Derivative Liabilities (Tables)

6 Months Ended

Jan. 31, 2017

Notes to Financial Statements

Derivative warrant liability

	Value			No. of Warrants
Balance at August 1, 2016 - Derivative warrant liability	$	2,048,846			383,878
Forfeited or expired		(240,906	)		(54,545	)
Warrants exercised		—			(3,333	)
Increase in fair value of derivative warrant liability		759,388			n/a
Balance at January 31, 2017 - Derivative warrant liability	$	2,567,328			326,000

Fair value assumptions, derivative warrant liability

	January 31, 2017			July 31, 2016
Current exercise price	$	15.00		$	20.00
Time to expiration		1.6 years			2.1 years
Risk-free interest rate		1.46	%		0.76	%
Estimated volatility		167	%		101	%
Dividend		—			—
Stock price at period end date	$	10.00		$	10.00

Fair value assumptions, derivative additional investment rights liability

		July 31, 2016
Underlying number of units of convertible preferred stock		500
Underlying number of units of warrants		33,333
Current exercise price of warrants	$	15.00
Current conversion price of preferred stock	$	15.00
Time to expiration		0.05 years
Risk-free interest rate		0.38	%
Estimated volatility		13	%
Dividend		-0-
Stock price at period end date	$	8.00