Delaware
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98-0178636
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(State
or other jurisdiction of
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
No.)
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33 Harbour Square, Suite 202, Toronto,
Canada
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M5J 2G2
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(Address
of principal executive offices)
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(Zip
Code)
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Title of each class
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Name of each exchange on which
registered
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Common
Stock, $.001 par value per share
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The
NASDAQ Stock Market LLC
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Large
accelerated filer o
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Accelerated
filer þ
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Non-accelerated
filer o
(Do
not check if a smaller reporting company)
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Smaller
reporting company o
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Page
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Forward-Looking Statements
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||||
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Part I
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Item
1.
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Business.
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2
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Item
1A.
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Risk
Factors.
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19
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Item
1B.
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Unresolved
Staff Comments.
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25
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Item
2.
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Properties.
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26
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Item
3.
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Legal
Proceedings.
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26
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Item
4.
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Executive
Officers of the Registrant
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27
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27
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Part II
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||||
Item
5.
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Market
For Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
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29
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Item
6.
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Selected
Financial Data.
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31
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Item
7.
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Management’s
Discussion and Analysis of Financial Condition and Results of
Operations.
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32
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Item
7A.
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Quantitative
and Qualitative Disclosures About Market Risk
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42
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Item
8.
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Financial
Statements and Supplementary Data.
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44
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Item
9.
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Changes
in and Disagreements With Accountants on Accounting and Financial
Disclosure.
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90
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Item
9A.
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Controls
and Procedures.
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90
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Item
9B.
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Other
Information.
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92
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Part III
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||||
Item
10.
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Directors,
Executive Officers and Corporate Governance.
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92
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Item
11.
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Executive
Compensation.
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92
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Item
12.
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Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters.
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92
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Item
13.
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Certain
Relationships and Related Transactions, and Director
Independence.
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92
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Item
14.
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Principal
Accountant Fees and Services.
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92
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Part IV
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||||
Item
15.
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Exhibits
and Financial Statement Schedules.
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92
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Signatures
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94
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·
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our expectations concerning
product candidates for our
technologies;
|
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·
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our expectations concerning
existing or potential development and license agreements for third-party
collaborations and joint
ventures;
|
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·
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our expectations of when
different phases of clinical activity may commence and
conclude;
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·
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our expectations of when
regulatory submissions may be filed or when regulatory approvals may be
received; and
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·
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our expectations of when
commercial sales of our products may commence and when actual revenue from
the product sales may be
received.
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·
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the inherent uncertainties of
product development based on our new and as yet not fully proven
technologies;
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·
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the risks and uncertainties
regarding the actual effect on humans of seemingly safe and efficacious
formulations and treatments when tested
clinically;
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·
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the inherent uncertainties
associated with clinical trials of product
candidates;
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·
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the inherent uncertainties
associated with the process of obtaining regulatory approval to market
product candidates;
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·
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the inherent uncertainties
associated with commercialization of products that have received
regulatory approval; and
|
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·
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the volatility of, and recent
decline in, our stock price that led NASDAQ to issue a delisting
determination on May 6, 2010 due to our failure to regain compliance with
NASDAQ Listing Rule 5550(a)(2), which requires us to have a minimum bid
price per share of at least $1.00 for a minimum of ten consecutive
business days;
|
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·
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the success of our appeal of
NASDAQ’s delisting determination, the length of time that NASDAQ will give
us to regain compliance, and our ability to regain compliance with NASDAQ
Listing Rule 5550(a)(2) through a reverse stock split which our
stockholders will consider at the Special Meeting, which has been
adjourned until October 15, 2010;
and
|
|
·
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our ability to obtain the
necessary financing to fund our
operations.
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·
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Completing
Phase III clinical trials of Generex Oral-lyn™ in the United States and
Canada, Europe and certain countries in Eastern Europe including Russia,
Ukraine, Bulgaria and Romania.
