Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Oct. 20, 2015 | Jan. 30, 2015 | |
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 | 1,385,508 | ||
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 | Jul. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Common Stock, Shares Outstanding | 1,871,791 | ||
Entity Public Float | $ 6,134,791.82 |
Balance Sheets
Balance Sheets - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 434,217 | $ 254,770 |
Prepaid insurance | 33,143 | 24,079 |
Total current assets | 467,360 | 278,849 |
Other assets | ||
Patents and patent applications (net of accumulated amortization of $7,015 at July 31, 2015 and $5,642 at July 31, 2014) | 20,435 | 21,808 |
Total assets | 487,795 | 300,657 |
Current liabilities | ||
Accounts payable and accrued liabilities | 315,460 | 200,604 |
Accrued salaries and wages | 3,129,060 | 1,416,651 |
Due to related parties | 130,000 | 350,000 |
Total current liabilities | 3,574,520 | 1,967,255 |
Deferred revenue | 5,300,000 | 1,411,470 |
Total liabilities | 8,874,520 | 3,378,725 |
Stockholders' deficit | ||
Common stock; par value $0.001; 1,000,000,000 shares authorized; 1,841,866 shares issued and outstanding at July 31, 2015 and 1,782,073 shares issued and outstanding at July 31, 2014 | 1,842 | 1,782 |
Additional paid-in capital | 44,982,519 | 43,253,363 |
Accumulated deficit | (53,371,086) | (46,333,213) |
Total stockholders' deficit | (8,386,725) | (3,078,068) |
Total liabilities and stockholders' deficit | $ 487,795 | $ 300,657 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
Balance Sheets [Abstract] | ||
Patents and patent applications, accumulated amortization (in Dollars) | $ 7,015 | $ 5,642 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, share authorized (in Shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, share issued (in Shares) | 1,841,866 | 1,782,073 |
Common stock, shares outstanding (in Shares) | 1,841,866 | 1,782,073 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Statements of Operations [Abstract] | ||
Revenue | $ 1,550,000 | |
Operating expenses | ||
General and administrative | 6,034,520 | $ 10,838,760 |
Research and development | 2,414,973 | 464,609 |
Total operating expenses | 8,449,493 | 11,303,369 |
Loss from operations | (6,899,493) | (11,303,369) |
Other income (expense) | ||
Interest expense | $ (28,232) | (160,303) |
Change in derivative | (27,067) | |
Loss on foreign exchange | $ (110,148) | (12,730) |
Gain on debt settlement/forgiveness | 20,651 | |
Total other income (expense) | $ (138,380) | (179,449) |
Loss before provision for income taxes | $ (7,037,873) | $ (11,482,818) |
Provision for income taxes | ||
Net loss | $ (7,037,873) | $ (11,482,818) |
Loss per common share: | ||
Basic and diluted | $ (3.88) | $ (6.57) |
Weighted average common shares outstanding | ||
Basic and diluted | 1,813,069 | 1,747,881 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Deficit [Member] |
Balance at Jul. 31, 2013 | $ (990,016) | $ 1,647 | $ 33,858,732 | $ (34,850,395) |
Balance, shares at Jul. 31, 2013 | 1,647,001 | |||
Derivative liability | (337,413) | (337,413) | ||
Settlement of derivative liability | 506,574 | 506,574 | ||
Conversion of convertible note to common stock | 8,056 | $ 3 | 8,053 | |
Conversion of convertible note to common stock, shares | 3,333 | |||
Stock issued for services | $ 213,967 | $ 42 | 213,925 | |
Stock issued for services, shares | 41,867 | |||
Stock issued due to exercise of warrants | $ 90 | (90) | ||
Stock issued due to exercise of warrants, shares | 89,872 | 89,872 | ||
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) | $ 1,782 | $ 43,253,363 | $ (46,333,213) |
Balance, shares at Jul. 31, 2014 | 1,782,073 | 1,782,073 | ||
Stock issued for services | $ 311,665 | $ 60 | 311,605 | |
Stock issued for services, shares | 59,793 | |||
Stock based compensation from issuance of stock options | 1,008,239 | 1,008,239 | ||
Stock based compensation from issuance of stock warrants | 409,312 | $ 409,312 | ||
Net loss | (7,037,873) | $ (7,037,873) | ||
Balance at Jul. 31, 2015 | $ (8,386,725) | $ 1,842 | $ 44,982,519 | $ (53,371,086) |
Balance, shares at Jul. 31, 2015 | 1,841,866 | 1,841,866 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Cash flows provided by (used in) operating activities | ||
Net loss | $ (7,037,873) | $ (11,482,818) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Amortization | 1,373 | 1,372 |
Issuance of common stock for services | 311,665 | 213,967 |
Stock based compensation from issuance of options | 1,008,239 | 8,283,582 |
Stock based compensation from issuance of warrants | $ 409,312 | 720,000 |
Accreted interest on debt discounts | 132,428 | |
Gain on debt settlement/forgiveness | (20,651) | |
Change in derivative | 27,067 | |
Changes in assets and liabilities: | ||
Increase in prepaid insurance | $ (9,064) | $ (2,829) |
Decrease in deferred revenue | (750,000) | |
Increase in accounts payable | 114,856 | $ 159,837 |
Increase in accrued salaries and wages | 1,712,409 | 962,722 |
Net cash used in operating activities | (4,239,083) | $ (1,005,323) |
Cash flows provided by (used in) financing activities | ||
Payments to related parties on notes payable | (220,000) | |
Investment received in exchange for royalty agreement | 4,638,530 | $ 661,470 |
Net cash provided by financing activities | 4,418,530 | 661,470 |
