Income Taxes (Tables)

12 Months Ended

Jul. 31, 2015

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense (benefit) was comprised of the following:

	Years Ended July 31,
	2015		2014
Current
Federal	$	-	$	-
State		-		-
Total current		-		-
Deferred
Federal		(1,181,162)		(148,161)
State		(205,397)		(20,260)
Total deferred		(1,386,559)		(168,421)
Change in valuation allowance		1,386,559		168,421

	$	-	$	-

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following is a reconciliation of the differences between the actual provision for income taxes and the provision computed by applying the federal statutory rate on income before income taxes for the years ended July 31:

	2015		2014
Tax (benefit) at federal statutory rate	$	(1,413,664)	$	(159,070)
State tax (benefit), net of federal benefit		(197,769)		(23,445)
Change in FV of derivative liability		132,880		-
Incentive Stock Options		145,935		15,686
Other		(53,941)		(1,592)
Change in valuation allowance		1,386,559		168,421
Total provision for income taxes	$	-	$	-

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The significant components of the deferred income tax assets and liabilities as of July 31, 2015 and July 31, 2014 are as follows:

	Years Ended July 31,
	2015		2014
Current Deferred Tax Assets:
Accruals	$	117,214	$	17,938
Non-Current Deferred Tax Assets:

Net Operating Loss Carryforwards		1,860,375		754,782
Research and development credits		188,949		145,162
Other Credits		3,635		3,635
Intangible Assets		200,725		28,181
Fixed Assets		(32,166)		2475

Total Non-Current Deferred Tax Assets		2,221,518		934,235

Total Deferred Tax Assets		2,338,732		952,173

Valuation Allowance		(2,338,732)		(952,173)

Net Deferred Tax Assets	$	—	$	—