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·
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Commercializing
Generex Oral-lyn™ in Ecuador, India, Lebanon and Algeria, the countries
where we have obtained regulatory approval for its commercial marketing
and sale, by undertaking additional commercial manufacturing runs of
Generex Oral-lyn™ at PharmaBrand, S.A.’s facilities in Quito, Ecuador and
Catalent Pharma Solutions in North Carolina and expanding such production
facilities to meet the anticipated demand for the product in India,
Lebanon, Algeria and other jurisdictions where governmental approvals are
pending.
|
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·
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Expanding
the patient base in the United States under the FDA’s Treatment IND
program, which provides diabetes patients who do not otherwise
qualify to participate in a clinical trial or who have no other
satisfactory alternative treatment for diabetes, to have access to Generex
Oral-lyn™, as well as expanding the patient base in Canada where Generex
Oral-lyn™ is available under the SAP authorization from Health Canada for
a patient-specific, physician-supervised treatment of Type-1
diabetes.
|
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·
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Establishing
strategic relationships worldwide for product development and distribution
and working with our multinational licensed distributors in the Middle
East and throughout Eastern Europe, Africa and Asia to obtain regulatory
approval for the registration, importation, marketing, distribution and
sale of Generex Oral-lyn™ in those
countries.
|
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·
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Completing
our ongoing Phase II clinical trials of Antigen’s synthetic peptide
vaccines designed to stimulate a potent and specific immune response
against tumors expressing the HER-2/neu oncogene for patients with
HER-2/neu positive breast cancer, conducting a Phase II prostate cancer
trial and a Phase I trial in patients with breast or ovarian
cancer.
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·
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Conducting
further clinical trials of Antigen’s synthetic peptide vaccines against
avian (H5N1) influenza and initiating clinical trial of such vaccines
against swine (H1N1) influenza.
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·
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Exploring
other applications for our RapidMist platform buccal technology; morphine,
LWH, fentanyl (all of which have undergone Phase I clinical studies), as
well as veterinary applications.
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·
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Creating
a pipeline of products for the consumer health marketplace using our
buccal delivery technology.
|
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·
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Conducting
appropriate pre-clinical laboratory evaluations, including animal studies,
in compliance with the FDA’s Good Laboratory Practice (“GLP”)
requirements, to assess the potential safety and efficacy of the product,
and to characterize and document the product’s chemistry, manufacturing
controls, formulation and
stability;
|
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·
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Submitting
the results of these evaluations and tests to the FDA, along with
manufacturing information, analytical data, and protocols for clinical
studies, in an IND Application, and receiving approval from the FDA that
the clinical studies proposed under the IND are allowed to
proceed;
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·
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Obtaining
approval of Institutional Review Boards (“IRBs”) to administer the product
to humans in clinical studies; conducting adequate and well-controlled
human clinical trials in compliance with the FDA’s Good Clinical Practice
(“GCP”) requirements that establish the safety and efficacy of the product
candidate for the intended use;
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·
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Developing
manufacturing processes which conform to the FDA’s current Good
Manufacturing Practices, or cGMPs, as confirmed by FDA
inspection;
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·
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Submitting
to the FDA the results of pre-clinical studies, clinical studies, and
adequate data on chemistry, manufacturing and control information to
ensure reproducible product quality batch after batch, in an NDA or
Biologics License Application (“BLA”);
and
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·
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Obtaining
FDA approval of the NDA, including inspection and approval of the product
manufacturing facility as compliant with cGMP requirements, prior to any
commercial sale or shipment of the pharmaceutical
agent.
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·
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Primary
and Secondary Pharmacodynamics
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·
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Safety
Pharmacology
|
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·
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Other
Pharmacodynamics
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·
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Single
and Multiple Dose Kinetics
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|
·
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Tissue
Distribution
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·
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Metabolism
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·
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PK
Drug Interactions
|
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·
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Other PK
studies
|
|
·
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Single
and Multiple Dose Toxicity
|
|
·
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Genotoxicity
|
|
·
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Carcinogenicity
|
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·
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Reproduction
Toxicity
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·
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Other
Toxicity
|
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·
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We
obtained regulatory approval to begin clinical trials of our oral insulin
formulation in Canada in November 1998. In April 2003, we received
approval of an Oral-lyn™ Phase II-B clinical trial protocol in
Canada. In September 2006 Health Canada approved our Clinical
Trial Application in respect of our proposed Generex Oral-lyn™ protocol
for late-stage trials; we expect to use the data collected from these
trials in the New Drug Submission that will be prepared concurrently with
the progression of the late-stage
trials.