Net increase (decrease) in cash and cash equivalents | 179,447 | (343,853) |
Cash and cash equivalents, beginning of period | 254,770 | 598,623 |
Cash and cash equivalents, end of period | $ 434,217 | $ 254,770 |
Supplemental disclosure | ||
Interest paid during the period | ||
Taxes paid during the period | ||
Non-Cash Transactions | ||
Conversion of debt to equity | $ 8,056 | |
Debt discounts attributable to derivative valuation | 132,428 | |
Settlement of derivative liability | 506,574 | |
Cashless exercise of warrants | 8,987 | |
Derivative liability | $ 337,413 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Jul. 31, 2015 | |
Organization and Basis of Presentation [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Lightlake Therapeutics Inc. (Lightlake, we, our, 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 is a specialty pharmaceutical company developing opioid antagonist treatments for substance use, addictive and eating disorders, including a treatment to reverse opioid overdoses. The Company's fiscal year end is July 31. Reverse Stock Split In December 2014, Lightlake effected a one-for-one hundred reverse stock split of its common stock (the 1: 100 182.7 1.827 |
Going Concern
Going Concern | 12 Months Ended |
Jul. 31, 2015 | |
Going Concern [Abstract] | |
Going Concern | 2. Going Concern The accompanying financial statements have been prepared assuming Lightlake 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, a working capital deficit as of July 31, 2015 of $ 3,107,160 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates Lightlake 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 Lightlake considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents were $ 434,217 254,770 250,000 £ 85,000 Long-Lived Assets Lightlake follows ASC 360, Property, Plant, and Equipment, 3 7 500 one Lightlake 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 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, Lightlake 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 Lightlake 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 Lightlake'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 2015, potentially dilutive common stock equivalents are approximately 4,496,052 3,184,523 Research and Development Costs Lightlake 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. Foreign Currency Translation Lightlake's functional and reporting currency is the United States dollar. Occasional transactions may occur in British Pounds and management has adopted ASC 830, Foreign Currency Translation Matters Stock-Based Compensation ASC 718 Compensation Stock Compensation Lightlake 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. Lightlake had stock-based compensation of $ 1,729,216 9,217,549 Fair Value of Financial Instruments ASC 820 Fair Value Measurements and Disclosures 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 Lightlake'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 506,574 As of July 31, 2015 and 2014 Lightlake did not have any financial liabilities measured and recorded at fair value on the Company's balance sheets on a recurring basis. 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 31, 2015 and 2014 $ - The fair value of the derivative liabilities are calculated at inception and Lightlake 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 Market value of stock on measurement date $ 0.043 0.05 Risk-free interest rate 0.77 0.96 % Dividend yield 0 % Volatility factor 169 217 % Term 2.8 3.9 Related Parties Lightlake follows ASC 850, Related Party Disclosures 130,000 350,000 Revenue Recognition We recognize revenues from nonrefundable, up-front license fees related to collaboration agreements, on a straight-line basis over the contracted or estimated period of performance. The period of performance over which the revenues are recognized is typically the period over which the research and/or development is expected to occur or manufacturing services are expected to be provided. When the period of performance is based on the period over which research and/or development is expected to occur, we are required to make estimates regarding drug development and commercialization timelines. Because of the many risks and uncertainties associated with the development of drug candidates, these estimates regarding the period of performance may change. Licensing Agreement On December 15, 2014, Lightlake entered into a licensing agreement with Adapt Pharma Operations Limited. Pursuant to the license agreement the Company provided a global license to develop and commercialize the Company's intranasal naloxone opioid overdose reversal treatment. In exchange for licensing its treatment, the Company received a nonrefundable, upfront license fee of $ 500,000 one Lightlake could also receive additional payments upon reaching various sales and regulatory milestones. In addition, pursuant to the licensing agreement, the Company is required to contribute $ 2,500,000 2,341,419 204,908 s unpaid and reported in accounts payable and accrued liabilities in the balance sheets Lightlake recognizes revenue for fees related to participation in the initial development plan and joint development calls as revenue once the fee is received and the Company has performed the required services for the period. Treatment Investments With respect to investments in interests in treatments, if an agreement provides an option that allows the investor in the treatment to convert an interest in a treatment into shares of common stock of Lightlake, then revenue is deferred until such time that the option expires or milestones are achieved that eliminate the investor's right to exercise the option. Upon expiration of the exercise option, the deliverables of the arrangement are reviewed and evaluated under ASC 605. In the event the investor chooses to convert interests into shares of common stock, that transaction will be accounted for similar to a sale of shares of common stock for cash. Recently Issued Accounting Pronouncements In August 2014, Lightlake elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jul. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions At July 31, 2015, Lightlake had loans outstanding with its three directors (two of which are officers), in the total amount of $ 130,000 350,000 14.5 8.5 |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Jul. 31, 2015 | |
Deferred Revenue [Abstract] | |
Deferred Revenue | 5. Deferred Revenue On April 16, 2013, Lightlake entered into an agreement and subsequently received funding in the amount of $ 600,000 6.0 75,000 On May 30, 2013, Lightlake entered into an agreement and subsequently received additional funding totaling $ 150,000 1.50 18,750 On December 17, 2013, Lightlake entered into an agreement and subsequently received additional funding totaling $ 250,000 0.5 31,250 On May 15, 2014, Lightlake entered into an agreement and subsequently received funding from an individual investor in the amount of $ 300,000 1.5 37,500 On July 22, 2014, Lightlake received a $ 3,000,000 6.0 111,470 0.22294 422,344 444,530 1,033,614 988,043 0.844687 0.888906 2.067228 1.976085 On September 9, 2014, Lightlake entered into an agreement and subsequently received funding from an individual investor in the amount of $ 500,000 0.98 50,000 500,000 1.0 62,500 500,000 0.98 50,000 250,000 0.50 25,000 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jul. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 6. Stockholders' Equity Common Stock On November 26, 2014, Lightlake amended its articles of incorporation to increase its authorized capital stock from 200,000,000 1,000,000,000 During the year ended July 31, 2015 In August 2014, Lightlake issued 7,846 44,723 24,015 91,258 5,000 19,720 20,900 141,130 1,232 8,994 800 5,840 During the year ended July 31, 2014 On August 12, 2013, Lightlake issued 3,750 15,000 On August 28, 2013, Lightlake issued 5,000 35,000 On September 18, 2013, Lightlake issued 3,750 22,500 On October 21, 2013, Lightlake issued 2,259 9,036 On October 25, 2013, Lightlake issued 3,346 13,382 On October 31, 2013, Lightlake issued 3,750 15,750 In November 2013, Lightlake issued 12,500 66,500 On December 23, 2013, Lightlake issued 3,750 21,750 On January 23, 2014, Lightlake issued 3,333 25,000 3,707 20,651 On April 7, 2014, Lightlake issued 3,762 15,049 During the year ended July 31, 2014, Lightlake issued 89,872 888,452 Stock Options As required by the Stock Compensation Topic, ASC 718, Lightlake measures and recognizes compensation expense for all share based payment awards made to the officers and directors based on estimated fair values at the grant date and over the requisite service period. Stock option expense recognized for the years ended July 31, 2015 and 2014 was $ 1,008,239 8,283,582 On August 1, 2013, Lightlake granted its executive officers cashless stock options to purchase a total of 375,000 10.00 20.00 ten 1,068,750 On November 1, 2013, Lightlake granted its executive officers cashless stock options to purchase a total of 225,000 6.00 10.00 ten 985,500 On December 31, 2013, Lightlake granted its executive officers cashless stock options to purchase a total of 665,000 6.00 10.00 ten 3,591,000 On June 15, 2014, Lightlake granted its executive officers and a director cashless stock options to purchase a total of 1,075,000 5.00 8.00 ten 2,580,000 On June 24, 2014, Lightlake granted 30,000 5.00 seven 69,000 34,500 34,500 On June 11, 2014, Lightlake issued a total of 240,000 10.00 ten 225,400 12.50 25.00 On August 2, 2014, Lightlake granted 30,000 10.00 5 173,999 30,000 10.00 5 3 188,825 103,951 20,000 15.00 5 three 127,150 67,984 15,000 10.00 5 65,163 10,000 10.00 5 36,169 48,000 10.00 5 282,227 32,000 15.00 5 186,655 10,000 10.00 3 55,043 37,048 Market value of stock on measurement date $ 3.75 7.30 $ 2.40 5.40 Risk-free interest rate 1.00 1.73 % 2.19 2.99 % Dividend yield 0 % 0 % Volatility factor 147 407 % 418 459 % Term 3 5 7 10 Stock option activity for year ended July 31, 2015 is presented in the table below: Number of Weighted- Weighted- (years) Aggregate Outstanding at July 31, 2014 3,047,500 9.00 8.56 Granted 195,000 11.33 Forfeited/expired/cancelled (85,000 ) 11.21 Outstanding at July 31, 2015 3,157,500 9.42 7.58 $ 1,569,000 Exercisable at July 31,2015 2,743,750 8.88 8.11 $ 1,569,000 A summary of the status of Lightlake's non-vested options as of July 31, 2015 and changes during the year ended July 31, 2015 are presented below: Non-vested options Number of Weighted Average Non-vested at July 31, 2014 17,500 $ 3.11 Granted 195,000 5.09 Vested (175,000 ) 5.06 Non-vested at July 31, 2015 37,500 $ 3.85 At July 31, 2015, there was $ 135,640 Warrants On December 16, 2014, Lightlake issued 38,800 8.00 10 144,724 45,000 10.00 5 264,588 Warrant activity for the year ended July 31, 2015 is presented in the table below: Number of Shares Weighted- average Exercise Price Weighted- average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at July 31, 2014 1,254,752 $ 20.00 4.33 $ - Issued 83,800 9.07 - - Exercised - - - Outstanding at July 31, 2015 1,338,552 $ 19.53 3.55 $ - Exercisable at July 31, 2015 613,552 $ 24.88 4.89 $ - |
