Stockholders' Equity (Tables)

3 Months Ended

Oct. 31, 2015

Stockholders' Equity Note [Abstract]

Schedule of Assumptions Used in the Valuation

The assumptions used in the valuation for all of the options granted for the three months ended October 31, 2015 were as follows:

Market value of stock on measurement date	$	7.00
Risk-free interest rate		2.05	%
Dividend yield		0	%
Volatility factor		373	%
Term		10 years

Schedule of Options and Warrants Outstanding

Stock option activity for three months ended October 31, 2015 is presented in the table below:

	Number of Shares		Weighted- average Exercise Price		Weighted- average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at July 31, 2015		3,157,500		9.42		7.58
Granted		1,437,500		7.25
Forfeited/expired/cancelled		-		-
Outstanding at October 31, 2015		4,595,000		8.74		8.16	$	1,335,000
Exercisable at October 31, 2015		2,860,416		8.88		7.84	$	1,335,000

Warrant activity for the three months ended October 31, 2015 is presented in the table below:

	Number of Shares		Weighted- average Exercise Price		Weighted- average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at July 31, 2015		1,338,552	$	19.53		3.55	$	-
Issued		-				-		-
Exercised		-				-		-
Outstanding at October 31, 2015		1,338,552	$	19.53		3.30	$	-
Exercisable at October 31, 2015		613,522	$	24.88		4.63	$	-

Schedule of Nonvested Share Activity

A summary of the status of Lightlake’s non-vested options as of October 31, 2015 and changes during the three months ended October 31, 2015 are presented below:

Non-vested options	Number of Options		Weighted Average Grant Date Fair Value
Non-vested at July 31, 2015		37,500	$	3.85
Granted		1,437,500		7.00
Vested		(1,441,667)		7.00
Non-vested at October 31, 2015		33,333	$	3.85