Basic and Diluted Loss Per Share

9 Months Ended

Apr. 30, 2019

Earnings Per Share [Abstract]

Basic and Diluted Loss Per Share

6. BASIC AND DILUTED LOSS PER SHARE

Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Diluted potential common shares consist of incremental shares issuable upon exercise of stock options and warrants and conversion of preferred stock. In computing diluted net loss per share for the three and nine months ended April 30, 2019 and 2018, no dilution adjustment has been made to the weighted average outstanding common shares because the assumed exercise of outstanding options and warrants and the conversion of preferred stock would be anti-dilutive.

Potential weighted average outstanding common shares not included in calculating diluted net loss per share are as follows:

	Three months ended April 30, 2019		Nine months ended April 30, 2019		Three months ended April 30, 2018		Nine months ended April 30, 2018
Series C Preferred Stock		366,013		1,164,821		1,551,200		1,551,200
Series D Preferred Stock		2,031,798		10,037,619		13,910,000		13,910,000
Total		2,397,811		11,202,440		15,461,200		15,461,200