Settlement of Convertible Note
Settlement of Convertible Note Payable | 12 Months Ended |
Jul. 31, 2015 | |
Settlement of Convertible Note Payable [Abstract] | |
Settlement of Convertible Note Payable | 7. Settlement of Convertible Note Payable On January 23, 2014, Lightlake entered into a settlement of a convertible note payable in the amount of $ 25,000 3,707 3,333 20,651 |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes Lightlake 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. Lightlake 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 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: July 31, 2015 July 31, 2014 Income tax expense at statutory rate $ (2,070,422 ) $ (5,527,011 ) Valuation allowance 2,070,422 5,527,011 Income tax expense per books $ - $ - Net deferred tax assets consist of the following components as of: July 31, 2015 July 31, 2014 Net operating loss carryover at statutory rate $ (16,040,239 ) $ (13,969,817 ) Valuation allowance 16,040,239 13,969,817 Net deferred tax asset $ - $ - Lightlake had no uncertain tax positions at July 31, 2015 or July 31, 2014. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jul. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events a) On September 22, 2015, Lightlake received a $ 1,600,000 2.1333 2.1333 one two two three 36 60 one 618,000 0.824 b) During September 2015 and October 2015, the Company received loans from each of its three executive officers, all of who are directors, totaling $ 151,191 6 4 10 c) On September 1, 2015, Lightlake entered into an agreement with a consultant with significant regulatory experience that contributed to the progression of the Company's opioid overdose reversal treatment through the providing of significant strategic advice and other value-add. The agreement provides for payment of $ 50,000 10,000 535,000 1.0 0.5 10,000 d) On October 6, 2015, the Company entered into an amendment to an agreement to use certain technology owned by Aegis Therapeutics, LLC. This amendment had an effective date of May 19, 2015 and allowed the Company to evaluate Aegis' Technology until August 17, 2015. The amendment also provided an opportunity for the Company to elect to further extend the period of time during which the Company could evaluate Aegis' Technology until February 13, 2016. In exchange for electing to further extend this period of time, the Company paid Aegis $ 75,000 13,697 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates Lightlake 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 Lightlake considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents were $ 434,217 254,770 250,000 £ 85,000 |
Long-Lived Assets | Long-Lived Assets Lightlake follows ASC 360, Property, Plant, and Equipment, 3 7 500 one Lightlake 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 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, Lightlake 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 Lightlake 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 Lightlake'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 2015, potentially dilutive common stock equivalents are approximately 4,496,052 3,184,523 |
Research and Development Costs | Research and Development Costs Lightlake 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. |
Foreign Currency Translation | Foreign Currency Translation Lightlake's functional and reporting currency is the United States dollar. Occasional transactions may occur in British Pounds and management has adopted ASC 830, Foreign Currency Translation Matters |
Stock-Based Compensation | Stock-Based Compensation ASC 718 Compensation Stock Compensation Lightlake 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. Lightlake had stock-based compensation of $ 1,729,216 9,217,549 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820 Fair Value Measurements and Disclosures 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 Lightlake'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 506,574 As of July 31, 2015 and 2014 Lightlake did not have any financial liabilities measured and recorded at fair value on the Company's balance sheets on a recurring basis. 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 31, 2015 and 2014 $ - The fair value of the derivative liabilities are calculated at inception and Lightlake 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 Market value of stock on measurement date $ 0.043 0.05 Risk-free interest rate 0.77 0.96 % Dividend yield 0 % Volatility factor 169 217 % Term 2.8 3.9 |
Related Parties | Related Parties Lightlake follows ASC 850, Related Party Disclosures 130,000 350,000 |
