any, from this legal proceeding.   On May 20, 2011, Ms. Perri filed a statement of claim (subsequently amended) in the Ontario Superior Court of Justice, naming as defendants the Company and certain directors of the Company, Mr. Barratt, Ms. Masterson, Mr. McGee, and Mr. Fletcher. In this action, Ms. Perri has alleged that defendants engaged in discrimination, harassment, bad faith and infliction of mental distress in connection with the termination of her employment with the Company. Ms. Perri is seeking damages in this action in excess of $7,000,000 for, among other things, breach of contract, breach of fiduciary duty, violations of the Ontario Human Rights Code and aggravated and punitive damages. On September 20, 2011, the defendants filed a statement of defense and counterclaim, also naming Time Release Corp., Khazak Group Consulting Corp., and David Khazak, C.A. as defendants by counterclaim, and seeking damages of approximately $2.3 million in funds that the defendants allege Ms. Perri wrongly caused the Company to pay to third parties in varying amounts over several years and an accounting of certain third-party payments, plus interests and costs. The factual basis for the counterclaim involves payments made by the Company to third parties believed to be related to Ms. Perri. The Company intends to defend this action and pursue its counterclaim vigorously and is not able to predict the ultimate outcome of this legal proceeding at the present time or to estimate an amount or range of potential loss, if any, from this legal proceeding.   On June 1, 2011, Golden Bull Estates Ltd. filed a claim (subsequently amended) in the Ontario Superior Court of Justice, naming the Company, 1097346 Ontario, Inc. and Generex Pharmaceuticals, Inc. as defendants. The plaintiff, Golden Bull Estates, is controlled by Ms. Perri. The plaintiff alleges damages in the amount of $550,000 for breach of contract, $50,000 for punitive damages, plus interest and costs. The plaintiffs claims relate to an alleged contract between the plaintiff and the Company for property management services for certain Ontario properties owned by the Company. The Company terminated the plaintiffs property management services in April 2011. Following the close of pleadings, the Company served a motion for summary judgment. The plaintiff responded by amending its statement of claim to include a claim to the Companys interest in certain of its real estate holdings. The plaintiff moved for leave to issue and register a Certificate of Pending Litigation in respect of this real estate. The motion was not successful in respect of any current real estate holdings of the Company. The Company is not able to predict the ultimate outcome of this legal proceeding at the present time or to estimate an amount or range of potential loss, if any, from this legal proceeding.   In December 2011, a vendor of the Company commenced an action against the Company and its subsidiary, Generex Pharmaceuticals, Inc., in the Ontario Superior Court of Justice claiming damages for unpaid invoices including interest in the amount of $429,000, in addition to costs and further interest.  The Company responded to this statement of claim and also asserted a counterclaim in the proceeding for $200,000 arising from the vendors breach of contract and detinue, together with interest and costs. On November 16, 2012, the parties agreed to settle this action and the Company has agreed to pay the plaintiff $125,000, following the spinout of its subsidiary Antigen, from the proceeds of any public or private financing related to Antigen subsequent to such spinout.  Each party agreed to execute mutual releases to the claim and counterclaim to be held in trust by each partys counsel until payment of the settlement amount.  Following payment to the plaintiff, the parties agree that a Consent Dismissal Order without costs will be filed with the court.  If the Company fails to make the payment following completion of any post-spinout financing related to Antigen or any other subsidiaries, the Plaintiffs may take out a judgment in the amount of the claim plus interest of 3% per annum and costs fixed at $25,000.   The Company is involved in certain other legal proceedings in addition to those specifically described herein. Subject to the uncertainty inherent in all litigation, the Company does not believe at the present time that the resolution of any of these legal proceedings is likely to have a material adverse effect on the Companys consolidated financial position, operations or cash flows.   With respect to all litigation, as additional information concerning the estimates used by the Company becomes known, the Company reassesses its position both with respect to accrued liabilities and other potential exposures.

Note 6 Net (Loss) / Income Per Share (EPS):   Basic EPS and Diluted EPS for the three-month period ended October 31, 2015 have been computed by dividing the net loss available to common stockholders for the period by the weighted average shares outstanding during each period. All outstanding stock options, non-vested restricted stock, warrants and common stock underlying convertible preferred stock, representing 606,644,111 incremental shares at October 31, 2015, have been excluded from the respective computations of Diluted EPS as they are anti-dilutive.   Basic EPS for the three-month period ended October 31, 2014 has been computed by dividing the net income available to common stockholders for the respective periods by the weighted average shares outstanding during those periods.   The following table represents a reconciliation of the basic and diluted EPS computations contained in our interim statements for the three-month period ended October 31, 2014:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="11" style="text-align: center">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: black 1pt solid; text-align: center">October 31, 2014</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: center">Net Income</td> <td> </td> <td colspan="3" style="text-align: center">Weighted Average Shares</td> <td> </td> <td colspan="3" style="text-align: center">Earnings per Share</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="width: 46%; padding-left: 5.4pt">Basic EPS</td> <td style="width: 5%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">49,623</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">779,964,709</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">0.0001</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt">Effect of dilutive securities:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-left: 5.4pt"> Stock options</td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">31,246,728</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt"> Warrants</td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; padding-left: 5.4pt"> Convertible preferred stock</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">  </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">  </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">  </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt">Diluted EPS</td> <td> </td> <td>$</td> <td style="text-align: right">49,623</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">811,211,437</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.0001</td> <td> </td></tr> </table>    Diluted EPS for the three-month periods ended October 31, 2014 has been computed by dividing the net income available to common stockholders for the respective periods by the diluted weighted average shares outstanding during that period.   Per the treasury method of calculating diluted EPS, 31,246,728 shares representing outstanding stock options which have an exercise price lower than the average market price for the quarter ended October 31, 2014, are included in the calculation of EPS. All remaining outstanding stock options and warrants which have out-of-the-money exercise prices, representing 260,739,100 incremental shares in aggregate, have been excluded from the October 31, 2014 computation of diluted EPS, as they are anti-dilutive. In addition, 43,740,916 shares underlying the remaining Series E and F convertible preferred stock (including 9,299,250 shares for make-whole payments) have been excluded from the number of shares used in the diluted EPS calculation, as they are anti-dilutive.

