Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Oct. 29, 2021 | Oct. 27, 2021 | |
Cover [Abstract] | |||
Entity Registrant Name | NON INVASIVE MONITORING SYSTEMS INC /FL/ | ||
Entity Central Index Key | 0000720762 | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2021 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 1,700 | ||
Entity Common Stock, Shares Outstanding | 154,810,655 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Current assets | ||
Cash | $ 55 | $ 203 |
Prepaid expenses, deposits, and other current assets | 4 | 3 |
Total current assets | 59 | 206 |
Total assets | 59 | 206 |
Current liabilities | ||
Accounts payable and accrued expenses | 249 | 238 |
Current liabilities - discontinued operations | 50 | 50 |
Total current liabilities | 299 | 288 |
Total liabilities | 299 | 288 |
Commitments and Contingencies (Note 8) | ||
Shareholders' deficit | ||
Series B Preferred Stock, par value $1.00 per share; 100 shares authorized, issued and outstanding; liquidation preference $10 | ||
Common Stock, par value $0.01 per share; 400,000,000 shares authorized; 154,810,655 shares issued and outstanding as of July 31, 2021 and 2020, respectively | 1,548 | 1,548 |
Additional paid in capital | 26,574 | 26,574 |
Accumulated deficit | (28,362) | (28,204) |
Total shareholders' deficit | (240) | (82) |
Total liabilities and shareholders' deficit | $ 59 | $ 206 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Series B Preferred stock, par value | $ 1 | $ 1 |
Series B Preferred stock, shares authorized | 100 | 100 |
Series B Preferred stock, shares issued | 100 | 100 |
Series B Preferred stock, shares outstanding | 100 | 100 |
Series B Preferred stock, liquidation preference | $ 10 | $ 10 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 154,810,655 | 154,810,655 |
Common stock, shares outstanding | 154,810,655 | 154,810,655 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Operating costs and expenses | ||
General and administrative | $ 158 | $ 165 |
Total operating costs and expenses | 158 | 165 |
Operating loss | (158) | (165) |
Loss from continuing operations | (158) | (165) |
Gain from discontinued operations | 2 | |
Net loss | $ (158) | $ (163) |
Weighted average number of common shares outstanding - basic and diluted | 154,811 | 154,811 |
Basic and diluted net loss from continuing operations | $ 0 | $ 0 |
Basic and diluted net loss from discontinued operations | 0 | 0 |
Basic and diluted loss per common share | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance, beginning at Jul. 31, 2019 | $ 1,548 | $ 26,574 | $ (28,041) | $ 81 | |
Balance, beginning shares at Jul. 31, 2019 | 100 | 154,810,655 | |||
Net loss | (163) | (163) | |||
Balance, ending at Jul. 31, 2020 | $ 1,548 | 26,574 | (28,204) | (82) | |
Balance, ending shares at Jul. 31, 2020 | 100 | 154,810,655 | |||
Net loss | (158) | (158) | |||
Balance, ending at Jul. 31, 2021 | $ 1,548 | $ 26,574 | $ (28,362) | $ (240) | |
Balance, ending shares at Jul. 31, 2021 | 100 | 154,810,655 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Operating activities | ||
Net loss | $ (158) | $ (163) |
Add back: gain attributable to discontinued operations | (2) | |
Changes in operating assets and liabilities | ||
Prepaid expenses, deposits and other current assets | (1) | 2 |
Accounts payable and accrued expenses | 11 | 13 |
Net cash used in continuing operations | (148) | (150) |
Net cash used in operating activities | (148) | (150) |
Net decrease in cash | (148) | (150) |
Cash, beginning of year | 203 | 353 |
Cash, end of year | $ 55 | $ 203 |
Organization and Business
Organization and Business | 12 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | 1. ORGANIZATION AND BUSINESS Organization. ® Business. Going Concern. On October 4, 2021, the Company entered into two Promissory Notes in the principal amount of $150,000 with Frost Gamma Investments Trust (the “Frost Gamma Note”), a trust controlled by Dr. Phillip Frost and with Jane Hsiao, Ph.D., the Company’s Chairman and Interim CEO (the “Hsiao Note”), both which beneficially owns in excess of 10% of NIMS’ common stock. The interest rate payable by NIMS on the Frost Gamma Note is 11% per annum, payable on the maturity date of October 4, 2023 (the “Maturity Date”). The Frost Gamma Note and Hsiao Note may be prepaid in advance of the Maturity Date without penalty. The Company is seeking potential mergers, acquisitions and strategic collaborations. There is no assurance that the Company will be successful in this regard, and, if not successful, that it will be able to continue its business activities. The accompanying consolidated financial statements do not include any adjustments that might be necessary from the outcome of this uncertainty. Discontinued Operations. Accordingly, the Company determined that the assets and liabilities met the discontinued operations criteria in Accounting Standards Codification 205-20-45 and were classified as discontinued operations at May 3, 2019. See Discontinued Operations Note 3. Equity Exchange Agreement. On August 4, 2019, IRAFG delivered to the Company notice of termination of the Exchange Agreement pursuant to Section 8.01(b)(i) of that agreement due to the failure of the Exchange to have closed on or prior to the Outside Date. No termination fees, penalties or other amounts are payable by the Company in respect of such termination. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation. Discontinued Operations. Use of Estimates. Cash and Cash Equivalents. Income Taxes. The Company files its tax returns as prescribed by the laws of the jurisdictions in which it operates. Tax years ranging from 2017 to 2020 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. It is the Company’s policy to include income tax interest and penalty expense in its tax provision. Fair Value of Financial Instruments. Loss Contingencies. Related Parties. Recent Accounting Pronouncements. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jul. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 3. DISCONTINUED OPERATIONS On May 3, 2019 the Company exchanged its inventory for forgiveness of accrued unpaid rent. Concurrent with the exchange management with the appropriate level of authority determined to discontinue the operations of the product segment. The detail of the consolidated balance sheets, the consolidated statement of operations and consolidated cash flows for the discontinued operations is as stated below: As of July 31, 2021 As of July 31, 2020 Current liabilities – discontinued operations Accounts payable and accrued expenses $ 50 $ 50 Total current liabilities – discontinued operations 50 50 Total liabilities – discontinued operations $ 50 $ 50 For the year ended 2021 For the year ended 2020 Gain from discontinued operations $ - $ 2 Basic and diluted loss per common share $ 0.00 $ 0.00 For the year ended 2021 For the year ended 2020 Cash used in operations for discontinued operations: Gain from discontinued operations $ - $ 2 Cash provided by discontinued operations $ - $ 2 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jul. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 4. STOCK-BASED COMPENSATION The Company measures the cost of employee, officer and director services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The fair value of the Company’s stock option awards is expensed over the vesting life of the underlying stock options using the graded vesting method, with each tranche of vesting options valued separately. The Company did not record any stock-based compensation during the twelve months ended July 31, 2020 and 2019. In November 2010, the Company’s Board and Compensation Committee approved the Non-Invasive Monitoring Systems, Inc. 2011 Stock Incentive Plan (the “2011 Plan”). Awards granted under the 2011 Plan may consist of incentive stock options, stock appreciation rights (SAR), restricted stock grants, restricted stock units (RSU) performance shares, performance units or cash awards. Subject to adjustment in certain circumstances, the 2011 Plan authorizes up to 4,000,000 shares of the Company’s common stock for issuance pursuant to the terms of the 2011 Plan. The 2011 Plan was approved by our shareholders in March 2012 and no awards have been granted under the 2011 Plan as of July 31, 2020. The Company did not grant any stock options during the twelve months ended July 31, 2021 or 2020. As of July 31, 2021, there were no outstanding stock options and there were no unrecognized costs related to outstanding stock options. The 2011 Plan expired in November 2020 and as of July 31, 2021 the Company does not have an equity compensation plan. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jul. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | 5. SHAREHOLDERS’ EQUITY The Company has one class of Preferred Stock. Holders of Series B Preferred Stock are entitled to vote with the holders of common stock as a single class on all matters. We are currently authorized to issue an aggregate of 401,000,000 shares of capital stock, consisting of 400,000,000 shares of common stock and 1,000,000 designated shares of preferred stock with preferences and rights to be determined by our Board of Directors. Series B Preferred Stock is not redeemable by the Company and has a liquidation value of $100 per share, plus declared and unpaid dividends, if any. Dividends are non-cumulative, and are at the rate of $10 per share, if declared. No preferred stock dividends were declared for the years ended July 31, 2021 and 2020. The Company did not issue any shares of the Company’s common stock during |