Revenue Recognition | Revenue Recognition We recognize revenues from nonrefundable, up-front license fees related to collaboration agreements, on a straight-line basis over the contracted or estimated period of performance. The period of performance over which the revenues are recognized is typically the period over which the research and/or development is expected to occur or manufacturing services are expected to be provided. When the period of performance is based on the period over which research and/or development is expected to occur, we are required to make estimates regarding drug development and commercialization timelines. Because of the many risks and uncertainties associated with the development of drug candidates, these estimates regarding the period of performance may change. Licensing Agreement On December 15, 2014, Lightlake entered into a licensing agreement with Adapt Pharma Operations Limited. Pursuant to the license agreement the Company provided a global license to develop and commercialize the Company's intranasal naloxone opioid overdose reversal treatment. In exchange for licensing its treatment, the Company received a nonrefundable, upfront license fee of $ 500,000 one Lightlake could also receive additional payments upon reaching various sales and regulatory milestones. In addition, pursuant to the licensing agreement, the Company is required to contribute $ 2,500,000 2,341,419 204,908 s unpaid and reported in accounts payable and accrued liabilities in the balance sheets Lightlake recognizes revenue for fees related to participation in the initial development plan and joint development calls as revenue once the fee is received and the Company has performed the required services for the period. Treatment Investments With respect to investments in interests in treatments, if an agreement provides an option that allows the investor in the treatment to convert an interest in a treatment into shares of common stock of Lightlake, then revenue is deferred until such time that the option expires or milestones are achieved that eliminate the investor's right to exercise the option. Upon expiration of the exercise option, the deliverables of the arrangement are reviewed and evaluated under ASC 605. In the event the investor chooses to convert interests into shares of common stock, that transaction will be accounted for similar to a sale of shares of common stock for cash. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2014, Lightlake elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
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 31, 2015 and 2014 $ - |
Schedule of Assumptions Used to Value Warrants | At settlement Market value of stock on measurement date $ 0.043 0.05 Risk-free interest rate 0.77 0.96 % Dividend yield 0 % Volatility factor 169 217 % Term 2.8 3.9 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Schedule of Assumptions Used in the Valuation | Market value of stock on measurement date $ 3.75 7.30 $ 2.40 5.40 Risk-free interest rate 1.00 1.73 % 2.19 2.99 % Dividend yield 0 % 0 % Volatility factor 147 407 % 418 459 % Term 3 5 7 10 |
Schedule of Nonvested Share Activity | Non-vested options Number of Weighted Average Non-vested at July 31, 2014 17,500 $ 3.11 Granted 195,000 5.09 Vested (175,000 ) 5.06 Non-vested at July 31, 2015 37,500 $ 3.85 |
Schedule of Options and Warrants Outstanding | Number of Weighted- Weighted- (years) Aggregate Outstanding at July 31, 2014 3,047,500 9.00 8.56 Granted 195,000 11.33 Forfeited/expired/cancelled (85,000 ) 11.21 Outstanding at July 31, 2015 3,157,500 9.42 7.58 $ 1,569,000 Exercisable at July 31,2015 2,743,750 8.88 8.11 $ 1,569,000 Number of Shares Weighted- average Exercise Price Weighted- average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at July 31, 2014 1,254,752 $ 20.00 4.33 $ - Issued 83,800 9.07 - - Exercised - - - Outstanding at July 31, 2015 1,338,552 $ 19.53 3.55 $ - Exercisable at July 31, 2015 613,552 $ 24.88 4.89 $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | July 31, 2015 July 31, 2014 Income tax expense at statutory rate $ (2,070,422 ) $ (5,527,011 ) Valuation allowance 2,070,422 5,527,011 Income tax expense per books $ - $ - |
Schedule of Deferred Tax Assets and Liabilities | July 31, 2015 July 31, 2014 Net operating loss carryover at statutory rate $ (16,040,239 ) $ (13,969,817 ) Valuation allowance 16,040,239 13,969,817 Net deferred tax asset $ - $ - |
Organization and Basis of Pre20
Organization and Basis of Presentation (Details) | 12 Months Ended | ||
Jul. 31, 2015shares | Mar. 12, 2015shares | Jul. 31, 2014shares | |
Conversion ratio for reverse stock split | 100 | ||
Common stock, share issued (in Shares) | 1,841,866 | 1,827,000 | 1,782,073 |
Common stock, shares outstanding (in Shares) | 1,841,866 | 1,827,000 | 1,782,073 |
As Previously Reported [Member] | |||
Common stock, share issued (in Shares) | 182,700,000 | ||
Common stock, shares outstanding (in Shares) | 182,700,000 |
Going Concern (Details)
Going Concern (Details) | Jul. 31, 2015USD ($) |
Going Concern [Abstract] | |
Working capital deficit | $ 3,107,160 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||||
Jul. 31, 2015USD ($)shares | Jul. 31, 2014USD ($)shares | Jul. 31, 2015GBP (£) | Dec. 31, 2014USD ($) | Jul. 31, 2013USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Cash and cash equivalents | $ 434,217 | $ 254,770 | $ 598,623 | ||
Federally insured cash deposit limit | $ 250,000 | £ 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) | shares | 4,496,052 | 3,184,523 | |||
Stock based compensation expense | $ 1,729,216 | $ 9,217,549 | |||
Derivative liability | 0 | ||||
Amount of transactions with related parties | 130,000 | $ 350,000 | |||
Upfront license fee received | $ 500,000 | ||||
