Summary of Significant Accounting Policies (Tables)

6 Months Ended

12 Months Ended

Jan. 31, 2016

Jul. 31, 2015

Accounting Policies [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the components of basic and diluted net income (loss) per common share is presented in the tables below:

	For the Three Months Ended January 31,
	2016			2015
		Weighted			Weighted
		Average			Average
	Income	Common		Income	Common
	(Loss)	Shares	Per Share	(Loss)	Shares	Per Share
	$	Outstanding	$	$	Outstanding	$
Basic:
Income (loss) attributable to common stock	3,970,040	1,880,279	2.11	(2,775,614)	1,806,303	(1.54)
Effective of Dilutive Securities:
Stock options and warrants	–	724,991	–	–	–	–
Diluted:
Income (loss) attributable to common stock, including assumed conversions	3,970,040	2,605,270	1.52	(2,775,614)	1,806,303	(1.54)

For the Six Months Ended January 31,

2016

2015

Weighted

Weighted

Average

Average

Income

Common

Income

Common

(Loss)

Shares

Per Share

(Loss)

Shares

Per Share

$

Outstanding

$

$

Outstanding

$

Basic:

Income (loss) attributable to common stock

(7,139,977)

1,865,230

(3.83)

(3,550,951)

1,797,032

(1.98)

Effective of Dilutive Securities:

Stock options and warrants

–

–

–

–

–

–

Diluted:

Income (loss) attributable to common stock, including assumed conversions

(7,139,977)

1,865,230

(3.83)

(3,550,951)

1,797,032

(1.98)

Summary of Changes in Fair Value

The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs:

Balance at July 31, 2013	$	9,666
Fair value of warrant derivative liabilities at issuance		469,841
Settlement of derivative liability		(506,574)
Unrealized derivative loss included in other expense		27,067
Balance at July 31, 2015 and 2014	$	-

Schedule of Assumptions Used to Value Warrants

The derivative warrants were valued using the Black-Scholes option pricing model using the following assumptions:

	At settlement  dates
Market value of stock on measurement date		$ 0.043-$0.05
Risk-free interest rate		0.77-0.96	%
Dividend yield		0	%
Volatility factor		169-217	%
Term		2.8-3.9 years