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

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.