Required contributions of development, regulatory, and commercialization costs | 2,500,000 | ||||
Development, regulatory, and commercialization cost contributions | $ 2,341,419 | ||||
Minimum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, estimated useful life | 3 years | ||||
Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, estimated useful life | 7 years |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Schedule of Changes in Fair Value) (Details) - Derivative Financial Instruments, Liabilities [Member] - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
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 Accoun24
Summary of Significant Accounting Policies (Schedule of Assumptions Used to Compute Fair Value of Warrants) (Details) - Derivative Financial Instruments, Liabilities [Member] | 12 Months Ended |
Jul. 31, 2015$ / shares | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Dividend yield | 0.00% |
Term | 18 days |
Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Market value of stock on measurement date | $ 0.043 |
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 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 | Dec. 15, 2013 |
Related Party Transaction [Line Items] | |||
Due to related parties | $ 130,000 | $ 350,000 | |
Debt instrument, interest rate | 8.50% | 14.50% |
Deferred Revenue (Details)
Deferred Revenue (Details) - USD ($) | Jul. 20, 2015 | Feb. 17, 2015 | Nov. 13, 2014 | Oct. 31, 2014 | Sep. 17, 2014 | Sep. 09, 2014 | Sep. 08, 2014 | Aug. 13, 2014 | Jul. 28, 2014 | Jul. 22, 2014 | May. 15, 2014 | Dec. 17, 2013 | May. 30, 2013 | Apr. 16, 2013 |
Deferred Revenue Arrangement [Line Items] | ||||||||||||||
Proceeds from funding agreement | $ 250,000 | $ 988,043 | $ 1,033,614 | $ 500,000 | $ 500,000 | $ 500,000 | $ 444,530 | $ 422,344 | $ 111,470 | $ 300,000 | $ 250,000 | $ 150,000 | $ 600,000 | |
Interest in asset | 0.50% | 1.97609% | 2.06723% | 0.98% | 1.00% | 0.98% | 0.88891% | 0.84469% | 0.22294% | 6.00% | 1.50% | 0.50% | 1.50% | 6.00% |
Number of shares issuable | 25,000 | 62,500 | 50,000 | 37,500 | 31,250 | 18,750 | 75,000 | |||||||
Deferred Revenue, Additions | $ 50,000 | $ 3,000,000 |
Stockholders' Equity (Common St
Stockholders' Equity (Common Stock) (Details) - USD ($) | Apr. 07, 2014 | Jan. 23, 2014 | Dec. 23, 2013 | Oct. 31, 2013 | Oct. 25, 2013 | Oct. 21, 2013 | Sep. 18, 2013 | Aug. 28, 2013 | Aug. 12, 2013 | Jul. 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2014 | Nov. 30, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Mar. 12, 2015 | Nov. 26, 2014 |
Stockholders' Equity [Abstract] | ||||||||||||||||||||
Common stock, share authorized (in Shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 200,000,000 | ||||||||||||||||
Common stock, share issued (in Shares) | 1,841,866 | 1,841,866 | 1,782,073 | 1,827,000 | ||||||||||||||||
Common stock, shares outstanding (in Shares) | 1,841,866 | 1,841,866 | 1,782,073 | 1,827,000 | ||||||||||||||||
Stock issued for services, shares | 3,762 | 3,750 | 3,750 | 3,346 | 2,259 | 3,750 | 5,000 | 3,750 | 800 | 1,232 | 20,900 | 5,000 | 24,015 | 7,846 | 12,500 | |||||
Stock issued for services | $ 15,049 | $ 21,750 | $ 15,750 | $ 13,382 | $ 9,036 | $ 22,500 | $ 35,000 | $ 15,000 | $ 5,840 | $ 8,994 | $ 141,130 | $ 19,720 | $ 91,258 | $ 44,723 | $ 66,500 | $ 311,665 | $ 213,967 | |||
Number of shares issued | 3,333 | |||||||||||||||||||
Amount of debt converted | $ 25,000 | 8,056 | ||||||||||||||||||
Interest paid in common stock | 3,707 | |||||||||||||||||||
Gain on extinguishment of debt | $ 20,651 | $ 20,651 | ||||||||||||||||||
Stock issued due to exercise of warrants, shares | 89,872 | |||||||||||||||||||
Stock issued due to exercise of warrants | ||||||||||||||||||||
Cashless warrants exercised | 888,452 |
Stockholders' Equity (Stock Bas
Stockholders' Equity (Stock Based Compensation) (Details) - USD ($) | Mar. 19, 2015 | Jan. 25, 2015 | Jan. 09, 2015 | Nov. 13, 2014 | Aug. 02, 2014 | Jun. 24, 2014 | Jun. 15, 2014 | Jun. 11, 2014 | Dec. 31, 2013 | Nov. 01, 2013 | Jul. 31, 2013 | Jul. 31, 2015 | Jul. 31, 2015 | Jul. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 195,000 | |||||||||||||
Stock based compensation expense | $ 1,008,239 | $ 8,283,582 | ||||||||||||
Stock Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 195,000 | |||||||||||||
Options granted, exercise price | $ 11.33 | |||||||||||||
Dividend yield | 0.00% | 0.00% | ||||||||||||
Stock Option [Member] | August 1, 2013 Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 375,000 | |||||||||||||
Expiration period | 10 years | |||||||||||||
Stock based compensation expense | $ 1,068,750 | |||||||||||||
Stock Option [Member] | November 1, 2013 Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 225,000 | |||||||||||||
Expiration period | 10 years | |||||||||||||
Stock based compensation expense | 985,500 | |||||||||||||
Stock Option [Member] | December 31, 2013 Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 665,000 | |||||||||||||
Expiration period | 10 years | |||||||||||||
Stock based compensation expense | 3,591,000 | |||||||||||||
Stock Option [Member] | June 2014 Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 1,075,000 | |||||||||||||
Expiration period | 10 years | |||||||||||||
Stock based compensation expense | 2,580,000 | |||||||||||||
Stock Option [Member] | June 2014 Consultant Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 30,000 | |||||||||||||
