Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jul. 31, 2013 | Oct. 23, 2013 | Jan. 31, 2013 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Lightlake Therapeutics Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -24 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1385508 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Document Period End Date | 31-Jul-13 | ||
Document Fiscal Year Focus | 2013 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $10,488,187 | ||
Entity Common Stock, Shares Outstanding | 168,800,210 |
Balance_Sheets
Balance Sheets (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Current assets | ||
Cash and cash equivalents | $598,623 | $20,423 |
Prepaid insurance | 21,250 | |
Total current assets | 619,873 | 20,423 |
Other assets | ||
Patents and patent applications (net of accumulated amortization of $4,270 at July 31, 2013 and $2,897 at July 31, 2012) | 23,180 | 24,553 |
Total assets | 643,053 | 44,976 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 40,767 | 55,497 |
Accrued salaries and wages | 457,636 | 56,300 |
Due to related party | 350,000 | 136,412 |
Convertible notes payable, net of debt discounts | 25,000 | 223,693 |
Derivative liability | 9,666 | 191,792 |
Total current liabilities | 883,069 | 663,694 |
Deferred revenue | 750,000 | |
Total liabilities | 1,633,069 | 663,694 |
Stockholders' equity (deficit) | ||
Common stock; par value $0.001; 200,000,000 shares authorized; 164,699,973 shares issued and outstanding at July 31, 2013 and 126,083,416 shares issued and outstanding at July 31, 2012 | 164,700 | 126,083 |
Additional paid-in capital | 27,429,672 | 23,184,094 |
Accumulated deficit during the development stage | -28,584,388 | -23,928,895 |
Total stockholders' equity (deficit) | -990,016 | -618,718 |
Total liabilities and stockholders' equity (deficit) | $643,053 | $44,976 |
Balance_Sheets_Parentheticals
Balance Sheets (Parentheticals) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Balance Sheets [Abstract] | ||
Patents and patent applications, accumulated amortizaton | $4,270 | $2,897 |
Common stock, par value | $0.00 | $0.00 |
Common stock, share authorized | 200,000,000 | 200,000,000 |
Common stock, share issued | 164,699,973 | 126,083,416 |
Common stock, shares outstanding | 164,699,973 | 126,083,416 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 97 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
Statements of Operations [Abstract] | |||
Revenues | |||
Operating expenses | |||
General and administrative | 4,001,904 | 11,829,537 | 27,343,296 |
Research and development | 282,670 | 506,169 | 788,839 |
Mineral interests | 39,015 | ||
Total operating expenses | 4,284,574 | 12,335,706 | 28,171,150 |
Income (loss) from operations | -4,284,574 | -12,335,706 | -28,171,150 |
Other income (expense) | |||
Interest expense | -553,045 | -61,389 | -614,434 |
Change in derivative | 182,126 | -24,093 | 158,033 |
Debt forgiveness | 43,163 | ||
Total other income (expense) | -370,919 | -85,482 | -413,238 |
Income (loss) before provision for income taxes | -4,655,493 | -12,421,188 | -28,584,388 |
Provision for income taxes | |||
Net income (loss) | ($4,655,493) | ($12,421,188) | ($28,584,388) |
Basic loss per common share: | |||
Earnings (loss) per common share | ($0.03) | ($0.12) | |
Basic weighted average common shares outstanding | 143,243,425 | 103,881,283 |
Statement_of_Stockholders_Equi
Statement of Stockholders' Equity (Deficit) (USD $) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Deficit During the Development Stage [Member] |
Balance at Jul. 31, 2005 | ||||
Balance, shares at Jul. 31, 2005 | ||||
Common shares issued for cash during March 2006 at $0.001 per share | 5,000 | 5,000 | ||
Common shares issued for cash during March 2006 at $0.001 per share, shares | 5,000,000 | |||
Common shares issued for cash during March 2006 at $0.01 per share | 13,000 | 1,300 | 11,700 | |
Common shares issued for cash during March 2006 at $0.01 per share, shares | 1,300,000 | |||
Common shares issued for cash during April 2006 at $0.01 per share | 7,500 | 75 | 7,425 | |
Common shares issued for cash during April 2006 at $0.01 per share, shares | 75,000 | |||
Common shares issued for cash during May 2006 at $0.01 per share | 30,000 | 150 | 29,850 | |
Common shares issued for cash during May 2006 at $0.01 per share, shares | 150,000 | |||
Net income (loss) | -32,125 | -32,125 | ||
Balance at Jul. 31, 2006 | 23,375 | 6,525 | 48,975 | -32,125 |
Balance, shares at Jul. 31, 2006 | 6,525,000 | |||
Net income (loss) | -33,605 | -33,605 | ||
Balance at Jul. 31, 2007 | -10,230 | 6,525 | 48,975 | -65,730 |
Balance, shares at Jul. 31, 2007 | 6,525,000 | |||
Net income (loss) | -17,924 | -17,924 | ||
Balance at Jul. 31, 2008 | -28,154 | 6,525 | 48,975 | -83,654 |
Balance, shares at Jul. 31, 2008 | 6,525,000 | |||
Net income (loss) | 28,444 | 28,444 | ||
Balance at Jul. 31, 2009 | 290 | 6,525 | 48,975 | -55,210 |
Balance, shares at Jul. 31, 2009 | 6,525,000 | |||
Forward stock split : 20 for 1 | 130,500 | -130,500 | ||
Forward stock split : 20 for 1, shares | 130,500,000 | |||
Stock issued for acquisition of patent | 20,333 | 20,333 | ||
Stock issued for acquisition of patent | 20,333,333 | |||
Cancellation of shares | -100,000 | 100,000 | ||
Cancellation of shares, shares | -100,000,000 | |||
Stock issued for services | 1,358,800 | 4,150 | 1,354,650 | |
Stock issued for services, shares | 4,150,000 | 4,150,000 | ||
Net income (loss) | -2,016,710 | -2,016,710 | ||
Balance at Jul. 31, 2010 | -637,287 | 61,508 | 1,373,125 | -2,071,920 |
Balance, shares at Jul. 31, 2010 | 61,508,333 | |||
Warrants issued for acquisition of patent | 7,117 | 7,117 | ||
Sales of common stock | 3,078,020 | 5,640 | 3,072,380 | |
Sales of common stock, shares | 5,640,000 | |||
Stock issued for services | 6,118,170 | 9,828 | 6,108,342 | |
Stock issued for services, shares | 9,828,000 | |||
Stock based compensation from issuance of stock options | 531,250 | 531,250 | ||
Net income (loss) | -9,435,787 | -9,435,787 | ||
Balance at Jul. 31, 2011 | -338,517 | 76,976 | 11,092,214 | -11,507,707 |
Balance, shares at Jul. 31, 2011 | 76,976,333 | |||
Cancellation of shares | -220 | 220 | ||
Cancellation of shares, shares | -220,000 | |||
Sales of common stock | 802,929 | 8,439 | 794,490 | |
Sales of common stock, shares | 8,438,572 | |||
Stock issued for services | 10,048,857 | 37,556 | 10,011,301 | |
Stock issued for services, shares | 37,555,668 | |||
Conversion of convertible notes payable to common stock | 100,000 | 3,332 | 96,668 | |
Conversion of convertible notes payable to common stock, shares | 3,332,843 | |||
Stock based compensation from issuance of stock options | 1,027,501 | 1,027,501 | ||
Stock based compensation from issuance of stock warrants | 161,700 | 161,700 | ||
Net income (loss) | -12,421,188 | -12,421,188 | ||
Balance at Jul. 31, 2012 | -618,718 | 126,083 | 23,184,094 | -23,928,895 |
Balance, shares at Jul. 31, 2012 | 126,083,416 | 126,083,416 | ||
Sales of common stock | 55,000 | 917 | 54,083 | |
Sales of common stock, shares | 916,666 | |||
Stock issued for services | 937,353 | 12,266 | 925,087 | |
Stock issued for services, shares | 12,265,568 | |||
Conversion of convertible notes payable to common stock | 802,412 | 25,334 | 777,078 | |
Conversion of convertible notes payable to common stock, shares | 25,334,323 | |||
Issuance of common stock as deferred financing cost | 13,500 | 100 | 13,400 | |
Issuance of common stock as deferred financing cost, shares | 100,000 | |||
Stock based compensation from issuance of stock options | 1,428,901 | 1,428,901 | ||
Stock based compensation from issuance of stock warrants | 920,463 | 920,463 | ||
Forgiveness of debt by related party | 126,566 | 126,566 | ||
Net income (loss) | -4,655,493 | -4,655,493 | ||
Balance at Jul. 31, 2013 | ($990,016) | $164,700 | $27,429,672 | ($28,584,388) |
Balance, shares at Jul. 31, 2013 | 164,699,973 | 164,699,973 |
Statement_of_Stockholders_Equi1
Statement of Stockholders' Equity (Deficit) (Parentheticals) (USD $) | 12 Months Ended | |||
Jul. 31, 2006 | Jul. 31, 2006 | Jul. 31, 2006 | Jul. 31, 2006 | |
March 2006 at $0.001 per share | March 2006 at $0.01 per share | April 2006 at $0.01 per share | May 2006 at $0.01 per share | |
Common stock issued, value per share | $0.00 | $0.01 | $0.01 | $0.01 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 97 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
Cash Flows Provided (Used) By Operating Activities | |||
Net income (loss) | ($4,655,493) | ($12,421,188) | ($28,584,388) |
Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities: | |||
Amortization | 1,373 | 1,373 | 4,270 |
Issuance of common stock for services | 937,353 | 10,048,857 | 18,463,180 |
Issuance of common stock as deferred financing cost | 13,500 | 13,500 | |
Stock based compensation from issuance of options | 1,428,901 | 1,027,501 | 2,987,652 |
Stock based compensation from issuance of warrants | 920,463 | 161,700 | 1,082,163 |
Accreted interest on debt discounts | 423,373 | 57,392 | 480,765 |
Change in derivative | -182,126 | 24,093 | -158,033 |
Changes in assets and liabilities: | |||
(Increase) in prepaid insurance | -21,250 | -21,250 | |
Increase (decrease) in accounts payable | -14,730 | -48,639 | 40,767 |
Increase in accrued salaries and wages | 401,336 | 52,173 | 457,636 |
Net cash provided from (used by) operating activities | -747,300 | -1,096,738 | -5,233,738 |
Cash Flows Provided (Used) By Investing Activities | |||
Cash Flows Provided (Used) By Financing Activities | |||
Borrowings from related parties | 350,000 | 922,587 | |
Borrowings on convertible notes payable | 170,500 | 434,000 | 604,500 |
Payments to related parties on notes payable | -171,557 | -436,175 | |
Investment received in exchange for royalty agreement | 750,000 | 750,000 | |
Issuance of common stock for cash | 55,000 | 802,929 | 3,991,449 |
Net cash provided from (used by) financing activities | 1,325,500 | 1,065,372 | 5,832,361 |
Net increase (decrease) in cash and cash equivalents | 578,200 | -31,366 | 598,623 |
Cash and cash equivalents, beginning of period | 20,423 | 51,789 | |
Cash and cash equivalents, end of period | 598,623 | 20,423 | 598,623 |
Supplemental disclosure | |||
Interest paid during the period | 257,754 | 6,726 | 264,480 |
Taxes paid during the period | |||
Non-Cash Transactions | |||
Conversion of debt to equity | 270,844 | 100,000 | 370,844 |
Debt discounts attributable to derivative valuation | $152,078 | $167,699 | $319,777 |
Organization_Description_of_Bu
Organization, Description of Business, and Basis of Accounting | 12 Months Ended | ||
Jul. 31, 2013 | |||
Organization, Description of Business, and Basis of Accounting [Abstract] | |||
Organization, Description of Business, and Basis of Accounting | 1 | Organization, Description of Business, and Basis of Accounting | |
Business Organization | |||
Lightlake Therapeutics Inc., (formerly known as Madrona Ventures, Inc.) ("Lightlake" or the "Company"), was originally incorporated in the State of Nevada on June 21, 2005. On September 16, 2009, the Company changed its name to Lightlake Therapeutics Inc. The Company's fiscal year end is July 31. | |||
Development Stage Entity | |||
The Company is a development stage company as defined by ASC 915, Development Stage Entities. The Company is still devoting substantially all of its efforts on establishing the business and its planned principal operations have not commenced. All losses accumulated since inception have been considered as part of the Company's development stage activities. |
Going_Concern
Going Concern | 12 Months Ended | |
Jul. 31, 2013 | ||
Going Concern [Abstract] | ||
Going Concern | 2 | Going Concern |
The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. However, the Company has incurred significant losses and is dependent on obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain the necessary funding it could cease operations as a new enterprise. This raises substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might result from this uncertainty |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Jul. 31, 2013 | |||
