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Inventories
12 Months Ended
Jul. 31, 2018
Inventory Disclosure [Abstract]  
Inventories

3. INVENTORIES

 

The Company’s inventory valuation is zero as of July 31, 2018. The Company recorded an inventory valuation adjustment of $99,000 during the year ended July 31, 2017. The $99,000 inventory valuation adjustment during the year ended July 31, 2017 resulted from management’s business review and related assessment of the net realizable value of the Exer-Rest units. Factors in this determination included the age of inventory, recent historical sales, and the uncertainty of when the Company would have a sales team, either internal or through an alliance or collaboration, for the Exer-Rest. In light of the change in circumstances in connection with management’s business review which included a decision to not pursue re-hiring a sales force or such other alternatives in the foreseeable future, management reassessed its inventory valuation and recorded a provision on inventory.