Options granted, exercise price | $ 5 | |||||||||||||
Expiration period | 7 years | |||||||||||||
Stock based compensation expense | $ 34,500 | $ 34,500 | ||||||||||||
Unrecognized stock-based compensation cost | $ 69,000 | |||||||||||||
Stock Option [Member] | August 2 Option Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 30,000 | |||||||||||||
Options granted, exercise price | $ 10 | |||||||||||||
Expiration period | 5 years | |||||||||||||
Stock based compensation expense | 173,999 | |||||||||||||
Stock Option [Member] | November 12 Option Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 30,000 | |||||||||||||
Options granted, exercise price | $ 10 | |||||||||||||
Expiration period | 5 years | |||||||||||||
Vesting period | 3 years | |||||||||||||
Fair value of options granted | $ 188,825 | |||||||||||||
Stock based compensation expense | 103,951 | |||||||||||||
Stock Option [Member] | November 12 Option Grant Two [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 20,000 | |||||||||||||
Options granted, exercise price | $ 15 | |||||||||||||
Expiration period | 5 years | |||||||||||||
Vesting period | 3 years | |||||||||||||
Fair value of options granted | $ 127,150 | |||||||||||||
Stock based compensation expense | 67,984 | |||||||||||||
Stock Option [Member] | January 9 Option Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 15,000 | |||||||||||||
Options granted, exercise price | $ 10 | |||||||||||||
Expiration period | 5 years | |||||||||||||
Stock based compensation expense | 65,163 | |||||||||||||
Stock Option [Member] | January 25 Option Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 10,000 | |||||||||||||
Options granted, exercise price | $ 10 | |||||||||||||
Expiration period | 5 years | |||||||||||||
Stock based compensation expense | 36,169 | |||||||||||||
Stock Option [Member] | March 19 Option Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 48,000 | |||||||||||||
Options granted, exercise price | $ 10 | |||||||||||||
Expiration period | 5 years | |||||||||||||
Stock based compensation expense | 282,227 | |||||||||||||
Stock Option [Member] | March 19 Option Grant Two [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 32,000 | |||||||||||||
Options granted, exercise price | $ 15 | |||||||||||||
Expiration period | 5 years | |||||||||||||
Stock based compensation expense | 186,655 | |||||||||||||
Stock Option [Member] | July 2015 Option Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 10,000 | |||||||||||||
Options granted, exercise price | $ 10 | |||||||||||||
Expiration period | 3 years | |||||||||||||
Stock based compensation expense | 55,043 | |||||||||||||
Stock Option [Member] | Vested Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Stock based compensation expense | $ 37,048 | |||||||||||||
Stock Option [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Market value of stock on measurement date | $ 3.75 | $ 3.75 | $ 2.40 | |||||||||||
Risk-free interest rate | 1.00% | 2.19% | ||||||||||||
Volatility factor | 147.00% | 418.00% | ||||||||||||
Term | 3 years | 7 years | ||||||||||||
Stock Option [Member] | Minimum [Member] | August 1, 2013 Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted, exercise price | $ 10 | |||||||||||||
Stock Option [Member] | Minimum [Member] | November 1, 2013 Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted, exercise price | $ 6 | |||||||||||||
Stock Option [Member] | Minimum [Member] | December 31, 2013 Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted, exercise price | $ 6 | |||||||||||||
Stock Option [Member] | Minimum [Member] | June 2014 Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted, exercise price | $ 5 | |||||||||||||
Stock Option [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Market value of stock on measurement date | $ 7.30 | $ 7.30 | $ 5.40 | |||||||||||
Risk-free interest rate | 1.73% | 2.99% | ||||||||||||
Volatility factor | 407.00% | 459.00% | ||||||||||||
Term | 5 years | 10 years | ||||||||||||
Stock Option [Member] | Maximum [Member] | August 1, 2013 Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted, exercise price | $ 20 | |||||||||||||
Stock Option [Member] | Maximum [Member] | November 1, 2013 Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted, exercise price | $ 10 | |||||||||||||
Stock Option [Member] | Maximum [Member] | December 31, 2013 Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted, exercise price | $ 10 | |||||||||||||
Stock Option [Member] | Maximum [Member] | June 2014 Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted, exercise price | $ 8 | |||||||||||||
Warrant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 83,800 | |||||||||||||
Options granted, exercise price | $ 9.07 | |||||||||||||
Expiration date | Jun. 10, 2024 | |||||||||||||
Warrant [Member] | June 2014 Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 240,000 | |||||||||||||
Options granted, exercise price | $ 10 | |||||||||||||
Expiration period | 10 years | |||||||||||||
Warrant [Member] | Future Warrants Authorized For Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted | 225,400 | |||||||||||||
Warrant [Member] | Minimum [Member] | June 2014 Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted, exercise price | $ 12.50 | |||||||||||||
