Stockholders' Equity (Tables)

12 Months Ended

Jul. 31, 2016

The assumptions used in the valuation for all of the options granted for the year ended July 31, 2016 and 2015 were as follows:

	2016			2015
Market value of stock on measurement date	$	7.00 to 10.00		$	3.75 to 7.30
Risk-free interest rate		0.71-2.05	%		1.00-1.73	%
Dividend yield		0	%		0	%
Volatility factor		124-373	%		147-407	%
Term		3-10 years			3-5 years

Stock option activity for year ended July 31, 2016 and 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, 2014		3,047,500		9.00		8.56
Granted		195,000		11.33
Forfeited/expired/cancelled		(85,000)		11.21
Outstanding at July 31, 2015		3,157,500		9.42		7.58
Granted		1,507,500		7.38
Exercised		(30,000)		5.00
Outstanding at July 31, 2016		4,635,000		8.79		7.39	$	2,731,250
Exercisable at July 31, 2016		4,281,666		8.37		7.82	$	2,731,250

Warrant activity for the year ended July 31, 2016 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, 2014		1,254,752	$	20.00		4.33	$	-
Issued		83,800		9.07		-		-
Exercised		-				-		-
Outstanding at July 31, 2015		1,338,552	$	19.53		3.55	$	-
Expired		(123,167)		35.55		-		-
Outstanding at July 31, 2016		1,215,385	$	17.90		2.86	$	-
Exercisable at July 31, 2016		490,385	$	22.20		5.00	$	-

A summary of the status of the Company’s non-vested options as of July 31, 2016 and changes during the year ended July 31, 2016 are presented below:

Non-vested options	Number of Options		Weighted Average Grant Date Fair Value

Non-vested at July 31, 2014		17,500	$	3.11
Granted		195,000		5.09
Vested		(175,000)		5.06
Non-vested at July 31, 2015		37,500	$	3.85
Granted		1,507,500		7.06
Vested		(1,454,167)		7.00
Non-vested at July 31, 2016		90,833	$	7.27