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Subsequent Events
12 Months Ended
Jul. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events
  11. Subsequent Events

 

On August 2, 2014, the Company granted 3,000,000 stock options with an exercise price of $0.1 per share to Phax Limited for consulting services. These options have a term of 5 years and vested immediately.

 

On August 13 and September 8, 2014 the Company made capital calls of $422,344 and $444,530, respectively, from the aforementioned foundation (see Note 7) in exchange for a 0.844687% and 0.888906% interest in the Net Profit as related to the Company's treatment to reverse opioid overdoses.

 

On September 9, 2014, the Company entered into an agreement and subsequently received funding from an individual investor in the amount of $500,000 for use by the Company for any purpose. In exchange for this funding, the Company agreed to provide the investor with a 0.98% interest in the Net Profit as related to the Company's treatment to reverse opioid overdoses. Net profit is defined as the pre-tax profit generated from the product after the deduction of all expenses incurred by and payments made by the Company in connection with the product, including but not limited to an allocation of Company overhead. The investor also has rights with respect to its 0.98% interest if the treatment is sold or the Company is sold. Additionally, the Company may buyback interests from the investor within two and one half years or after two and a half years of the investment at a price of two times or three and a half times, respectively, the relevant investment amount represented by the interests to be bought back. If the product is not introduced to the market and not approved by the U.S. Food and Drug Administration or an equivalent body in Europe and not marketed within 24 months the investor will have a 60 day option to receive 5,000,000 shares of common stock in lieu of the interest in the product.

 

On September 17, 2014, the Company entered into an agreement and subsequently received additional funding totaling $500,000 for use by the Company for any purpose. In exchange for this funding, the Company agreed to provide the investor with a 1.0% interest in the Company's Binge Eating Disorder treatment product and pay the investor 1.0% of the net profit generated from this treatment in perpetuity. Net profit is defined as the pre-tax profit generated from the product after the deduction of all expenses incurred by and payments made by the Company in connection with the product, including but not limited to an allocation of Company overhead. If the product is not approved by the U.S. Food and Drug Administration within 36 months the investor will have a sixty day option to receive 6,250,000 shares of common stock in lieu of the 1.0% interest in the product.