Basic and Diluted Loss Per Shar
Basic and Diluted Loss Per Share | 12 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Share | 6. BASIC AND DILUTED LOSS PER SHARE Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Diluted potential common shares consist of incremental shares issuable upon conversion of preferred stock. In computing diluted net loss per share for the years ended July 31, 2021 and 2020, no dilution adjustment has been made to the weighted average outstanding common shares because the assumed conversion of preferred stock would be anti-dilutive. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7. RELATED PARTY TRANSACTIONS Dr. Hsiao, Dr. Frost and directors Steven Rubin and Rao Uppaluri are each stockholders, current or former officers and/or directors or former directors of Asensus Surgical, Inc. (formerly TransEnterix, Inc.) (“Asensus”), a publicly-traded medical device company. The Company’s Chief Financial Officer also serves as the Chief Financial Officer and Co-Interim Chief Executive Officer of Cocrystal Pharma, Inc., a clinical stage Nasdaq listed biotechnology company, and in which Steve Rubin serves on the Board. From December 2009 until August 31, 2021, the Company’s Chief Legal Officer has served under a cost sharing arrangement as the Chief Legal Officer of Asensus. The Company recorded additions to general and administrative costs and expenses to account for the sharing of costs under this arrangement of $4,800 for the years ended July 31, 2021 and 2020. Aggregate accounts payable to Asensus totaled approximately $400 at July 31, 2021 and 2020. The Company signed a five year lease for administrative office space in Miami, Florida with a company controlled by Dr. Phillip Frost, who is the beneficial owner of more than 10% of the Company’s common stock. The rental payments under the Miami office lease, which commenced January 1, 2008 and expired on December 31, 2012, were approximately $1,250 per month and then continued on a month-to-month basis. In February 2016 the rent was reduced to $0 per month. For the years ended July 31, 2021 and 2020, the Company did not record any rent expense related to the Miami lease. At July 31, 2021 and 2020 there was $0 rent payable. The Company is under common control with multiple entities and the existence of that control could result in operating results or financial position of each individual entity significantly different from those that would have been obtained if the entities were autonomous. One of those related parties, OPKO Health, Inc. (“OPKO”) and the Company are under common control and OPKO has a one percent ownership interest in the Company that OPKO has accounted for as an equity method investment due to the ability to significantly influence the Company. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES Leases The Company was under an operating lease agreement for our corporate office space that expired in 2012. The lease currently continues on a month to month basis at no cost. Product Development and Supply Agreement. In September 2007, the Company entered into a Product Development and Supply Agreement (the “Agreement”) with Sing Lin Technologies Co. Ltd., a company based in Taichung, Taiwan (“Sing Lin”). Pursuant to the Agreement, the Company consigned to Sing Lin the development and design of the next generation Exer-Rest and related devices. The Agreement commenced as of September 3, 2007 and had a term that extended three years from the acceptance by NIMS of the first run of production units. Thereafter, the Agreement automatically renewed for successive one year terms unless either party sent the other a notice of non-renewal. Either party was permitted to terminate the Agreement with ninety days prior written notice. Upon termination, each party’s obligations under the Agreement were to be limited to obligations related to confirmed orders placed prior to the termination date. Pursuant to the Agreement, Sing Lin designed, developed and manufactured the tooling required to manufacture the acceleration therapeutic platforms for a total cost to the Company of $471,000. Sing Lin utilized the tooling in the performance of its production obligations under the Agreement. The Company paid Sing Lin $150,000 of the tooling cost upon execution of the Agreement and $150,000 upon the Company’s approval of the product prototype concepts and designs. The balance of the final tooling cost became due and payable in September 2008 upon acceptance of the first units produced using the tooling, and was paid in full during the year ended July 31, 2009. Under the now-terminated Agreement, the Company also granted Sing Lin the exclusive