Warrant [Member] | Maximum [Member] | June 2014 Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted, exercise price | $ 25 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Outstanding Options and Warrants) (Details) | 12 Months Ended | |
Jul. 31, 2015USD ($)$ / sharesshares | Jul. 31, 2014$ / sharesshares | |
Number of Shares | ||
Granted | 195,000 | |
Warrants [Member] | ||
Number of Shares | ||
Outstanding, beginning balance | 1,254,752 | |
Granted | 83,800 | |
Outstanding, ending balance | 1,338,552 | 1,254,752 |
Exercisable | 613,552 | |
Weighted- average Exercise Price | ||
Outstanding | $ / shares | $ 20 | |
Granted | $ / shares | 9.07 | |
Outstanding | $ / shares | 19.53 | $ 20 |
Exercisable | $ / shares | $ 24.88 | |
Weighted- average Remaining Contractual Term (years) | ||
Outstanding | 3 years 6 months 18 days | 4 years 3 months 29 days |
Exercisable | 4 years 10 months 20 days | |
Options [Member] | ||
Number of Shares | ||
Outstanding, beginning balance | 3,047,500 | |
Granted | 195,000 | |
Forfeited/expired/cancelled | (85,000) | |
Outstanding, ending balance | 3,157,500 | 3,047,500 |
Exercisable | 2,743,750 | |
Weighted- average Exercise Price | ||
Outstanding | $ / shares | $ 9 | |
Granted | $ / shares | 11.33 | |
Forfeited/expired/cancelled | $ / shares | 11.21 | |
Outstanding | $ / shares | 9.42 | $ 9 |
Exercisable | $ / shares | $ 8.88 | |
Weighted- average Remaining Contractual Term (years) | ||
Outstanding | 7 years 6 months 29 days | 8 years 6 months 22 days |
Exercisable | 8 years 1 month 10 days | |
Aggregate Intrinsic Value | ||
Outstanding | $ | $ 1,569,000 | |
Exercisable | $ | $ 1,569,000 |
Stockholders' Equity (Schedul30
Stockholders' Equity (Schedule of Non-Vested Options) (Details) - USD ($) | 12 Months Ended |
Jul. 31, 2015 | |
Number of Options | |
Non-vested | 17,500 |
Granted | 195,000 |
Vested | (175,000) |
Non-vested | 37,500 |
Weighted Average Grant Date Fair Value | |
Non-vested | $ 3.11 |
Granted | 5.09 |
Vested | 5.06 |
Non-vested | $ 3.85 |
Stock Option [Member] | |
Number of Options | |
Granted | 195,000 |
Weighted Average Grant Date Fair Value | |
Non-vested stock options unrecognized compensation costs | $ 135,640 |
Stockholders' Equity (Warrants)
Stockholders' Equity (Warrants) (Details) - Warrant [Member] - USD ($) | Mar. 19, 2015 | Dec. 16, 2014 | Jul. 31, 2015 |
December 16 Warrant Issuance [Member] | |||
Class of Warrant or Right [Line Items] | |||
Warrants issued | 38,800 | ||
Exercise price | $ 8 | ||
Expiration period | 10 years | ||
Value of warrants | $ 144,724 | ||
March 19 Warrant Issuance [Member] | |||
Class of Warrant or Right [Line Items] | |||
Warrants issued | 45,000 | ||
Exercise price | $ 10 | ||
Expiration period | 5 years | ||
Value of warrants | $ 264,588 |
Settlement of Convertible Not32
Settlement of Convertible Note Payable (Details) - USD ($) | Jan. 23, 2014 | Jul. 31, 2015 | Jul. 31, 2014 |
Settlement of Convertible Note Payable [Abstract] | |||
Amount of debt converted | $ 25,000 | $ 8,056 | |
Interest paid in common stock | $ 3,707 | ||
Number of shares issued | 3,333 | ||
Gain on debt settlement/forgiveness | $ 20,651 | $ 20,651 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Income Taxes [Abstract] | ||
Net operating losses carryover, expiration date | Dec. 31, 2026 | |
Income Tax Reconciliation | ||
Income tax expense at statutory rate | $ (2,070,422) | $ (5,527,011) |
Valuation allowance | $ 2,070,422 | $ 5,527,011 |
Provision for income taxes | ||
Deferred Tax Assets Components | ||
Net operating loss carryover at statutory rate | $ (16,040,239) | $ (13,969,817) |
Valuation allowance | $ 16,040,239 | $ 13,969,817 |
Net deferred tax asset |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 31, 2016 | Oct. 06, 2015 | Oct. 02, 2015 | Sep. 22, 2015 | Sep. 02, 2015 | Jul. 20, 2015 | Feb. 17, 2015 | Nov. 13, 2014 | Oct. 31, 2014 | Sep. 17, 2014 | Sep. 09, 2014 | Sep. 08, 2014 | Aug. 13, 2014 | Jul. 28, 2014 | Jul. 22, 2014 | May. 15, 2014 | Dec. 17, 2013 | May. 30, 2013 | Apr. 16, 2013 | Sep. 30, 2015 |
Subsequent Event [Line Items] | ||||||||||||||||||||
Deferred revenue additions | $ 50,000 | $ 3,000,000 | ||||||||||||||||||
Proceeds from funding agreement | $ 250,000 | $ 988,043 | $ 1,033,614 | $ 500,000 | $ 500,000 | $ 500,000 | $ 444,530 | $ 422,344 | $ 111,470 | $ 300,000 | $ 250,000 | $ 150,000 | $ 600,000 | |||||||
Interest in asset | 0.50% | 1.97609% | 2.06723% | 0.98% | 1.00% | 0.98% | 0.88891% | 0.84469% | 0.22294% | 6.00% | 1.50% | 0.50% | 1.50% | 6.00% | ||||||
Number of shares issuable | 25,000 | 62,500 | 50,000 | 37,500 | 31,250 | 18,750 | 75,000 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Deferred revenue additions | $ 1,600,000 | $ 535,000 | ||||||||||||||||||
Proceeds from funding agreement | $ 618,000 | |||||||||||||||||||
Interest in asset | 0.824% | 2.1333% | 1.00% | |||||||||||||||||
Stock issued during period, value | $ 50,000 | |||||||||||||||||||
Stock issued during period | 10,000 | |||||||||||||||||||
Subsequent Event [Member] | Aegis Therapeutics, LLC [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Proceeds from funding agreement | $ (75,000) | |||||||||||||||||||
Stock issued during period | 13,697 | |||||||||||||||||||
Subsequent Event [Member] | Executive Officer [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Proceeds from funding agreement | $ 151,191 | |||||||||||||||||||
Related Party Transaction, Rate | 10.00% | 6.00% | ||||||||||||||||||
Penalty | 4.00% |