v3.22.4
Balance Sheet Details
 3 Months Ended 12 Months Ended
Oct. 31, 2022
Jul. 31, 2022
Balance Sheet Details    
Balance Sheet Details

Note 4—Balance Sheet Details

 

Property and Equipment

 

Property and equipment, net, is comprised of the following:

 

   October 31, 2022   July 31, 2022 
Equipment and furniture  $1,944,540   $1,944,540 
Computer software   109,242    109,242 
Leasehold improvements   32,651    32,651 
Construction in progress   446,367    446,367 
Property and equipment, gross   2,532,800    2,532,800 
Accumulated depreciation and amortization   (1,599,099)   (1,554,186)
Total  $933,701   $978,614 

 

Depreciation and amortization expense recorded for the three months ended October 31, 2022 was approximately $45,000.

 

Depreciation and amortization expense recorded for the three months ended October 31, 2021 was approximately $47,000.

 

Intangible Assets

 

Intangible assets, net, is comprised of the following:

 

   October 31, 2022   July 31, 2022 
License  $495,000   $495,000 
Accumulated amortization   (133,941)   (116,471)
Total  $361,059   $378,529 

 

In November 2020, the Company licensed generator technology for use in its clinical trials and other research and development efforts. Unless earlier terminated, the term of the license agreement will remain in effect for 85 months. The Company has determined that the license has alternative future uses in research and development projects. The value of the acquired license is recorded as an intangible asset with amortization over the estimated useful life of 85 months.

 

 

Intangible asset amortization expense recorded for the three months ended October 31, 2022 was approximately $17,000.

 

Intangible asset amortization expense recorded for the three months ended October 31, 2021 was approximately $17,000.

 

At October 31, 2022, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows:

 

Years ending July 31,     
2023 – the remainder of the fiscal year   $52,412 
2024    69,882 
2025    69,882 
2026    69,882 
2027    69,882 
Thereafter    29,119 
Total   $361,059 

 

Accounts Payable and Accrued Liabilities

 

Accounts payable and accrued liabilities are comprised of the following:

 

   October 31, 2022   July 31, 2022 
Research and development costs  $3,402,401   $3,210,627 
Professional services fees   1,319,890    877,411 
Other   80,165    120,184 
Total  $4,802,456   $4,208,222 

 

Accrued Compensation

 

Accrued compensation is comprised of the following:

 

 

   October 31, 2022   July 31, 2022 
Accrued payroll  $208,781   $311,662 
401K payable   15,579    7,333 
Accrued severance   244,258    57,982 
Total  $468,618   $376,977 

 

Note 4 – Balance Sheet Details

 

Property and Equipment

 

Property and equipment, net, is comprised of the following:

 

           
   July 31, 2022   July 31, 2021 
Equipment and furniture  $1,944,540   $1,919,301 
Computer software   109,242    109,242 
Leasehold improvements   32,651    32,651 
Construction in progress   446,367    234,409 
Property and equipment, gross   2,532,800    2,295,603 
Accumulated depreciation and amortization   (1,554,186)   (1,366,782)
Total  $978,614   $928,821 

 

Depreciation and amortization expense recorded for the years ended July 31, 2022 and 2021 was approximately $0.2 million.

 

 

Intangible Assets

 

Intangible assets, net, is comprised of the following:

 

           
   July 31, 2022   July 31, 2021 
License  $495,000   $495,000 
Accumulated amortization   (116,471)   (46,588)
Total  $378,529   $448,412 

 

In November 2020, the Company licensed generator technology for use in its clinical trials and other research and development efforts. Unless earlier terminated, the term of the license agreement will remain in effect for 85 months. The Company has determined that the license has alternative future uses in research and development projects. The value of the acquired license is recorded as an intangible asset with amortization over the estimated useful life of 85 months.

 

Intangible asset amortization expense recorded for the year ended July 31, 2022 and 2021 was approximately $70,000 and $47,000, respectively.

 

At July 31, 2022, the estimated amortization expense by fiscal year based on the current carrying value of intangible assets is as follows:

  

      
Years ending July 31,    
2023  $69,882 
2024   69,882 
2025   69,882 
2026   69,882 
2027   69,882 
Thereafter   29,119 
Total  $378,529 

 

Accounts Payable and Accrued Liabilities

 

Accounts payable and accrued liabilities are comprised of the following:

 

           
   July 31, 2022   July 31, 2021 
Research and development costs  $3,210,627   $4,206,926 
Professional services fees   877,411    1,229,040 
Other   120,184    125,679 
Total  $4,208,222   $5,561,645 

 

Accrued Compensation

 

Accrued compensation is comprised of the following:

  

           
   July 31, 2022   July 31, 2021 
Accrued payroll  $311,662   $311,590 
401K payable   7,333    9,065 
Accrued severance   57,982    - 
Total  $376,977   $320,655