Warrants

3 Months Ended

Oct. 31, 2020

Warrants Abstract

Warrants

Note 12 - Warrants:

As of July 31, 2020, the Company had 567,553 warrants outstanding. On August 4, 2020, the Company initially issued 30,612,240 warrants in the aggregate pursuant to the Private Placement (see Note 9 - Stockholders’ Equity, Sale of common stock in a private placement (PIPE), net of fees and exercise of warrants); and 29,592,825 additional warrants as a result, of an Interim Reset Date on September 28, 2020, and Second Trigger Date on October 12, 2020, and the additional warrants were issued, and the exercise price was adjusted.

The following is a table of warrants issued in connection with the PIPE deal during the three months ended October 31, 2020:

	Initial Exercise Price		Initial Warrants Issued		Additional Warrants Issued		Reset Exercise Price		Outstanding Warrants as of October 31, 2020
Series A Warrants	$	0.392		5,102,040		5,112,463	$	0.196		10,214,503
Series B Warrants	$	0.392		15,306,120		15,337,389	$	0.196		30,643,509
Series C Warrants	$	0.539		10,204,080		9,142,973	$	0.281		19,347,053
Total Warrants from PIPE deal				30,612,240		29,592,825				60,205,065

On September 28, 2020, the Interim Reset Date, 5,662,190 Series D Warrants were issued and exercised at $0.001 per share; and on October 12, 2020, the Second Trigger Date on October 12, 2020, 3,480,783 Series D Warrants were issued and exercised at $0.001 per share, for an aggregate of 9,142,973 warrants issued and exercised.

A summary of the Company’s warrant activities is as follows:

	Number of Warrants			Weighted Average Exercise Price per Share		Weighted Average Remaining Life (Years)		Aggregate Intrinsic Value
Outstanding - July 31, 2020		567,553		$	2,50		2.20	$	—
Issued		69,348,038			0.19		5		7,546,985
Exercised		(9,142,973	)		0.001		5		1,892,595
Expired		—			—		—		—
Outstanding – October 31, 2020		60,772,618		$	0.24		4.99	$	5,654,389