|
|
·
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We
obtained regulatory approval in Canada to begin clinical trials of our
buccal morphine product in March 2002 and our fentanyl product in October
2002.
|
|
·
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In
May 2005, we received approval from the Ecuadorian Ministry of Public
Health for the commercial marketing and sale of Generex Oral- lyn™ for
treatment of Type 1 and Type 2
diabetes.
|
|
·
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In
November 2007, we obtained approval for the importation and commercial
marketing and sale in India of Generex Oral-lyn™ under the marketing name
of Oral Recosulin™ from the Central Drugs Standard Control Organization
(CDSCO), Directorate General of Health Services, Government of India,
which is responsible for authorizing marketing approval of all new
pharmaceutical products in India. Per the requirements of the
approval, an in-country clinical study must be completed in India with
Oral Recosulin™ before commercial sales can
commence.
|
|
*
|
We
received a Special Access Program (SAP) authorization from Health Canada
for a patient-specific, physician-supervised treatment of patients with
diabetes using Generex Oral-lyn™ in April 2008. SAP provides access to
non-marketed drugs for practitioners treating patients with serious or
life-threatening conditions when conventional therapies have failed, are
not available or unsuitable. We received a similar authorization from
health authorities in Netherlands in September
2008.
|
|
·
|
Applications
were filed and approvals obtained in May 2007 for a Phase I prostate
cancer trial using AE37 in Athens, Greece from the Hellenic Organization
of Drugs. This Phase I trial was completed in August
2009.
|
|
*
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The
Ministry of Health in Lebanon gave approval for the Phase I trial of our
experimental H5N1 prophylactic vaccine in Beirut, Lebanon following
submission of an application. In December 2008, we, together with
our marketing partner Benta SA., received an approval to market Generex
Oral-lyn™ in Lebanon. Benta is currently working on reimbursement
policy for Generex Oral-lyn™. The official product launch in Lebanon took
place in May 2009.
|
|
*
|
In
May 2009, the Algerian health authorities granted us permission to import
and sell Generex Oral-lyn™ for the treatment of diabetes in Algeria.
Through the efforts of our business development team, in association with
the Generex MENA, we have entered into a marketing sub-distribution
relationship with Algerian company Continental Pharm Laboratoire.
The official product launch in Algeria took place in October 2009,
although to date we have not recognized any revenue from the sale of
Generex Oral-lyn™ in Algeria.
|
|
*
|
In September 2009, the FDA in the
U.S. granted approval for the treatment use of Generex Oral-lyn™ under the FDA's Treatment
Investigational New Drug (IND) program. The FDA's Treatment IND
program allows us to provide early access to Generex Oral-lyn™ for patients with serious or
life-threatening conditions for which there is no satisfactory alternative
treatment.
|
|
·
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Leosons
General Trading Company, which holds the license under which the Generex
MENA Office operates, for 20 Middle Eastern and North African
countries;
|
|
·
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Shreya
Life Sciences Pvt. Ltd. for India, Pakistan, Bangladesh, Nepal, Bhutan,
Sri Lanka, and Myanmar;
|
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·
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Adcock
Ingram Limited and Adcock Ingram Healthcare (Pty) Ltd. for South Africa,
Lesotho, Swaziland, Botswana, Namibia, Mozambique and
Zimbabwe;
|
|
·
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E&V
Alca Distribution Corp. for Albania, Montenegro, and the
Kosovo;
|
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·
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Medrey
S.A.L. (formerly MedGen Corp.) and Benta S.A.L. for
Lebanon;
|
|
·
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SciGen,
Ltd. for China, Hong Kong, Indonesia, Malaysia, the Philippines,
Singapore, Thailand and Vietnam;
|
|
·
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Dong
Sung Pharm. Co. Ltd. for South Korea;
and
|
|
·
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PMG
S.A. for Chile.
|
|
·
|
MannKind
Corporation’s product candidates include AFREZZA®, a mealtime insulin
therapy being studied for use in adult patients with type 1 and type 2
diabetes. It is a drug-device combination product which administers
insulin through inhalation to the lungs. MannKind submitted an NDA
to the FDA requesting approval to market AFRESA in May 2009 and the NDA is
still currently under review by the
FDA.