27999999

28000

-28000

13576707

113400

13577

99823

300000

4500

300

4200

2952404

2953

870325349

825496238

870325

362660077

825495

362556710

-8290320

-2936

9299250

27999999 420 2952 0.015

0.015

43740916

41224999

33333333

69166667

29971378

0.03 0.015

1825

560250 135000

Note 8 Derivative Liabilities:   Derivative warrant liability The Company has warrants outstanding with price protection provisions that allow for the reduction in the exercise price of the warrants in the event the Company subsequently issues stock or securities convertible into stock at a price lower than the exercise price of the warrants. Simultaneously with any reduction to the exercise price, the number of shares of common stock that may be purchased upon exercise of each of these warrants shall be increased or decreased proportionately, so that after such adjustment the aggregate exercise price payable for the adjusted number of warrants shall be the same as the aggregate exercise price in effect immediately prior to such adjustment.   Accounting for Derivative Warrant Liability The Companys derivative instruments have been measured at fair value at October 31, 2015 and July 31, 2015 using the binomial lattice model. The Company recognizes all of its warrants with price protection in its consolidated balance sheets as a liability. The liability is revalued at each reporting period and changes in fair value are recognized currently in the consolidated statements of comprehensive income. The initial recognition and subsequent changes in fair value of the derivative warrant liability have no effect on the Companys consolidated cash flows.   The derivative warrants outstanding at October 31, 2015 are all currently exercisable with a weighted-average remaining life of 2.23 years.   The revaluation of the warrants at the end of the respective reporting periods resulted in the recognition of a loss of $161,900 within the Companys consolidated statements of operations for the three months ended October 31, 2015 and a gain of $517,466 within the Companys consolidated statements of comprehensive (loss) / income for the three months ended October 31, 2014, which are included in the consolidated statement of comprehensive (loss) / income under the caption Change in fair value of derivative liabilities. The fair values of the warrants at October 31, 2015 and July 31, 2015 were $2,525,315 and $2,363,415, respectively, which are reported on the consolidated balance sheets under the caption Derivative Warrant Liability.   The following summarizes the changes in the value of the derivative warrant liability from August 1, 2015 until October 31, 2015: <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Value</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">No. of Warrants</td> <td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-left: 5.4pt; text-align: justify">Balance at August 1, 2015 Derivative warrant liability</td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">2,363,415</td> <td style="width: 1%"> </td> <td style="width: 8%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">512,911,037</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Decrease in fair value of derivative warrant liability</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">161,900</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">n/a</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt">Balance at October 31, 2015 Derivative warrant liability</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,525,315</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">512,911,037</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Fair Value Assumptions Used in Accounting for Derivative Warrant Liability The Company has determined its derivative warrant liability to be a Level 2 fair value measurement and has used the binominal lattice pricing model to calculate the fair value as of October 31, 2015 and July 31, 2014. The binomial lattice model requires six basic data inputs: the exercise or strike price, time to expiration, the risk free interest rate, the current stock price, the estimated volatility of the stock price in the future, and the dividend rate. Because the warrants contain the price protection feature, the probability that the exercise price of the warrants would decrease as the stock price decreased was incorporated into the valuation calculations. The key inputs used in the October 31, 2015 and July 31, 2015 fair value calculations were as follows: <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: silver"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">October 31, 2015</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">July 31, 2015</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%">Current exercise price</td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">0.015</td> <td style="width: 1%"> </td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">0.015</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td>Time to expiration</td> <td> </td> <td> </td> <td style="text-align: right">2.2</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.5 years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.05</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.08</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td>Estimated volatility</td> <td> </td> <td> </td> <td style="text-align: right">95</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">82</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Dividend</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td>Stock price at period end date</td> <td> </td> <td>$</td> <td style="text-align: right">0.0082</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.01</td> <td> </td></tr> </table>   Fair Value Assumptions Used in Accounting for Derivative Additional Investment Rights Liability The Company has determined the derivative additional investment rights liability to be a Level 2 fair value measurement and has used the binominal lattice pricing model to measure the fair value. The Series F additional investment rights expired in March 2015. The fair value of the Series G derivative liability associated with the additional investment rights was determined to be $296,725 at October 31, 2015 (July 31, 2015 - $142,662).   The key inputs used in the fair value calculation at October 31, 2015 and July 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">October 31, 2015</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">July 31, 2015</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="width: 58%; font-size: 10pt">Underlying number of units of convertible preferred stock</td> <td style="width: 8%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 11%; font-size: 10pt; text-align: right">500</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 8%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">500</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt">Underlying number of units of warrants</td> <td> </td> <td> </td> <td style="text-align: right">33,333,333</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">33,333,333</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt">Current exercise price of warrants</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">0.015</td> <td style="font-size: 10pt"> </td> <td> </td> <td> </td> <td style="text-align: right">0.015</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt">Current conversion price of preferred stock</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">0.015</td> <td style="font-size: 10pt"> </td> <td> </td> <td> </td> <td style="text-align: right">0.015</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt">Time to expiration</td> <td> </td> <td> </td> <td style="text-align: right">0.80 years</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1.05 years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt">Risk-free interest rate</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">0.23</td> <td style="font-size: 10pt">%</td> <td> </td> <td> </td> <td style="text-align: right">0.30</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt">Estimated volatility</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">106</td> <td style="font-size: 10pt">%</td> <td> </td> <td> </td> <td style="text-align: right">79</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt">Dividend</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">0</td> <td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt">Stock price at period end date</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt">$</td> <td style="font-size: 10pt; text-align: right">0.0082</td> <td style="font-size: 10pt"> </td> <td> </td> <td> </td> <td style="text-align: right">0.01</td> <td> </td></tr> </table>   The revaluation of the additional investment rights in the three-month period ended October 31, 2015, resulted in the recognition of a loss of $154,063 and in the three-month period ended October 31, 2014, the revaluation resulted in the recognition of a gain of $194,512. The respective loss and gain are recorded within the Companys consolidated statements of comprehensive (loss) / income under the caption Change in fair value of derivative liabilities.

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Value</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">No. of Warrants</td> <td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-left: 5.4pt; text-align: justify">Balance at August 1, 2015 Derivative warrant liability</td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">2,363,415</td> <td style="width: 1%"> </td> <td style="width: 8%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">512,911,037</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Decrease in fair value of derivative warrant liability</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">161,900</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">n/a</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt">Balance at October 31, 2015 Derivative warrant liability</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,525,315</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">512,911,037</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: silver"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">October 31, 2015</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">July 31, 2015</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%">Current exercise price</td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">0.015</td> <td style="width: 1%"> </td> <td style="width: 8%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">0.015</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td>Time to expiration</td> <td> </td> <td> </td> <td style="text-align: right">2.2</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2.5 years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">1.05</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">1.08</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td>Estimated volatility</td> <td> </td> <td> </td> <td style="text-align: right">95</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">82</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Dividend</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td>Stock price at period end date</td> <td> </td> <td>$</td> <td style="text-align: right">0.0082</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.01</td> <td> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">October 31, 2015</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">July 31, 2015</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="width: 58%; font-size: 10pt">Underlying number of units of convertible preferred stock</td> <td style="width: 8%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 11%; font-size: 10pt; text-align: right">500</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 8%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">500</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt">Underlying number of units of warrants</td> <td> </td> <td> </td> <td style="text-align: right">33,333,333</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">33,333,333</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt">Current exercise price of warrants</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">0.015</td> <td style="font-size: 10pt"> </td> <td> </td> <td> </td> <td style="text-align: right">0.015</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt">Current conversion price of preferred stock</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">0.015</td> <td style="font-size: 10pt"> </td> <td> </td> <td> </td> <td style="text-align: right">0.015</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt">Time to expiration</td> <td> </td> <td> </td> <td style="text-align: right">0.80 years</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1.05 years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt">Risk-free interest rate</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">0.23</td> <td style="font-size: 10pt">%</td> <td> </td> <td> </td> <td style="text-align: right">0.30</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt">Estimated volatility</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">106</td> <td style="font-size: 10pt">%</td> <td> </td> <td> </td> <td style="text-align: right">79</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt">Dividend</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">0</td> <td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt">Stock price at period end date</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt">$</td> <td style="font-size: 10pt; text-align: right">0.0082</td> <td style="font-size: 10pt"> </td> <td> </td> <td> </td> <td style="text-align: right">0.01</td> <td> </td></tr> </table>

0.0082

0.01

500

33333333 33333333 0.015 0.015

2525315

2363415

161900

P9M P1Y 0.0023 0.0030 1.06 0.79

Note 9 Subsequent Events:   The Company has evaluated subsequent events occurring after the balance sheet date through the date the interim statements were issued and determined that there are no events requiring financial statement disclosure.

