Income Taxes (Tables)

5 Months Ended

Dec. 31, 2017

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate to the net loss before provision for income taxes for the following reasons:



	December 31, 2017			July 31, 2017			July 31, 2016
Net loss before taxes at statutory rate	$	919,111		$	2,992,311		$	(3,242,916	)
Permanent items	4,056			5,828			1,764
Temporary items	(698,380		)	385,910			4,770,850
Income tax expense at statutory rate	224,787			3,384,049			1,529,698
Valuation allowance	(55,624		)	(2,833,575		)	(1,529,698		)
Income tax expense per books	$	169,163		$	550,474		$	—

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets consist of the following components as of:



	December 31, 2017			July 31, 2017			July 31, 2016
Net operating loss carryover at statutory rate	$	2,869,510		$	4,936,604		$	10,063,523
Stock-based compensation expense	7,404,037			9,922,093			9,217,868
Fixed asset depreciation	(292,140		)	(2,470		)	—
Total	$	9,981,407		$	14,856,227		$	19,281,391

Valuation allowance	$	(9,981,407	)	$	(14,856,227	)	$	(19,281,391	)
Net deferred tax asset	$	—		$	—		$	—