|
|
·
|
Nektar
Therapeutics and Pfizer terminated their collaborative development and
licensing agreement for Exubera® and Nektar’s next-generation inhaled
insulin product in November 2007. Exubera® was the first inhaled
insulin formulation to receive FDA approval. In April 2008, Nektar
announced that it had ceased all negotiations with potential partners for
Exubera® and the next-general inhaled insulin product as a result of new
data analysis from ongoing clinical trials conducted by Pfizer which
indicated an increased risk of lung cancer in certain patients. We are not
aware of any product candidates under development by Nektar that compete
directly with Oral-lyn™, nor are we aware of any product currently in
Pfizer’s pipeline that directly competes with
Oral-lyn™.
|
|
·
|
Novo
Nordisk A/S, one of the two leading manufacturers of insulin in the world,
announced in May 2008 the termination of clinical testing of the pulmonary
delivery system for inhaled insulin, the AERx® insulin Diabetes Management
System (AERx iDMS), initially developed by Aradigm Corporation. The
product was in Phase III clinical trials at the time of Novo Nordisk’s
announcement.
|
|
·
|
Alkermes,
Inc. and Eli Lilly and Company entered into a licensing agreement in 2001
for the development of an AIR® inhaled insulin system based upon Alkermes’
AIR® pulmonary drug delivery system for large molecule drugs to the lungs
with a dry power formulation. In March 2008, Eli Lilly announced its
termination of development work relating to this
product.
|
|
·
|
In
May 2009, Alkermes, Amylin Pharmaceuticals, Inc. and Eli Lilly and Company
submitted a NDA for exenatide once weekly, an extended-release injectable
formulation, to the FDA. The NDA was accepted for review by the FDA in
July 2009. If approved, exenatide once weekly would be the first
once-a-week therapy for the treatment of type 2
diabetes.
|
|
·
|
CPEX
Pharmaceuticals, Inc.’s proprietary permeation enhancer, CPE-215®,
provides skin, mouth, nose and eye membrane absorption of a variety of
pharmaceuticals. CPEX has applied this technology to Nasulin™,
through which insulin is absorbed via nasal mucosa. Nasulin™ is
currently in Phase II clinical trials. Bentley Pharmaceuticals spun
off its drug delivery business as CPEX prior to Bentley’s merger with Teva
Pharmaceuticals Industries, Ltd.
|
|
·
|
There
are several companies that are working on developing products which
involve the oral delivery of analogs of insulin. Oramed Pharmaceuticals is
developing an orally ingestible insulin capsule which is currently in
Phase II clinical trials. Emisphere Technologies, Inc. has done some
research on oral insulin and completed Phase II clinical trials in 2006,
however they have announced that they will not currently focus their
development resources on oral insulin, but will instead focus their
diabetes treatment research on developing GLP-1 analogs. Biocon
Limited has developed IN-105, a tablet for the oral delivery of insulin,
which is currently in phase II
trials.
|
|
·
|
Cephalon,
Inc. received FDA approval in September 2006 for FENTORA™ and launched the
product in the United States shortly thereafter. FENTORA™ is a
fentanyl buccal tablet that is placed between the patient’s upper cheek
and gum and is indicated for the management of breakthrough pain in
patients with cancer who are already receiving and are tolerant to opioid
therapy for their underlying persistent cancer
pain.
|
|
·
|
MDRNA,
Inc. (formerly Nastech Pharmaceuticals) was developing an intranasal
formulation of morphine that was in Phase II clinical trials, but
announced in 2008 that they were decreasing their focus on intranasal
products including morphine.
|
|
·
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Other
competing products commonly prescribed to treat persistent pain are
Ortho-McNeil’s DURAGESIC® and Purdue Pharmaceuticals’ OXYCONTIN® and
MS-CONTIN®.
|
|
·
|
Novavax,
Inc. is a
clinical-stage biotechnology company which is developing vaccines to
address a broad range of infectious diseases, including H1N1, seasonal
influenza and respiratory syncytial virus (RSV) using proprietary
virus-like particle technology. In September 2009, Novavax announced
favorable results from a Phase II clinical trial of its seasonal flu
vaccination product and in August 2009 announced positive preclinical
results for a H1N1 influenza
product.
|
|
·
|
Apthera,
Inc. is focused on bringing a pipeline of peptide-based immunotherapies to
market to treat cancer. Apthera’s product, NeuVax™, is currently in
clinical testing targeting a range of HER2-positive cancers. Apthera
is preparing to launch a pivotal Phase III clinical trial to evaluate
NeuVax™ for the treatment of early stage, HER2-positive breast cancer.