distribution rights for the products in certain countries in the Far East, including Taiwan, China, Japan, South Korea, Malaysia, Indonesia and certain other countries. Sing Lin agreed not to sell the Products outside its geographic areas in the Far East. The Agreement provided for the Company to purchase approximately $2.6 million of Exer-Rest units within one year of the September 2008 acceptance of the final product. The Agreement further provided for the Company to purchase $4.1 million and $8.8 million of Exer-Rest products in the second and third years following such acceptance, respectively. These minimum purchase amounts were based upon 2007 product costs multiplied by volume commitments. Through July 31, 2021, the Company had paid Sing Lin $1.7 million in connection with orders placed through that date. As of July 31, 2021, the Company has approximately $41,000 of payables due to Sing Lin. As of July 31, 2021, aggregate minimum future purchases under the Agreement totaled approximately $13.9 million. As of July 31, 2021, the Company had not placed orders sufficient to meet the purchase obligations under the Agreement. The Company notified Sing Lin in June 2010 that it was terminating the Agreement effective September 2010, and Sing Lin in July 2010 demanded that the Company place orders sufficient to fulfill the three year minimum purchase obligations in the Agreement. As of the date of this filing, Sing Lin has not followed up on its July 2010 demand. There can be no assurance that Sing Lin will not attempt to enforce its remedies under the Agreement, or pursue other potential remedies. The Company believes that Sing Lin in no longer in business. |
Accounts Payable and Acccrued E
Accounts Payable and Acccrued Expenses | 12 Months Ended |
Jul. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Acccrued Expenses | 9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses from continuing operations are summarized in the following table (in thousands): July 31, 2021 July 31, 2020 Accounts payable $ 217 $ 210 Accrued redemption 10 10 Accrued other 22 18 Total $ 249 $ 238 |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES The Company accounts for income taxes using the asset and liability method, the objective of which is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting and the tax bases of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance related to deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The accounting for uncertain tax positions guidance under ASC 740 requires that we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The application of this guidance does not affect the Company’s financial position, results of operations or cash flows for the years ended July 31, 2021 and 2020. The Company files its tax returns in the U.S. federal jurisdiction and with U.S. states. The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. There are currently no tax audits that have commenced with respect to income tax or any other returns in any jurisdiction. Tax years ranging from 2017 to 2020 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. Because the Company is carrying forward income tax attributes, such as net operating losses and tax credits from 2017 and earlier tax years, these attributes can still be audited when utilized on returns filed in the future. It is the Company’s policy to include income tax interest and penalties expense in its tax provision. The difference between income taxes at the statutory federal income tax rate of 21% in 2021 and 2020 and income taxes reported in the consolidated statements of operations are attributable to the following (in thousands): July 31, 2021 % July 31, 2020 % Income tax benefit at the federal statutory rate from continuing operations $ (33 ) 21.0 $ (35 ) 21.0 State income taxes, net of effect of federal taxes (7 ) 4.3 (7 ) 4.2 Expired net operating losses 14 (1.8 ) 7 (4.2 ) Change in valuation allowance 26 (23.5 ) 35 (21.0 ) Provision for income tax – continuing operations - - - - State income taxes, net of effect of federal taxes - - - - Change in valuation allowance - - - - Total $ - - $ - - The tax effects of temporary differences that give rise to significant portions of the deferred tax assets consist of the following (in thousands): July 31, 2021 July 31, 2020 Federal and State net operating loss $ 4,320 $ 4,295 Foreign net operating loss 18 18 Other 3 2 4,341 4,315 Less: Valuation allowance (4,341 ) (4,315 ) Net deferred tax asset $ - $ - At July 31, 2021, the Company had available Federal and State net operating loss carry forwards of approximately $17.1 million and foreign net operating loss carry forwards of approximately $0.1 million which expire in various years beginning in 2020. Net operating loss