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Subsequent Events
3 Months Ended
Oct. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

Note 9 – Subsequent Events:

 

On August 26, 2016, the Company signed a Letter of Intent to acquire 51% of Hema Diagnostic Systems, LLC (“HDS”) for consideration of $250,000 worth of the Company’s restricted common stock. The number of stock issued for the transaction will be calculated based on the average over-the-counter closing price of the Company’s common stock for the ten trading days immediately preceding the Closing Date. The Company will also issue, in consideration for the purchase, a warrant to acquire 15,000,000 shares of Generex common stock, at a per-share strike price equal to the over-the-counter closing price of the Company’s stock on the date that the restricted common stocks were issued. It is the Company’s intention to initiate a reverse stock-split following the acquisition of HDS. This acquisition of HDS has not been finalized as at the date of yet, and it is expected to finalize during the fiscal year 2017.

 

On December 27, 2016, the Company filed a Certificate of Amendment to effect a reverse stock split. Upon approval by the Financial Industry Regulatory Authority (“FINRA”), each 1,000 shares of the Corporation’s common stock issued and outstanding at the effective time shall automatically be combined into one issued, fully paid and non-assessable share of common stock. This potential reverse stock-split has not been reflected in the share or per share amounts disclosed in these financial statements.

 

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