Equity

3 Months Ended

Oct. 31, 2016

Equity [Abstract]

Equity

Note 4—Equity

Issuances of Class B Common Stock: 

Class B common stock activity for the three months ended October 31, 2016 was as follows:

1. The Company issued 120,000 shares to Davidi Jonas, the Company’s Chief Executive Officer and President, as compensation.

2. The Company issued 108,000 shares to officers and 56,000 shares to other employees as compensation.

3. The Company issued 1,250 shares to a consultant as compensation.

See Note 5 - Stock-Based Compensation below for a further discussion.

Treasury Stock for Payroll Tax Withholding:

Treasury stock consists of shares of Class B common stock that were tendered by our employees to satisfy their tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. The cost of the shares tendered was based on the trading day immediately prior to the vesting date and the proceeds utilized to pay the withholding taxes due upon such vesting event.

At both October 31, 2016 and July 31, 2016, there were 39,693 shares of treasury stock totaling approximately $428,000.