Summary of Significant Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies | 3 | Summary of Significant Accounting Policies | |
Basis of Presentation and use of estimates | |||
The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Cash and Cash Equivalents | |||
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents were $598,623 and $20,423 at July 31, 2013 and July 31, 2012, respectively. The Company maintains cash balances at a financial institution located in London, England (United Kingdom) and is insured up to $128,999 by the Financial Services Compensation Scheme (United Kingdom equivalent of the Federal Deposit Insurance Corporation). The Company's balances exceeded these insured limits. | |||
Long-Lived Assets | |||
The Company follows ASC 360, Property, Plant, and Equipment, for its fixed assets. Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives (3 to 7 years). The Company capitalizes all asset purchases greater than $500 having a useful life greater than one year. | |||
The Company follows ASC 350, Intangibles - Goodwill and Other for its intellectual property asset. Intellectual property consists of patents which are stated at their fair value acquisition cost. Amortization is calculated by the straight line method over their estimated useful lives (20 years). | |||
Long-lived assets such as property and equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. The Company did not recognize any impairment losses for any years presented. | |||
Earnings (Loss) per Share | |||
The Company follows ASC 260, Earnings per Share. Basic earnings (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the respective period presented in the Company's accompanying financial statements. | |||
Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). | |||
Common stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company's net loss position at the calculation date. | |||
Dilutive earnings per share have not been disclosed, as the result would be anti-dilutive. At July 31, 2013, potentially dilutive common stock equivalents are approximately 178,805,000 consisting of 177,725,000 options and warrants and 1,080,000 from convertible notes payable. | |||
Research and Development Costs | |||
The Company follows ASC 730, Research and Development, and expenses all research and development costs as incurred for which there is no alternative future use. These costs also include the expensing of employee compensation and employee stock based compensation. | |||
Stock-Based Compensation | |||
ASC 718 "Compensation - Stock Compensation" prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). | |||
The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, "Equity - Based Payments to Non-Employees." Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. | |||
The Company had stock-based compensation of $937,353 and $10,048,857 for the years ending July 31, 2013 and 2012, respectively. | |||
Fair Value of Financial Instruments | |||
FASB Accounting Standards Codification (ASC) 820 "Fair Value Measurements and Disclosures" (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). | |||
The three levels of the fair value hierarchy are described below: | |||
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||
Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | |||
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Company's notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value. | |||
The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company's financial statements. | |||
Commitments and Contingencies | |||
The Company follows ASC 450-20, Loss Contingencies to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of July 31, 2013. | |||
Related Parties | |||
The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Related party transactions for the years ending July 31, 2013 and 2012 totaled $350,000 and $136,412, respectively, and were comprised of loans to the Company. | |||
Income Taxes | |||
The Company accounts for income taxes under ASC 740 "Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. At July 31, 2013 and 2012, respectively, the deferred tax asset and deferred tax liability accounts, as recorded when material to the financial statements, are entirely the result of temporary differences. Temporary differences represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily share based compensation and loss on settlement of debt. | |||
As of July 31, 2013 and 2012, the deferred tax asset related to the Company's net operating loss (NOL) carry-forward is fully reserved. | |||
Foreign Currency Translation | |||
The Company's functional currency is the United States Dollar. In accordance with ASC Topic 830, "Foreign Currency Translation," foreign denominated monetary assets and liabilities are translated into their United States Dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rates prevailing on the transaction date. Revenue and expenses are translated at average rates of exchange during the year. Gains or losses resulting from foreign currency transactions are included in results of operations. | |||
Recently Issued Accounting Pronouncements | |||
From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company's financial position or results of operations upon adoption. | |||
In February, 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This newly issued accounting standard requires an entity to present either in a single note or parenthetically on the face of the financial statements; the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source. If a component is not required to be reclassified to net income in its entirety, it is cross-referenced to the related footnote for additional information. This ASU is effective for reporting years beginning after December 15, 2012, with early adoption permitted. As the objective of this accounting standard is to improve the reporting of classifications out of accumulated other comprehensive income and the information is already required to be disclosed elsewhere in the financial statements the adoption of this standard has not impacted our financial position or results of operations. | |||
In January, 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This newly issued accounting standard clarifies that the scope of ASU 2011-11 applies to derivatives, including bifurcated embedded derivatives, repurchase agreements, and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. This ASU is required to be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. As this accounting standard only requires enhanced disclosure, the adoption of this standard has not impacted the Company's financial position or results of operations. | |||
In July, 2012, the FASB issued ASU 2012-02, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This accounting standard simplifies how an entity tests indefinite-lived intangible assets by permitting an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. The more likely than not threshold is defined as having a likelihood of more than 50 percent. This ASU is effective for annual and interim impairment tests for fiscal years beginning after September 15, 2012. As the objective is to reduce the cost and complexity of impairment testing, adoption of this standard did not impact the Company's financial position or results of operations. | |||
In December, 2011, the FASB issued ASU No. 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05, which defers the requirement within ASU 2011-05 to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. During the deferral, entities should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect prior to the issuance of ASU 2011-05. These ASUs are required to be applied retrospectively and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. As these accounting standards did not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income, the adoption of these standards did not impact the Company's financial position or results of operations. | |||
In December, 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). This accounting standard requires an entity to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions executed under a master netting or similar arrangement and was issued to enable users of financial statements to understand the effects or potential effects of those arrangements on its financial position. This ASU is required to be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. As this accounting standard only requires enhanced disclosure, the adoption of this standard is not expected to have an impact the Company's financial position or results of operations. | |||
The adoption of this standard did not have a material impact on the Company's financial position or results of operations. | |||
Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ ("ASC") is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company's present or future consolidated financial statements. |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk Arising from Cash Deposits in Excess of Insured Limits | 12 Months Ended | ||
Jul. 31, 2013 | |||
Concentrations of Credit Risk Arising from Cash Deposits in Excess of Insured Limits [Abstract] | |||
Concentrations of Credit Risk Arising from Cash Deposits in Excess of Insured Limits | 4 | Concentrations of Credit Risk Arising from Cash Deposits in Excess of Insured Limits | |
The Company maintains its cash balances at one financial institution in several accounts. This bank is located in London, England (United Kingdom) and is insured by the Financial Services Compensation Scheme (United Kingdom equivalent of the Federal Deposit Insurance Corporation) and is insured up to $128,999 or 85,000 GBP. At July 31, 2013 the Company had uninsured cash balances $469,624. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
Jul. 31, 2013 | |||
Related Party Transactions [Abstract] | |||
Related Party Transactions | 5 | Related Party Transactions | |
At July 31, 2013, the Company had loans outstanding with its three officers and a director in the amount of $350,000. During December 2012, funds were advanced in the amount of $350,000 to cover the short-term cash needs of the Company. These loans accrue interest at 6.0% per annum. Additionally, loans from the prior year were forgiven in the amount of $136,412. | |||
Prior to fiscal 2009, and though the date of the Belmont Agreement (See Note 11), a former officer of the Company advanced funds to the Company for working capital needs. The amounts were non-interest bearing, unsecured, with no stated terms or repayment. Concurrent with the Belmont Agreement, the former officer forgave the advances aggregating $28,816. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Jul. 31, 2013 | |||||||||
Income Taxes [Abstract] | |||||||||
Income Taxes | 6 | Income Taxes | |||||||
The Company provides for income taxes asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. This method requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | |||||||||
The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate to the net loss before provision for income taxes for the following reasons: | |||||||||
31-Jul-13 | 31-Jul-12 | ||||||||
Income tax expense at statutory rate | $ | (1,584,705 | ) | $ | (4,618,199 | ) | |||
Valuation allowance | 1,584,705 | 4,619,199 | |||||||
Income tax expense per books | $ | - | $ | - | |||||
Net deferred tax assets consist of the following components as of: | |||||||||
31-Jul-13 | 31-Jul-12 | ||||||||
Net Operating Loss Carryover | $ | (10,916,974 | ) | $ | (9,106,205 | ) | |||
Valuation allowance | 10,916,974 | 9,106,205 | |||||||
Net deferred tax asset | $ | - | $ | - | |||||
The Company has a net operating loss carryover of $27,942,030 as of July 31, 2013 which begins to expire in 2026. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. | |||||||||
