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

9. Subsequent Events

 

On May 9, 2019, we completed a closing (the “Closing”) of a private placement financing to accredited investors. We raised net proceeds of $285,000 in the Closing and issued an aggregate of 982,757 shares of our common stock at a purchase price of $0.29 per share. The Shares issued in the private placement financing were issued pursuant to a securities purchase agreement entered into with Dale Okuno and Ivan Chen, each of whom are accredited investors. Mr. Okuno and Mr. Chen, members of the Company’s Board of Directors invested $250,000 and $35,000, respectively, in the Private Placement Financing.

 

The net proceeds to us from the Closing, after deducting fees and other offering expenses, are expected to be approximately $284,000. We expect to use the net proceeds for general corporate purposes, including our research and development efforts, and for general administrative expenses and working capital.

 

The issuance and sale of the shares was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and these shares may not be offered or sold in the United States absent registration under or exemption from the Securities Act and any applicable state securities laws. The shares were issued and sold in reliance upon an exemption from registration afforded by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act. The Investors represented to the Company that each was an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act, and that each was receiving the shares for investment for its own account and without a view to distribute them.