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Subsequent Events
6 Months Ended
Jan. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

11. SUBSEQUENT EVENTS

 

Conversion of Series D Preferred Stock

 

In connection with the transactions contemplated by the Exchange Agreement, on February 13, 2019, we converted all of our issued and outstanding shares of Series D Preferred Stock, par value $1.00 per share, at the stated conversion rate of 5,000 common shares for 1 Series D Preferred Stock. In total, we converted 2,782 shares of Series D Preferred Stock to 13,910,000 shares of common stock.

 

Redemption of Series C Preferred Stock

 

In connection with the transactions contemplated by the Exchange Agreement, on February 21, 2019, we redeemed all of our issued and outstanding shares of Series C Preferred Stock, par value $1.00 per share, at a redemption price of $0.40 per share. We effected this redemption in accordance with the terms of the Series C Preferred Stock set forth in our Articles of Incorporation, as amended. In total, we redeemed 62,048 shares of Series C Preferred Stock for aggregate consideration of $24,819.