The Company has net operating loss carry-forwards that were derived solely from operating losses from prior years. These amounts can be carried forward to offset future taxable income for a period of 20 years for each tax year's loss. No provision was made for federal income taxes as the Company has significant net operating losses. | |||||||||
At July 31, 2013 and 2012, the Company has established a valuation allowance equal to the deferred tax assets as there is no assurance that the Company will generate future taxable income to utilize these assets. | |||||||||
Due to the provisions of Internal Revenue Code Section 338, the Company may have no net operating loss carry-forwards available to offset financial statement or tax return taxable income in future periods as a result of a change in control involving 50 percentage points or more of the issued and outstanding securities of the Company. The Company had no uncertain tax positions at July 31, 2013 and 2012. |
Patent_and_Patent_Applications
Patent and Patent Applications | 12 Months Ended | |
Jul. 31, 2013 | ||
Patent and Patent Applications [Abstract] | ||
Patent and Patent Applications | 7 | Patent and Patent Applications |
On August 24, 2009, the Company acquired European Patent EP1681057B1 and U.S. Patent Application 11/031,534 through the issuance of 20,333,000 shares of its common stock. The Company recorded the patents at $20,333, which approximated the fair market value. The costs associated with these patents are being depreciated on a straight line basis over a period of 20 years. | ||
On December 16, 2011 the Company acquired U.S. Patent 5,587,381, entitled: 'Method for terminating methadone maintenance through extinction of the opiate-taking responses, using an opioid antagonist as treatment.' This patent was acquired for 7,116,667 warrants to purchase the Company's common stock at a price of $0.25 per share. The issuance date of these warrants was November 29, 2010 and expire in five years. |
Convertible_Notes_Payable
Convertible Notes Payable | 12 Months Ended | ||||
Jul. 31, 2013 | |||||
Convertible Notes Payable [Abstract] | |||||
Convertible Notes Payable | 8 | Convertible Notes Payable | |||
The following debt is outstanding: | |||||
A Convertible Note Payable, with an original face value of $25,000, dated October 29, 2012, maturing April 29, 2013, accrues interest at 12%, having a debt discount of $25,000 amortized to interest with $0 unamortized, convertible at 50% discount to market, defined as the average of the three lowest trading prices during the ten trading day period prior to the conversion date (effective discount estimated at 80%). If converted at July 31, 2013, it would represent approximately 1,080,000 additional shares. Interest accrued to date is $2,260. | |||||
Convertible Note Payable | $ | 25,000 | |||
Less: Long-term portion | - | ||||
Current Portion | $ | 25,000 | |||
The Company evaluated the terms of these notes in accordance with ASC Topic No. 815 - 40, Derivatives and Hedging and determined that the underlying common stock is indexed to the Company's common stock. The Company determined that the conversion feature met the definition of a liability and therefore the conversion options was bifurcated for accounting purposes and accounted for at fair value as a derivative liability. The Company has recognized a derivative liability at origination, in excess of the loan amount, of which $25,000 was recognized as a debt discount, which has been amortized over the life of the loan to interest expense. A charge to the statement of operations was made to provide for the remaining portion of the recognized derivative liability at origination. The Company has re-measured the derivative at year end, resulting in a liability of $9,666 as of July 31, 2013. | |||||
The derivative valuation was calculated using the Black-Scholes Model for the conversion feature. Assumptions to the calculation were as follows: | |||||
Weighted Average: | |||||
Dividend rate | 0 | % | |||
Risk-free interest rate | 0.11 | % | |||
Expected lives (years) | 0.493 | ||||
Expected price volatility | 76.9 | % | |||
Forfeiture Rate | 0 | % |
Deferred_Revenue
Deferred Revenue | 12 Months Ended | |
Jul. 31, 2013 | ||
Deferred Revenue [Abstract] | ||
Deferred Revenue | 9 | Deferred Revenue |
On April 16, 2013, the Company entered into an agreement and subsequently received funding in the amount of $600,000 for the research, development, marketing and commercialization of a product relating to a treatment for opioid addiction. In exchange for this funding, the Company agreed to pay the investor 6.0% of the net profit generated from the product in perpetuity. Net profit is defined as the pre-tax profit generated from the product after the deduction of all expenses incurred by and payments made by the Company in connection with the product, including but not limited to an allocation of Company overhead. If the product is not introduced to the market and not approved for marketing within 24 months the investor will have a sixty day option to receive 7,500,000 shares of common stock in lieu of the 6.0% interest in the product. | ||
On May 30, 2013 entered into an agreement and subsequently received additional funding totaling $150,000 for the research, development, marketing and commercialization of a product relating to a treatment for opioid addiction. In exchange for this funding, the Company agreed to pay the investor 1.50% of the net profit generated from the product in perpetuity. Net profit is defined as the pre-tax profit generated from the product after the deduction of all expenses incurred by and payments made by the Company in connection with the product, including but not limited to an allocation of Company overhead. If the product is not introduced to the market and not approved for marketing within 24 months the investor will have a sixty day option to receive 1,875,000 shares of common stock in lieu of the 1.50% interest in the product. | ||
On July 17, 2013, the Company entered into a three year consulting agreement for consulting and advisory services related to the development of the Company's naloxone hydrochloride nasal spray. In exchange for these services, the Company has agreed to pay the consultant 5.0% of the net profit generated from the product in perpetuity. Net profit is defined as the pre-tax profit generated from the product after the deduction of all expenses incurred by and payments made by the Company in connection with the product, including but not limited to an allocation of Company overhead. If the product is not introduced to the market and not approved for marketing within 24 months the consultant will have a sixty day option to receive 6,250,000 shares of common stock in lieu of the 5.0% interest in the product. | ||
This investment was accounted for as a liability pursuant to current accounting research until such time as the product comes to market, at which time it will be recognized as revenue. However, if the milestone is not achieved then the investment will be recorded as additional paid-in capital upon issuance of the common stock. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jul. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 10 | Stockholders' Equity | |||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||
The Company has 200,000,000 common shares authorized at a par value of $0.001. At July 31, 2013 and July 31, 2012 there were 164,699,973 and 126,083,416 shares issued and outstanding, respectively. The Company has no other classes of shares authorized for issuance. | |||||||||||||||||||||||||||||||||||||
During the year ended July 31, 2010, the Company effectuated a 20 for 1 forward stock split. Subsequently, the Company's chief executive officer cancelled 100,000,000 common shares beneficially owned by him through his ownership in Pelikin Group. | |||||||||||||||||||||||||||||||||||||
During the year ended July 31, 2010, the Company issued 4,150,000 common shares to various individuals and entities for services rendered to the Company. The aggregate value of the shares issued was $1,358,800 based on the closing price of the Company's common stock at the date of issuance, which approximates the fair market value of the services rendered. | |||||||||||||||||||||||||||||||||||||
On October 6, 2010, the Company issued 200,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $30,000. | |||||||||||||||||||||||||||||||||||||
On October 13, 2010, the Company issued 80,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $12,000. | |||||||||||||||||||||||||||||||||||||
On November 17, 2010, the Company sold 1,020,000 shares of its common stock at $0.25 per share which represented discount to market in the amount of $71,400. The shares issued in this transaction were valued at $326,400. | |||||||||||||||||||||||||||||||||||||
On December 1, 2010, the Company issued 1,000,000 shares to one its key officers as share based compensation. The shares issued in this transaction were valued at market and amounted to $320,000. | |||||||||||||||||||||||||||||||||||||
On December 15, 2010, the Company sold 800,000 shares of its common stock at $0.25 per share which represented discount to market in the amount of $40,000. The shares issued in this transaction were valued at $240,000. | |||||||||||||||||||||||||||||||||||||
On December 22, 2010, the Company issued 400,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $128,000. | |||||||||||||||||||||||||||||||||||||
On January 4, 2011, the Company sold 80,000 shares of its common stock at $0.25 per share which represented discount to market in the amount of $5,600. The shares issued in this transaction were valued at $25,600. | |||||||||||||||||||||||||||||||||||||
On January 26, 2011, the Company issued 310,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $93,000. | |||||||||||||||||||||||||||||||||||||
On February 14, 2011, the Company issued 90,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $45,450. | |||||||||||||||||||||||||||||||||||||
On February 25, 2011, the Company issued 200,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $144,000. | |||||||||||||||||||||||||||||||||||||
On March 9, 2011, the Company issued 80,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $48,000. | |||||||||||||||||||||||||||||||||||||
On March 9, 2011, the Company sold 920,000 shares of its common stock at $0.25 per share which represented discount to market in the amount of $322,000. The shares issued in this transaction were valued at $552,000. | |||||||||||||||||||||||||||||||||||||
On March 17, 2011, the Company sold 620,000 shares of its common stock at $0.25 per share which represented discount to market in the amount of $303,800. The shares issued in this transaction were valued at $458,800. | |||||||||||||||||||||||||||||||||||||
On March 25, 2011, the Company issued 250,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $197,500. | |||||||||||||||||||||||||||||||||||||
On March 25, 2011, the Company sold 140,000 shares of its common stock at $0.25 per share which represented discount to market in the amount of $75,600. The shares issued in this transaction were valued at $110,600. | |||||||||||||||||||||||||||||||||||||
On March 29, 2011, the Company issued 400,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $260,000. | |||||||||||||||||||||||||||||||||||||
On April 5, 2011, the Company issued 800,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $544,000. | |||||||||||||||||||||||||||||||||||||
On April 7, 2011, the Company issued 200,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $122,000. | |||||||||||||||||||||||||||||||||||||
On April 7, 2011, the Company sold 340,000 shares of its common stock at $0.25 per share, which represented a discount to market in the amount of $85,000. The shares issued in this transaction were valued at $207,400. | |||||||||||||||||||||||||||||||||||||
On April 20, 2011, the Company issued 680,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $462,400. | |||||||||||||||||||||||||||||||||||||
