Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Oct. 23, 2014 | Jan. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Lightlake Therapeutics Inc. | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--07-31 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001385508 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Jul-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 179,608,675 | ' |
Entity Public Float | ' | ' | $9,759,032 |
Balance_Sheets
Balance Sheets (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
Current assets | ' | ' |
Cash and cash equivalents | $254,770 | $598,623 |
Prepaid insurance | 24,079 | 21,250 |
Total current assets | 278,849 | 619,873 |
Other assets | ' | ' |
Patents and patent applications (net of accumulated amortization of $5,642 at July 31, 2014 and $4,270 at July 31, 2013) | 21,808 | 23,180 |
Total assets | 300,657 | 643,053 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 200,604 | 40,767 |
Accrued salaries and wages | 1,416,651 | 457,636 |
Due to related parties | 350,000 | 350,000 |
Convertible note payable | ' | 25,000 |
Derivative liability | ' | 9,666 |
Total current liabilities | 1,967,255 | 883,069 |
Deferred revenue | 1,411,470 | 750,000 |
Total liabilities | 3,378,725 | 1,633,069 |
Stockholders' deficit | ' | ' |
Common stock; par value $0.001; 200,000,000 shares authorized; 178,207,278 shares issued and outstanding at July 31, 2014 and 164,699,973 shares issued and outstanding at July 31, 2013 | 178,206 | 164,700 |
Additional paid-in capital | 43,076,939 | 33,695,679 |
Accumulated deficit | -46,333,213 | -34,850,395 |
Total stockholders' deficit | -3,078,068 | -990,016 |
Total liabilities and stockholders' deficit | $300,657 | $643,053 |
Balance_Sheets_Parentheticals
Balance Sheets (Parentheticals) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
Balance Sheets [Abstract] | ' | ' |
Patents and patent applications, accumulated amortization (in Dollars) | $5,642 | $4,270 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, share authorized (in Shares) | 200,000,000 | 200,000,000 |
Common stock, share issued (in Shares) | 178,207,278 | 164,699,973 |
Common stock, shares outstanding (in Shares) | 178,207,278 | 164,699,973 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Operating expenses | ' | ' |
General and administrative | $10,838,760 | $8,523,902 |
Research and development | 464,609 | 282,670 |
Total operating expenses | 11,303,369 | 8,806,572 |
Loss from operations | -11,303,369 | -8,806,572 |
Other income (expense) | ' | ' |
Interest expense | -160,303 | -553,045 |
Change in derivative | -27,067 | 182,126 |
Loss on foreign exchange | -12,730 | ' |
Gain on debt settlement/forgiveness | 20,651 | ' |
Total other income (expense) | -179,449 | -370,919 |
Loss before provision for income taxes | -11,482,818 | -9,177,491 |
Provision for income taxes | ' | ' |
Net loss | ($11,482,818) | ($9,177,491) |
Loss per common share: | ' | ' |
Basic and diluted | ($0.07) | ($0.06) |
Weighted average common shares outstanding | ' | ' |
Basic and diluted | 174,788,102 | 143,243,425 |
Statements_of_Stockholders_Def
Statements of Stockholders' Deficit (USD $) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] |
Balance at Jul. 31, 2012 | ($618,718) | $126,083 | $24,928,103 | ($25,672,904) |
Balance, shares at Jul. 31, 2012 | ' | 126,083,416 | ' | ' |
Conversion of convertible note to common stock | 802,412 | 25,334 | 777,078 | ' |
Conversion of convertible note to common stock, shares | ' | 25,334,323 | ' | ' |
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 | ' | ' |
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 | 3,610,362 | ' | 3,610,362 | ' |
Stock based compensation from issuance of stock warrants | 3,261,000 | ' | 3,261,000 | ' |
Forgiveness of debt by related party | 126,566 | ' | 126,566 | ' |
Net loss | -9,177,491 | ' | ' | -9,177,491 |
Balance at Jul. 31, 2013 | -990,016 | 164,700 | 33,695,679 | -34,850,395 |
Balance, shares at Jul. 31, 2013 | 164,699,973 | 164,699,973 | ' | ' |
Derivative liability | -337,413 | ' | -337,413 | ' |
Settlement of derivative liability | 506,574 | ' | 506,574 | ' |
Conversion of convertible note to common stock | 8,056 | 333 | 7,723 | ' |
Conversion of convertible note to common stock, shares | ' | 333,333 | ' | ' |
Stock issued for services | 213,967 | 4,186 | 209,781 | ' |
Stock issued for services, shares | ' | 4,186,692 | ' | ' |
Stock issued due to exercise of warrants | ' | 8,987 | -8,987 | ' |
Stock issued due to exercise of warrants, shares | 8,987,280 | 8,987,280 | ' | ' |
Stock based compensation from issuance of stock options | 8,283,582 | ' | 8,283,582 | ' |
Stock based compensation from issuance of stock warrants | 720,000 | ' | 720,000 | ' |
Net loss | -11,482,818 | ' | ' | -11,482,818 |
Balance at Jul. 31, 2014 | ($3,078,068) | $178,206 | $43,076,939 | ($46,333,213) |
Balance, shares at Jul. 31, 2014 | 178,207,278 | 178,207,278 | ' | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Cash flows provided by (used in) operating activities | ' | ' |
Net loss | ($11,482,818) | ($9,177,491) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' |
Amortization | 1,372 | 1,373 |
Issuance of common stock for services | 213,967 | 937,353 |
Issuance of common stock as deferred financing costs | ' | 13,500 |
Stock based compensation from issuance of options | 8,283,582 | 3,610,362 |
Stock based compensation from issuance of warrants | 720,000 | 3,261,000 |
Accreted interest on debt discounts | 132,428 | 423,373 |
Gain on debt settlement/forgiveness | -20,651 | ' |
Change in derivative | 27,067 | -182,126 |
Changes in assets and liabilities: | ' | ' |
(Increase) in prepaid insurance | -2,829 | -21,250 |
Increase (decrease) in accounts payable | 159,837 | -14,730 |
Increase in accrued salaries and wages | 962,722 | 401,336 |
Net cash used by operating activities | -1,005,323 | -747,300 |
Cash flows provided by (used in) investing activities | ' | ' |
Cash flows provided by (used in) financing activities | ' | ' |