Clinical trials are currently underway to test NeuVax™ as a treatment for
prostate cancer, and to use NeuVax™ in combination with Herceptin® to
target breast cancer.
|
|
·
|
Advaxis,
Inc. uses a proprietary technique to bioengineer Listeria bacteria to
create a specific antigen that can stimulate an immune response after
recognition by the recipient’s immune system. Advaxis’ most advanced
product candidate is Lovaxin C, which is used to treat head and neck
cancer and human papillomavirus (HPV)-derived cervical cancer.
Advaxis has completed Phase I clinical trial stage for Lovaxin C and has
prostate and breast cancer vaccines in preclinical
phases.
|
|
·
|
Micromet,
Inc. uses two platform technologies to treat cancers, autoimmune diseases
and inflammation: (i) the creation of Single-Chain Antibodies (SCAs)
through the use of the antigen-binding region of a full-sized antibody,
held together by a linker; and (ii) BiTE® technology which utilizes the
body’s CTLs to attack tumor cells. Micromet is currently in Phase II
clinical trials for its most developed product candidate, adecatumumab
(MT201), for treatment of metastatic breast
cancer.
|
|
·
|
Sanofi
Pasteur Inc., the vaccine division of sanofi-aventis and one of the
largest vaccines companies in the world, has product candidates including
inoculations against 20 varieties of infectious diseases. It
received FDA approval for an H5N1 avian influenza vaccine in April 2007
and for an H1N1 vaccine in September
2009.
|
|
·
|
Dendreon
Corporation’s product portfolio includes therapeutic vaccines, monoclonal
antibodies and small molecules. Its most advanced product candidate,
Provenge® (sipuleucel-T), an investigational autologous (patient-specific)
active cellular immunotherapy (ACI) for the treatment of prostate cancer
received FDA approval in April 2010. Dendreon has completed Phase I
clinical trials in of Lapuleucel-T in patients with breast, ovarian and
colorectal tumors. Lapuleucel-T targets HER/2-positive
cancers.
|
|
·
|
Cell
Genesys, Inc. was developing products for the treatment of prostate
cancer. The GVAX™ cancer treatments are composed of tumor cells that
are genetically modified to secrete an immune-stimulating cytokine and are
irradiated for safety. Cell Genesys and Takeda Pharmaceutical Co.
entered into an exclusive licensing agreement for GVAX in March
2008. In late 2008, Cell Genesys announced it was terminating the
Phase III trials for the GVAX™ prostate cancer products. In May
2010, BioSante Pharmaceuticals, Inc. announced that development of the
GVAX vaccine for the treatment of prostate cancer has been reinitiated and
Phase II human clinical trials are expected to begin in the fourth quarter
of 2010.
|
|
·
|
Pharmexa-Epimmune,
Inc., the U.S. subsidiary of Pharmexa A/S, was sold to Korean company,
VaxOnco, Inc., a Korean company specializing in peptide based vaccines, in
April 2009. Pharmexa-Epimmune has in its product pipeline a peptide
vaccine, GV1001, which is in Phase III clinical trials for pancreatic
cancer and Phase II clinical trials for liver and non-small cell lung
cancer and two vaccines against HER/2-positive breast cancer in Phase I
and Phase II clinical trials. Pharmexa-Epimmune has received
significant NIH funding for vaccines against malaria and HIV, some of
which are currently in Phase I
testing.
|
|
·
|
CEL-SCI
Corporation’s main product is Multikine® an immunotherapeutic agent being
developed as a cancer treatment. Multikine®’s goal is to harness the
body's natural ability to fight tumors. Multikine® has been cleared
in the U.S. and Canada for study in a global Phase III clinical trial in
advanced primary (not yet treated) head and neck cancer
patients.
|
Item 1A.
