Opiant Pharmaceuticals (OPNT) 10-Q 14 Dec 15 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Oct. 31, 2015	Dec. 09, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	Lightlake Therapeutics Inc.
Entity Central Index Key	1,385,508
Current Fiscal Year End Date	--07-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	LLTP
Entity Common Stock, Shares Outstanding		1,886,118

Balance Sheets

Balance Sheets - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Current assets
Cash and cash equivalents	$ 455,249	$ 434,217
Prepaid insurance	17,708	33,143
Total current assets	472,957	467,360
Other assets
Patents and patent applications (net of accumulated amortization of $7,358 at October 31, 2015 and $7,015 at July 31, 2015)	20,092	20,435
Total assets	493,049	487,795
Current liabilities
Accounts payable and accrued liabilities	107,102	315,460
Accrued salaries and wages	3,404,667	3,129,060
Due to related parties	281,191	130,000
Total current liabilities	3,792,960	3,574,520
Deferred revenue	5,918,000	5,300,000
Total liabilities	9,710,960	8,874,520
Stockholders' deficit
Common stock; par value $0.001; 1,000,000,000 shares authorized; 1,865,563 shares issued and outstanding at October 31, 2015 and 1,841,866 shares issued and outstanding at July 31, 2015	1,866	1,842
Additional paid-in capital	55,261,326	44,982,519
Accumulated deficit	(64,481,103)	(53,371,086)
Total stockholders' deficit	(9,217,911)	(8,386,725)
Total liabilities and stockholders' deficit	$ 493,049	$ 487,795

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Finite-Lived Intangible Assets, Accumulated Amortization	$ 7,358	$ 7,015
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	1,865,563	1,841,866
Common Stock, Shares, Outstanding	1,865,563	1,841,866

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Revenue	$ 120,000	$ 0
Operating expenses
General and administrative	10,791,380	708,013
Research and development	429,450	52,101
Total operating expenses	11,220,830	760,114
Loss from operations	(11,100,830)	(760,114)
Other expense
Interest expense	(5,828)	(8,212)
Loss on foreign exchange	(3,359)	(7,011)
Total other expense	(9,187)	(15,223)
Loss before provision for income taxes	(11,110,017)	(775,337)
Provision for income taxes	0	0
Net loss	$ (11,110,017)	$ (775,337)
Loss per common share:
Basic and diluted	$ (6)	$ (0.43)
Weighted average common shares outstanding
Basic and diluted	1,850,182	1,788,367

Statements of Stockholders' Def

Statements of Stockholders' Deficit - 3 months ended Oct. 31, 2015 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
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
Stock issued for services	$ 186,652	$ 24	186,628	0
Stock issued for services (in shares)		23,697
Stock based compensation from issuance of stock options	10,092,179	$ 0	10,092,179	0
Net loss	(11,110,017)	0	0	(11,110,017)
Balance at Oct. 31, 2015	$ (9,217,911)	$ 1,866	$ 55,261,326	$ (64,481,103)
Balance, shares at Oct. 31, 2015	1,865,563	1,865,563

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Cash flows provided by (used in) operating activities
Net loss	$ (11,110,017)	$ (775,337)
Adjustments to reconcile net loss to net cash used by operating activities:
Amortization	343	344
Issuance of common stock for services	186,652	44,723
Stock based compensation from issuance of options	10,092,179	173,999
Changes in assets and liabilities:
Increase in prepaid insurance	15,435	(510,463)
Decrease in accounts payable	(208,358)	(128,854)
Increase in accrued salaries and wages	275,607	221,580
Net cash used in operating activities	(748,159)	(974,008)
Cash flows provided by (used in) financing activities
Payments from related parties notes payable	151,191	0
Investment received in exchange for royalty agreement	618,000	1,866,874
Net cash provided by financing activities	769,191	1,866,874
Net increase in cash and cash equivalents	21,032	892,866
Cash and cash equivalents, beginning of period	434,217	254,770
Cash and cash equivalents, end of period	455,249	1,147,636
Supplemental disclosure
Interest paid during the period	0	0
Taxes paid during the period	$ 0	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Oct. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Lightlake Therapeutics Inc. (“Lightlake”, “we”, “our”, 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 accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These financial statements should be read in conjunction with the financial statements for the year ended July 31, 2015 and notes thereto and other pertinent information contained in the Form 10-K the Company has filed with the Securities and Exchange Commission (the “SEC”). The results of operations for the three months ended October 31, 2015 are not necessarily indicative of the results for the full fiscal year ending July 31, 2016. Reverse Stock Split In December 2014, the Company effected a one-for-one hundred reverse stock split of its common stock (the “1:100 Reverse Stock Split”). The number of authorized shares of common stock and preferred stock remained the same following the 1:100 Reverse Stock Split. Unless otherwise noted, impacted amounts included in the consolidated financial statements and notes thereto have been retroactively adjusted for the stock splits as if such stock splits occurred on the first day of the first period presented. Impacted amounts include but are not limited to shares of common stock issued and outstanding, stock options, shares reserved, exercise prices of warrants or options, and loss per share. There was no impact on preferred or common stock authorized resulting from the 1:100 Reverse Stock Split.

