EX-99.1 2 v472730_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

    ORIGINALLY ISSUED     PRO-FORMA  
                         
    4/30/2017     7/31/2016     4/30/2017     7/31/2016  
Current assets                                
Cash and cash equivalents   $ 9,680,454     $ 1,481,393     $ 9,680,454     $ 1,481,393  
Accounts receivable     -       312,498       3,750,000       312,498  
Prepaid expenses     98,911       62,404       98,911       62,404  
  Total currents assets   $ 9,779,365     $ 1,856,295     $ 13,529,365     $ 1,856,295  
                                 
Other assets                                
Computer equipment (net of accumulated amortization of $3,842 at April 30, 2017 and $1,016 at July 31, 2016)     3,695       6,521       3,695       6,521  
                                 
Patents and patent applications (net of accumulated amortization of $9,417 at April 30, 2017 and $8,388 at Jult 31, 2016)     18,033       19,062       18,033       19,062  
                                 
  Total assets   $ 9,801,093     $ 1,881,878     $ 13,551,093     $ 1,881,878  
                                 
Liabilities                                
Current liabilities                                
Accounts payable   $ 1,390,780     $ 140,584     $ 1,718,905     $ 140,584  
Accrued salaries and wages     1,543,142       3,681,250       1,543,142       3,681,250  
Note payable     -       165,000       -       165,000  
Deferred revenue     194,800       250,000       194,800       250,000  
   Total current liabilities   $ 3,128,722     $ 4,236,834     $ 3,456,847     $ 4,236,834  
                                 
Deferred revenue     2,387,084       2,350,000       2,387,084       2,350,000  
                                 
  Total liabilities   $ 5,515,806     $ 6,586,834     $ 5,843,931     $ 6,586,834  
                                 
Stockholder's equity (deficit)                                
Common stock; par value $.001; 1,000,000,000 shares authorized; 2,020,380 shares issued and outstanding at April 30, 2017 and $1,992,433 shares issued and outstanding at July 31, 2016     2,020       1,992       2,020       1,992  
Additional paid-in capital     58,549,055       56,478,394       58,549,055       56,478,394  
Accumuated deficit     (54,265,788 )     (61,185,342 )     (50,843,913 )     (61,185,342 )
                                 
  Total stockholder's equity (deficit)     4,285,287       (4,704,956 )     7,707,162       (4,704,956 )
  Total liabilities and stockholder's equity (deficit)   $ 9,801,093     $ 1,881,878     $ 13,551,093     $ 1,881,878