-9876324

-154063

194512

512911037

P2Y3M

P2Y2M

P2Y6M

0.0105

0.0108

0.95

0.82

870325348

The stockholders deficiency transactions for the three months ended October 31, 2015, including the transactions described above are summarized below: <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="7" style="text-align: center">Common Stock</td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amount</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Additional Paid-In Capital</td> <td style="border-bottom: black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Stockholders' Deficiency</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="width: 44%; font-size: 10pt; text-align: justify">Balance at August 1, 2015</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">825,496,238</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">825,495</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">362,556,710</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">(8,290,320</td> <td style="width: 1%; font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; text-align: justify">Issuance of common stock on conversion of convertible preferred stocks</td> <td> </td> <td> </td> <td style="text-align: right">27,999,999</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(28,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt; text-align: justify">Issuance of common stock as make-whole payments on convertible preferred stock</td> <td> </td> <td> </td> <td style="text-align: right">13,576,707</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">13,577</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">99,823</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">113,400</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; text-align: justify">Issuance of common stock for services</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">300,000</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">300</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">4,200</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">4,500</td> <td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt; text-align: justify">Issuance of stock options for services</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">  </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">  </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">27,344</td> <td style="font-size: 10pt"> </td> <td> </td> <td> </td> <td style="text-align: right">27,344</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Exercise of stock options</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right">2,952,404</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right">2,953</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right">  </td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right">2,953</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 2.5pt; font-size: 10pt">Balance at October 31, 2015</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">870,325,348</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">870,325</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">362,660,077</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="font-size: 10pt; text-decoration: underline; text-align: justify">Other changes to Stockholders Deficiency</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; text-align: justify">Net loss for three months ended October 31, 2015</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,731,265</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Currency translation adjustment</td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(2,936</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; font-size: 10pt">Stockholders Deficiency at October 31, 2015</td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,876,324</td> <td style="padding-bottom: 2.5pt">)</td></tr> </table>

The fair values assigned to each component and the calculation of the amount of the deemed dividend are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">    Accounting allocation of initial proceeds</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="width: 71%; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Net proceeds</td> <td style="width: 10%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt">$</td> <td style="width: 17%; font-size: 10pt; text-align: right">2,020,000</td> <td style="width: 1%; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Derivative warrant liability fair value</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(2,016,064</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Derivative additional investment rights fair value</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(863,735</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Other issuance costs (finders fee)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(166,000</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Make whole payments liability</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right">(560,250</td> <td style="padding-bottom: 1pt; font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Deemed dividend</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: black 2.25pt double; font-size: 10pt">$</td> <td style="border-bottom: black 2.25pt double; font-size: 10pt; text-align: right">(1,586,050</td> <td style="padding-bottom: 2.5pt; font-size: 10pt">)</td></tr> </table>

The fair values assigned to each component and the calculation of the amount of the deemed dividend are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">    Accounting allocation of initial proceeds</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="width: 71%; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Net proceeds</td> <td style="width: 10%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt">$</td> <td style="width: 17%; font-size: 10pt; text-align: right">475,000</td> <td style="width: 1%; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Derivative warrant liability fair value</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(354,535</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Derivative additional investment rights fair value</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(285,048</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Other issuance costs (finders fee)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">(40,000</td> <td style="font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Make whole payments liability</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right">(135,000</td> <td style="padding-bottom: 1pt; font-size: 10pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; font-size: 10pt; text-indent: 0.9pt">Deemed dividend</td> <td style="padding-bottom: 2.5pt; font-size: 10pt"> </td> <td style="border-bottom: black 2.25pt double; font-size: 10pt">$</td> <td style="border-bottom: black 2.25pt double; font-size: 10pt; text-align: right">(339,583</td> <td style="padding-bottom: 2.5pt; font-size: 10pt">)</td></tr> </table>

52428

749965

51962

51240

104391

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2459

2869

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2234090

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8538585

8018833

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-0.002

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580630

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53141

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49623

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13887

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542

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610000

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="11" style="text-align: center">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: black 1pt solid; text-align: center">October 31, 2014</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: center">Net Income</td> <td> </td> <td colspan="3" style="text-align: center">Weighted Average Shares</td> <td> </td> <td colspan="3" style="text-align: center">Earnings per Share</td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="width: 46%; padding-left: 5.4pt">Basic EPS</td> <td style="width: 5%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">49,623</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">779,964,709</td> <td style="width: 1%"> </td> <td style="width: 5%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">0.0001</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt">Effect of dilutive securities:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-left: 5.4pt"> Stock options</td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">31,246,728</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt"> Warrants</td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">  </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: silver"> <td style="padding-bottom: 1pt; padding-left: 5.4pt"> Convertible preferred stock</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">  </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">  </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">  </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt">Diluted EPS</td> <td> </td> <td>$</td> <td style="text-align: right">49,623</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">811,211,437</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">0.0001</td> <td> </td></tr> </table>