Going Concern

Going Concern	3 Months Ended
	Oct. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [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 October 31, 2015 of $3,320,003 and is dependent on generating sufficient revenues and/or obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to generate sufficient revenues and/or 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. Management’s plans include seeking additional financing in the form of debt financing and/or equity financing from the sale of the Company’s common stock and/or in the form of financing from the sale of interests in the Company’s prospective products. Such funds may also be derived pursuant to licensing agreements. There is no guarantee that additional capital or debt financing will be available when and to the extent required, or that if available, it will be on terms acceptable to us. These financial statements do not include any adjustments that might result from this uncertainty.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Oct. 31, 2015
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. Recently Issued Accounting Pronouncements Lightlake has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Oct. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	4. Related Party Transactions At October 31, 2015, Lightlake had loans outstanding with its three directors (two of which are officers), in the total amount of $ 130,000 130,000 14.5 8.5 At October 31, 2015, the Company had loans outstanding from each of its three executive officers, all of who are directors, totaling $ 151,191 6 4 10

Deferred Revenue

Deferred Revenue	3 Months Ended
	Oct. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Revenue	5. Deferred Revenue On December 17, 2013, Lightlake 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 31,250 shares of common stock in lieu of the 0.5% interest in the product. On May 15, 2014, Lightlake 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 37,500 shares of common stock in lieu of the 1.5% interest in the product. On July 22, 2014, Lightlake 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 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. Such buyback can be for a portion of the interest rather than for the entire interest. If the product is not approved by the U.S. Food and Drug Administration or an equivalent body in Europe for marketing and is not actually marketed within 24 months the foundation will have a 60 day option to receive shares of the Company’s common stock in lieu of the interest in the treatment 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. On August 13, 2014, September 8, 2014, November 13, 2014, and February 17, 2015, the Company made capital calls of $422,344 $444,530, $1,033,614, and $988,043, respectively, from the foundation in exchange for 0.844687%, 0.888906%, 2.067228%, and 1.976085% interests, respectively, in the Net Profit as related to the Company’s treatment to reverse opioid overdoses. On September 9, 2014, Lightlake 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 includes the pre-tax profit received by the Company derived from the sale of 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 but no later than four 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. Such buyback can be for a portion of the interest rather than for the entire interest. 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 50,000 shares of common stock in lieu of the interest in the product. On September 17, 2014, Lightlake entered into an agreement and subsequently received 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 includes 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 62,500 shares of common stock in lieu of the 1.0% interest in the product. On October 31, 2014, Lightlake 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 includes the pre-tax profit received by the Company derived from the sale of 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 but no later than four 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. Such buyback can be for a portion of the interest rather than for the entire interest. If the product is not introduced to the market and not approved by the FDA or an equivalent body in Europe and not marketed within 24 months, the investor will have a 60 day option to receive 50,000 shares of common stock in lieu of the interest in the product. On July 20, 2015, Lightlake entered into an agreement and subsequently received funding from an individual investor in the amount of $250,000 for use by the Company for any purpose. In exchange for this funding, the Company agreed to provide the investor with a 0.50% interest in the Net Profit as related to the Company’s treatment of Binge Eating Disorder. Net Profit includes the pre-tax profit received by the Company derived from the sale of 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 0.50% interest if the treatment is sold or the Company is sold. If the product is not introduced to the market and not approved by the FDA or an equivalent body in Europe and not marketed within 36 months, the investor will have a 60 day option to receive 25,000 shares of common stock in lieu of the interest in the product. On September 22, 2015, Lightlake received a $1,600,000 commitment from a foundation, from which the Company has the right to make capital calls, for the research, development, any other activities connected to the Company’s opioid antagonist treatments for addictions and related disorders that materially rely on certain studies funded by the foundation’s investment, 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 2.1333% interest in the Net Profit as related to the Company’s opioid antagonist treatments for addictions and related disorders that materially rely on certain studies funded by the foundation’s investment. Net profit is defined as any pre-tax revenue received by the Company that was derived from the sale of the products less any and all expenses incurred by and payments made by the Company in connection with the products, including but not limited to an allocation of Company overhead. The foundation also has rights with respect to its 2.1333% interest if the products are 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. Such buyback can be for a portion of the interest rather than for the entire interest. If a product is not introduced to the market within 36 months the foundation will have a 60 day option to receive shares of the Company’s common stock in lieu of the interest in the product at a rate of one-tenth of a share for every dollar of its investment. On October 6, 2015, the Company received $618,000 from the foundation in exchange for a 0.824% interest in the Company’s treatments covered by the commitment agreement.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Oct. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock Pursuant to an agreement dated September 1, 2015, Lightlake issued 10,000 80,500 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 13,697 106,152 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. On October 27, 2015, Lightlake granted 1,437,500 7.25 10 10,062,500 Lightlake also recognized stock based compensation expense of $ 29,679 Market value of stock on measurement date $ 7.00 Risk-free interest rate 2.05 % Dividend yield 0 % Volatility factor 373 % Term 10 years Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2015 3,157,500 9.42 7.58 Granted 1,437,500 7.25 Forfeited/expired/cancelled - - Outstanding at October 31, 2015 4,595,000 8.74 8.16 $ 1,335,000 Exercisable at October 31, 2015 2,860,416 8.88 7.84 $ 1,335,000 Non-vested options Number of Weighted Average Non-vested at July 31, 2015 37,500 $ 3.85 Granted 1,437,500 7.00 Vested (1,441,667) 7.00 Non-vested at October 31, 2015 33,333 $ 3.85 At October 31, 2015, there was $ 95,471 Warrants Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2015 1,338,552 $ 19.53 3.55 $ - Issued - - - Exercised - - - Outstanding at October 31, 2015 1,338,552 $ 19.53 3.30 $ - Exercisable at October 31, 2015 613,522 $ 24.88 4.63 $ -