Borrowings from related parties | ' | 350,000 |
Borrowings on convertible notes payable | ' | 170,500 |
Investment received in exchange for royalty agreement | 661,470 | 750,000 |
Issuance of common stock for cash | ' | 55,000 |
Net cash provided from financing activities | 661,470 | 1,325,500 |
Net increase (decrease) in cash and cash equivalents | -343,853 | 578,200 |
Cash and cash equivalents, beginning of period | 598,623 | 20,423 |
Cash and cash equivalents, end of period | 254,770 | 598,623 |
Supplemental disclosure | ' | ' |
Interest paid during the period | ' | 257,754 |
Taxes paid during the period | ' | ' |
Non-Cash Transactions | ' | ' |
Conversion of debt to equity | 8,056 | 270,844 |
Debt discounts attributable to derivative valuation | 132,428 | 152,078 |
Settlement of derivative liability | 506,574 | ' |
Cashless exercise of warrants | 8,987 | ' |
Derivative liability | $337,413 | ' |
Organization_Description_of_Bu
Organization, Description of Business, and Basis of Presentation | 12 Months Ended | ||
Jul. 31, 2014 | |||
Organization, Description of Business, and Basis of Presentation [Abstract] | ' | ||
Organization, Description of Business, and Basis of Presentation | ' | ||
1 | Organization, Description of Business, and Basis of Accounting | ||
Business Organization | |||
Lightlake Therapeutics Inc. (formerly known as Madrona Ventures, Inc.) (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. |
Going_Concern
Going Concern | 12 Months Ended | ||
Jul. 31, 2014 | |||
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, 2014 | |||||||||||||||||
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 $254,770 and $598,623 at July 31, 2014 and 2013, respectively. The Company maintains cash balances at financial institutions insured up to $250,000 by the Federal Deposit Insurance Corporation. Balances in the UK are insured up to 85,000 GBP by the Financial Services Compensation Scheme (UK Equivalent). The cash balances exceeded these insured amounts during the year. | |||||||||||||||||
Long-Lived Assets | |||||||||||||||||
The Company follows ASC 360, Property, Plant, and Equipment, for its fixed assets. Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed by the straight-line method over estimated useful lives (3 to 7 years). The Company's 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. | |||||||||||||||||
Common stock equivalents have not been included in the calculation of dilutive earnings (loss) per share as the result would be anti-dilutive. At July 31 2014, potentially dilutive common stock equivalents are approximately 318,475,239 which consist of options and warrants. | |||||||||||||||||
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 $9,003,582 and $6,871,362 for the years ended July 31, 2014 and 2013, 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. | |||||||||||||||||
The 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 cash, accounts payable, and due to related parties. The fair value of the Company's convertible note 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. | |||||||||||||||||
As of July 31, 2014, the convertible note was converted into equity and the derivative warrants were either exchanged for common stock or no longer required derivative treatment as a result of note conversion into equity. Consequently, at July 31, 2014, derivative liabilities have a balance of zero. The derivative instruments were marked to market at settlement dates and the corresponding value of the derivative liabilities of $506,574 was credited to additional paid in capital. | |||||||||||||||||
The following table presents the derivative financial instruments, the Company's only financial liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis, and their level within the fair value hierarchy as of July 31, 2013: | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||
Embedded conversion derivative liability | $ | 9,666 | $ | - | $ | - | $ | 9,666 | |||||||||
Warrant derivative liabilities | - | - | |||||||||||||||
Total | $ | 9,666 | $ | - | $ | - | $ | 9,666 | |||||||||
The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs: | |||||||||||||||||
Balance at July 31, 2013 | $ | 9,666 | |||||||||||||||
Fair value of warrant derivative liabilities at issuance | 469,841 | ||||||||||||||||
Settlement of derivative liability | (506,574 | ) | |||||||||||||||
Unrealized derivative loss included in other expense | 27,067 | ||||||||||||||||
Balance at July 30, 2014 | $ | - | |||||||||||||||
The fair value of the derivative liabilities are calculated at inception and the Company records a derivative liability for the calculated value. Changes in the fair value of the derivative liabilities are recorded in other income (expense) in the statements of operations. | |||||||||||||||||
The derivative warrants were valued using the Black-Scholes option pricing model using the following assumptions: | |||||||||||||||||
At settlement | 31-Jul-13 | ||||||||||||||||
dates | |||||||||||||||||
Market value of stock on measurement date | $ 0.043-$0.05 | $ | 0.0289 | ||||||||||||||
Risk-free interest rate | 0.77-0.96 | % | 0.11 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Volatility factor | 169-217 | % | 76.9 | % | |||||||||||||
Term | 2.8-3.9 years | .0493 years | |||||||||||||||
Reclassification | |||||||||||||||||
Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. | |||||||||||||||||
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 ended July 31, 2014 and 2013 totaled $350,000, and was 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, 2014 and 2013, 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, 2014 and 2013, the deferred tax asset related to the Company's net operating loss (NOL) carry-forward is fully reserved. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In the period ended July 31, 2014, the Company has elected to early adopt Accounting Standards Update (“ASU”) No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage |
Revision_of_Prior_Period_Amoun
Revision of Prior Period Amounts | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Revision of Prior Period Amounts [Abstract] | ' | ||||||||||||
Revision of Prior Period Amounts | ' | ||||||||||||
4 | Revision of Prior Period Amounts | ||||||||||||
In preparing the Company's financial statements for the year ended July 31, 2013, the Company discovered and corrected errors related to the accounting of stock options issued to officers and a director in prior years which were either fully vested at the date of grant or with a vesting term ranging up to 9 years. The prior period financial statements amortized these costs over the contractual term as opposed to the vesting period. This error resulted in a misstatement in stock based compensation expense for the year ended July 31, 2013 of $2,181,461 and $1,744,009 applicable to years prior to fiscal year 2013. | |||||||||||||
Additionally, 72,500,000 in warrants were issued to officers on December 31, 2012 as part of their employment agreements. These warrants vested on that date and were determined to have a fair value of $3,261,000. During the year ended July 31, 2013, the Company recognized an expense related to these warrants of $920,463, respectively. Therefore, there was a net understatement in stock-based compensation expense of $2,340,537 for the year ended July 31, 2013. | |||||||||||||
In accordance with SEC Staff Accounting Bulletin Nos. 99 and 108 (“SAB 99 and SAB 108”), the Company evaluated these errors and, based on an analysis of quantitative and qualitative factors, determined that they were immaterial to each of the reporting periods affected and, therefore, amendment of previously filed reports with the Securities and Exchange Commission was not required. However, if the adjustments to correct the cumulative effect of the aforementioned errors had been recorded in the year ended July 31, 2014, the Company believes the impact would have been significant to the current quarter and would impact comparisons to prior periods. Therefore, as permitted by SAB 108, the Company revised in the current filing previously reported results during the year ended July 31, 2013. | |||||||||||||
The above errors resulted to an increase in accumulated deficit and additional paid capital reported in the balance sheet as of July 31, 2013 by $6,266,007. | |||||||||||||
The impact of the above errors to the statement of operations for the year ended July 31, 2013 is as follows: | |||||||||||||
As previously | Adjustments | As revised | |||||||||||
reported | |||||||||||||
Operating expenses | |||||||||||||
General and administrative | 4,001,904 | 4,521,998 | 8,523,902 | ||||||||||
Research and development | 282,670 | - | 282,670 | ||||||||||
Total operating expenses | 4,284,574 | 4,521,998 | 8,806,572 | ||||||||||
Other income (expense) | |||||||||||||
Interest expense | (553,045 | ) | - | (553,045 | ) | ||||||||
Change in derivative | 182,126 | - | 182,126 | ||||||||||
Total other income (expense) | (370,919 | ) | - | (370,919 | ) | ||||||||
Loss before provision for income taxes | (4,655,493 | ) | (4,521,998 | ) | (9,177,491 | ) | |||||||
Provision for income taxes | - | - | - | ||||||||||
Net loss | (4,655,493 | ) | (4,521,998 | ) | (9,177,491 | ) | |||||||
Loss per common share: | |||||||||||||
Basic and diluted | $ | (0.03 | ) | - | $ | (0.06 | ) | ||||||
Weighted average common shares outstanding | |||||||||||||
Basic and diluted | 143,243,245 | - | 143,243,425 | ||||||||||
The above errors did not impact previously reported amounts of net cash used in operating activities, investing activities and financing activities as reported in the statements of cash flows for the year ended July 31, 2013. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
Jul. 31, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
5 | Related Party Transactions | ||
At July 31, 2014 and 2013, the Company had loans outstanding with its three directors (two of which are officers), in the total amount of $350,000. During December 2012, funds were advanced as per agreements dated December 18, 2012 in the total amount of $350,000 and at an interest rate of 6.0% per annum to cover the short-term cash needs of the Company. The agreements were amended on December 16, 2013 to extend the final maturity date to January 6, 2015 and increased the interest rate to 8.5% per annum. In the event that at least one-third and one-ninth of the amount due plus interest is not repaid by September 30, 2014 and December 25, 2014, respectively, certain penalties will apply. The Company has evaluated the modification of the loans under FASB ASC 470-50 and determined that the modification was not substantial and therefore did not constitute a debt extinguishment. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
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 Company has net operating loss (NOL) 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. These NOL carry forwards begin to expire in 2026. No provision was made for federal income taxes as the Company has significant net operating losses. | |||||||||||||
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-14 | 31-Jul-13 | ||||||||||||
Income tax expense at statutory rate | $ | (5,527,011 | ) | $ | (756,082 | ) | |||||||
Valuation allowance | 5,527,011 | 756,082 | |||||||||||
Income tax expense per books | $ | - | $ | - | |||||||||
Net deferred tax assets consist of the following components as of: | |||||||||||||
31-Jul-14 | 31-Jul-13 | ||||||||||||
Net operating loss carryover at statutory rate | $ | (13,969,817 | ) | $ | (8,442,807 | ) | |||||||
Valuation allowance | 13,969,817 | 8,442,807 | |||||||||||
Net deferred tax asset | $ | - | $ | .- | |||||||||
The Company had no uncertain tax positions at July 31, 2014 or July 31, 2013. |
Deferred_Revenue
Deferred Revenue | 12 Months Ended | |
Jul. 31, 2014 | ||
Deferred Revenue [Abstract] | ' | |
Deferred Revenue | ' | |