carry forwards generated in 2019 and later years never expire. However, these net operating losses can only be used to reduce taxable income by 80 percent. The net operating loss carry forwards may be subject to limitation due to change of ownership provisions under section 382 of the Internal Revenue Code and similar state provisions. The Company has not conducted a study to determine if any changes in ownership has occurred. A valuation allowance is required to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all the evidence, both positive and negative, management has determined that a full $4.3 million valuation allowance at July 31, 2021 ($4.3 million at July 31, 2020) was necessary. The valuation allowance increase $26,000 and $35,000 for the years ended July 31, 2021 and 2020, respectively. The Company paid no taxes for the years 2021 or 2020. |
Notes Payable
Notes Payable | 12 Months Ended |
Jul. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | 11. NOTES PAYABLE The Company maintained a Note and Security Agreement with Frost Gamma Investments Trust, a trust controlled by Dr. Phillip Frost, which beneficially owns in excess of 10% of the Company’s common stock (“Frost Gamma”), and Hsu Gamma Investments, LP, an entity controlled by the Company’s Chairman and Interim CEO (“Hsu Gamma” and together with Frost Gamma, the “Lenders”), pursuant to which the Lenders had provided a revolving credit line (the “Credit Facility”) in the aggregate principal amount of up to $1.0 million, secured by all of the Company’s personal property. The interest rate payable on amounts outstanding under the Credit Facility was 11% per annum and would increase to 16% per annum after the Credit Facility Maturity Date or after an event of default. The Company was permitted to borrow and reborrow from time to time under the Credit Facility until July 31, 2020 (the “Credit Facility Maturity Date”). The Credit Facility was not renewed. The Company made no borrowing or held a balance on the Credit Facility for the year ended July 31, 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jul. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS On October 4, 2021, the Company entered into a Promissory Note in the principal amount of $75,000 with Frost Gamma Investments Trust (the “Frost Gamma Note”), a trust controlled by Dr. Phillip Frost, which beneficially owns in excess of 10% of NIMS’ common stock. The interest rate payable by the Company on the Frost Gamma Note is 11% per annum, payable on the maturity date of October 4, 2023 (the “Maturity Date”). The Frost Gamma Note may be prepaid in advance of the Maturity Date without penalty. On October 4, 2021, the Company entered into a Promissory Note in the principal amount of $75,000 with Jane Hsiao, Ph.D., the Company’s Chairman and Interim CEO (the “Hsiao Note”) and a beneficial holder in excess of 10% of NIMS’ common stock. The interest rate payable by the Company on the Hsiao Note is 11% per annum, payable on the Maturity Date. The Hsiao Note may be prepaid in advance of the Maturity Date without penalty. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation. |
Discontinued Operations | Discontinued Operations. |
Use of Estimates | Use of Estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents. |
Income Taxes | Income Taxes. The Company files its tax returns as prescribed by the laws of the jurisdictions in which it operates. Tax years ranging from 2017 to 2020 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. It is the Company’s policy to include income tax interest and penalty expense in its tax provision. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. |
Loss Contingencies | Loss Contingencies. |
Related Parties | Related Parties. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Balance Sheets of Discontinued Operations | As of July 31, 2021 As of July 31, 2020 Current liabilities – discontinued operations Accounts payable and accrued expenses $ 50 $ 50 Total current liabilities – discontinued operations 50 50 Total liabilities – discontinued operations $ 50 $ 50 |
Schedule of Statements of Operations for Discontinued Operations | For the year ended 2021 For the year ended 2020 Gain from discontinued operations $ - $ 2 Basic and diluted loss per common share $ 0.00 $ 0.00 |
Schedule of Cash Flows of Discontinued Operations | For the year ended 2021 For the year ended 2020 Cash used in operations for discontinued operations: Gain from discontinued operations $ - $ 2 Cash provided by discontinued operations $ - $ 2 |
Accounts Payable and Acccrued_2
