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Subsequent Events
9 Months Ended
Apr. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

Note 16 - Subsequent Events: 

 

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

On May 10, 2019, 4,000,000 shares of Generex common stock was transferred out of the Friends of Generex Biotechnology Investment Trust (the “Trust”) in consideration of 592,683 Series A voting preferred of Olaregen held by an existing shareholder in Olaregen. A $2,000,000 promissory note from Genrex to the existing shareholder in Olaregen remains outstanding. The 592,683 represents approximately 10% voting control of Olaregen. The $2,000,000 was extended to have a maturity date of August 1, 2019. Subsequent to this transaction, there are 2,366,187 Olaregen shares that belong to non-controlling interest shareholders which represents a 37.9% non-controlling interest.

 

On May 10, 2019, the Trust transferred 400,000 shares of Generex common stock to an investor to to satisfy a $1,000,000 obligation.

On May 22, 2019, the Company and Olaregen amended the Stock Purchase Agreement and Promissory Note to extend the due date of the remaining balance of the second payment and the full balance of the third and fourth guaranteed payments amounting to $4,361,500 on or before June 30, 2019.

On May 22, 2019, the Company and Regentys amended the Stock Purchase Agreement and Promissory Note to extend the due date of the remaining balance of the first tranche of and the full balance of the second guaranteed payments amounting to $4,800,000 on or before June 30, 2019.