Subsequent Events

9 Months Ended

Apr. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

8.             Subsequent Events

On May 17, 2016, the Company granted 70,000 cashless stock options to two new members of the board of directors of the Company. These options have an exercise price of $10.00, and a term of 5 years. The options vest as follows: 23,334 vest upon the uplisting of the Company to the NASDAQ Stock Market; 23,334 vest upon the cumulative funding of the Company of or in excess of $5,000,000 by institutional investors; and 23,332 vest upon the first submission of a new drug application to the FDA.

On May 18, 2016, the Company made a capital call of $266,500 from the foundation in exchange for a 0.355% interest in the Company’s treatments covered by the September 22, 2015 commitment described in Note 5.