Accounts Payable and Acccrued Expenses (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses from continuing operations are summarized in the following table (in thousands): July 31, 2021 July 31, 2020 Accounts payable $ 217 $ 210 Accrued redemption 10 10 Accrued other 22 18 Total $ 249 $ 238 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Federal Income Tax Rate and Income Taxes | The difference between income taxes at the statutory federal income tax rate of 21% in 2021 and 2020 and income taxes reported in the consolidated statements of operations are attributable to the following (in thousands): July 31, 2021 % July 31, 2020 % Income tax benefit at the federal statutory rate from continuing operations $ (33 ) 21.0 $ (35 ) 21.0 State income taxes, net of effect of federal taxes (7 ) 4.3 (7 ) 4.2 Expired net operating losses 14 (1.8 ) 7 (4.2 ) Change in valuation allowance 26 (23.5 ) 35 (21.0 ) Provision for income tax – continuing operations - - - - State income taxes, net of effect of federal taxes - - - - Change in valuation allowance - - - - Total $ - - $ - - |
Schedule of Deferred Tax Assets | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets consist of the following (in thousands): July 31, 2021 July 31, 2020 Federal and State net operating loss $ 4,320 $ 4,295 Foreign net operating loss 18 18 Other 3 2 4,341 4,315 Less: Valuation allowance (4,341 ) (4,315 ) Net deferred tax asset $ - $ - |
Organization and Business (Deta
Organization and Business (Details Narrative) - USD ($) $ in Thousands | Oct. 04, 2021 | Jul. 31, 2021 | Jul. 31, 2020 |
Net losses from continuing operations | $ (158) | $ (165) | |
Accumulated deficit | (28,362) | (28,204) | |
Cash | 55 | $ 203 | |
Working capital deficit | $ (240) | ||
Subsequent Event [Member] | Dr. Phillip Frost and Jane Hsiao [Member] | Frost Gamma Note [Member] | |||
Promissory notes, principal amount | $ 150 | ||
Maturity date | Oct. 4, 2023 | ||
Subsequent Event [Member] | Dr. Phillip Frost and Jane Hsiao [Member] | Hsiao Note [Member] | |||
Promissory notes, principal amount | $ 150 | ||
Interest rate payable | 11.00% | ||
Subsequent Event [Member] | Dr. Phillip Frost and Jane Hsiao [Member] | Hsiao Note [Member] | Maximum [Member] | |||
Beneficial ownership percentage | 10.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Accounting Policies [Abstract] | ||
Cash | $ 55 | $ 203 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Balance Sheets of Discontinued Operations (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accounts payable and accrued expenses | $ 50 | $ 50 |
Total current liabilities - discontinued operations | 50 | 50 |
Total liabilities - discontinued operations | $ 50 | $ 50 |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Statements of Operations for Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Gain from discontinued operations | $ 2 | |
Basic and diluted loss per common share | $ 0 | $ 0 |
Discontinued Operations - Sch_3
Discontinued Operations - Schedule of Cash Flows of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Gain from discontinued operations | $ 2 | |
Cash provided by discontinued operations | $ 2 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Nov. 30, 2010 | |
Stock based compensation | |||
Stock options, outstanding | |||
Unrecognized costs related to outstanding stock options | |||
Number of stock options granted | |||
2011 Stock Incentive Plan [Member] | |||
Number of stock option awards | |||
Expired date | Nov. 30, 2020 | ||
2011 Stock Incentive Plan [Member] | Maximum [Member] | |||
Maximum number of shares authorized for issuance under the plan | 4,000,000 |
Shareholders' Equity (Details N
Shareholders' Equity (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | ||
Dividends, preferred stock | ||
Stock issued during the period | ||
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common Stock [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 400,000,000 | |
Preferred Stock with Preference Rights [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 1,000,000 | |
Series B Preferred Stock [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Preferred stock liquidation preference, per share value | $ 100 | |
Dividends payable amount per share | $ 10 | |
Capital Stock [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Common stock, shares authorized | 401,000,000 |
Basic and Diluted Loss Per Sh_2
Basic and Diluted Loss Per Share (Details Narrative) - shares | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jan. 02, 2008 | Feb. 29, 2016 | Jul. 31, 2021 | Jul. 31, 2020 |
Dr. Phillip Frost [Member] | ||||
Lease term | 5 years | |||
Lease expired date | Dec. 31, 2012 | |||
Rental payments | $ 1,250 | $ 0 | $ 0 | |
Reduced amount in rental payments | $ 0 | |||
Rent expense | ||||
Dr. Phillip Frost [Member] | Minimum [Member] | ||||
Beneficial ownership percentage | 10.00% | |||
Cost Sharing Arrangement [Member] | ||||