On April 20, 2011, the Company sold 1,680,000 shares of its common stock at $0.25 per share, which represented a discount to market in the amount of $420,000. The shares issued in this transaction were valued at $1,142,400. | |||||||||||||||||||||||||||||||||||||
On April 27, 2011, the Company issued 1,000,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $670,000. | |||||||||||||||||||||||||||||||||||||
On April 28, 2011, the Company issued 600,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $402,000. | |||||||||||||||||||||||||||||||||||||
On April 29, 2011, the Company issued 200,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $180,000. | |||||||||||||||||||||||||||||||||||||
On May 25, 2011, the Company issued 500,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $400,000. | |||||||||||||||||||||||||||||||||||||
On June 3, 2011, the Company issued 940,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $704,800. | |||||||||||||||||||||||||||||||||||||
On June 10, 2011, the Company issued 200,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $130,000. | |||||||||||||||||||||||||||||||||||||
On July 5, 2011, the Company issued 928,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $658,880. | |||||||||||||||||||||||||||||||||||||
On July 14, 2011, the Company issued 598,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $442,520. | |||||||||||||||||||||||||||||||||||||
On July 21, 2011, the Company issued 100,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $72,300. | |||||||||||||||||||||||||||||||||||||
On August 5, 2011, the Company issued 700,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $434,000. | |||||||||||||||||||||||||||||||||||||
On September 13, 2011, the Company issued 8,900,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $3,560,000. | |||||||||||||||||||||||||||||||||||||
On October 6, 2011, the Company issued 80,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $38,400. | |||||||||||||||||||||||||||||||||||||
On October 25, 2011, the Company issued 50,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $17,000. | |||||||||||||||||||||||||||||||||||||
On November 17, 2011, the Company issued 5,200,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $2,346,000. | |||||||||||||||||||||||||||||||||||||
On November 23, 2011, the Company issued 225,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $94,500. | |||||||||||||||||||||||||||||||||||||
On December 6, 2011, the Company issued 3,100,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $1,069,500. | |||||||||||||||||||||||||||||||||||||
On December 15, 2011, the Company issued 2,500,000 shares as compensation to an officer, valued at market, in the amount of $700,000. | |||||||||||||||||||||||||||||||||||||
On March 28, 2012, the Company issued 75,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $7,125. | |||||||||||||||||||||||||||||||||||||
On March 28, 2012, the Company issued 3,500,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $332,500. | |||||||||||||||||||||||||||||||||||||
On April 5, 2012, the Company issued 6,520,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $652,000. | |||||||||||||||||||||||||||||||||||||
On April 13, 2012, the Company issued 170,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $15,980. | |||||||||||||||||||||||||||||||||||||
On April 17, 2012, the Company issued 1,234,568 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $49,383. | |||||||||||||||||||||||||||||||||||||
On May 5, 2012, the Company issued 728,863 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $102,469. | |||||||||||||||||||||||||||||||||||||
On June 28, 2012, the Company issued 945,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $111,699. | |||||||||||||||||||||||||||||||||||||
On July 24, 2012, the Company issued 1,200,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $186,000. | |||||||||||||||||||||||||||||||||||||
On July 30, 2012, the Company issued 2,107,237 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $316,086. | |||||||||||||||||||||||||||||||||||||
On August 27, 2012, the Company issued 2,000,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $222,000. | |||||||||||||||||||||||||||||||||||||
On September 18, 2012, the Company issued 200,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $27,000. | |||||||||||||||||||||||||||||||||||||
On October 5, 2012, the Company issued 1,069,636 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $173,281. | |||||||||||||||||||||||||||||||||||||
On October 23, 2012, the Company issued 800,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $124,000. | |||||||||||||||||||||||||||||||||||||
On November 15, 2012, the Company issued 250,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $35,000. | |||||||||||||||||||||||||||||||||||||
On January 14, 2013, the Company issued 100,628 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $7,044. | |||||||||||||||||||||||||||||||||||||
On February 21, 2013, the Company issued 2,000,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $120,000. | |||||||||||||||||||||||||||||||||||||
On March 14, 2013, the Company issued 750,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $37,500. | |||||||||||||||||||||||||||||||||||||
On March 25, 2013, the Company sold 666,667 shares of its common stock at $0.06 per share through a private placement the amount of this transaction was $40,000. | |||||||||||||||||||||||||||||||||||||
On March 29, 2013, the Company sold 250,000 shares of its common stock at $0.06 per share through a private placement the amount of this transaction was $15,000. | |||||||||||||||||||||||||||||||||||||
On June 7, 2013, the Company issued 2,000,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $82,000. | |||||||||||||||||||||||||||||||||||||
On July 15, 2013, the Company issued 856,708 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $20,561. | |||||||||||||||||||||||||||||||||||||
On July 16, 2013, the Company issued 675,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $18,900. | |||||||||||||||||||||||||||||||||||||
On July 26, 2013, the Company issued 438,596 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $13,816. | |||||||||||||||||||||||||||||||||||||
Stock Based Compensation | |||||||||||||||||||||||||||||||||||||
As required by the Stock Compensation Topic, ASC 718, the Company measures and recognizes compensation expense for all share based payment awards made to the officers and directors based on estimated fair values. Stock based compensation expense recognized in the Statement of Operations for the years, July 31, 2013 and 2012 was $2,012,285 and $531,250, respectively. | |||||||||||||||||||||||||||||||||||||
On December 15, 2010, the Company granted two of its officers options to purchase 7,500,000 shares of its common stock at $0.60 per share. Also, on December 15, 2010, the Company granted its Chief Executive Officer options to purchase 1,000,000 shares at a price of $1.20 per share. These options expire December 15, 2013. The Company's stock price closed at $0.30 on the date these options were granted. The Company is recognizing the expense over the vesting period. The total fair value of the compensation was computed to be $2,550,000, of which $1,000,000 has been recognized as compensation expense for the year ended July 31, 2013. | |||||||||||||||||||||||||||||||||||||
On July 21, 2011, the Company issued 100,000 shares in exchange for services rendered. The shares issued in this transaction were valued at market and amounted to $72,300. | |||||||||||||||||||||||||||||||||||||
On July 5, 2011, the Company issued 72,000 shares to its Chief Executive Officer. The shares issued in this transaction were valued at market and amounted to $51,120. | |||||||||||||||||||||||||||||||||||||
On December 15, 2011, the Company issued 2,500,000 shares to its Chief Executive Officer. The shares issued in this transaction were valued at market and amounted to $700,000. | |||||||||||||||||||||||||||||||||||||
On January 30, 2012, the Company granted all of its executive officers at the time options to purchase a total of 8,000,000 shares of its common stock at $0.08 per share. These options expire in three years on January 29, 2015. The Company's stock price closed at $0.057 on the date these options were granted. The Company has valued these options using appropriate valuation methods, which resulted in a fair market value of $640,000, of which $213,333 has been recognized for the year ended, July 31, 2013. | |||||||||||||||||||||||||||||||||||||
On December 31, 2012, the Company granted its executive officers and one director cashless stock options to purchase a total of 24,500,000 shares of its common stock at $0.15 per share. These options expire in five years on December 30, 2017. These options may only be exercised between the following dates: (i) the earliest date on which the price per share has traded at or above $0.30 for at least three trading days out of any ten consecutive trading days; and (ii) December 30, 2017. The Company's stock price closed at $0.08 on the date these options were granted. The Company has valued these options using appropriate valuation methods, which resulted in a fair market value of $1,960,000, of which $381,111 has been recognized during the year ended, July 31, 2013. | |||||||||||||||||||||||||||||||||||||
On December 31, 2012, the Company granted two of its executive officers cashless stock options to purchase a total of 5,000,000 shares of its common stock at $0.12 per share. These options expire in ten years on December 30, 2022. These options may only be exercised between the following dates: (i) the earliest date on which the price per share has traded at or above $0.30 for at least three trading days out of any ten consecutive trading days; and (ii) December 30, 2022. The Company's stock price closed at $0.08 on the date these options were granted. The Company has valued these options using appropriate valuation methods, which resulted in a fair market value of $400,000 of which $78,778 has been recognized during the year ended, July 31, 2013. | |||||||||||||||||||||||||||||||||||||
On May 1, 2013, the Company granted its executive officers cashless stock options to purchase a total of 15,000,000 shares of its common stock at $.08 per share. These options expire in ten years on April 30, 2023. 7,500,000 of these options may only be exercised between the following dates: (i) the date on which an Investigational New Drug Application is submitted to the U.S. Food and Drug Administration for the Company's product that is expected to enter into an initial trial sponsored by the National Institutes of Health; and (ii) April 30, 2023. 7,500,000 of these options may only be exercised between the following dates: (i) the date on which the aforementioned initial trial sponsored by the National Institutes of Health commences; and (ii) April 30, 2023. | |||||||||||||||||||||||||||||||||||||
On May 1, 2013, the Company granted its executive officers cashless stock options to purchase a total of 7,500,000 shares of its common stock at $.10 per share. These options expire in ten years on April 30, 2023. 3,750,000 of these options may only be exercised between the following dates: (i) the date on which an Investigational New Drug Application is submitted to the U.S. Food and Drug Administration for the Company's product that is expected to enter into an initial trial sponsored by the National Institutes of Health; and (ii) April 30, 2023. 3,750,000 of these options may only be exercised between the following dates: (i) the date on which the aforementioned initial trial sponsored by the National Institutes of Health commences; and (ii) April 30, 2023. | |||||||||||||||||||||||||||||||||||||
At July 31, 2013, the total stock based compensation cost which has not been recognized is $1,629,388. These remaining costs are expected to be recognized over the next 10 1/2 years. | |||||||||||||||||||||||||||||||||||||
Warrants | |||||||||||||||||||||||||||||||||||||
