Acquisition of Hema Diagnostics Systems, LLC (Tables)

9 Months Ended

Apr. 30, 2017

Business Combinations [Abstract]

Net purchase price of HDS

	Stock Price at Closing		Shares		Fair Value
Purchase price:
Common Stock at closing	$	4.77		53,191	$	253,721
Common Stock after closing	$	4.77		20		95
Common Stock post reverse stock split	$	4.77		230,000		1,097,100
Total purchase price					$	1,350,916

Preliminary purchase price allocation of HDS

Purchase price allocation:
Net assets of HDS			(13,642,899	)
Non-controlling interest			(1,297,939	)
In-Process Research & Development			1,955,932
Goodwill			14,335,822
Total Purchase Price	51% Ownership	$	1,350,916

Fair Value Assumptions Used in Accounting for Warrants

Exercise price	$	2.50
Time to expiration		4.7 years
Risk-free interest rate		1.81	%
Estimated volatility		120	%
Dividend		—
Stock price at valuation date	$	4.37

Fair Value Assumptions Used in Accounting for Call Options

Value of asset acquired, net	$	7,704,827
Risk-free interest rate		1.44	%
Estimated volatility		120	%
Remaining Term		2.73
Stock price at valuation date	$	4.66

Carrying amount of goodwill and other intangible assets

	Total			Goodwill			Other Intangibles, net
Balance as of July 31, 2016	$	—		$	—		$	—
Acquisition of HDS		16,291,754			14,335,822			1,955,932
Current year amortization		—			—			—
Impairment of goodwill		(14,335,822	)		(14,335,822	)		—
Balance as of April 30, 2017	$	1,955,932		$	—		$	1,955,932