Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2023 | Oct. 30, 2023 | Jan. 31, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jul. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity File Number | 000-13176 | ||
Entity Registrant Name | NON INVASIVE MONITORING SYSTEMS INC /FL/ | ||
Entity Central Index Key | 0000720762 | ||
Entity Tax Identification Number | 59-2007840 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Address, Address Line One | 4400 Biscayne Blvd. | ||
Entity Address, Address Line Two | Suite 180 | ||
Entity Address, City or Town | Miami | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33137 | ||
City Area Code | (305) | ||
Local Phone Number | 575-4200 | ||
Title of 12(b) Security | Common Stock $0.01 par value per share | ||
Trading Symbol | NIMU | ||
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 | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 2.3 | ||
Entity Common Stock, Shares Outstanding | 154,810,655 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 274 | ||
Auditor Name | EisnerAmper LLP | ||
Auditor Location | Fort Lauderdale, FL |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Current assets | ||
Cash | $ 7 | $ 15 |
Prepaid expenses | 16 | 6 |
Total current assets | 23 | 21 |
Total assets | 23 | 21 |
Current liabilities | ||
Accounts payable and accrued expenses | 240 | 219 |
Current liabilities - discontinued operations | 51 | 51 |
Total current liabilities | 291 | 270 |
Total liabilities | 635 | 434 |
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, 2023 and 2022, respectively | 1,548 | 1,548 |
Additional paid in capital | 26,574 | 26,574 |
Accumulated deficit | (28,734) | (28,535) |
Total shareholders’ deficit | (612) | (413) |
Total liabilities and shareholders’ deficit | 23 | 21 |
Related Party [Member] | ||
Current liabilities | ||
Notes payable – related parties | 300 | 150 |
Accrued interest – related parties | $ 44 | $ 14 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Preferred stock, shares authorized | 1,000,000 | |
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 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 100 | 100 |
Preferred stock, shares issued | 100 | 100 |
Preferred stock, shares outstanding | 100 | 100 |
Preferred stock, liquidation preference | $ 10 | $ 10 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Operating costs and expenses | ||
General and administrative | $ 169 | $ 159 |
Total operating costs and expenses | 169 | 159 |
Operating loss | (169) | (159) |
Interest expense | (30) | (14) |
Net loss | $ (199) | $ (173) |
Weighted average number of common shares outstanding - basic | 154,811 | 154,811 |
Weighted average number of common shares outstanding - diluted | 154,811 | 154,811 |
Basic loss per common share | $ 0 | $ 0 |
Diluted loss per common share | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Deficit - USD ($) $ in Thousands | Preferred Stock [Member] Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance, value at Jul. 31, 2021 | $ 1,548 | $ 26,574 | $ (28,362) | $ (240) | |
Balance, shares at Jul. 31, 2021 | 100 | 154,810,655 | |||
Net loss | (173) | (173) | |||
Balance, value at Jul. 31, 2022 | $ 1,548 | 26,574 | (28,535) | (413) | |
Balance, shares at Jul. 31, 2022 | 100 | 154,810,655 | |||
Net loss | (199) | (199) | |||
Balance, value at Jul. 31, 2023 | $ 1,548 | $ 26,574 | $ (28,734) | $ (612) | |
Balance, shares at Jul. 31, 2023 | 100 | 154,810,655 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Operating activities | ||
Net loss | $ (199) | $ (173) |
Changes in operating assets and liabilities | ||
Prepaid expenses | (10) | (2) |
Accounts payable and accrued expenses | 21 | (29) |
Net cash used in operating activities | (158) | (190) |
Financing activities | ||
Proceeds from notes payable – related parties | 150 | 150 |
Net cash provided by financing activities | 150 | 150 |
Net decrease in cash | (8) | (40) |
Cash, beginning of year | 15 | 55 |
Cash, end of year | 7 | 15 |
Related Party [Member] | ||
Changes in operating assets and liabilities | ||
Accrued interest – related parties | $ 30 | $ 14 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | 1. ORGANIZATION AND BUSINESS Organization. ® Business. Going Concern. 0.2 28.7 7,000 268,000 On August 15, 2023, the Company entered into a Promissory Note in the principal amount of $ 200,000 10 11 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Discontinued Operations Use of Estimates Cash and Cash Equivalents 7,000 15,000 Income Taxes The Company files its tax returns as prescribed by the laws of the jurisdictions in which it operates. Tax years ranging from 2019 to 2023 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. The net operating losses are generally subject to examination up to three years after the utilization of such losses. 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, 2023 | |