Subsequent Events

Subsequent Events	3 Months Ended
	Oct. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In November 2015, the Company issued 14,327 92,634

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2015
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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Lightlake has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Oct. 31, 2015
Stockholders' Equity Note [Abstract]
Schedule of Assumptions Used in the Valuation	Market value of stock on measurement date $ 7.00 Risk-free interest rate 2.05 % Dividend yield 0 % Volatility factor 373 % Term 10 years
Schedule of Options and Warrants Outstanding	Stock option activity for three months ended October 31, 2015 is presented in the table below: Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2015 3,157,500 9.42 7.58 Granted 1,437,500 7.25 Forfeited/expired/cancelled - - Outstanding at October 31, 2015 4,595,000 8.74 8.16 $ 1,335,000 Exercisable at October 31, 2015 2,860,416 8.88 7.84 $ 1,335,000 Warrant activity for the three months ended October 31, 2015 is presented in the table below: Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2015 1,338,552 $ 19.53 3.55 $ - Issued - - - Exercised - - - Outstanding at October 31, 2015 1,338,552 $ 19.53 3.30 $ - Exercisable at October 31, 2015 613,522 $ 24.88 4.63 $ -
Schedule of Nonvested Share Activity	A summary of the status of Lightlake’s non-vested options as of October 31, 2015 and changes during the three months ended October 31, 2015 are presented below: Non-vested options Number of Weighted Average Non-vested at July 31, 2015 37,500 $ 3.85 Granted 1,437,500 7.00 Vested (1,441,667) 7.00 Non-vested at October 31, 2015 33,333 $ 3.85

Organization and Basis of Pre16

Organization and Basis of Presentation (Details Textual)	3 Months Ended
	Oct. 31, 2015
Stockholders' Equity, Reverse Stock Split	1:100 Reverse Stock Split.

Going Concern (Details Textual)

Going Concern (Details Textual)	Oct. 31, 2015USD ($)
Going Concern [Line Items]
Working Capital Deficit	$ 3,320,003

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	3 Months Ended
	Oct. 31, 2015	Jan. 31, 2016	Jul. 31, 2015
Related Party Transaction [Line Items]
Due to Related Parties	$ 130,000		$ 130,000
Debt Instrument Penalty Rate Stated Percentage	8.50%
Debt Instrument, Interest Rate, Stated Percentage	14.50%
Loans Receivable [Member]
Related Party Transaction [Line Items]
Receivable with Imputed Interest, Due Date	Jan. 31, 2016
Executive Officer [Member] | Loans Receivable [Member]
Related Party Transaction [Line Items]
Due from Related Parties, Current	$ 151,191
Loans Receivable Penalty Interest Rate	4.00%
Loans Receivable, Basis Spread on Variable Rate	6.00%
Executive Officer [Member] | Loans Receivable [Member] | Scenario, Forecast [Member]
Related Party Transaction [Line Items]
Loans Receivable, Basis Spread on Variable Rate		10.00%

