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Subsequent Events
9 Months Ended
Apr. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note 18 - 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 4, 2020, the Company issued a promissory note to a Lender with a purchase price of $100,000 that matures in one year and has a stated interest rate of 10% per annum. Additionally, the Company will issue 20,000 shares of restricted common stock and 20,000 stock options with an exercise price of $0.43 which was due upon execution of the note.

 

On May 26, 2020, the Company entered into a legal services agreement providing for a portion of legal fees payable in $50,000 cash and 120,000 shares of common stock of which $92,120 was accrued as of April 30, 2020.

 

On June 2, 2020, the Company entered into a Laboratory Services Agreement and Statement of Work Agreement (together, the “Agreement”) with Cellular Technology Limited (“CTL”). The Agreement calls for CTL to provide certain laboratory testing and analysis. These services provided by CTL to Generex are part of the development of a potential vaccine for COVID-19 based upon NGIO Ii-Key vaccine technology. NGIO is a majority owned subsidiary of Generex. Generex/NGIO will own the intellectual property generated by CTL’s work.

 

Pursuant to the Agreement, Generex will pay to CTL a fee for work plan completion of $939,478.

 

On June 15, 2020, filed Form S-1 offering 1,000,000 shares of its Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”) and warrants (“Warrants”) to purchase up to an aggregate of 100,000 shares of the Company’s common stock, par value $0.001 (“Common Stock”). For every ten shares of Series A Preferred Stock purchased, we will issue to such purchaser one Warrant to purchase one share of Common Stock. The Warrants will have an initial per share exercise price of $15.00.  The warrants will be exercisable immediately and will expire two years from the date of issuance.  Dividends on the Series A Preferred Stock offered hereby are cumulative from the first day of the calendar month in which they are issued and will be payable on the fifteenth day of each calendar month, when, as and if declared by our board of directors. Dividends will be payable out of amounts legally available therefor at a rate equal to 13% per annum per $33.00 of stated liquidation preference per share, or $33.00 per share of Series A Preferred Stock per year.  As of the time of this filing, this Form S-1 is not effective pending review by the SEC.