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55000

25000

0.0468

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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] Class of Stock [Axis] ASSETS Current Assets: Cash and cash equivalents Other current assets Total Current Assets Property and Equipment, Net Patents, Net TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' DEFICIENCY Current Liabilities: Accounts payable and accrued expenses (Note 4) Total Current Liabilities Derivative Warrant Liability (Note 7 and 8) Derivative Additional Investment Rights Liability (Note 7 and 8) Total Liabilities Commitments and Contingencies (Note 5) Stockholders' Deficiency (Note 7): 9% Convertible Preferred Stock Common stock, $.001 par value; authorized 2,450,000,000 and 1,500,000,000 shares at October 31, 2015 and July 31, 2015, respectively; 870,325,348 and 825,496,238 issued and outstanding at October 31, 2015 and July 31, 2015, respectively Additional paid-in capital Accumulated deficit Accumulated other comprehensive income Total Stockholders' Deficiency TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY Convertible preferred stock, par value (in dollars per share) Convertible preferred stock, shares authorized Convertible preferred stock, shares issued Convertible preferred stock, shares outstanding Convertible preferred stock, cumulative percentage of interest Common stock, par value (in dollars per share) Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Operating Expenses: Research and development General and administrative (Note 4) Total Operating Expenses Operating Loss Other Income/(Expense): Interest income Interest expense Change in fair value of derivative liabilities (Note 8) Net (Loss) / Income Net (Loss) Income per Common Share (Note 6) - Basic Net (Loss) Income per Common Share - Diluted Basic Shares Used to Compute (Loss) / Income per Share (Note 6) Diluted Shares Used to Compute (Loss) / Income per Share (Note 6) Other Comprehensive (Loss) / Income Net (Loss) / Income Change in foreign currency translation adjustments Comprehensive (Loss) / Income Statement of Cash Flows [Abstract] Cash Flows From Operating Activities: Net (loss)/income Adjustments to reconcile net (loss) / income to net cash used in operating activities: Depreciation and amortization Stock compensation expense Common stock issued for services rendered Common stock issued as make-whole payments on preferred stock Change in fair value of derivative liabilities Changes in operating assets and liabilities Accounts payable and accrued expenses Other current assets Net Cash Used in Operating Activities Cash Flows From Investing Activities: Costs incurred for patents Net Cash (Used in)/Provided By Investing Activities Cash Flows From Financing Activities: Proceeds from exercise of stock options Net Cash Provided by Financing Activities Effect of Exchange Rates on Cash Net Decrease in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Period Cash and Cash Equivalents, End of Period Accounting Policies [Abstract] Basis of Presentation Accounting Changes and Error Corrections [Abstract] Effects of Recent Accounting Pronouncements Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Stock-Based Compensation: Payables and Accruals [Abstract] Accounts Payable and Accrued Expenses Commitments and Contingencies Disclosure [Abstract] Pending Litigation Net Income (Loss) Per Share (EPS) Equity [Abstract] Stockholders’ Deficiency Notes to Financial Statements Derivative Liabilities Subsequent Events [Abstract] Subsequent Events Going Concern Common stock options granted, forfeited or expired and exercised Accounts payable and accrues expenses Basic and Diluted EPS Stockholders' deficiency transactions Allocation of initial proceeds Derivative warrant liability Fair value assumptions, derivative warrant liability Fair value assumptions, derivative additional investment rights liability Options Outstanding Options Granted Options Exercised Options Exercisable Weighted Average Exercise Price per Share Weighted Average Exercise Price per Share, Granted Weighted Average Exercise Price per Share, Exercised Weighted Average Exercise Price per Share, Exercisable Accumulated deficit Working capital deficiency Derivative, by Nature [Axis] Common stock reserved for future issuance Common stock reserved for future awards Share-based employee compensation Outstanding options Outstanding options, weighted average remaining contractual term Accounts Payable and Accruals – General and Administrative Accounts Payable and Accruals – Research and Development Accounts Payable and Accruals – Selling and Marketing Accrued Make-whole Payments on Convertible Preferred Stock (see Note 8) Executive Compensation and Directors’ Fees Payable Total Unsecured payable original value Converted note value Converted note interest rate General and administrative expense Shares of CBI owned by former business associate Shares of CBI owned by Company Value of damages sought Counterclaim proceeding Lawsuit filing date Name of Plaintiff Settlement of litigation Interest per annum, failure to pay settlement EX-101.PRE 10 gnbt-20150430_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Oct. 31, 2015	Jan. 14, 2016
Document And Entity Information
Entity Registrant Name	GENEREX BIOTECHNOLOGY CORP
Entity Central Index Key	0001059784
Document Type	10-Q
Document Period End Date	Oct. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		870,325,348
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2016

XML 12 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Current Assets:
Cash and cash equivalents	$ 52,428	$ 749,965
Other current assets	51,962	51,240
Total Current Assets	104,391	801,205
Property and Equipment, Net	2,459	2,869
Patents, Net	1,377,451	1,430,016
TOTAL ASSETS	1,484,301	2,234,090
Current Liabilities:
Accounts payable and accrued expenses (Note 4)	8,538,585	8,018,833
Total Current Liabilities	8,538,585	8,018,833
Derivative Warrant Liability (Note 7 and 8)	2,525,315	2,363,415
Derivative Additional Investment Rights Liability (Note 7 and 8)	296,725	142,662
Total Liabilities	$ 11,360,625	$ 10,524,410
Stockholders' Deficiency (Note 7):
9% Convertible Preferred Stock
Common stock, $.001 par value; authorized 2,450,000,000 and 1,500,000,000 shares at October 31, 2015 and July 31, 2015, respectively; 870,325,348 and 825,496,238 issued and outstanding at October 31, 2015 and July 31, 2015, respectively	$ 45,010	$ 825,496
Additional paid-in capital	362,660,077	362,556,710
Accumulated deficit	(374,212,528)	(372,481,263)
Accumulated other comprehensive income	805,802	808,737
Total Stockholders' Deficiency	(9,876,324)	(8,290,320)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$ 1,484,301	$ 2,234,090
Series A Convertible Preferred Stock
Stockholders' Deficiency (Note 7):
9% Convertible Preferred Stock
Series B Convertible Preferred Stock
Stockholders' Deficiency (Note 7):
9% Convertible Preferred Stock
Series C Convertible Preferred Stock
Stockholders' Deficiency (Note 7):
9% Convertible Preferred Stock
Series D Convertible Preferred Stock
Stockholders' Deficiency (Note 7):
9% Convertible Preferred Stock
Series E Convertible Preferred Stock
Stockholders' Deficiency (Note 7):
9% Convertible Preferred Stock
Series F Convertible Preferred Stock
Stockholders' Deficiency (Note 7):
9% Convertible Preferred Stock
Series G Convertible Preferred Stock
Stockholders' Deficiency (Note 7):
9% Convertible Preferred Stock

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (UNAUDITED) - $ / shares	Oct. 31, 2015	Jul. 31, 2015
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	2,450,000,000	1,500,000,000
Common stock, shares issued	870,325,348	825,496,238
Common stock, shares outstanding	870,325,348	825,496,238
Series A Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Convertible preferred stock, shares authorized	5,500	5,500
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Convertible preferred stock, cumulative percentage of interest	9.00%	9.00%
Series B Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Convertible preferred stock, shares authorized	2,000	2,000
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Convertible preferred stock, cumulative percentage of interest	9.00%	9.00%
Series C Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Convertible preferred stock, shares authorized	750	750
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Convertible preferred stock, cumulative percentage of interest	9.00%	9.00%
Series D Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Convertible preferred stock, shares authorized	750	750
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Convertible preferred stock, cumulative percentage of interest	9.00%	9.00%
Series E Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Convertible preferred stock, shares authorized	2,450	2,450
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Convertible preferred stock, cumulative percentage of interest	9.00%	9.00%
Series F Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Convertible preferred stock, shares authorized	4,150	4,150
Convertible preferred stock, shares issued	250	670
Convertible preferred stock, shares outstanding	250	670
Convertible preferred stock, cumulative percentage of interest	9.00%	9.00%
Series G Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Convertible preferred stock, shares authorized	1,000	1,000
Convertible preferred stock, shares issued	500	500
Convertible preferred stock, shares outstanding	500	500
Convertible preferred stock, cumulative percentage of interest	9.00%	9.00%

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Operating Expenses:
Research and development	$ 177,570	$ 408,296
General and administrative (Note 4)	1,140,009	172,334
Total Operating Expenses	1,317,579	580,630
Operating Loss	$ (1,317,579)	(580,630)
Other Income/(Expense):
Interest income		9
Interest expense	$ (97,723)	(81,734)
Change in fair value of derivative liabilities (Note 8)	(315,963)	711,978
Net (Loss) / Income	$ (1,731,265)	$ 49,623
Net (Loss) Income per Common Share (Note 6) - Basic	$ (0.002)	$ 0.0001
Net (Loss) Income per Common Share - Diluted	$ (0.002)	$ 0.0001
Basic Shares Used to Compute (Loss) / Income per Share (Note 6)	850,126,309	779,964,709
Diluted Shares Used to Compute (Loss) / Income per Share (Note 6)	850,126,309	811,211,437
Other Comprehensive (Loss) / Income
Net (Loss) / Income	$ (1,731,265)	$ 49,623
Change in foreign currency translation adjustments	(2,936)	3,518
Comprehensive (Loss) / Income	$ (1,734,201)	$ 53,141