7 | 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. | ||
On December 17, 2013, the Company entered into an agreement and subsequently received additional funding totaling $250,000 for use by the Company for any purpose. In exchange for this funding, the Company agreed to provide the investor with a 0.5% interest in the Company's Binge Eating Disorder treatment product and pay the investor 0.5% of the net profit generated from this treatment 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 approved by the U.S. Food and Drug Administration within 36 months the investor will have a sixty day option to receive 3,125,000 shares of common stock in lieu of the 0.5% interest in the product. | ||
On May 15, 2014, the Company entered into an agreement and subsequently received funding from an individual investor in the amount of $300,000 for use by the Company for any purpose. In exchange for this funding, the Company agreed to provide the investor with a 1.5% interest in the Net Profit as related to the Company's treatment to reverse opioid overdoses. 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. The investor also has rights with respect to its 1.5% interest if the treatment is sold or the Company is sold. If the product is not approved by the U.S. Food and Drug Administration within 24 months the investor will have a 60 day option to receive 3,750,000 shares of common stock in lieu of the 1.5% interest in the product. | ||
On July 22, 2014, the Company received a $3,000,000 commitment, from which the Company has the right to make capital calls, from a foundation for the research, development, marketing, commercialization, and any other activities connected to the Company's treatment to reverse opioid overdoses, certain operating expenses, and any other purpose consistent with the goals of the foundation. In exchange for funds invested by the foundation the Company agreed to provide the foundation with pro-rata share up to a 6.0% interest in the Net Profit as related to the Company's treatment to reverse opioid overdoses. 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. The foundation also has rights with respect to its up to 6.0% interest if the treatment is sold or the Company is sold. Additionally, the Company may buyback interests from the foundation within two and one half years or after two and a half years of the initial investment at a price of two times or three and a half times, respectively, the relevant investment amount represented by the interests to be bought back. If the product is not approved by the U.S. Food and Drug Administration within 24 months the foundation will have a 60 day option to receive shares of the Company's common stock at a rate of 10 shares for every dollar of its investment. On July 28, 2014 the Company received an initial investment of $111,470 from the foundation in exchange for a 0.22294% interest. | ||
These investments were accounted for as deferred revenue pursuant to current accounting research until such time as the product is approved by the U.S. Food and Drug Administration, 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. |
Settlement_of_Convertible_Note
Settlement of Convertible Note Payable | 12 Months Ended | ||
Jul. 31, 2014 | |||
Settlement of Convertible Note Payable [Abstract] | ' | ||
Settlement of Convertible Note Payable | ' | ||
9 | Settlement of Convertible Note Payable | ||
On January 23, 2014 the Company entered into a settlement of a convertible note payable in the amount of $25,000 and accrued interest of $3,707 thru the issuance of 333,333 shares of common stock. This transaction resulted in a gain on the extinguishment of the debt in the amount of $20,651. |
Commitments
Commitments | 12 Months Ended | ||
Jul. 31, 2014 | |||
Commitments [Abstract] | ' | ||
Commitments | ' | ||
10 | Commitments | ||
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 treatment to reverse opioid overdoses. In exchange for these services, the Company has agreed to pay the consultant 5.0% of the net profit generated from the product as related to the Company's treatment to reverse opioid overdoses. 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. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
Jul. 31, 2014 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events | ' | ||
11 | Subsequent Events | ||
On August 2, 2014, the Company granted 3,000,000 stock options with an exercise price of $0.1 per share to Phax Limited for consulting services. These options have a term of 5 years and vested immediately. | |||
On August 13 and September 8, 2014 the Company made capital calls of $422,344 and $444,530, respectively, from the aforementioned foundation (see Note 7) in exchange for a 0.844687% and 0.888906% interest in the Net Profit as related to the Company's treatment to reverse opioid overdoses. | |||
On September 9, 2014, the Company entered into an agreement and subsequently received funding from an individual investor in the amount of $500,000 for use by the Company for any purpose. In exchange for this funding, the Company agreed to provide the investor with a 0.98% interest in the Net Profit as related to the Company's treatment to reverse opioid overdoses. 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. The investor also has rights with respect to its 0.98% interest if the treatment is sold or the Company is sold. Additionally, the Company may buyback interests from the investor within two and one half years or after two and a half years of the investment at a price of two times or three and a half times, respectively, the relevant investment amount represented by the interests to be bought back. If the product is not introduced to the market and not approved by the U.S. Food and Drug Administration or an equivalent body in Europe and not marketed within 24 months the investor will have a 60 day option to receive 5,000,000 shares of common stock in lieu of the interest in the product. | |||
