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Investment in LipoMedix
6 Months Ended
Jan. 31, 2020
Business Combinations [Abstract]  
INVESTMENT IN LIPOMEDIX

NOTE 4 — INVESTMENT IN LIPOMEDIX

 

LipoMedix is a development-stage, privately held Israeli company focused on the development of an innovative, safe and effective cancer therapy based on liposome delivery.

 

The Company holds 57.9% of the issued and outstanding ordinary shares of LipoMedix and has consolidated this investment from the second quarter of fiscal 2018.

 

In July 2018, the Company provided no-interest bridge financing of $875,000 to LipoMedix (the "2018 Bridge Note"), which was converted into 1,650,943 shares of LipoMedix on January 20, 2020 in accordance with its terms, thereby increasing the Company's ownership from 52.1% to 57.9%.

 

In April 2019, the Company provided no-interest bridge financing of $250,000 to LipoMedix (the "2019 Bridge Note"). The 2019 Bridge Note converted into 471,698 shares of LipoMedix on September 28, 2019 which increased the Company's ownership on that date from 50.6% to 52.1%.

 

In November 2019, the Company provided bridge financing in the principal amount of $100,000 to LipoMedix with a maturity date of May 3, 2020. Under the terms of the note, as long as it remains outstanding, LipoMedix may not incur any additional debt, make any shareholder distributions, or assume any liens on property or assets.

 

In January 2020, the Company provided bridge financing in the principal amount of $125,000 to LipoMedix with a maturity date of May 3, 2020. Under the terms of the note, as long as it remains outstanding, LipoMedix may not incur any additional debt, make any shareholder distributions, or assume any liens on property or assets.