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 for discontinued operations is as stated below (in thousands): SCHEDULE OF BALANCE SHEETS OF DISCONTINUED OPERATIONS As of July 31, 2023 As of July 31, 2022 Current liabilities – discontinued operations Accounts payable and accrued expenses $ 51 $ 51 Total current liabilities – discontinued operations 51 51 Total liabilities – discontinued operations $ 51 $ 51 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Jul. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | 4. 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 401,000,000 400,000,000 1,000,000 Series B Preferred Stock is not redeemable by the Company and has a liquidation value of $ 100 10 No The Company did no the years ended July 31, 2023 and 2022. |
BASIC AND DILUTED LOSS PER SHAR
BASIC AND DILUTED LOSS PER SHARE | 12 Months Ended |
Jul. 31, 2023 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED LOSS PER SHARE | 5. 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, 2023 and 2022, no |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jul. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS Dr. Hsiao and directors Dr. Frost and Rao Uppaluri and former director Steve Rubin 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. Dr. Frost is a director and over 5% shareholder of Cocrystal Pharma, Inc. (“Cocrystal Pharma”), a clinical stage Nasdaq listed biotechnology company 0 400 no The Company signed a five year 10 December 31, 2012 1,250 0 no 0 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. |
NOTES PAYABLE _ RELATED PARTY
NOTES PAYABLE – RELATED PARTY | 12 Months Ended |
Jul. 31, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE – RELATED PARTY | 7. NOTES PAYABLE – RELATED PARTY On September 16, 2022, the Company entered into two Promissory Notes in the principal amount of $ 75,000 11 July 31, 2025 On October 4, 2021, the Company entered into two Promissory Notes in the principal amount of $ 75,000 11 July 31, 2025 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jul. 31, 2023 | |
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 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Jul. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses from continuing operations are summarized in the following table (in thousands): SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES July 31, 2023 July 31, 2022 Accounts payable $ 209 $ 203 Accrued redemption 10 10 Accrued other 21 6 Total $ 240 $ 219 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 10. INCOME TAXES The Company accounts for income taxes using the asset and liability method. Pursuant to this method, deferred tax assets and liabilities are established for the differences between the financial reporting and the tax bases of the Company’s assets and liabilities and net operating loss carryforwards 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 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 2019 to 2023 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 2018 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 SCHEDULE OF FEDERAL INCOME TAX RATE AND INCOME TAXES July 31, 2023 % July 31, 2022 % Income tax benefit at the federal statutory rate from continuing operations $ (42 ) 21.0 $ (36 ) 21.0 State income taxes, net of effect of federal taxes (9 ) 4.5 (7 ) 4.3 Expired net operating losses 364 (182.8 ) 282 (164.3 ) Change in valuation allowance (313 ) 157.3 (239 ) 139.0 Total $ - - $ - - The tax effects of temporary differences that give rise to significant portions of the deferred tax assets consist of the following (in thousands): SCHEDULE OF DEFERRED TAX ASSETS July 31, 2023 July 31, 2022 Federal and State net operating loss $ 3,768 $ 4,081 Foreign net operating loss 18 18 Other 3 3 Deferred tax assets gross,total 3,789 4,102 Less: Valuation allowance (3,789 ) (4,102 ) Net deferred tax asset $ - $ - At July 31, 2023, the Company had available Federal and State net operating loss carry forwards of approximately $ 14.8 0.1 Net operating loss carry forwards generated in 2019 and later years never expire reduce taxable income by 80 percent 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 $ 3.8 4.1 313,000 239,000 no |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jul. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 11. SUBSEQUENT EVENTS On August 15, 2023, the Company entered into a Promissory Note in the principal amount of $ 200,000 11 July 31, 2025 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation |
Discontinued Operations | Discontinued Operations |
Use of Estimates | Use of Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents 7,000 15,000 |
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 2019 to 2023 remain open to examination by various taxing jurisdictions as the statute of limitations has not expired. The net operating losses are generally subject to examination up to three years after the utilization of such losses. 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, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
SCHEDULE OF BALANCE SHEETS OF DISCONTINUED OPERATIONS | The detail of the consolidated balance sheets for discontinued operations is as stated below (in thousands): SCHEDULE OF BALANCE SHEETS OF DISCONTINUED OPERATIONS As of July 31, 2023 As of July 31, 2022 Current liabilities – discontinued operations Accounts payable and accrued expenses $ 51 $ 51 Total current liabilities – discontinued operations 51 51 Total liabilities – discontinued operations $ 51 $ 51 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
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): SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES July 31, 2023 July 31, 2022 Accounts payable $ 209 $ 203 Accrued redemption 10 10 Accrued other 21 6 Total $ 240 $ 219 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF FEDERAL INCOME TAX RATE AND INCOME TAXES | SCHEDULE OF FEDERAL INCOME TAX RATE AND INCOME TAXES July 31, 2023 % July 31, 2022 % Income tax benefit at the federal statutory rate from continuing operations $ (42 ) 21.0 $ (36 ) 21.0 State income taxes, net of effect of federal taxes (9 ) 4.5 (7 ) 4.3 Expired net operating losses 364 (182.8 ) 282 (164.3 ) Change in valuation allowance (313 ) 157.3 (239 ) 139.0 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): SCHEDULE OF DEFERRED TAX ASSETS July 31, 2023 July 31, 2022 Federal and State net operating loss $ 3,768 $ 4,081 Foreign net operating loss 18 18 Other 3 3 Deferred tax assets gross,total 3,789 4,102 Less: Valuation allowance (3,789 ) (4,102 ) Net deferred tax asset $ - $ - |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details Narrative) - USD ($) | 12 Months Ended | ||
Aug. 15, 2023 | Jul. 31, 2023 | Jul. 31, 2022 | |
Short-Term Debt [Line Items] | |||
Net losses from continuing operations | $ 200,000 | $ 200,000 | |
Accumulated deficit | 28,734,000 | $ 28,535,000 | |
Cash | 7,000 | ||
Working capital deficit | $ 268,000 | ||
Subsequent Event [Member] | Frost Gamma [Member] | |||
Short-Term Debt [Line Items] | |||
Beneficial ownership percentage | 10% | ||
Frost Gamma Note [Member] | Subsequent Event [Member] | |||
Short-Term Debt [Line Items] | |||
Promissory notes, principal amount | $ 200,000 | ||
Frost Gamma Note [Member] | Subsequent Event [Member] | Dr. Phillip Frost [Member] | |||
Short-Term Debt [Line Items] | |||
Interest rate payable | 11% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Accounting Policies [Abstract] | ||
Cash at bank | $ 7,000 | $ 15,000 |
SCHEDULE OF BALANCE SHEETS OF D
SCHEDULE OF BALANCE SHEETS OF DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Current liabilities – discontinued operations | ||
Accounts payable and accrued expenses | $ 51 | $ 51 |
Total current liabilities – discontinued operations | 51 | 51 |
Total liabilities – discontinued operations | $ 51 | $ 51 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Class of Stock [Line Items] | ||
Capital units, authorized | 401,000,000 | |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Preferred stock, designated shares | 1,000,000 | |
Dividends, preferred stock | $ 0 | $ 0 |
Stock issued during the period | 0 | 0 |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, designated shares | 100 | 100 |
Preferred stock liquidation preference, per share value | $ 100 | |
Dividends payable amount per share | $ 10 |
BASIC AND DILUTED LOSS PER SH_2
BASIC AND DILUTED LOSS PER SHARE (Details Narrative) - shares | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 01, 2008 | Feb. 29, 2016 | Jul. 31, 2023 | Jul. 31, 2022 | |
Related Party Transaction [Line Items] | ||||
Accounts payable, related parties | $ 209,000 | $ 203,000 | ||
Dr. Phillip Frost [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease term | 5 years | |||
Beneficial ownership percentage | 10% | |||
Lease expired date | Dec. 31, 2012 | |||
Rental payments | $ 1,250 | $ 0 | 0 | 0 |
Rent expense | 0 | $ 0 | ||
Cost Sharing Arrangement [Member] | Cocrystal Pharma Inc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, description | Dr. Frost is a director and over 5% shareholder of Cocrystal Pharma, Inc. (“Cocrystal Pharma”), a clinical stage Nasdaq listed biotechnology company | |||
