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Subsequent Events
9 Months Ended
Apr. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events

12. SUBSEQUENT EVENTS

 

On June 1, 2016, the Company entered into a promissory note in the principal amount of $100,000 with Frost Gamma (the “June 2016 Frost Gamma Note”), a trust controlled by Dr. Phillip Frost, which beneficially owns in excess of 10% of the Company’s common stock. The interest rate payable by the Company on the June 2016 Frost Gamma Note is 11% per annum, payable on the July 31, 2017 maturity date. The June 2016 Frost Gamma Note may be prepaid in advance of the July 31, 2017 maturity date without premium or penalty.

 

On June 1, 2016, the Company entered into a promissory note in the principal amount of $100,000 with Hsu Gamma, an entity controlled by NIMS’ Chairman of the Board and Interim Chief Executive Officer, Jane H. Hsiao, (the “June 2016 Hsu Gamma Note”). The interest rate payable by NIMS on the June 2016 Hsu Gamma Note is 11% per annum, payable on the July 31, 2017 maturity date. The June 2016 Hsu Gamma Note may be prepaid in advance of the July 31, 2017 maturity date without premium or penalty.