Accounts Payable and Accrued Expenses and Deferred Revenue

12 Months Ended

Jul. 31, 2016

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Note 6 - Accounts Payable and Accrued Expenses:

Accounts payable and accrued expenses consist of the following:

	July 31,
	2016		2015
Accounts Payable and Accruals - General and Administrative	$	3,750,638	$	3,156,951
Accounts Payable and Accruals - Research and Development		4,395,061		3,861,902
Accounts Payable and Accruals - Selling and Marketing		326,229		326,250
Accrued Make-whole Payments on Convertible Preferred Stock (See Note 8)		167,400		315,900
Executive Compensation and Directors’ Fees Payable		311,542		357,330
Total	$	8,950,870	$	8,018,333

In the fiscal year ended July 31, 2016 the Company did not have extinguishment of debt. In the fiscal year ended July 31, 2015 the Company had a gain on extinguishment of debt of $327,839 related to the final settlement of a previously owed balance to a vendor. In addition, the Company wrote off a balance of $223,662 previously reported as deferred revenue on the consolidated balance sheets. These amounts have been reported on the Company’s consolidated statements of operations and comprehensive loss under the caption “Gain on extinguishment of debt” and are included in the changes in accounts payable and accrued expenses and deferred revenue categories, respectively in the consolidated statements of cash flows.

During the year the Company received a loan in the amount of $50,000 in order to fund certain operating costs. This loan is unsecured, due on demand and bears interest at a rate of 9% per annum.