Accounts Payable and Accrued Expenses

3 Months Ended

Oct. 31, 2016

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, 2016		July 31, 2016
Accounts Payable and Accruals – General and Administrative	$	3,813,412	$	3,750,638
Accounts Payable and Accruals – Research and Development		4,505,916		4,395,061
Accounts Payable and Accruals – Selling and Marketing		326,116		326,229
Accrued Make-whole Payments on Convertible Preferred Stock (see Note 7)		167,400		167,400
Executive Compensation and Directors’ Fees Payable		342,042		311,542
Total	$	9,154,886	$	8,950,870

In addition to accounts payable and accrued expenses, the Company has a loan payable in the amount of $50,000. This loan is unsecured, due on demand and bears interest at 9% per annum.