|
Risk
Factors
|
|
·
|
To proceed with the development
of our buccal insulin
product;
|
|
·
|
To finance the research and
development of new products based on our buccal delivery and
immunomedicine technologies, including clinical testing relating to new
products;
|
|
·
|
To finance the research and
development activities of our subsidiary Antigen with respect to other
potential technologies;
|
|
·
|
To commercially launch and market
developed products;
|
|
·
|
To develop or acquire other
technologies or other lines of
business;
|
|
·
|
To establish and expand our
manufacturing capabilities;
|
|
·
|
To finance general and
administrative activities that are not related to specific products under
development; and
|
|
·
|
To otherwise carry on
business.
|
|
·
|
acceptance of the formulation or
treatment by health care professionals and diabetic
patients;
|
|
·
|
the availability, effectiveness
and relative cost of alternative diabetes or immunomedicine treatments
that may be developed by competitors;
and
|
|
·
|
the availability of third-party
(i.e. insurer and governmental agency)
reimbursements.
|
|
·
|
announcements of research
activities and technology innovations or new products by us or our
competitors;
|
|
·
|
changes in market valuation of
companies in our industry
generally;
|
|
·
|
variations in operating
results;
|
|
·
|
changes in governmental
regulations;
|
|
·
|
developments in patent and other
proprietary rights;
|
|
·
|
public concern as to the safety
of drugs or treatments developed by us or
others;
|
|
·
|
results of clinical trials of our
products or our competitors' products;
and
|
|
·
|
regulatory action or inaction on
our products or our competitors'
products.
|
Item
1B.
|
Unresolved
Staff Comments.
|
Item
2.
|
Properties.
|
Item
3.
|
Legal
Proceedings.
|
Name
|
Age
|
Position
Held with Generex
|
||
Mark
A. Fletcher
|
45
|
Interim
President/Chief Executive Officer, General Counsel and
Secretary
|
||
Rose
C. Perri
|
43
|
Chief
Operating Officer, Chief Financial Officer, Treasurer and
Director
|
||
Gerald
Bernstein, M.D.
|
77
|
Vice
President, Medical
Affairs
|
Item
5.
|
Market
For Registrant’s Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity
Securities.
|
Bid Prices
|
||||||||
High
|
Low
|
|||||||
|
|
|||||||
Fiscal 2009
|
||||||||
First
Quarter
|
$ | 0.80 | 0.26 | |||||
Second
Quarter
|
$ | 0.67 | 0.30 | |||||
Third
Quarter
|
$ | 0.70 | 0.08 | |||||
Fourth
Quarter
|
$ | 1.14 | 0.35 | |||||
Fiscal 2010
|
||||||||
First
Quarter
|
$ | 1.01 | $ | 0.51 | ||||
Second
Quarter
|
$ | 0.73 | $ | 0.45 | ||||
Third
Quarter
|
$ | 0.70 | $ | 0.36 | ||||
Fourth
Quarter
|
$ | 0.47 | $ | 0.31 |
Item 6.
|
Selected Financial
Data.
|
In thousands (except per share data)
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||
Operating Results:
|
||||||||||||||||||||
Revenue
|
$ | 1,173 | $ | 1,118 | $ | 125 | $ | 180 | $ | 175 | ||||||||||
Net
Loss
|
(25,280 | ) | (45,812 | ) | (36,229 | ) | (23,505 | ) | (67,967 | ) | ||||||||||
Net
Loss Available to Common Stockholders
|
(25,280 | ) | (45,812 | ) | (36,229 | ) | (23,505 | ) | (67,967 | ) | ||||||||||
Cash
Dividends per share
|
— | — | — | — | — | |||||||||||||||
Loss per Common Share:
|
||||||||||||||||||||
Basic
and Diluted Net Loss Per Common Share
|
(0.10 | ) | (0.32 | ) | (.33 | ) | (.22 | ) | (.90 | ) | ||||||||||
Financial Positions:
|
||||||||||||||||||||
Total
Assets
|
$ | 24,575 | $ | 24,814 | $ | 38,148 | $ | 46,404 | $ | 64,105 | ||||||||||
Long-Term
Debt
|
$ | 1,824 | $ | 1,854 | $ | 1,355 | $ | 3,059 | $ | 2,608 | ||||||||||
Convertible
Debentures
|
$ | — | $ | — | $ | 4,719 | $ | — | $ | 161 | ||||||||||
Preferred
Stock
|
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Stockholder's
Equity
|
$ | 8,971 | $ | 14,224 | $ | 22,647 | $ | 36,071 | $ | 55,464 |
Item 7.