On September 17, 2014, the Company entered into an agreement and subsequently received additional funding totaling $500,000 for use by the Company for any purpose. In exchange for this funding, the Company agreed to provide the investor with a 1.0% interest in the Company's Binge Eating Disorder treatment product and pay the investor 1.0% of the net profit generated from this treatment 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 approved by the U.S. Food and Drug Administration within 36 months the investor will have a sixty day option to receive 6,250,000 shares of common stock in lieu of the 1.0% interest in the product. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||
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 | ' | ||||||||||||||||
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 $254,770 and $598,623 at July 31, 2014 and 2013, respectively. The Company maintains cash balances at financial institutions insured up to $250,000 by the Federal Deposit Insurance Corporation. Balances in the UK are insured up to 85,000 GBP by the Financial Services Compensation Scheme (UK Equivalent). The cash balances exceeded these insured amounts during the year. | |||||||||||||||||
Long-Lived Assets | ' | ||||||||||||||||
Long-Lived Assets | |||||||||||||||||
The Company follows ASC 360, Property, Plant, and Equipment, for its fixed assets. Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed by the straight-line method over estimated useful lives (3 to 7 years). The Company's 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. | |||||||||||||||||
Common stock equivalents have not been included in the calculation of dilutive earnings (loss) per share as the result would be anti-dilutive. At July 31 2014, potentially dilutive common stock equivalents are approximately 318,475,239 which consist of options and warrants. | |||||||||||||||||
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 $9,003,582 and $6,871,362 for the years ended July 31, 2014 and 2013, 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. | |||||||||||||||||
The 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 cash, accounts payable, and due to related parties. The fair value of the Company's convertible note 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. | |||||||||||||||||
As of July 31, 2014, the convertible note was converted into equity and the derivative warrants were either exchanged for common stock or no longer required derivative treatment as a result of note conversion into equity. Consequently, at July 31, 2014, derivative liabilities have a balance of zero. The derivative instruments were marked to market at settlement dates and the corresponding value of the derivative liabilities of $506,574 was credited to additional paid in capital. | |||||||||||||||||
The following table presents the derivative financial instruments, the Company's only financial liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis, and their level within the fair value hierarchy as of July 31, 2013: | |||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||
Embedded conversion derivative liability | $ | 9,666 | $ | - | $ | - | $ | 9,666 | |||||||||
Warrant derivative liabilities | - | - | |||||||||||||||
Total | $ | 9,666 | $ | - | $ | - | $ | 9,666 | |||||||||
The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs: | |||||||||||||||||
Balance at July 31, 2013 | $ | 9,666 | |||||||||||||||
Fair value of warrant derivative liabilities at issuance | 469,841 | ||||||||||||||||
Settlement of derivative liability | (506,574 | ) | |||||||||||||||
Unrealized derivative loss included in other expense | 27,067 | ||||||||||||||||
Balance at July 30, 2014 | $ | - | |||||||||||||||
The fair value of the derivative liabilities are calculated at inception and the Company records a derivative liability for the calculated value. Changes in the fair value of the derivative liabilities are recorded in other income (expense) in the statements of operations. | |||||||||||||||||
The derivative warrants were valued using the Black-Scholes option pricing model using the following assumptions: | |||||||||||||||||
At settlement | 31-Jul-13 | ||||||||||||||||
dates | |||||||||||||||||
Market value of stock on measurement date | $ 0.043-$0.05 | $ | 0.0289 | ||||||||||||||
Risk-free interest rate | 0.77-0.96 | % | 0.11 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Volatility factor | 169-217 | % | 76.9 | % | |||||||||||||
Term | 2.8-3.9 years | .0493 years | |||||||||||||||
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 ended July 31, 2014 and 2013 totaled $350,000, and was 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, 2014 and 2013, 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, 2014 and 2013, the deferred tax asset related to the Company's net operating loss (NOL) carry-forward is fully reserved. | |||||||||||||||||
Reclassification | ' | ||||||||||||||||
Reclassification | |||||||||||||||||
Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. | |||||||||||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In the period ended July 31, 2014, the Company has elected to early adopt Accounting Standards Update (“ASU”) No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value Measurements | ' | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||
Embedded conversion derivative liability | $ | 9,666 | $ | - | $ | - | $ | 9,666 | |||||||||
Warrant derivative liabilities | - | - | |||||||||||||||
Total | $ | 9,666 | $ | - | $ | - | $ | 9,666 | |||||||||
Summary of Changes in Fair Value | ' | ||||||||||||||||
Balance at July 31, 2013 | $ | 9,666 | |||||||||||||||
Fair value of warrant derivative liabilities at issuance | 469,841 | ||||||||||||||||
Settlement of derivative liability | (506,574 | ) | |||||||||||||||
Unrealized derivative loss included in other expense | 27,067 | ||||||||||||||||
Balance at July 30, 2014 | $ | - | |||||||||||||||
Schedule of Assumptions Used to Value Warrants | ' | ||||||||||||||||