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Cash Flows From Operating Activities:
Net (loss)/income	$ (1,731,265)	$ 49,623
Adjustments to reconcile net (loss) / income to net cash used in operating activities:
Depreciation and amortization	52,661	$ 115,912
Stock compensation expense	27,344
Common stock issued for services rendered	4,500	$ 21,050
Common stock issued as make-whole payments on preferred stock	113,400	58,523
Change in fair value of derivative liabilities	315,963	(711,978)
Changes in operating assets and liabilities
Accounts payable and accrued expenses	522,064	(601,072)
Other current assets	784	(32,294)
Net Cash Used in Operating Activities	$ (696,117)	(1,035,648)
Cash Flows From Investing Activities:
Costs incurred for patents		(13,887)
Net Cash (Used in)/Provided By Investing Activities		(13,887)
Cash Flows From Financing Activities:
Proceeds from exercise of stock options	$ 2,952	542
Net Cash Provided by Financing Activities	2,952	542
Effect of Exchange Rates on Cash	(4,372)	(5,058)
Net Decrease in Cash and Cash Equivalents	(697,537)	(1,054,051)
Cash and Cash Equivalents, Beginning of Period	749,965	3,269,489
Cash and Cash Equivalents, End of Period	$ 52,428	$ 2,215,438

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Basis of Presentation

3 Months Ended

Oct. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation

Note 1 – Basis of Presentation:

Going Concern

XML 17 R7.htm IDEA: XBRL DOCUMENT

Effects of Recent Accounting Pronouncements

3 Months Ended

Oct. 31, 2015

Accounting Changes and Error Corrections [Abstract]

Effects of Recent Accounting Pronouncements

Note 2 – Effects of Recent Accounting Pronouncements:

Recently Issued Accounting Pronouncements

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

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-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

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-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

XML 18 R8.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

3 Months Ended

Oct. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation:

Note 3 – Stock-Based Compensation:

The following is a summary of the common stock options granted, forfeited or expired and exercised under the Plans for the three months ended October 31, 2015:

	Options		Weighted Average Exercise Price per Share		Aggregate Intrinsic Value
Outstanding, August 1, 2015	30,233,074	$	0.0468
Add: Granted	2,952,404		0.0010
Less: Exercised	2,952,404		0.0010
Outstanding, October 31, 2015	30,233,074	$	0.0468	$	189,958
Exercisable, October 31, 2015	30,233,074	$	0.0468	$	189,958

XML 19 R9.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses

3 Months Ended

Oct. 31, 2015

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Note 4 – Accounts Payable and Accrued Expenses:

Accounts payable and accrued expenses consist of the following:

	October 31, 2015		July 31, 2015

Accounts Payable and Accruals - General and Administrative	$	3,746,467	$	3,156,951
Accounts Payable and Accruals - Research and Development		3,81,099		3,861,902
Accounts Payable and Accruals - Selling and Marketing		326,218		326,250
Accrued Make-whole Payments on Convertible Preferred Stock (see Note 7)		202,500		315,900
Executive Compensation and Directors' Fees Payable		282,301		357,330
Total	$	8,583,585	$	8,018,333

XML 20 R10.htm IDEA: XBRL DOCUMENT

Commitment and Contingencies

3 Months Ended

Oct. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Pending Litigation

Note 5 – Commitments and Contingencies:

Pending Litigation

XML 21 R11.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per Share (EPS)

3 Months Ended

Oct. 31, 2015

Accounting Policies [Abstract]

Net Income (Loss) Per Share (EPS)

Note 6 – Net (Loss) / Income Per Share (“EPS”):

The following table represents a reconciliation of the basic and diluted EPS computations contained in our interim statements for the three-month period ended October 31, 2014:

	Three Months Ended
	October 31, 2014
	Net Income		Weighted Average Shares		Earnings per Share
Basic EPS	$	49,623		779,964,709	$	0.0001
Effect of dilutive securities:
Stock options		—		31,246,728		—
Warrants		—		—		—
Convertible preferred stock		—		—		—
Diluted EPS	$	49,623		811,211,437	$	0.0001

XML 22 R12.htm IDEA: XBRL DOCUMENT

Stockholders’ Deficiency

3 Months Ended

Oct. 31, 2015

Equity [Abstract]

Stockholders’ Deficiency

Note 7 – Stockholders’ Deficiency:

Common Stock

During the three months ended October 31, 2015, the Company issued or committed to issue 300,000 shares of common stock to various consultants for services rendered, valued at $4,500.

During the three months ended October 31, 2015, the Company issued 2,952,404 to various employees in exchange for services rendered in the amount of $27,344.

The stockholders’ deficiency transactions for the three months ended October 31, 2015, including the transactions described above are summarized below:

	Common Stock
	Shares		Amount		Additional Paid-In Capital			Stockholders' Deficiency

Balance at August 1, 2015		825,496,238	$	825,495	$	362,556,710		$	(8,290,320	)
Issuance of common stock on conversion of convertible preferred stocks		27,999,999		28,000		(28,000	)		—
Issuance of common stock as make-whole payments on convertible preferred stock		13,576,707		13,577		99,823			113,400
Issuance of common stock for services		300,000		300		4,200			4,500
Issuance of stock options for services		—		—		27,344			27,344
Exercise of stock options		2,952,404		2,953		—			2,953
Balance at October 31, 2015		870,325,348	$	870,325	$	362,660,077

Other changes to Stockholders’ Deficiency
Net loss for three months ended October 31, 2015									(1,731,265	)
Currency translation adjustment									(2,936	)
Stockholders’ Deficiency at October 31, 2015								$	9,876,324	)

Warrants

Series A, B, C, D and E 9% Convertible Preferred Stock

All of the Company’s Series A, B, C, D and E 9% Convertible Preferred Stock was converted prior to the beginning of the Company’s 2016 fiscal year.

Series F and G 9% Convertible Preferred Stock

Accounting for proceeds from the Series F convertible preferred stock financing

Accounting allocation of initial proceeds
Net proceeds	$	2,020,000
Derivative warrant liability fair value		(2,016,064	)
Derivative additional investment rights fair value		(863,735	)
Other issuance costs (finders’ fee)		(166,000	)
Make whole payments liability		(560,250	)
Deemed dividend	$	(1,586,050	)

Accounting for proceeds from the Series G convertible preferred stock financing

Accounting allocation of initial proceeds
Net proceeds	$	475,000
Derivative warrant liability fair value		(354,535	)
Derivative additional investment rights fair value		(285,048	)
Other issuance costs (finders’ fee)		(40,000	)
Make whole payments liability		(135,000	)
Deemed dividend	$	(339,583	)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

XML 23 R13.htm IDEA: XBRL DOCUMENT

Derivative Liabilities

3 Months Ended

Oct. 31, 2015

Notes to Financial Statements

Derivative Liabilities

Note 8 – Derivative Liabilities:

Derivative warrant liability

Accounting for Derivative Warrant Liability

The derivative warrants outstanding at October 31, 2015 are all currently exercisable with a weighted-average remaining life of 2.23 years.