Deferred Revenue (Details Textu

Deferred Revenue (Details Textual) - USD ($)	Oct. 06, 2015	Nov. 13, 2014	Sep. 09, 2014	Sep. 08, 2014	Aug. 13, 2014	May. 15, 2014	Sep. 22, 2015	Jul. 20, 2015	Feb. 17, 2015	Oct. 31, 2014	Sep. 17, 2014	Jul. 28, 2014	Jul. 22, 2014	Dec. 17, 2013
Deferred Revenue Arrangement [Line Items]
Proceeds from funding agreement		$ 1,033,614	$ 500,000	$ 444,530	$ 422,344	$ 300,000		$ 250,000	$ 988,043	$ 500,000	$ 500,000			$ 250,000
Interest in asset	0.824%	2.06723%	0.98%	0.88891%	0.84469%	1.50%	2.1333%	0.50%	1.97609%	0.98%	1.00%	0.22294%	6.00%	0.50%
Number of shares issuable			50,000			37,500		25,000		50,000	62,500			31,250
Deferred Revenue, Additions	$ 618,000						$ 1,600,000					$ 111,470	$ 3,000,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Employee Stock Option [Member]	3 Months Ended
	Oct. 31, 2015$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market value of stock on measurement date	$ 7
Risk-free interest rate	2.05%
Dividend yield	0.00%
Volatility factor	373.00%
Term	10 years

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - USD ($)	3 Months Ended	12 Months Ended
	Oct. 31, 2015	Jul. 31, 2015
Number of Shares
Granted	1,437,500
Stock Option [Member]
Number of Shares
Outstanding at July 31, 2015	3,157,500
Granted	1,437,500
Forfeited/expired/cancelled	0
Outstanding at October 31, 2015	4,595,000	3,157,500
Exercisable at October 31, 2015	2,860,416
Aggregate Intrinsic Value
Outstanding at October 31, 2015	$ 1,335,000
Exercisable at October 31, 2015	$ 1,335,000
Weighted- average Remaining Contractual Term (years)
Outstanding	8 years 1 month 28 days	7 years 6 months 29 days
Exercisable	7 years 10 months 2 days
Weighted- average Exercise Price
Outstanding at July 31, 2015	$ 9.42
Granted	7.25
Forfeited/expired/cancelled	0
Outstanding at October 31, 2015	8.74	$ 9.42
Exercisable at October 31, 2015	$ 8.88

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	3 Months Ended
	Oct. 31, 2015$ / sharesshares
Number of Options
Non-vested at July 31, 2015 | shares	37,500
Granted | shares	1,437,500
Vested | shares	(1,441,667)
Non-vested at October 31, 2015 | shares	33,333
Weighted Average Grant Date Fair Value
Non-vested at July 31, 2015 | $ / shares	$ 3.85
Granted | $ / shares	7
Vested | $ / shares	7
Non-vested at October 31, 2015 | $ / shares	$ 3.85

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - Warrant [Member] - USD ($)	3 Months Ended	12 Months Ended
	Oct. 31, 2015	Jul. 31, 2015
Number of Shares
Outstanding at July 31, 2015	1,338,552
Issued	0
Exercised	0
Outstanding at October 31, 2015	1,338,552	1,338,552
Exercisable at October 31, 2015	613,522
Weighted- average Exercise Price
Outstanding at July 31, 2015	$ 19.53
Outstanding at October 31, 2015	19.53	$ 19.53
Exercisable at October 31, 2015	$ 24.88
Weighted- average Remaining Contractual Term (years)
Outstanding at October 31, 2015	3 years 3 months 18 days	3 years 6 months 18 days
Exercisable at October 31, 2015	4 years 7 months 17 days
Aggregate Intrinsic Value
Outstanding at October 31, 2015	$ 0
Exercisable at October 31, 2015	$ 0

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	5 Months Ended
	Sep. 30, 2015	Oct. 31, 2015	Oct. 06, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		1,437,500
Stock Issued During Period, Value, Issued for Services		$ 186,652
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Issued for Services	10,000
Stock Issued During Period, Value, Issued for Services	$ 80,500
Aegis Therapeutics, LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments to Acquire Management Contract Rights			$ 75,000
Stock Issued During Period, Shares			13,697
Stock Issued During Period, Value			$ 106,152
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		1,437,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 7.25
October 27, 2015 [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		1,437,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 7.25
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
Allocated Share-based Compensation Expense		$ 10,062,500
Vested Options [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		29,679
Non Vested Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options		$ 95,471

Subsequent Events (Details Text

Subsequent Events (Details Textual) - Common Stock [Member] - Subsequent Event [Member]	1 Months Ended
	Nov. 30, 2015shares
Subsequent Event [Line Items]
Stock to Be Issued	92,634
Stock Issued During Period, Shares, Purchase of Assets	14,327