At settlement | 31-Jul-13 | ||||||||||||||||
dates | |||||||||||||||||
Market value of stock on measurement date | $ 0.043-$0.05 | $ | 0.0289 | ||||||||||||||
Risk-free interest rate | 0.77-0.96 | % | 0.11 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Volatility factor | 169-217 | % | 76.9 | % | |||||||||||||
Term | 2.8-3.9 years | .0493 years |
Revision_of_Prior_Period_Amoun1
Revision of Prior Period Amounts (Tables) | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Revision of Prior Period Amounts [Abstract] | ' | ||||||||||||
Schedule of Revision of Prior Period Amounts | ' | ||||||||||||
As previously | Adjustments | As revised | |||||||||||
reported | |||||||||||||
Operating expenses | |||||||||||||
General and administrative | 4,001,904 | 4,521,998 | 8,523,902 | ||||||||||
Research and development | 282,670 | - | 282,670 | ||||||||||
Total operating expenses | 4,284,574 | 4,521,998 | 8,806,572 | ||||||||||
Other income (expense) | |||||||||||||
Interest expense | (553,045 | ) | - | (553,045 | ) | ||||||||
Change in derivative | 182,126 | - | 182,126 | ||||||||||
Total other income (expense) | (370,919 | ) | - | (370,919 | ) | ||||||||
Loss before provision for income taxes | (4,655,493 | ) | (4,521,998 | ) | (9,177,491 | ) | |||||||
Provision for income taxes | - | - | - | ||||||||||
Net loss | (4,655,493 | ) | (4,521,998 | ) | (9,177,491 | ) | |||||||
Loss per common share: | |||||||||||||
Basic and diluted | $ | (0.03 | ) | - | $ | (0.06 | ) | ||||||
Weighted average common shares outstanding | |||||||||||||
Basic and diluted | 143,243,245 | - | 143,243,425 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
31-Jul-14 | 31-Jul-13 | ||||||||||||
Income tax expense at statutory rate | $ | (5,527,011 | ) | $ | (756,082 | ) | |||||||
Valuation allowance | 5,527,011 | 756,082 | |||||||||||
Income tax expense per books | $ | - | $ | - | |||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
31-Jul-14 | 31-Jul-13 | ||||||||||||
Net operating loss carryover at statutory rate | $ | (13,969,817 | ) | $ | (8,442,807 | ) | |||||||
Valuation allowance | 13,969,817 | 8,442,807 | |||||||||||
Net deferred tax asset | $ | - | $ | .- |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||
Schedule of Assumptions Used in the Valuation | ' | ||||||||||||||||
Market value of stock on measurement date | $ | 0.024-0.054 | |||||||||||||||
Risk-free interest rate | 2.19-2.99 | % | |||||||||||||||
Dividend yield | 0 | % | |||||||||||||||
Volatility factor | 418-459 | % | |||||||||||||||
Term | 7-10 years | ||||||||||||||||
Schedule of Options and Warrants Outstanding | ' | ||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Shares | average | average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (years) | |||||||||||||||||
Outstanding at July 31, 2013 | 76,250,000 | $ | 0.18 | 5.56 | $ | - | |||||||||||
Granted | 237,000,000 | $ | 0.09 | 9.53 | $ | - | |||||||||||
Forfeited/expired/cancelled | (8,500,000 | ) | $ | 0.67 | - | $ | - | ||||||||||
Outstanding at July 31, 2014 | 304,750,000 | $ | 0.09 | 8.56 | $ | 444,000 | |||||||||||
Exercisable at July 31,2014 | 158,000,000 | $ | 0.1 | 8.52 | $ | 12,000 | |||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Shares | average | average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term (years) | |||||||||||||||||
Outstanding at July 31, 2013 | 102,363,691 | $ | 0.22 | 3.02 | $ | - | |||||||||||
Granted | 24,000,000 | $ | 0.1 | 9.86 | $ | - | |||||||||||
Exercised | (888,452 | ) | $ | 0.5 | - | $ | - | ||||||||||
Outstanding at July 31, 2014 | 125,475,239 | $ | 0.2 | 4.33 | $ | - | |||||||||||
Exercisable at April 30, 2014 | 52,975,239 | $ | 0.27 | 4.33 | $ | - |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cash and cash equivalents | $254,770 | $598,623 | $20,423 |
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) | 318,475,239 | ' | ' |
Stock based compensation expense | 9,003,582 | 6,871,362 | ' |
Amount of transactions with related parties | $350,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, estimated useful live | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, estimated useful live | '7 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule of Fair Value Measurements) (Details) (USD $) | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Liability Derivatives | ' | ' |
Derivative liability | ' | $9,666 |
Settlement of derivative liability | 506,574 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | 9,666 |
Fair Value, Measurements, Recurring [Member] | Conversion Feature [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | 9,666 |
Fair Value, Measurements, Recurring [Member] | Warrant [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Conversion Feature [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Warrant [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Conversion Feature [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Warrant [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | 9,666 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Conversion Feature [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | 9,666 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Warrant [Member] | ' | ' |
Liability Derivatives | ' | ' |
Derivative liability | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Schedule of Changes in Fair Value) (Details) (Derivative Financial Instruments, Liabilities [Member], USD $) | 12 Months Ended |
Jul. 31, 2014 | |
Derivative Financial Instruments, Liabilities [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Balance at July 31, 2013 | $9,666 |
Fair value of warrant derivative liabilities at issuance | 469,841 |
Settlement of derivative liability | -506,574 |
Unrealized derivative loss included in other expense | 27,067 |
Balance at January 31, 2014 | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Schedule of Assumptions Used to Compute Fair Value of Warrants) (Details) (Derivative Financial Instruments, Liabilities [Member], USD $) | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Market value of stock on measurement date | ' | $0.03 |