The revaluation of the warrants at the end of the respective reporting periods resulted in the recognition of a loss of $161,900 within the Company’s consolidated statements of operations for the three months ended October 31, 2015 and a gain of $517,466 within the Company’s consolidated statements of comprehensive (loss) / income for the three months ended October 31, 2014, which are included in the consolidated statement of comprehensive (loss) / income under the caption “Change in fair value of derivative liabilities”. The fair values of the warrants at October 31, 2015 and July 31, 2015 were $2,525,315 and $2,363,415, respectively, which are reported on the consolidated balance sheets under the caption “Derivative Warrant Liability”.

The following summarizes the changes in the value of the derivative warrant liability from August 1, 2015 until October 31, 2015:

		Value	No. of Warrants
Balance at August 1, 2015 – Derivative warrant liability	$	2,363,415	512,911,037
Decrease in fair value of derivative warrant liability		161,900	n/a
Balance at October 31, 2015 – Derivative warrant liability	$	2,525,315	512,911,037

Fair Value Assumptions Used in Accounting for Derivative Warrant Liability

		October 31, 2015			July 31, 2015
Current exercise price	$	0.015		$	0.015
Time to expiration		2.2			2.5 years
Risk-free interest rate		1.05	%		1.08	%
Estimated volatility		95	%		82	%
Dividend		0			0
Stock price at period end date	$	0.0082		$	0.01

Fair Value Assumptions Used in Accounting for Derivative Additional Investment Rights Liability

The key inputs used in the fair value calculation at October 31, 2015 and July 31, 2015 were as follows:

	October 31, 2015			July 31, 2015
Underlying number of units of convertible preferred stock		500			500
Underlying number of units of warrants		33,333,333			33,333,333
Current exercise price of warrants		0.015			0.015
Current conversion price of preferred stock		0.015			0.015
Time to expiration		0.80 years			1.05 years
Risk-free interest rate		0.23	%		0.30	%
Estimated volatility		106	%		79	%
Dividend		0			0
Stock price at period end date	$	0.0082			0.01

XML 24 R14.htm IDEA: XBRL DOCUMENT

Subsequent Events

3 Months Ended

Oct. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

Note 9 – Subsequent Events:

XML 25 R15.htm IDEA: XBRL DOCUMENT

Basis of Presentation (Policies)

3 Months Ended

Oct. 31, 2015

Accounting Policies [Abstract]

Going Concern

Going Concern

XML 26 R16.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

3 Months Ended

Oct. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Common stock options granted, forfeited or expired and exercised

	Options		Weighted Average Exercise Price per Share		Aggregate Intrinsic Value
Outstanding, August 1, 2015	30,233,074	$	0.0468
Add: Granted	2,952,404		0.0010
Less: Exercised	2,952,404		0.0010
Outstanding, October 31, 2015	30,233,074	$	0.0468	$	189,958
Exercisable, October 31, 2015	30,233,074	$	0.0468	$	189,958

XML 27 R17.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Oct. 31, 2015

Payables and Accruals [Abstract]

Accounts payable and accrues expenses

Accounts payable and accrued expenses consist of the following:

	October 31, 2015		July 31, 2015

Accounts Payable and Accruals - General and Administrative	$	3,746,467	$	3,156,951
Accounts Payable and Accruals - Research and Development		3,81,099		3,861,902
Accounts Payable and Accruals - Selling and Marketing		326,218		326,250
Accrued Make-whole Payments on Convertible Preferred Stock (see Note 7)		202,500		315,900
Executive Compensation and Directors' Fees Payable		282,301		357,330
Total	$	8,583,585	$	8,018,333

XML 28 R18.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per Share (EPS) (Tables)

3 Months Ended

Oct. 31, 2015

Accounting Policies [Abstract]

Basic and Diluted EPS

	Three Months Ended
	October 31, 2014
	Net Income		Weighted Average Shares		Earnings per Share
Basic EPS	$	49,623		779,964,709	$	0.0001
Effect of dilutive securities:
Stock options		—		31,246,728		—
Warrants		—		—		—
Convertible preferred stock		—		—		—
Diluted EPS	$	49,623		811,211,437	$	0.0001

XML 29 R19.htm IDEA: XBRL DOCUMENT

Stockholders' Deficiency (Tables)

3 Months Ended

Oct. 31, 2015

Stockholders' deficiency transactions

The stockholders’ deficiency transactions for the three months ended October 31, 2015, including the transactions described above are summarized below:

	Common Stock
	Shares		Amount		Additional Paid-In Capital			Stockholders' Deficiency

Balance at August 1, 2015		825,496,238	$	825,495	$	362,556,710		$	(8,290,320	)
Issuance of common stock on conversion of convertible preferred stocks		27,999,999		28,000		(28,000	)		—
Issuance of common stock as make-whole payments on convertible preferred stock		13,576,707		13,577		99,823			113,400
Issuance of common stock for services		300,000		300		4,200			4,500
Issuance of stock options for services		—		—		27,344			27,344
Exercise of stock options		2,952,404		2,953		—			2,953
Balance at October 31, 2015		870,325,348	$	870,325	$	362,660,077

Other changes to Stockholders’ Deficiency
Net loss for three months ended October 31, 2015									(1,731,265	)
Currency translation adjustment									(2,936	)
Stockholders’ Deficiency at October 31, 2015								$	9,876,324	)

Series F Convertible Preferred Stock

Allocation of initial proceeds

The fair values assigned to each component and the calculation of the amount of the deemed dividend are as follows:

Accounting allocation of initial proceeds
Net proceeds	$	2,020,000
Derivative warrant liability fair value		(2,016,064	)
Derivative additional investment rights fair value		(863,735	)
Other issuance costs (finders’ fee)		(166,000	)
Make whole payments liability		(560,250	)
Deemed dividend	$	(1,586,050	)

Series G Convertible Preferred Stock

Allocation of initial proceeds

The fair values assigned to each component and the calculation of the amount of the deemed dividend are as follows:

Accounting allocation of initial proceeds
Net proceeds	$	475,000
Derivative warrant liability fair value		(354,535	)
Derivative additional investment rights fair value		(285,048	)
Other issuance costs (finders’ fee)		(40,000	)
Make whole payments liability		(135,000	)
Deemed dividend	$	(339,583	)

- Definition

Tabular disclosure of information pertaining to auction market preferred securities, including liquidation preference, liquidation value, par value, rate setting interval, redemption requirements, dividend distributions, roll forward of shares outstanding, shares authorized, aggregate value of auction market preferred securities, variable interest rate earned, and other information necessary to a fair presentation. If redeemable, the auction market preferred securities are redeemable solely at the option of the issuer.