Cost Sharing Arrangement [Member] | Asensus Surgical Inc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Costs and expenses of related party | 0 | $ 400 | ||
Accounts payable, related parties | $ 0 | $ 0 |
NOTES PAYABLE _ RELATED PARTY (
NOTES PAYABLE – RELATED PARTY (Details Narrative) - Two Promissory Notes [Member] - USD ($) | Sep. 16, 2022 | Oct. 04, 2021 |
Short-Term Debt [Line Items] | ||
Note and security agreement, description | the Company entered into two Promissory Notes in the principal amount of $75,000 each with Frost Gamma Investments Trust (the “2022 Frost Gamma Note”), a trust controlled by Dr. Phillip Frost, a current director, and with Jane Hsiao, Ph.D., the Company’s Chairman and Interim CEO (the “2022 Hsiao Note”), both which beneficially own in excess of 10% of NIMS’ common stock. The interest rate payable by NIMS on the 2022 Frost Gamma Note and 2022 Hsiao Note is 11% per annum, payable on the Maturity Date of July 31, 2025, as amended on August 15, 2023. The 2022 Frost Gamma Note and 2022 Hsiao Note may be prepaid in advance of the Maturity Date without penalty | the Company entered into two Promissory Notes in the principal amount of $75,000 each with Frost Gamma Investments Trust (the “2021 Frost Gamma Note”), a trust controlled by Dr. Phillip Frost, a current director, and with Jane Hsiao, Ph.D., the Company’s Chairman and Interim CEO (the “2021 Hsiao Note”), both which beneficially own in excess of 10% of NIMS’ common stock. The interest rate payable by NIMS on the 2021 Frost Gamma Note and 2021 Hsiao Note is 11% per annum, payable on the Maturity Date of July 31, 2025, as amended on August 15, 2023. The 2021 Frost Gamma Note and 2021 Hsiao Note may be prepaid in advance of the Maturity Date without penalty |
Promissory notes, principal amount | $ 75,000 | $ 75,000 |
Interest rate payable, percentage | 11% | 11% |
Maturity date | Jul. 31, 2025 | Jul. 31, 2025 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 12 Months Ended |
Jul. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease expiration, date | 2012 |
SCHEDULE OF ACCOUNTS PAYABLE AN
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 209 | $ 203 |
Accrued redemption | 10 | 10 |
Accrued other | 21 | 6 |
Total | $ 240 | $ 219 |
SCHEDULE OF FEDERAL INCOME TAX
SCHEDULE OF FEDERAL INCOME TAX RATE AND INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit at the federal statutory rate from continuing operations | $ (42) | $ (36) |
Income tax benefit at the federal statutory rate from continuing operations, percent | 21% | 21% |
State income taxes, net of effect of federal taxes | $ (9) | $ (7) |
State income taxes, net of effect of federal taxes, rate | 4.50% | 4.30% |
Expired net operating losses | $ 364 | $ 282 |
Expired net operating losses, rate | (182.80%) | (164.30%) |
Change in valuation allowance | $ (313) | $ (239) |
Change in valuation allowance, rate | 157.30% | 139% |
Total | ||
Total Percentage |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Federal and State net operating loss | $ 3,768 | $ 4,081 |
Foreign net operating loss | 18 | 18 |
Other | 3 | 3 |
Deferred tax assets gross,total | 3,789 | 4,102 |
Less: Valuation allowance | (3,789) | (4,102) |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | ||
Income tax likelihood percentage description | greater than 50 percent | |
Statutory federal income tax rate | 21% | 21% |
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 | $ 3,789,000 | $ 4,102,000 |
Decrease in valuation allowance | 313,000 | 239,000 |
Income taxes paid | 0 | $ 0 |
Fedral And State Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 14,800,000 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 100,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Promissory Note [Member] - Subsequent Event [Member] | Aug. 15, 2023 USD ($) |
Subsequent Event [Line Items] | |
Note and security agreement, description | the Company entered into a Promissory Note in the principal amount of $200,000 with Frost Gamma Investments Trust (the “2023 Frost Gamma Note”), a trust controlled by Dr. Phillip Frost, which beneficially owns in excess of 10% of the Company’s common stock. The interest rate payable by NIMS on the 2023 Frost Gamma Note is 11% per annum, payable on the maturity date of July 31, 2025 (the “Maturity Date”). The 2023 Frost Gamma Note may be prepaid in advance of the Maturity Date without penalty |
Interest rate payable, percentage | 11% |
Maturity date | Jul. 31, 2025 |
Dr. Phillip Frost [Member] | |
Subsequent Event [Line Items] | |
Promissory notes, principal amount | $ 200,000 |