v3.22.4
Income Taxes (Tables)
12 Months Ended
Jul. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of (Benefit) Provision for Income Taxes

Set forth below is the (benefit) provision for income taxes for continuing operations for the years ended July 31:

  

                 
All figures below are rounded to the nearest thousand   2022     2021  
Current:                 
Federal   $ -     $ -  
State     (3,334,000 )     (2,412,000 )
Foreign     -       -  
Total (benefit from) provision for income taxes   $ (3,334,000 )   $ (2,412,000 )
Schedule of Significant Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of July 31, 2022 and 2021 are listed below:

 

                 
All figures below are rounded to the nearest thousand   2022     2021  
Net operating loss carryforwards   $ 63,759,000     $ 56,369,000  
Credits     7,082,000       5,566,000  
Start-up costs     14,000       17,000  
Accumulated depreciation     68,000       74,000  
Option and stock awards     1,148,000       1,179,000  
Other     162,000       180,000  
Net deferred tax assets     72,233,000       63,385,000  
Valuation allowance for deferred tax assets     (72,233,000 )     (63,385,000 )
Net deferred taxes   $ -     $ -  
Schedule of Reconciliation of Income Taxes Using Statutory Income Tax Rate

A reconciliation of income taxes using the statutory income tax rate, compared to the effective rate, is as follows:

 

    2022     2021  
Federal tax benefit at the expected statutory rate     21.00 %     21.00 %
State income tax, net of federal tax benefit     7.02 %     4.01 %
Non-deductible expenses     0.38 %     (1.17 )%
Tax impact of stock option cancellations     - %     - %
Tax impact of sales of state net operating losses and credits     (1.87 )%     (1.07 )%
Change in valuation allowance     (19.15 )%     (20.05 )%
Other     1.51 %     2.35 %
Income tax benefit effective rate     8.89 %     5.07 %