+ References + Details

XML 30 R20.htm IDEA: XBRL DOCUMENT

Derivative Liabilities (Tables)

3 Months Ended

Oct. 31, 2015

Notes to Financial Statements

Derivative warrant liability

		Value	No. of Warrants
Balance at August 1, 2015 – Derivative warrant liability	$	2,363,415	512,911,037
Decrease in fair value of derivative warrant liability		161,900	n/a
Balance at October 31, 2015 – Derivative warrant liability	$	2,525,315	512,911,037

Fair value assumptions, derivative warrant liability

		October 31, 2015			July 31, 2015
Current exercise price	$	0.015		$	0.015
Time to expiration		2.2			2.5 years
Risk-free interest rate		1.05	%		1.08	%
Estimated volatility		95	%		82	%
Dividend		0			0
Stock price at period end date	$	0.0082		$	0.01

Fair value assumptions, derivative additional investment rights liability

	October 31, 2015			July 31, 2015
Underlying number of units of convertible preferred stock		500			500
Underlying number of units of warrants		33,333,333			33,333,333
Current exercise price of warrants		0.015			0.015
Current conversion price of preferred stock		0.015			0.015
Time to expiration		0.80 years			1.05 years
Risk-free interest rate		0.23	%		0.30	%
Estimated volatility		106	%		79	%
Dividend		0			0
Stock price at period end date	$	0.0082			0.01

XML 31 R21.htm IDEA: XBRL DOCUMENT

Common stock options granted, forfeited or expired and exercised - Stock-Based Compensation (Details Narrative)	3 Months Ended	15 Months Ended
	Oct. 31, 2015 $ / shares shares	Oct. 31, 2015 $ / shares shares
Options
Options Outstanding	30,233,074	30,233,074
Options Exercised		2,952,404
Options Exercisable	30,233,074	30,233,074
Weighted Average Exercise Price per Share
Weighted Average Exercise Price per Share \| $ / shares	$ 0.0468	$ 0.0468
Weighted Average Exercise Price per Share, Granted \| $ / shares	.0010
Weighted Average Exercise Price per Share, Exercised \| $ / shares	0.0010
Weighted Average Exercise Price per Share, Exercisable \| $ / shares	$ 0.0468	$ 0.0468
Aggregate Intrinsic Vaalue
Options Outstanding	189,958	189,958
Options Exercisable	189,958	189,958

XML 32 R22.htm IDEA: XBRL DOCUMENT

Basis of Presentation (Details Narrative)	Oct. 31, 2015 USD ($)
Accounting Policies [Abstract]
Accumulated deficit	$ 374,000,000
Working capital deficiency	$ 8,400,000

XML 33 R23.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details Narrative) - shares	3 Months Ended
Stock-Based Compensation (Details Narrative) - shares	Oct. 31, 2015	Oct. 31, 2014
Common stock reserved for future awards		31,246,728
Stock Option Plan 2001
Common stock reserved for future issuance	12,000,000
Common stock reserved for future awards	2,338,916
Stock Option Plan 2006
Common stock reserved for future issuance	135,000,000
Common stock reserved for future awards	78,678,172
Stock Options
Outstanding options	30,333,074
Outstanding options, weighted average remaining contractual term	2 years 3 months

XML 34 R24.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses - Accounts payable and accrues expenses (Details) - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accruals – General and Administrative	$ 3,746,467	$ 3,156,951
Accounts Payable and Accruals – Research and Development	3,981,099	3,861,902
Accounts Payable and Accruals – Selling and Marketing	326,218	326,250
Accrued Make-whole Payments on Convertible Preferred Stock (see Note 8)	202,500	315,900
Executive Compensation and Directors’ Fees Payable	282,301	357,330
Total	$ 8,583,585	$ 8,018,333

XML 35 R25.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Expenses (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2011	Oct. 31, 2015
Payables and Accruals [Abstract]
Unsecured payable original value	$ 1,100,000	$ 2,540,000
Converted note value	$ 2,250,000	3,150,000
Converted note interest rate	0.00%
General and administrative expense		$ 610,000

XML 36 R26.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative) - USD ($)	12 Months Ended
	Nov. 16, 2012	Jul. 31, 2012	Jul. 31, 2011	May. 20, 2011	Jul. 20, 2001
Shares of CBI owned by former business associate					50.00%
Shares of CBI owned by Company					50.00%
Termination Of Employee
Value of damages sought			$ 7,000,000
Counterclaim proceeding				$ 2,300,000
Lawsuit filing date			20-May-11
Name of Plaintiff			Ms. Perri
Breach of contract and detinue
Value of damages sought			$ 550,000
Counterclaim proceeding			$ 200,000
Lawsuit filing date			1-Jun-11
Name of Plaintiff			Golden Bull Estates
Punitive Damages
Value of damages sought			$ 50,000
Damages for Unpaid Invoices
Value of damages sought		$ 429,000
Lawsuit filing date		31-Dec-11
Name of Plaintiff		Vendor
Settlement of litigation	$ 125,000
Interest per annum, failure to pay settlement		3.00%
Fixed cost per annum, failure to pay settlement		$ 25,000

XML 37 R27.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per SHare (EPS) - Basic and Diluted EPS (Details) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Accounting Policies [Abstract]
Basic EPS		$ 49,623
Basic EPS, weighted average shares		779,964,709
Basic EPS, per share	$ (0.002)	$ 0.0001
Effect of dilutive securities:
Stock Options		31,246,728
Diluted EPS		$ 49,623
Diluted EPS, Weighted Average Shares		811,211,437

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

XML 38 R28.htm IDEA: XBRL DOCUMENT

Net Income (Loss) Per Share (EPS) (Details Narrative) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Accounting Policies [Abstract]
Incremental shares	606,644,111	260,739,100
Stock Options		31,246,728
Convertible Preferred Stock	43,740,916
Make whole payments liability	$ 9,299,250

XML 39 R29.htm IDEA: XBRL DOCUMENT

Stockholders’ Deficiency - Stockholders’ deficiency transactions (Details) - USD ($)		1 Months Ended	3 Months Ended
	Aug. 02, 2015	Sep. 01, 2015	Oct. 31, 2015	Oct. 31, 2014
Net loss for six months ended			$ (1,731,265)	$ 49,623
Currency translation adjustment			(2,936)
Stockholders' Deficiency			$ (9,876,324)
Common Stock
Total, Shares	825,496,238		870,325,349
Total, Amount	$ 825,495		$ 870,325
Issuance of common stock on conversion of convertible preferred stock, Shares			27,999,999
Issuance of common stock on conversion of convertible preferred stock, Amount			$ 28,000
Issuance of common stock as make-whole payments on convertible preferred stock, Shares			13,576,707
Issuance of common stock as make-whole payments on convertible preferred stock, Amount			$ 13,577
Issuance of common stock for services, Shares			300,000
Issuance of common stock for services, Amount			$ 300
Exercise of employee stock options, Shares			2,952,404
Exercise of employee stock options, Amount			$ 2,953
Additional Paid-In Capital
Total, Amount		$ 362,556,710	362,660,077
Issuance of common stock on conversion of convertible preferred stock, Amount			(28,000)
Issuance of common stock as make-whole payments on convertible preferred stock, Amount			99,823
Issuance of common stock for services, Amount			$ 4,200
Exercise of employee stock options, Amount
Change to Stockholders Equity
Total, Amount	$ (8,290,320)
Issuance of common stock on conversion of convertible preferred stock, Amount
Issuance of common stock as make-whole payments on convertible preferred stock, Amount			$ 113,400
Issuance of common stock for services, Amount			4,500
Exercise of employee stock options, Amount			$ 2,953