|
Management’s Discussion and
Analysis of Financial Condition and Results of
Operations.
|
Date Issued
|
Aggregate No. of
Shares Unexercised
|
Exercise
Price
|
Expiration Date
|
||||||
June
15, 2009
|
8,844,926
|
0.76
|
December
15, 2014
|
||||||
August
6, 2009
|
3,572,971
|
0.79
|
February
4, 2015
|
||||||
September
14, 2009
|
6,022,651
|
1.00
|
March
15, 2015
|
||||||
April
8, 2010
|
50,000
|
0.47259
|
February
9, 2015
|
||||||
April
21, 2010
|
50,000
|
0.4258
|
February
9, 2015
|
||||||
April
30, 2010
|
50,000
|
0.415
|
February
9, 2015
|
||||||
May
14, 2010
|
50,000
|
0.3496
|
February
9, 2015
|
||||||
May
28, 2010
|
50,000
|
0.351
|
February
9, 2015
|
||||||
June
11, 2010
|
50,000
|
0.3543
|
February
9, 2015
|
|
(i)
|
Series
A and A-1 Warrants, which are exercisable for a period of 7 years into an
aggregate of 75% of the number of shares of our common stock initially
issuable upon conversion of the Notes, with the Series A Warrants being
exercisable into 5,257,729 shares immediately upon issuance and the Series
A-1 warrants being exercisable into 7,541,857 shares as of October 1,
2008;
|
|
(ii)
|
Series
B Warrants, which became exercisable on October 1, 2008 into 100% of the
shares of our common stock initially issuable upon conversion of the Notes
(initially 17,066,166 shares) and remain exercisable for a period of 18
months after the registration statement covering the shares of common
stock issuable upon conversion or exercise of the Notes and Warrants was
declared effective by the SEC; and
|
|
(iii)
|
Series
C Warrants, which are exercisable for a period of 7 years as of October 1,
2008, but only to the extent that the Series B Warrant are exercised and
only in the same percentage that the Series B Warrants are exercised, up
to a maximum percentage of 75% of the number of shares of our common stock
initially issuable upon conversion of the Notes (initially a maximum of
12,799,580 shares).
|
Date Issued
|
Aggregate No. of
Shares Unexercised
|
Exercise
Price*
|
Expiration Date
|
||||||
March
31, 2008
|
13,931,027
|
$
|
0.33
|
March
31, 2016
|
|||||
March
31, 2008
|
2,572,313
|
$
|
0.33
|
September
30, 2016
|
·
|
the
timing and amount of expense incurred to complete our clinical
trials;
|
|
·
|
the
costs and timing of the regulatory process as we seek approval of our
products in development;
|
|
·
|
the
advancement of our products in
development;
|
|
·
|
our
ability to generate new relationships with industry partners throughout
the world that will provide us with regulatory assistance and long-term
commercialization opportunities;
|
|
·
|
opportunities
to pursue strategic partnerships through alliances or acquisitions in the
consumer market for diabetes-related
products;
|
|
·
|
the
timing, receipt and amount of sales, if any, from Generex
Oral-lyn™;
|
|
·
|
the
timing, receipt and amount of sales, if any, from our over-the-counter
products;
|
|
·
|
the
cost of manufacturing (paid to third parties) of our licensed products,
and the cost of marketing and sales activities of those
products;
|
|
·
|
the
costs of prosecuting, maintaining, and enforcing patent claims, if any
claims are made;
|
|
·
|
our
ability to maintain existing collaborative relationships and establish new
relationships as we advance our products in development;
and
|
|
·
|
the
receptivity of the financial market to biopharmaceutical
companies.