On December 16, 2011, the Company acquired US Patent No. 5,587,381, for 7,116,667 warrants to purchase the Company's common stock at a price of $0.25 per share. The issuance date of these warrants was November 29, 2010 and they expire in five years. | |||||||||||||||||||||||||||||||||||||
On December 15, 2010, the Company issued 1,900,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on December 15, 2015. | |||||||||||||||||||||||||||||||||||||
On March 15, 2011, the Company issued 920,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on March 1, 2016. | |||||||||||||||||||||||||||||||||||||
On March 15, 2011, the Company issued 1,760,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on March 15, 2016. | |||||||||||||||||||||||||||||||||||||
On April 25, 2011, the Company issued 280,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on April 25, 2016. | |||||||||||||||||||||||||||||||||||||
On May 6, 2011, the Company issued 200,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on May 6, 2016. | |||||||||||||||||||||||||||||||||||||
On July 8, 2011, the Company issued 40,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on July 8, 2016. | |||||||||||||||||||||||||||||||||||||
On July 21, 2011, the Company issued 100,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on July 21, 2016. | |||||||||||||||||||||||||||||||||||||
On August 5, 2011, the Company issued 300,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on August 5, 2016. | |||||||||||||||||||||||||||||||||||||
On August 22, 2011, the Company issued 50,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on August 22, 2016. | |||||||||||||||||||||||||||||||||||||
On September 6, 2011, the Company issued 60,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on September 6, 2016. | |||||||||||||||||||||||||||||||||||||
On September 21, 2011, the Company issued 200,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on September 21, 2016. | |||||||||||||||||||||||||||||||||||||
On September 27, 2011, the Company issued 200,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on September 27, 2016. | |||||||||||||||||||||||||||||||||||||
On October 6, 2011, the Company issued 200,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on October 6, 2016. | |||||||||||||||||||||||||||||||||||||
On November 1, 2011, The Company issued 5,300,000 warrants to purchase its common stock at $0.50 per share pursuant to an exclusive marketing agreement with AMF Group. This company guaranteed sales in Central and South America and India in the amount of $23.4 to $27 million upon approval. These warrants expire in five years, on October 31, 2016. Warrants were valued using the Black-Scholes model, resulting in valuation of $1,071,000, of which $142,800 has been recognized in the current year. | |||||||||||||||||||||||||||||||||||||
On March 14, 2012, the Company issued 8,400,000 warrants with an exercise price of $0.50 to AMF Group pursuant to an exclusive marketing agreement for Central and South America and India dated November 1, 2011. These warrants expire March 14, 2017. Warrants were valued using the Black-Scholes model, resulting in valuation of $378,000, of which $18,900 has been recognized in the current year. | |||||||||||||||||||||||||||||||||||||
On March 28, 2012, the Company issued 1,500,000 warrants to purchase its common stock at $0.20 per share. These warrants expire on March 28, 2017. | |||||||||||||||||||||||||||||||||||||
On April 5, 2012, the Company issued 20,000 warrants to purchase its common stock at $0.50 per share. These warrants expire on April 5, 2017. | |||||||||||||||||||||||||||||||||||||
On May 3, 2012, the Company issued 428,572 warrants to purchase its common stock at $0.14 per share. These warrants expire on May 3, 2017. | |||||||||||||||||||||||||||||||||||||
On December 31, 2012, the Company issued a total of 72,500,000 warrants to its executive officers and a director purchase its common stock at $0.15 per share. These warrants expire in five years on December 30, 2017. These options may only be exercised between the following dates: (i) the earliest date on which the price per share has traded at or above $0.30 for at least three trading days out of any ten consecutive trading days; and (ii) December 30, 2017. | |||||||||||||||||||||||||||||||||||||
Below is a summary of options and warrants outstanding: | |||||||||||||||||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||||||||||||||||
WARRANTS | OPTIONS | Options and Warrants | Intrinsic | Exercise | Remaining | ||||||||||||||||||||||||||||||||
Outstanding | Vested | Outstanding | Vested | Outstanding | Vested | Value | Price | Term | |||||||||||||||||||||||||||||
Balance - July 31-10 | - | - | - | - | - | - | $ | (0.45 | ) | $ | 0.6 | 0 | |||||||||||||||||||||||||
Granted | 12,316,667 | 12,316,667 | 8,500,000 | 8,500,000 | 20,816,667 | 8,500,000 | $ | 0 | $ | 0.14 | 1.6 | ||||||||||||||||||||||||||
Exercised | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Forfeited / expired | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Balance - July 31-11 | 12,316,667 | 12,316,667 | 8,500,000 | 8,500,000 | 20,816,667 | 8,500,000 | |||||||||||||||||||||||||||||||
Granted | 16,658,572 | 16,658,572 | 10,500,000 | 10,500,000 | 27,158,572 | 10,500,000 | $ | 0.06 | $ | 0.09 | 2.8 | ||||||||||||||||||||||||||
Exercised | - | - | - | - | |||||||||||||||||||||||||||||||||
Forfeited / expired | - | - | - | - | |||||||||||||||||||||||||||||||||
Balance - July 31-12 | 28,975,239 | 28,975,239 | 19,000,000 | 19,000,000 | 47,975,239 | 19,000,000 | |||||||||||||||||||||||||||||||
Granted | 72,500,000 | 72,500,000 | 57,250,000 | 57,250,000 | 129,750,000 | 57,250,000 | $ | 0.08 | $ | 0.15 | 3.9 | ||||||||||||||||||||||||||
Exercised | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Forfeited / expired | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Balance - July 31-13 | 101,475,239 | 101,475,239 | 76,250,000 | 76,250,000 | 177,725,239 | 76,250,000 | |||||||||||||||||||||||||||||||
Options and warrants were valued using the Black-Scholes Method. The significant assumptions used in the valuation of the options and warrants issued were: | |||||||||||||||||||||||||||||||||||||
Weighted Average: | |||||||||||||||||||||||||||||||||||||
Dividend rate | 0 | % | |||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.34 | % | |||||||||||||||||||||||||||||||||||
Expected lives (years) | 7.9 | ||||||||||||||||||||||||||||||||||||
Expected price volatility | 78.9 | % | |||||||||||||||||||||||||||||||||||
Forfeiture Rate | 0 | % |
Common_Stock_Purchase_Agreemen
Common Stock Purchase Agreement | 12 Months Ended | |
Jul. 31, 2013 | ||
Common Stock Purchase Agreement [Abstract] | ||
Common Stock Purchase Agreement | 11 | Common Stock Purchase Agreement |
On June 26, 2009, the Company completed a common stock purchase agreement (the Belmont Agreement) whereby Belmont Partners, LLC acquired 5,000,000 common shares of the Company's common stock. Following the transaction, Belmont Partners, LLC controlled approximately 76.6% of the Company's outstanding capital stock. Concurrent with the agreement, Mr. Joseph Meuse, managing member of Belmont Partners, LLC, was named to the Board of Directors as well as President and Secretary of the Company, and the Company's former officers resigned from all positions held in the Company. | ||
In connection with the Belmont Agreement, the Company's former officers forgave amounts advanced to the Company aggregating $28,816 as well as either paid or assumed the remaining other liabilities of the Company aggregating $14,347. Accordingly, the Company recorded a gain on debt extinguishment of $43,163. | ||
On October 31, 2009, the Company completed a common stock purchase agreement (the Pelikin Agreement) whereby Pelikin Group acquired 5,000,000 common shares of the Company's common stock from Belmont Partners. Following the transaction, Pelikin Group controlled approximately 76.6% of the Company's outstanding capital stock. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Jul. 31, 2013 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 12 | Subsequent Events |
Management has evaluated subsequent events through the date the financial statements were issued. Based on this evaluation no events have occurred requiring adjustment or disclosure. | ||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and use of estimates | Basis of Presentation and use of estimates |
The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents were $598,623 and $20,423 at July 31, 2013 and July 31, 2012, respectively. The Company maintains cash balances at a financial institution located in London, England (United Kingdom) and is insured up to $128,999 by the Financial Services Compensation Scheme (United Kingdom equivalent of the Federal Deposit Insurance Corporation). The Company's balances exceeded these insured limits. | |
Long-Lived Assets | |
The Company follows ASC 360, Property, Plant, and Equipment, for its fixed assets. Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives (3 to 7 years). The Company capitalizes all asset purchases greater than $500 having a useful life greater than one year. | |
The Company follows ASC 350, Intangibles - Goodwill and Other for its intellectual property asset. Intellectual property consists of patents which are stated at their fair value acquisition cost. Amortization is calculated by the straight line method over their estimated useful lives (20 years). | |
Long-lived assets such as property and equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. The Company did not recognize any impairment losses for any years presented. | |
Earnings (Loss) per Share | Earnings (Loss) per Share |
The Company follows ASC 260, Earnings per Share. Basic earnings (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the respective period presented in the Company's accompanying financial statements. | |
Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). | |
Common stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company's net loss position at the calculation date. | |
Dilutive earnings per share have not been disclosed, as the result would be anti-dilutive. At July 31, 2013, potentially dilutive common stock equivalents are approximately 178,805,000 consisting of 177,725,000 options and warrants and 1,080,000 from convertible notes payable. | |
Research and Development Costs | Research and Development Costs |
The Company follows ASC 730, Research and Development, and expenses all research and development costs as incurred for which there is no alternative future use. These costs also include the expensing of employee compensation and employee stock based compensation. | |
Stock-Based Compensation | Stock-Based Compensation |
ASC 718 "Compensation - Stock Compensation" prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). | |
The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, "Equity - Based Payments to Non-Employees." Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. | |
The Company had stock-based compensation of $937,353 and $10,048,857 for the years ending July 31, 2013 and 2012, respectively. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
FASB Accounting Standards Codification (ASC) 820 "Fair Value Measurements and Disclosures" (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). | |
The three levels of the fair value hierarchy are described below: | |
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |
Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | |
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Company's notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value. | |
The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company's financial statements. | |
Commitments and Contingencies | Commitments and Contingencies |
The Company follows ASC 450-20, Loss Contingencies to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of July 31, 2013. | |
Related Parties | Related Parties |
The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Related party transactions for the years ending July 31, 2013 and 2012 totaled $350,000 and $136,412, respectively, and were comprised of loans to the Company. | |
