Summary of Significant Accounting Policies (Policies)

3 Months Ended

Oct. 31, 2014

Summary of Significant Accounting Policies [Abstract]

Use of estimates

Use of estimates

The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Prepaid supplies

Prepaid supplies

As of October 31, 2014, the Company has prepaid supplies of $493,360, which it will use in its clinical trials and the development of its products for testing purposes to meet the U.S. Food and Drug Administration requirements for approval of its treatment to reverse opioid overdoses. The Company expects to amortize these prepaid supplies to research and development costs as these are used over the course of its clinical studies and testing period.  

Deferred revenue

Deferred revenue

Amounts from nonrefundable investments received in exchange for net profit interests in the Company's prospective products are recognized as deferred revenue and will be amortized on a straight-line basis over the contracted or estimated period of performance. The period of performance over which the revenues are recognized is typically the period over which the research and/or development is expected to occur or manufacturing services are expected to be provided. Such investments are contingently convertible to equity and as such, no amortization to revenue has been recorded. (see Note 5)

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.