Risk-free interest rate | ' | 0.11% |
Dividend yield | 0.00% | 0.00% |
Volatility factor | ' | 76.90% |
Term | ' | '18 days |
Minimum [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Market value of stock on measurement date | $0.04 | ' |
Risk-free interest rate | 0.77% | ' |
Volatility factor | 169.00% | ' |
Term | '2 years 9 months 18 days | ' |
Maximum [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Market value of stock on measurement date | $0.05 | ' |
Risk-free interest rate | 0.96% | ' |
Volatility factor | 217.00% | ' |
Term | '3 years 10 months 24 days | ' |
Revision_of_Prior_Period_Amoun2
Revision of Prior Period Amounts (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Jan. 23, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | |
Errors Related to Accounting for Stock Options [Member] | Errors Related to Accounting for Stock Options [Member] | Errors Related to Accounting for Stock Options [Member] | Errors Related to Accounting for Warrants [Member] | Errors Related to Accounting for Warrants [Member] | As Previously Reported [Member] | Adjustments [Member] | ||||
Vesting period | ' | ' | ' | '9 years | ' | ' | ' | ' | ' | ' |
Over (under) statement | ' | ' | ' | ' | $2,181,461 | $1,744,009 | ' | $2,340,537 | ' | ' |
Awards granted | ' | ' | ' | ' | ' | ' | 72,500,000 | ' | ' | ' |
Vested, fair value | ' | ' | ' | ' | ' | ' | 3,261,000 | ' | ' | ' |
Warrants Issued Value Recognized in Current Year (in Dollars) | ' | 720,000 | 3,261,000 | ' | ' | ' | ' | 920,463 | ' | ' |
Additional paid in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,266,007 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative | ' | 10,838,760 | 8,523,902 | ' | ' | ' | ' | ' | 4,001,904 | 4,521,998 |
Research and development | ' | 464,609 | 282,670 | ' | ' | ' | ' | ' | 282,670 | ' |
Total operating expenses | ' | 11,303,369 | 8,806,572 | ' | ' | ' | ' | ' | 4,284,574 | 4,521,998 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | -160,303 | -553,045 | ' | ' | ' | ' | ' | -553,045 | ' |
Change in derivative | ' | -27,067 | 182,126 | ' | ' | ' | ' | ' | 182,126 | ' |
Debt forgiveness | 20,651 | 20,651 | ' | ' | ' | ' | ' | ' | ' | ' |
Total other income (expense) | ' | -179,449 | -370,919 | ' | ' | ' | ' | ' | -370,919 | ' |
Loss before provision for income taxes | ' | -11,482,818 | -9,177,491 | ' | ' | ' | ' | ' | -4,655,493 | -4,521,998 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ' | ($11,482,818) | ($9,177,491) | ' | ' | ' | ' | ' | ($4,655,493) | ($4,521,998) |
Loss per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and diluted | ' | ($0.07) | ($0.06) | ' | ' | ' | ' | ' | ($0.03) | ' |
Weighted average common shares outstanding Basic and diluted | ' | 174,788,102 | 143,243,425 | ' | ' | ' | ' | ' | 143,243,245 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Jul. 31, 2014 | Jul. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' |
Due to related parties | $350,000 | $350,000 |
Debt instrument, interest rate | 8.50% | 6.00% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Income Taxes [Abstract] | ' | ' |
Net operating losses carryover, expiration date | 31-Dec-26 | ' |
Income Tax Reconciliation | ' | ' |
Income tax expense at statutory rate | $5,527,011 | $756,082 |
Valuation allowance | -5,527,011 | -756,082 |
Provision for income taxes | ' | ' |
Deferred Tax Assets Components | ' | ' |
Net Operating Loss Carryover | 13,969,817 | 8,442,807 |
Valuation allowance | 13,969,817 | 8,442,807 |
Net deferred tax asset | ' | ' |
Deferred_Revenue_Details
Deferred Revenue (Details) (USD $) | 0 Months Ended | ||||||
Jul. 22, 2014 | Jul. 28, 2014 | 15-May-14 | Dec. 17, 2013 | 30-May-13 | Apr. 16, 2013 | Jul. 17, 2013 | |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from funding agreement | ' | $111,470 | $300,000 | $250,000 | $150,000 | $600,000 | ' |
Interest in asset | 6.00% | 0.22% | 1.50% | 0.50% | 1.50% | 6.00% | 5.00% |
Number of shares issuable | ' | ' | 3,750,000 | 3,125,000 | 1,875,000 | 7,500,000 | 6,250,000 |
Deferred Revenue, Additions | $3,000,000 | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Common_Sto
Stockholders' Equity (Common Stock) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Apr. 07, 2014 | Dec. 23, 2013 | Oct. 31, 2013 | Oct. 25, 2013 | Oct. 21, 2013 | Sep. 18, 2013 | Aug. 28, 2013 | Aug. 12, 2013 | Nov. 30, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | |
Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, share authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 200,000,000 |
Common stock, share issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 178,207,278 | 164,699,973 |
Common stock, shares outstanding (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 178,207,278 | 164,699,973 |
Stock issued for services, shares | 376,225 | 375,000 | 375,000 | 334,572 | 225,895 | 375,000 | 500,000 | 375,000 | 1,250,000 | ' | ' |
Stock issued for services | $15,049 | $21,750 | $15,750 | $13,382 | $9,036 | $22,500 | $35,000 | $15,000 | $66,500 | $213,967 | $937,353 |
Stock issued due to exercise of warrants, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,987,280 | ' |
Stock issued due to exercise of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Stock_Base
Stockholders' Equity (Stock Based Compensation) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||
Jul. 31, 2014 | Jul. 31, 2013 | Jun. 24, 2014 | Jun. 15, 2014 | Dec. 31, 2013 | Nov. 01, 2013 | Aug. 02, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jun. 15, 2014 | Dec. 31, 2013 | Nov. 01, 2013 | Aug. 02, 2013 | Jul. 31, 2014 | Jun. 15, 2014 | Dec. 31, 2013 | Nov. 01, 2013 | Aug. 02, 2013 | Jul. 31, 2014 | Jun. 11, 2014 | Jul. 31, 2014 | Jun. 11, 2014 | Jun. 11, 2014 | Jun. 11, 2014 | |
Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | |||