Income Taxes | Income Taxes |
The Company accounts for income taxes under ASC 740 "Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. At July 31, 2013 and 2012, respectively, the deferred tax asset and deferred tax liability accounts, as recorded when material to the financial statements, are entirely the result of temporary differences. Temporary differences represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily share based compensation and loss on settlement of debt. | |
As of July 31, 2013 and 2012, the deferred tax asset related to the Company's net operating loss (NOL) carry-forward is fully reserved. | |
Foreign Currency Translation | Foreign Currency Translation |
The Company's functional currency is the United States Dollar. In accordance with ASC Topic 830, "Foreign Currency Translation," foreign denominated monetary assets and liabilities are translated into their United States Dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rates prevailing on the transaction date. Revenue and expenses are translated at average rates of exchange during the year. Gains or losses resulting from foreign currency transactions are included in results of operations. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company's financial position or results of operations upon adoption. | |
In February, 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This newly issued accounting standard requires an entity to present either in a single note or parenthetically on the face of the financial statements; the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source. If a component is not required to be reclassified to net income in its entirety, it is cross-referenced to the related footnote for additional information. This ASU is effective for reporting years beginning after December 15, 2012, with early adoption permitted. As the objective of this accounting standard is to improve the reporting of classifications out of accumulated other comprehensive income and the information is already required to be disclosed elsewhere in the financial statements the adoption of this standard has not impacted our financial position or results of operations. | |
In January, 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This newly issued accounting standard clarifies that the scope of ASU 2011-11 applies to derivatives, including bifurcated embedded derivatives, repurchase agreements, and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. This ASU is required to be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. As this accounting standard only requires enhanced disclosure, the adoption of this standard has not impacted the Company's financial position or results of operations. | |
In July, 2012, the FASB issued ASU 2012-02, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This accounting standard simplifies how an entity tests indefinite-lived intangible assets by permitting an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. The more likely than not threshold is defined as having a likelihood of more than 50 percent. This ASU is effective for annual and interim impairment tests for fiscal years beginning after September 15, 2012. As the objective is to reduce the cost and complexity of impairment testing, adoption of this standard did not impact the Company's financial position or results of operations. | |
In December, 2011, the FASB issued ASU No. 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05, which defers the requirement within ASU 2011-05 to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. During the deferral, entities should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect prior to the issuance of ASU 2011-05. These ASUs are required to be applied retrospectively and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. As these accounting standards did not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income, the adoption of these standards did not impact the Company's financial position or results of operations. | |
In December, 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). This accounting standard requires an entity to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions executed under a master netting or similar arrangement and was issued to enable users of financial statements to understand the effects or potential effects of those arrangements on its financial position. This ASU is required to be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. As this accounting standard only requires enhanced disclosure, the adoption of this standard is not expected to have an impact the Company's financial position or results of operations. | |
The adoption of this standard did not have a material impact on the Company's financial position or results of operations. | |
Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ ("ASC") is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company's present or future consolidated financial statements. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Jul. 31, 2013 | |||||||||
Income Taxes [Abstract] | |||||||||
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate to the net loss before provision for income taxes for the following reasons: | ||||||||
31-Jul-13 | 31-Jul-12 | ||||||||
Income tax expense at statutory rate | $ | (1,584,705 | ) | $ | (4,618,199 | ) | |||
Valuation allowance | 1,584,705 | 4,619,199 | |||||||
Income tax expense per books | $ | - | $ | - | |||||
Schedule of Deferred Tax Assets and Liabilities | Net deferred tax assets consist of the following components as of: | ||||||||
31-Jul-13 | 31-Jul-12 | ||||||||
Net Operating Loss Carryover | $ | (10,916,974 | ) | $ | (9,106,205 | ) | |||
Valuation allowance | 10,916,974 | 9,106,205 | |||||||
Net deferred tax asset | $ | - | $ | - |
Convertible_Notes_Payable_Tabl
Convertible Notes Payable (Tables) | 12 Months Ended | ||||
Jul. 31, 2013 | |||||
Convertible Notes Payable [Abstract] | |||||
Schedule of Debt | Convertible Note Payable | $ | 25,000 | ||
Less: Long-term portion | - | ||||
Current Portion | $ | 25,000 | |||
Schedule of Derivative Instruments | The derivative valuation was calculated using the Black-Scholes Model for the conversion feature. Assumptions to the calculation were as follows: | ||||
Weighted Average: | |||||
Dividend rate | 0 | % | |||
Risk-free interest rate | 0.11 | % | |||
Expected lives (years) | 0.493 | ||||
Expected price volatility | 76.9 | % | |||
Forfeiture Rate | 0 | % |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jul. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Options and Warrants Outstanding | Below is a summary of options and warrants outstanding: | ||||||||||||||||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||||||||||||||||
WARRANTS | OPTIONS | Options and Warrants | Intrinsic | Exercise | Remaining | ||||||||||||||||||||||||||||||||
Outstanding | Vested | Outstanding | Vested | Outstanding | Vested | Value | Price | Term | |||||||||||||||||||||||||||||
Balance - July 31-10 | - | - | - | - | - | - | $ | (0.45 | ) | $ | 0.6 | 0 | |||||||||||||||||||||||||
Granted | 12,316,667 | 12,316,667 | 8,500,000 | 8,500,000 | 20,816,667 | 8,500,000 | $ | 0 | $ | 0.14 | 1.6 | ||||||||||||||||||||||||||
Exercised | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Forfeited / expired | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Balance - July 31-11 | 12,316,667 | 12,316,667 | 8,500,000 | 8,500,000 | 20,816,667 | 8,500,000 | |||||||||||||||||||||||||||||||
Granted | 16,658,572 | 16,658,572 | 10,500,000 | 10,500,000 | 27,158,572 | 10,500,000 | $ | 0.06 | $ | 0.09 | 2.8 | ||||||||||||||||||||||||||
Exercised | - | - | - | - | |||||||||||||||||||||||||||||||||
Forfeited / expired | - | - | - | - | |||||||||||||||||||||||||||||||||
Balance - July 31-12 | 28,975,239 | 28,975,239 | 19,000,000 | 19,000,000 | 47,975,239 | 19,000,000 | |||||||||||||||||||||||||||||||
Granted | 72,500,000 | 72,500,000 | 57,250,000 | 57,250,000 | 129,750,000 | 57,250,000 | $ | 0.08 | $ | 0.15 | 3.9 | ||||||||||||||||||||||||||
Exercised | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Forfeited / expired | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Balance - July 31-13 | 101,475,239 | 101,475,239 | 76,250,000 | 76,250,000 | 177,725,239 | 76,250,000 | |||||||||||||||||||||||||||||||
Summary of Significant Assumptions Used in the Valuation of the Options and Warrants Issued | The significant assumptions used in the valuation of the options and warrants issued were: | ||||||||||||||||||||||||||||||||||||
Weighted Average: | |||||||||||||||||||||||||||||||||||||
Dividend rate | 0 | % | |||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.34 | % | |||||||||||||||||||||||||||||||||||
Expected lives (years) | 7.9 | ||||||||||||||||||||||||||||||||||||
Expected price volatility | 78.9 | % | |||||||||||||||||||||||||||||||||||
Forfeiture Rate | 0 | % | |||||||||||||||||||||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | |
USD ($) | USD ($) | GBP (£) | USD ($) | Options And Warrants [Member] | Convertible Notes Payable [Member] | Minimum [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | ||||||||
Property and equipment, estimated useful live | 3 years | 7 years | ||||||
Cash and cash equivalents | $598,623 | $20,423 | $51,789 | |||||
Federally insured cash deposit limit | 128,999 | 128,999 | 85,000 | |||||
Intellectual property, estimated useful life | 20 years | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Antidilutive securities excluded from computation of earnings per share (shares) | 178,805,000 | 177,725,000 | 1,080,000 | |||||
Stock based compensation expense | 937,353 | 10,048,857 | ||||||
Due to related party | $350,000 | $136,412 |
Concentrations_of_Credit_Risk_1
Concentrations of Credit Risk Arising from Cash Deposits in Excess of Insured Limits (Details) | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2012 |
USD ($) | GBP (£) | USD ($) | |
Concentrations of Credit Risk Arising from Cash Deposits in Excess of Insured Limits [Abstract] | |||
Federally insured cash deposit limit | $128,999 | £ 85,000 | $128,999 |
Uninsured cash balance | $469,624 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 97 Months Ended | ||
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Oct. 29, 2012 | |
Related Party Transaction [Line Items] | ||||
Due to related parties | $136,412 | |||
Borrowings from related parties | 350,000 | 922,587 | ||
Interest rate | 12.00% | |||
Former Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt instrument, description of terms | amounts were non-interest bearing, unsecured, with no stated repayment terms | |||
Debt forgiveness | 28,816 | |||
Three Officers and a Director [Member] | ||||
Related Party Transaction [Line Items] | ||||
Borrowings from related parties | 350,000 | |||
Interest rate | 6.00% | 6.00% | ||
Debt forgiveness | $136,412 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | |
Income Taxes [Abstract] | ||
Net operating losses carryover, expiration date | 31-Jul-26 | |
Net operating loss carryover | $27,942,030 | |
Income Tax Reconciliation | ||
Income tax expense at statutory rate | -1,584,705 | -4,618,199 |
Valuation allowance | 1,584,705 | 4,618,199 |
Provision for income taxes | ||
Deferred Tax Assets Components | ||
Net Operating Loss Carryover | -10,916,974 | -9,106,205 |
Valuation allowance | 10,916,974 | 9,106,205 |
Net deferred tax asset |
Patent_and_Patent_Applications1
Patent and Patent Applications (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
Jul. 31, 2013 | Dec. 31, 2011 | Aug. 31, 2009 | Dec. 16, 2011 | Aug. 24, 2009 | |
Patents [Member] | Patents [Member] | Patents [Member] | Patents [Member] | ||
Stock issued for acquisition of patent | 20,333,000 | ||||
Fair market value of patents | $20,333 | ||||
Intellectual property, estimated useful life | 20 years | 20 years | |||
Issuance Date | 29-Nov-10 | 24-Aug-09 | |||
Warrants issued in acquisition of patent | 7,116,667 | ||||
Exercise price | 0.25 | ||||