Costs and expenses related party | 4,800 | 4,800 | ||
Cost Sharing Arrangement [Member] | Asensus Surgical, Inc [Member] | ||||
Accounts payable related parties | $ 400 | $ 400 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Sep. 30, 2007 | Jul. 31, 2021 | |
Lease expiration, date | 2012 | |
Purchase obligation | $ 13,900 | |
Purchase obligations commitments | The Company notified Sing Lin in June 2010 that it was terminating the Agreement effective September 2010, and Sing Lin in July 2010 demanded that the Company place orders sufficient to fulfill the three year minimum purchase obligations in the Agreement. | |
Sing Lin Technologies [Member] | ||
Payments to suppliers | $ 1,700 | |
Payables to customers | 41 | |
Product Development and Supply Agreement [Member] | Exer-Rest units [Member] | ||
Purchase obligation, due in next twelve months | 2,600 | |
Purchase obligation, due in second year | 4,100 | |
Purchase obligation, due in third year | $ 8,800 | |
Product Development and Supply Agreement [Member] | Sing Lin Technologies Co. Ltd. [Member] | ||
Manufacturing costs | $ 471 | |
Tooling cost | 150 | |
Payments on approval of product prototype concepts and designs | $ 150 |
Accounts Payable and Acccrued_3
Accounts Payable and Acccrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 217 | $ 210 |
Accrued redemption | 10 | 10 |
Accrued other | 22 | 18 |
Total | $ 249 | $ 238 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Income tax likelihood percentage description | Greater than 50 percent | |
Corporate tax rate percentage | 21.00% | 21.00% |
Operating loss carryforwards expire, description | Net operating loss carry forwards generated in 2019 and later years never expire. | |
Reduce taxable income percentage description | Reduce taxable income by 80 percent. | |
Deferred tax assets, valuation allowance | $ 4,341 | $ 4,315 |
Increase in valuation allowance | 26 | $ 35 |
Federal and State Tax Authority [Member] | ||
Operating loss carryforwards | 17,100 | |
Foreign Tax Authority [Member] | ||
Operating loss carryforwards | $ 100 |
Income Taxes - Schedule of Fede
Income Taxes - Schedule of Federal Income Tax Rate and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit at the federal statutory rate from continuing operations | $ (33) | $ (35) |
State income taxes, net of effect of federal taxes | (7) | (7) |
Expired net operating losses | 14 | 7 |
Change in valuation allowance | 26 | 35 |
Provision for income tax - continuing operations | ||
Total | ||
Income tax benefit at the federal statutory rate from continuing operations | 21.00% | 21.00% |
State income taxes, net of effect of federal taxes, rate | 4.30% | 4.20% |
Expired net operating losses, rate | (1.80%) | (4.20%) |
Change in valuation allowance, rate | (23.50%) | (21.00%) |
Provision for income tax - continuing operations | 0.00% | 0.00% |
Total | 0.00% | 0.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Federal and State net operating loss | $ 4,320 | $ 4,295 |
Foreign net operating loss | 18 | 18 |
Other | 3 | 2 |
Deferred tax assets gross, total | 4,341 | 4,315 |
Less: Valuation allowance | (4,341) | (4,315) |
Net deferred tax asset |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) $ in Thousands | 12 Months Ended |
Jul. 31, 2021USD ($) | |
Note and security agreement, description | The Company maintained a Note and Security Agreement with Frost Gamma Investments Trust, a trust controlled by Dr. Phillip Frost, which beneficially owns in excess of 10% of the Company's common stock ("Frost Gamma"), and Hsu Gamma Investments, LP, an entity controlled by the Company's Chairman and Interim CEO ("Hsu Gamma' and together with Frost Gamma, the "Lenders"), pursuant to which the Lenders had provided a revolving credit line (the "Credit Facility") in the aggregate principal amount of up to $1.0 million, secured by all of the Company's personal property. The interest rate payable on amounts outstanding under the Credit Facility was 11% per annum and would increase to 16% per annum after the Credit Facility Maturity Date or after an event of default. |
Revolving Credit Line [Member] | Maximum [Member] | |
Debt instrument, face amount | $ 1,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] $ in Thousands | Oct. 04, 2021USD ($) |
Dr. Phillip Frost [Member] | Frost Gamma Note [Member] | |
Promissory notes, principal amount | $ 75 |
Interest rate payable | 11.00% |
Maturity date | Oct. 4, 2023 |
Dr. Phillip Frost [Member] | Frost Gamma Note [Member] | Maximum [Member] | |
Beneficial ownership percentage | 10.00% |
Jane Hsiao [Member] | Hsiao Note [Member] | |
Promissory notes, principal amount | $ 75 |
Interest rate payable | 11.00% |
Jane Hsiao [Member] | Hsiao Note [Member] | Maximum [Member] | |
Beneficial ownership percentage | 10.00% |