XML 40 R30.htm IDEA: XBRL DOCUMENT

Stockholders' Deficiency - Allocation of initial proceeds (Detials)	3 Months Ended
	Oct. 31, 2015 USD ($)
Series F Convertible Preferred Stock
Net proceeds	$ 2,020,000
Derivative warrant liability fair value	(2,016,064)
Derivative additional investment rights fair value	(863,735)
Other issuance costs (finders' fee)	(166,000)
Make whole payments liability	(560,250)
Deemed dividend	(1,586,050)
Series G Convertible Preferred Stock
Net proceeds	475,000
Derivative warrant liability fair value	(354,535)
Derivative additional investment rights fair value	(285,048)
Other issuance costs (finders' fee)	(40,000)
Make whole payments liability	(135,000)
Deemed dividend	$ (339,583)

XML 41 R31.htm IDEA: XBRL DOCUMENT

Stockholders' (Deficiency) (Details Narrative) - USD ($)	3 Months Ended
	Oct. 31, 2015	Jul. 31, 2015
Common stock issued, or committed to issue, Shares	870,325,348	825,496,238
Common stock issued, or committed to issue, Amount	$ 45,010	$ 825,496
Common stock, value per share	$ 0.001	$ 0.001
Conversion of shares of Series F, Convertible Preferred Stock	27,999,999
Stock issued to employees for services rendered	2,952,404
Stock issued to employees for services rendered, Amount	$ 27,344
Warrants Outstanding	512,911,037
Series F Convertible Preferred Stock
Conversion of shares of Series F, Convertible Preferred Stock	420
Common stock as make whole payments	13,576,707
Make-Whole Dividend Payments
Common stock issued, or committed to issue, Shares	5,187,021
Upon Exercise Of Options
Common stock issued, or committed to issue, Shares	6,416
Common stock issued, or committed to issue, Amount	$ 6,416,316
Common stock, value per share	$ 0.001
Proceeds from exercise of options	$ 2,952
Proceeds from exercise of options, Shares	2,952,404
Warrants Outstanding, Exercise price $0.84
Total Warrants Outstanding, Value	$ 512,911,037
Outstanding warrants, weighted average exercise price	$ 0.015
Outstanding warrants, weighted average remaining life (in years)	2 years 3 months
Derivative Warrant Liability
Total Warrants Outstanding, Value	$ 2,525,315

XML 42 R32.htm IDEA: XBRL DOCUMENT

Stockholders’ Deficiency (Details Narrative 2) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 24, 2015	Oct. 31, 2015	Mar. 27, 2014	Jul. 31, 2015
Common shares attributable to conversion of preferred stock		43,740,916
Accounts payable and accrued expenses		$ 8,583,585		$ 8,018,333
Series F Convertible Preferred Stock
Convertible preferred stock, shares authorized		4,150	4,150	4,150
Convertible preferred stock, cumulative percentage of interest		9.00%	9.00%	9.00%
Convertible preferred stock, par value (in dollars per share)		$ 1,000	$ 1,000	$ 1,000
Convertible preferred stock, shares issued		250	2,075	670
Common stock issued upon conversion of preferred stock		41,224,999	69,166,667
Convertible preferred stock conversion price			$ 0.03
Converted stock amount, payment to holder			$ 270
Late fee per annum			18.00%
Preferred stock outstanding	55,883,333		27,941,667
Conversion of stock, amount converted		$ 1,825
Common stock issued on conversion of preferred stock		80,441,665
Common stock issued as "make-whole payments" on conversions of preferred stock		29,971,378
Initial cash proceeds			$ 2,020,000
Issuance costs			55,000
Initial "Make-whole payments"			560,250
Accounts payable and accrued expenses			$ 67,500
Series G Convertible Preferred Stock
Convertible preferred stock, shares authorized		1,000		1,000
Convertible preferred stock, cumulative percentage of interest		9.00%		9.00%
Convertible preferred stock, par value (in dollars per share)		$ 1,000		$ 1,000
Convertible preferred stock, shares issued		500		500
Convertible preferred stock conversion price	$ 0.015
Issuance costs	$ 25,000
Initial "Make-whole payments"	$ 135,000
Series G Convertible Preferred Stock
Convertible preferred stock, shares authorized	1,000
Convertible preferred stock, cumulative percentage of interest	9.00%
Convertible preferred stock, par value (in dollars per share)	$ 1,000
Convertible preferred stock, shares issued	500
Common stock issued upon conversion of preferred stock	33,333,333
Converted stock amount, payment to holder	$ 1,000
Late fee per annum	18.00%
Initial cash proceeds	$ 475,000
Accounts payable and accrued expenses	$ 135,000

XML 43 R33.htm IDEA: XBRL DOCUMENT

Derivative Liabilities - Derivative warrant liability (Details) - USD ($)	3 Months Ended
	Oct. 31, 2015	Jul. 31, 2015
Notes to Financial Statements
Balance - Derivative warrant liability Value	$ 2,363,415
Increase (Decrease) in fair value of derivative warrant liability	161,900
Balance - Derivative warrant liability Value	$ 2,525,315
No. of Warrants - Derivative warrant liability	512,911,037	512,911,037

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References + Details

XML 44 R34.htm IDEA: XBRL DOCUMENT

Derivative Liabilities - Fair value assumptions, derivative warrant liability (Details) - $ / shares		3 Months Ended
	Aug. 02, 2015	Oct. 31, 2015	Jul. 31, 2015
Notes to Financial Statements
Current exercise price		$ 0.015	$ 0.015
Time to expiration	2 years 6 months	2 years 2 months
Risk-free interest rate	1.08%	1.05%
Estimated volatility	82.00%	95.00%
Dividend	0.00%	0.00%
Stock price at period end date		$ 0.0082	$ 0.01

XML 45 R35.htm IDEA: XBRL DOCUMENT

Derivative Liabilities - Fair value assumptions, derivative additional investment rights liability (Details)		3 Months Ended
	Aug. 02, 2015 $ / shares shares	Oct. 31, 2015 $ / shares shares	Jul. 31, 2015 $ / shares
Notes to Financial Statements
Underlying number of units of convertible preferred stock \| shares	500	500
Underlying number of units of warrants \| shares	33,333,333	33,333,333
Current exercise price of warrants		$ 0.015	$ 0.015
Current conversion price of preferred stock	$ 0.015	$ 0.015
Time to expiration	1 year	9 months
Risk-free interest rate	0.0030	0.0023
Estimated volatility	0.79	1.06
Dividend	0.00%	0.00%
Stock price at period end date		$ 0.0082	$ 0.01

XML 46 R36.htm IDEA: XBRL DOCUMENT

Derivative Liabilities (Details Narrative) - USD ($)	3 Months Ended
Derivative Liabilities (Details Narrative) - USD ($)	Oct. 31, 2015	Oct. 31, 2014	Jul. 31, 2015
Derivative warrants weighted average remaining life	2 years 2 months
Increase (Decrease) in fair value of derivative warrant liability	$ (161,900)
Fair value of derivative liability	2,525,315		$ 2,363,415
Additional recognition of gain, “Change in fair value of derivative liabilities”	(154,063)	$ 194,512
Series G Convertible Preferred Stock
Fair value of derivative liability	$ 296,725		$ 142,662

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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.