Expiration period | 5 years |
Convertible_Notes_Payable_Narr
Convertible Notes Payable (Narrative) (Details) (USD $) | 1 Months Ended | |||
Oct. 31, 2012 | Jul. 31, 2013 | Oct. 29, 2012 | Jul. 31, 2012 | |
Convertible Notes Payable [Abstract] | ||||
Original face value | $25,000 | |||
Maturity date | 29-Apr-13 | |||
Interest rate | 12.00% | |||
Debt discount | 25,000 | |||
Unamortized debt discount | 0 | |||
Conversion terms | convertible at 50% discount to market, defined as the average of the three lowest trading prices during the ten trading day period prior to the conversion date (effective discount estimated at 80%) | |||
Shares issued if converted July 31, 2013 | 1,080,000 | |||
Accrued interest | 2,260 | |||
Derivative liability | $9,666 | $191,792 |
Convertible_Notes_Payable_Sche
Convertible Notes Payable (Schedule of Debt) (Details) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Convertible Notes Payable [Abstract] | ||
Convertible notes payable | $25,000 | |
Less: Long-term portion | ||
Current Portion | $25,000 | $223,693 |
Convertible_Notes_Payable_Sche1
Convertible Notes Payable (Schedule of Derivative Valuation Assumptions) (Details) | 12 Months Ended |
Jul. 31, 2013 | |
Convertible Notes Payable [Abstract] | |
Dividend rate | 0.00% |
Risk-free interest rate | 0.11% |
Expected lives (years) | 5 months 28 days |
Expected price volatility | 76.90% |
Fair Value Assumptions Forfeiture Rate | 0.00% |
Deferred_Revenue_Details
Deferred Revenue (Details) (USD $) | 1 Months Ended | ||||
Jul. 31, 2013 | 30-May-13 | Apr. 30, 2013 | Jul. 17, 2013 | Apr. 16, 2013 | |
Deferred Revenue [Abstract] | |||||
Funding for the research, development, marketing and commercialization of a product | $150,000 | $600,000 | |||
Percentage of net profit generated from the product in perpetuity | 1.50% | 5.00% | 6.00% | ||
Marketing term limit | 24 months | 24 months | 24 months | ||
Options exercise period | 60 days | 60 days | 60 days | ||
Potential shares in lieu of the interest in the product | 6,250,000 | 1,875,000 | 7,500,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | 97 Months Ended | |||
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 | Jul. 31, 2010 | Jul. 31, 2013 | |
Equity Issuance [Line Items] | |||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | ||
Common stock, par value per share | $0.00 | $0.00 | $0.00 | ||
Common stock, shares outstanding | 164,699,973 | 126,083,416 | 164,699,973 | ||
Stock split | 20 for 1 | ||||
Stock issued for services, shares | 4,150,000 | ||||
Stock issued for services, value | $937,353 | $10,048,857 | $6,118,170 | $1,358,800 | |
Share-based compensation | 937,353 | 10,048,857 | |||
Share-based Compensation not yet recognized | 1,629,388 | 1,629,388 | |||
Share-based compensation not yet recognized, period for recognition | 10 years 6 months | ||||
Warrants issued value recognized in current year | 920,463 | 161,700 | 1,082,163 | ||
Shares Issued to CEO [Member] | |||||
Equity Issuance [Line Items] | |||||
Options forfeited/expired | 100,000,000 | ||||
Stock Issued October 6, 2010 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 200,000 | ||||
Stock issued for services, value | 30,000 | ||||
Stock Issued October 13, 2010 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 80,000 | ||||
Stock issued for services, value | 12,000 | ||||
Stock Issued November 17, 2010 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for cash, shares | 1,020,000 | ||||
Stock issued for cash, value | 326,400 | ||||
Share price, per share | $0.25 | ||||
Discount to market | 71,400 | ||||
Stock Issued December 1, 2010 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued, share-based compensation, shares | 1,000,000 | ||||
Number of officers issued shares | 1 | ||||
Stock issued, share-based compensation value | 320,000 | ||||
Stock Issued December 15, 2010 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for cash, shares | 800,000 | ||||
Stock issued for cash, value | 240,000 | ||||
Share price, per share | $0.25 | ||||
Discount to market | 40,000 | ||||
Stock Issued December 22, 2010 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 400,000 | ||||
Stock issued for services, value | 128,000 | ||||
Stock Issued January 4, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for cash, shares | 80,000 | ||||
Stock issued for cash, value | 25,600 | ||||
Share price, per share | $0.25 | ||||
Discount to market | 5,600 | ||||
Stock Issued January 26, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 310,000 | ||||
Stock issued for services, value | 93,000 | ||||
Stock Issued February 14, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 90,000 | ||||
Stock issued for services, value | 45,450 | ||||
Stock Issued February 25, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 200,000 | ||||
Stock issued for services, value | 144,000 | ||||
Stock Issued March 9, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 80,000 | ||||
Stock issued for services, value | 48,000 | ||||
Stock issued for cash, shares | 920,000 | ||||
Stock issued for cash, value | 552,000 | ||||
Share price, per share | $0.25 | ||||
Discount to market | 322,000 | ||||
Stock Issued March 17, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for cash, shares | 620,000 | ||||
Stock issued for cash, value | 458,000 | ||||
Share price, per share | $0.25 | ||||
Discount to market | 303,800 | ||||
Stock Issued March 25, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 250,000 | ||||
Stock issued for services, value | 197,500 | ||||
Stock issued for cash, shares | 140,000 | ||||
Stock issued for cash, value | 110,600 | ||||
Share price, per share | $0.25 | ||||
Discount to market | 75,600 | ||||
Stock Issued March 29, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 400,000 | ||||
Stock issued for services, value | 260,000 | ||||
Stock Issued April 5, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 800,000 | ||||
Stock issued for services, value | 544,000 | ||||
Stock Issued April 7, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 200,000 | ||||
Stock issued for services, value | 122,000 | ||||
Stock issued for cash, shares | 340,000 | ||||
Stock issued for cash, value | 207,400 | ||||
Share price, per share | $0.25 | ||||
Discount to market | 85,000 | ||||
Stock Issued April 20, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 680,000 | ||||
Stock issued for services, value | 462,400 | ||||
Stock issued for cash, shares | 1,680,000 | ||||
Stock issued for cash, value | 1,142,400 | ||||
Share price, per share | $0.25 | ||||
Discount to market | 420,000 | ||||
Stock Issued April 27, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 1,000,000 | ||||
Stock issued for services, value | 670,000 | ||||
Stock Issued April 28, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 600,000 | ||||
Stock issued for services, value | 402,000 | ||||
Stock Issued April 29, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 200,000 | ||||
Stock issued for services, value | 180,000 | ||||
Stock Issued May 25, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 500,000 | ||||
Stock issued for services, value | 400,000 | ||||
Stock Issued June 3, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 940,000 | ||||
Stock issued for services, value | 704,800 | ||||
Stock Issued June 10, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 200,000 | ||||
Stock issued for services, value | 130,000 | ||||
Stock Issued July 5, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 928,000 | ||||
Stock issued for services, value | 658,880 | ||||
Stock Issued July 5, 2011 [Member] | Shares Issued to CEO [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 72,000 | ||||
Stock issued for services, value | 51,120 | ||||
Stock Issued July 14, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 598,000 | ||||
Stock issued for services, value | 442,520 | ||||
Stock Issued July 21, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 100,000 | ||||
Stock issued for services, value | 72,300 | ||||
Stock Issued August 5, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 700,000 | ||||
Stock issued for services, value | 434,000 | ||||
Stock Issued September 13, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 8,900,000 | ||||
Stock issued for services, value | 3,560,000 | ||||
Stock Issued October 6, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 80,000 | ||||
Stock issued for services, value | 38,400 | ||||
Stock Issued October 25, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 50,000 | ||||
Stock issued for services, value | 17,000 | ||||
Stock Issued November 17, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 5,200,000 | ||||
Stock issued for services, value | 2,346,000 | ||||
Stock Issued November 23, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 225,000 | ||||
Stock issued for services, value | 94,500 | ||||
Stock Issued December 6, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 3,100,000 | ||||
Stock issued for services, value | 1,069,500 | ||||
Stock Issued December 15, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued, share-based compensation, shares | 2,500,000 | ||||
Stock issued, share-based compensation value | 700,000 | ||||
Stock Issued March 28, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 75,000 | ||||
Stock issued for services, value | 7,125 | ||||
Stock Issued March 28, 2012 #2 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 3,500,000 | ||||
Stock issued for services, value | 332,500 | ||||
Stock Issued April 5, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 6,520,000 | ||||
Stock issued for services, value | 652,000 | ||||
Stock Issued April 13, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 170,000 | ||||
Stock issued for services, value | 15,980 | ||||
Stock Issued April 17, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 1,234,568 | ||||
Stock issued for services, value | 49,383 | ||||
Stock Issued May 5, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 728,863 | ||||
Stock issued for services, value | 102,469 | ||||
Stock Issued June 28, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 945,000 | ||||
Stock issued for services, value | 111,699 | ||||
Stock Issued July 24, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 1,200,000 | ||||
Stock issued for services, value | 186,000 | ||||
Stock Issued July 30, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 2,107,237 | ||||
Stock issued for services, value | 316,086 | ||||
Stock Issued on August 27, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 2,000,000 | ||||
Stock issued for services, value | 222,000 | ||||
Stock Issued September 18, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 200,000 | ||||
Stock issued for services, value | 27,000 | ||||
Stock Issued October 5, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 1,069,636 | ||||
Stock issued for services, value | 173,281 | ||||
Stock Issued October 23, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 800,000 | ||||
Stock issued for services, value | 124,000 | ||||
Stock Issued November 15, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 250,000 | ||||
Stock issued for services, value | 35,000 | ||||
Stock Issued January 14, 2013 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 100,628 | ||||
Stock issued for services, value | 7,044 | ||||
Stock Issued February 21, 2013 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 2,000,000 | ||||
Stock issued for services, value | 120,000 | ||||
Stock Issued March 14, 2013 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 750,000 | ||||
Stock issued for services, value | 37,500 | ||||
Stock Issued March 25, 2013 [Member] | |||||
Equity Issuance [Line Items] | |||||
Share price, per share | $0.06 | $0.06 | |||
Stock issued through private placement, shares | 666,667 | ||||
Stock issued through private placement, value | 40,000 | ||||
Stock Issued March 29, 2013 [Member] | |||||
Equity Issuance [Line Items] | |||||
Share price, per share | $0.06 | $0.06 | |||
Stock issued through private placement, shares | 250,000 | ||||