August 1, 2013 Options [Member] | November 1, 2013 Options [Member] | December 31, 2013 Options [Member] | June 2014 Grant [Member] | June 2014 Consultant Options [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Future Warrants Authorized For Grant [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Future Warrants Authorized For Grant [Member] | Future Warrants Authorized For Grant [Member] | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted | ' | ' | 3,000,000 | 107,500,000 | 66,500,000 | 22,500,000 | 37,500,000 | 237,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | 24,000,000 | 22,540,000 | ' | ' |
Options granted, exercise price | ' | ' | $0.05 | ' | ' | ' | ' | $0.09 | ' | ' | ' | ' | ' | $0.05 | $0.06 | $0.06 | $0.10 | ' | $0.08 | $0.10 | $0.10 | $0.20 | ' | $0.10 | $0.10 | ' | $0.13 | $0.25 |
Expiration period | ' | ' | ' | '10 years | '10 years | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Stock based compensation expense | $9,003,582 | $6,871,362 | ' | ' | ' | ' | ' | ' | $1,068,750 | $985,500 | $3,591,000 | $2,580,000 | $34,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market value of stock on measurement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | ' | ' | ' | ' | $0.05 | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.19% | ' | ' | ' | ' | 2.99% | ' | ' | ' | ' | ' |
Dividend yield | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility factor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 418.00% | ' | ' | ' | ' | 459.00% | ' | ' | ' | ' | ' |
Term | ' | ' | ' | ' | ' | ' | ' | '9 years 6 months 11 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | '10 years | ' | '9 years 10 months 10 days | ' | ' | ' |
Unrecognized stock-based compensation cost | ' | ' | $69,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Outstanding Options and Warrants) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Jun. 11, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jun. 24, 2014 | Jun. 15, 2014 | Dec. 31, 2013 | Nov. 01, 2013 | Aug. 02, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | |
WARRANTS [Member] | WARRANTS [Member] | WARRANTS [Member] | OPTIONS [Member] | OPTIONS [Member] | OPTIONS [Member] | OPTIONS [Member] | OPTIONS [Member] | OPTIONS [Member] | OPTIONS [Member] | |
Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning balance | ' | 102,363,691 | ' | ' | ' | ' | ' | ' | 76,250,000 | ' |
Granted | 24,000,000 | 24,000,000 | ' | 3,000,000 | 107,500,000 | 66,500,000 | 22,500,000 | 37,500,000 | 237,000,000 | ' |
Exercised | ' | -888,452 | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited/expired/cancelled | ' | ' | ' | ' | ' | ' | ' | ' | -8,500,000 | ' |
Outstanding, ending balance | ' | 125,475,239 | 102,363,691 | ' | ' | ' | ' | ' | 304,750,000 | 76,250,000 |
Exercisable | ' | 52,975,239 | ' | ' | ' | ' | ' | ' | 158,000,000 | ' |
Weighted- average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding | ' | $0.22 | ' | ' | ' | ' | ' | ' | $0.18 | ' |
Granted | $0.10 | $0.10 | ' | $0.05 | ' | ' | ' | ' | $0.09 | ' |
Exercised | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited/expired/cancelled | ' | ' | ' | ' | ' | ' | ' | ' | $0.67 | ' |
Outstanding | ' | $0.20 | $0.22 | ' | ' | ' | ' | ' | $0.09 | $0.18 |
Exercisable | ' | $0.27 | ' | ' | ' | ' | ' | ' | $0.10 | ' |
Weighted- average Remaining Contractual Term (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | ' | '9 years 10 months 10 days | ' | ' | ' | ' | ' | ' | '9 years 6 months 11 days | ' |
Outstanding | ' | '4 years 3 months 29 days | '3 years 7 days | ' | ' | ' | ' | ' | '8 years 6 months 22 days | '5 years 6 months 22 days |
Exercisable | ' | '4 years 3 months 29 days | ' | ' | ' | ' | ' | ' | '8 years 6 months 7 days | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | $444,000 | ' |
Exercisable | ' | ' | ' | ' | ' | ' | ' | ' | $12,000 | ' |
Settlement_of_Convertible_Note1
Settlement of Convertible Note Payable (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Jan. 23, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | |
Settlement of Convertible Note Payable [Abstract] | ' | ' | ' |
Amount of debt converted | $25,000 | $8,056 | $270,844 |
Interest paid in common stock | 3,707 | ' | ' |
Number of shares issued | 333,333 | ' | ' |
Gain on debt settlement/forgiveness | $20,651 | $20,651 | ' |
Commitments_Details
Commitments (Details) | Jul. 28, 2014 | Jul. 22, 2014 | 15-May-14 | Dec. 17, 2013 | Jul. 17, 2013 | 30-May-13 | Apr. 16, 2013 |
Commitments [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Interest in asset | 0.22% | 6.00% | 1.50% | 0.50% | 5.00% | 1.50% | 6.00% |
Number of shares issuable | ' | ' | 3,750,000 | 3,125,000 | 6,250,000 | 1,875,000 | 7,500,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||
Jul. 28, 2014 | 15-May-14 | Dec. 17, 2013 | 30-May-13 | Apr. 16, 2013 | Jul. 22, 2014 | Jul. 17, 2013 | Jun. 24, 2014 | Jun. 15, 2014 | Dec. 31, 2013 | Nov. 01, 2013 | Aug. 02, 2013 | Jul. 31, 2014 | Sep. 17, 2014 | Sep. 08, 2014 | Sep. 09, 2014 | Aug. 13, 2014 | Aug. 02, 2014 | |
Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Stock Option [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||
Stock Option [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from funding agreement | $111,470 | $300,000 | $250,000 | $150,000 | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $444,530 | $500,000 | $422,344 | ' |
Interest in asset | 0.22% | 1.50% | 0.50% | 1.50% | 6.00% | 6.00% | 5.00% | ' | ' | ' | ' | ' | ' | 1.00% | 0.89% | 0.98% | 0.84% | ' |
Number of shares issuable | ' | 3,750,000 | 3,125,000 | 1,875,000 | 7,500,000 | ' | 6,250,000 | ' | ' | ' | ' | ' | ' | 6,250,000 | ' | 5,000,000 | ' | ' |
Options granted | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 107,500,000 | 66,500,000 | 22,500,000 | 37,500,000 | 237,000,000 | ' | ' | ' | ' | 3,000,000 |
Options granted, exercise price | ' | ' | ' | ' | ' | ' | ' | $0.05 | ' | ' | ' | ' | $0.09 | ' | ' | ' | ' | $0.10 |
Expiration period | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '10 years | '10 years | ' | ' | ' | ' | ' | '5 years |