Stock issued through private placement, value | 15,000 | ||||
Stock Issued June 7, 2013 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 2,000,000 | ||||
Stock issued for services, value | 82,000 | ||||
Stock Issued July 15, 2013 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 856,708 | ||||
Stock issued for services, value | 20,561 | ||||
Stock Issued July 16, 2013 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 675,000 | ||||
Stock issued for services, value | 18,900 | ||||
Stock Issued July 26, 2013 [Member] | |||||
Equity Issuance [Line Items] | |||||
Stock issued for services, shares | 438,596 | ||||
Stock issued for services, value | 13,816 | ||||
Executive Officer Options [Member] | |||||
Equity Issuance [Line Items] | |||||
Allocated share-based compensation expense | 78,778 | 213,333 | |||
Number of officers granted options | 2 | ||||
Options granted | 5,000,000 | 8,000,000 | 7,500,000 | ||
Options, exercise price | $0.12 | $0.08 | $0.60 | ||
Company stock price on option grant date | $0.08 | $0.06 | |||
Fair market value of options granted | 400,000 | 640,000 | |||
Options, exercise period | 10 years | 3 years | |||
Share-based compensation, terms | These options may only be exercised between the following dates: (i) the earliest date on which the price per share has traded at or above $0.30 for at least three trading days out of any ten consecutive trading days; and (ii) December 30, 2022. | ||||
Options expiration date | 30-Dec-22 | 29-Jan-15 | |||
CEO Options [Member] | |||||
Equity Issuance [Line Items] | |||||
Options granted | 1,000,000 | ||||
Options, exercise price | $1.20 | ||||
Executive Officers Options 2 [Member] | |||||
Equity Issuance [Line Items] | |||||
Options granted | 15,000,000 | ||||
Options, exercise price | $0.12 | ||||
Options, exercise period | 10 years | ||||
Share-based compensation, terms | 7,500,000 of these options may only be exercised between the following dates: (i) the date on which an Investigational New Drug Application is submitted to the U.S. Food and Drug Administration for the Company's product that is expected to enter into an initial trial sponsored by the National Institutes of Health; and (ii) April 30, 2023. 7,500,000 of these options may only be exercised between the following dates: (i) the date on which the aforementioned initial trial sponsored by the National Institutes of Health commences; and (ii) April 30, 2023. | ||||
Options expiration date | 30-Apr-23 | ||||
Officer and CEO Options [Member] | |||||
Equity Issuance [Line Items] | |||||
Allocated share-based compensation expense | 1,000,000 | ||||
Company stock price on option grant date | $0.30 | ||||
Fair market value of options granted | 2,550,000 | ||||
Options expiration date | 15-Dec-13 | ||||
Executive Officer Options 3 [Member] | |||||
Equity Issuance [Line Items] | |||||
Options granted | 7,500,000 | ||||
Options, exercise price | $0.10 | ||||
Options, exercise period | 10 years | ||||
Share-based compensation, terms | 3,750,000 of these options may only be exercised between the following dates: (i) the date on which an Investigational New Drug Application is submitted to the U.S. Food and Drug Administration for the Company's product that is expected to enter into an initial trial sponsored by the National Institutes of Health; and (ii) April 30, 2023. 3,750,000 of these options may only be exercised between the following dates: (i) the date on which the aforementioned initial trial sponsored by the National Institutes of Health commences; and (ii) April 30, 2023. | ||||
Options expiration date | 30-Apr-23 | ||||
Officers and Director Options [Member] | |||||
Equity Issuance [Line Items] | |||||
Allocated share-based compensation expense | 381,111 | ||||
Options granted | 24,500,000 | ||||
Options, exercise price | $0.15 | ||||
Company stock price on option grant date | $0.08 | ||||
Fair market value of options granted | 1,960,000 | ||||
Share-based compensation | 2,012,285 | 531,250 | |||
Options, exercise period | 5 years | ||||
Share-based compensation, terms | These options may only be exercised between the following dates: (i) the earliest date on which the price per share has traded at or above $0.30 for at least three trading days out of any ten consecutive trading days; and (ii) December 30, 2017. | ||||
Options expiration date | 30-Dec-17 | ||||
Warrants Issued November 29, 2010 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 7,116,667 | ||||
Warrant, exercise price | $0.25 | ||||
Warrant exercise period | 5 years | ||||
Warrants Issued December 15, 2010 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 1,900,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 15-Dec-15 | ||||
Warrants Issued March 1, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 920,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 1-Mar-16 | ||||
Warrants Issued March 15, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 1,760,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 15-Mar-16 | ||||
Warrants Issued April 25, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 280,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 25-Apr-16 | ||||
Warrants Issued May 6, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 200,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 6-May-16 | ||||
Warrants Issued July 8, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 40,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 8-Jul-16 | ||||
Warrants Issued July 21, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 100,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 21-Jul-16 | ||||
Warrants Issued August 5, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 300,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 5-Aug-16 | ||||
Warrants Issued August 22, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 50,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 22-Aug-16 | ||||
Warrants Issued September 6, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 60,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 6-Sep-16 | ||||
Warrants Issued September 21, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 200,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 21-Sep-16 | ||||
Warrants Issued September 27, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 200,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 27-Sep-16 | ||||
Warrants Issued October 6, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 200,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 6-Oct-16 | ||||
Warrants Issued November 1, 2011 [Member] | |||||
Equity Issuance [Line Items] | |||||
Allocated share-based compensation expense | 142,800 | ||||
Warrants to purchase common stock | 5,300,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant exercise period | 5 years | ||||
Warrants issued, value | 1,071,000 | ||||
Warrant expiration date | 31-Oct-16 | ||||
Warrants Issued March 14, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Allocated share-based compensation expense | 18,900 | ||||
Warrants to purchase common stock | 8,400,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrants issued, value | $378,000 | ||||
Warrant expiration date | 14-Mar-19 | ||||
Warrants Issued March 28, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 1,500,000 | ||||
Warrant, exercise price | $0.20 | ||||
Warrant expiration date | 28-Mar-17 | ||||
Warrants Issued April 5, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 20,000 | ||||
Warrant, exercise price | $0.50 | ||||
Warrant expiration date | 5-Apr-17 | ||||
Warrants Issued May 3, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Warrants to purchase common stock | 428,572 | ||||
Warrant, exercise price | $0.14 | ||||
Warrant expiration date | 3-May-17 | ||||
Warrants Issued December 31, 2012 [Member] | |||||
Equity Issuance [Line Items] | |||||
Share-based compensation, terms | These options may only be exercised between the following dates: (i) the earliest date on which the price per share has traded at or above $0.30 for at least three trading days out of any ten consecutive trading days; and (ii) December 30, 2017. | ||||
Warrants to purchase common stock | 72,500,000 | ||||
Warrant, exercise price | $0.15 | ||||
Warrant expiration date | 30-Dec-17 |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Outstanding Options and Warrants) (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 | |
WARRANTS [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrants outstanding, beginning balance | 28,975,239 | 12,316,667 | |
Warrants granted | 72,500,000 | 16,658,572 | 12,316,667 |
Warrants exercised | |||
Warrants forfeited/expired | |||
Warrants outstanding, ending balance | 101,475,239 | 28,975,239 | 12,316,667 |
Warrants vested, beginning balance | 28,975,239 | 12,316,667 | |
Granted warrants vested | 72,500,000 | 16,658,572 | 12,316,667 |
Warrants vested, ending balance | 101,475,239 | 28,975,239 | 12,316,667 |
OPTIONS [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding, beginning balance | 19,000,000 | 8,500,000 | |
Options granted | 57,250,000 | 10,500,000 | 8,500,000 |
Options exercised | |||
Options forfeited/expired | |||
Options outstanding, ending balance | 76,250,000 | 19,000,000 | 8,500,000 |
Options vested, beginning balance | 19,000,000 | 8,500,000 | |
Granted options vested | 57,250,000 | 10,500,000 | 8,500,000 |
Options vested, ending balance | 76,250,000 | 19,000,000 | 8,500,000 |
Options And Warrants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options and warrants outstanding, beginning balance | 47,975,239 | 20,816,667 | |
Options and warrants granted, outstanding | 129,750,000 | 27,158,572 | 20,816,667 |
Options and warrants exercised, outstanding | |||
Options and warrants forfeited/expired, outstanding | |||
Options and warrants outstanding, ending balance | 177,725,239 | 47,975,239 | 20,816,667 |
Options and warrants vested, beginning balance | 19,000,000 | 8,500,000 | |
Options and warrants granted, vested | 57,250,000 | 10,500,000 | 8,500,000 |
Options and warrants exercised, vested | |||
Options and warrants forfeited/expired, vested | |||
Options and warrants vested, ending balance | 76,250,000 | 19,000,000 | 8,500,000 |
Weighted average intrinsic value, balance | -0.45 | ||
Options and warrants granted, weighted average instrinsic value | 0.08 | 0.06 | 0 |
Weighted average remainings term, balance | |||
Options and warrants granted, weighted average remaining term | 3 years 10 months 24 days | 2 years 9 months 18 days | 1 year 7 months 6 days |
Options and warrants weighted average exercise price, balance | 0.6 | ||
Options and warrants granted, weighted average exercise price | 0.15 | 0.09 | 0.14 |
Stockholders_Equity_Summary_of
Stockholders' Equity (Summary of Significant Assumptions Used in the Valuation of the Options and Warrants) (Details) | 12 Months Ended |
Jul. 31, 2013 | |
Weighted Average: | |
Forfeiture rate | 0.00% |
Options And Warrants [Member] | |
Weighted Average: | |
Dividend rate | 0.00% |
Risk-free interest rate | 1.34% |
Expected lives (years) | 7 years 10 months 24 days |
Expected price volatility | 78.90% |
Forfeiture rate | 0.00% |
Common_Stock_Purchase_Agreemen1
Common Stock Purchase Agreement (Details) (USD $) | 12 Months Ended | 97 Months Ended | ||
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2009 | Jul. 31, 2013 | |
Gain on debt extinguishment | $43,163 | $43,163 | ||
Belmont Partners Acquisition of Company Stock [Member] | ||||
Purchase agreement, percentage of ownership after transaction | 76.60% | |||
Purchase agreement, number of shares issued in transaction | 5,000,000 | |||
Pelikin Group Acquisition of Company Stock [Member] | ||||
Purchase agreement, percentage of ownership after transaction | 76.60% | |||
Purchase agreement, number of shares issued in transaction | 5,000,000 | |||
Amounts Forgiven by Former Officers [Member] | ||||
Gain on debt extinguishment | 28,816 | |||
Paid or Assumed Other Liabilities by Former Officers [Member] | ||||
Gain on debt extinguishment | $14,347 |