|
Payments Due by Period
|
||||||||||||||||||||
Contractual Obligations
|
Total
|
Less than 1
Year
|
1-3 years
|
3-5 years
|
More
than
5 years
|
|||||||||||||||
Long-Term
Debt Obligations
|
$ | 3,465,763 | $ | 1,314,751 | $ | 415,012 | $ | 1,736,000 | $ | - | ||||||||||
Convertible
Debt Obligations
|
- | - | - | - | - | |||||||||||||||
Capital
Lease Obligations
|
7,953 | 7,953 | ||||||||||||||||||
Operating
Lease Obligations
|
386,822 | 209,515 | 177,307 | - | - | |||||||||||||||
Purchase
Obligations *
|
- | - | - | - | - | |||||||||||||||
Other
Long-Term Liabilities Reflected on the Registrant's Balance Sheet under
GAAP
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 3,860,538 | $ | 1,532,219 | $ | 592,319 | $ | 1,736,000 | $ | - |
*
|
The
long-term obligations of Generex to purchase insulin under its supply
agreement with sanofi-aventis entered into on December 7, 2009 are not
included in the table above because the quantities and prices relating to
Generex’s obligations are subject to confidential
treatment.
|
Item. 7A.
|
Quantitative and Qualitative
Disclosures About Market
Risk.
|
Loan Amount
|
Interest Rate
per Annum
|
|||||
$ | 1,097,575 | 5.91 | % | |||
627,056 | 6.75 | % | ||||
668,036 | 6.82 | % | ||||
387,600 | 8.50 | % | ||||
185,665 | 10.00 | % | ||||
$ | 2,965,932 |
Total
|
Item
8.
|
Financial
Statements and Supplementary Data.
|
Page
|
|
Report
of Independent Registered Public Accounting Firm
|
45
|
Consolidated
Balance Sheets
|
|
July
31, 2010 and 2009
|
46
|
Consolidated
Statements of Operations
|
|
For
the Years Ended July 31, 2010, 2009 and 2008
|
|
and
Cumulative From November 2, 1995 (Date of Inception)
|
|
to
July 31, 2010
|
47
|
Consolidated
Statements of Changes in Stockholders’ Equity
|
|
For
the Period November 2, 1995 (Date of Inception)
|
|
to
July 31, 2010
|
48
|
Consolidated
Statements of Cash Flows
|
|
For
the Years Ended July 31, 2010, 2009 and 2008
|
|
and
Cumulative From November 2, 1995 (Date of Inception)
|
|
to
July 31, 2010
|
66
|
Notes
to Consolidated Financial Statements
|
67
|
July 31, 2010
|
July 31, 2009
|
|||||||
ASSETS
|
||||||||
Current
Assets:
|
||||||||
Cash
and cash equivalents
|
$ | 13,880,870 | $ | 14,197,048 | ||||
Accounts
receivable
|
70,585 | 57,792 | ||||||
Inventory
(see Note 7)
|
1,911,883 | 1,271,456 | ||||||
Other
current assets
|
333,456 | 766,741 | ||||||
Total
Current Assets
|
16,196,794 | 16,293,037 | ||||||
Property
and Equipment, Net (see Note 3)
|
1,341,408 | 1,444,770 | ||||||
Assets
Held for Investment, Net (see Note 4)
|
3,503,110 | 3,373,564 | ||||||
Patents,
Net (see Note 5)
|
3,533,688 | 3,702,386 | ||||||
TOTAL
ASSETS
|
$ | 24,575,000 | $ | 24,813,757 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
Liabilities:
|
||||||||
Accounts
payable and accrued expenses (see Note 8)
|
$ | 6,554,714 | $ | 7,486,155 | ||||
Deferred
revenue
|
396,195 | 140,883 | ||||||
Current
maturities of long-term debt (see Note 11)
|
1,141,861 | 1,060,788 | ||||||
Current
maturities of obligations under capital lease
|
7,818 | 43,836 | ||||||
Total
Current Liabilities
|
8,100,588 | 8,731,662 | ||||||
Obligations
Under Capital Lease, Net
|
— | 3,932 | ||||||
Long-Term
Debt, Net (see Note 11)
|
1,824,071 | 1,854,421 | ||||||
Derivative
Warrant Liability (see Note 13)
|
5,679,721 | — | ||||||
Total
Liabilities
|
15,604,380 | 10,590,015 | ||||||
Commitments
and Contingencies (see Note 9)
|
||||||||
Stockholders’
Equity (see Note 14):
|
||||||||
Preferred
Stock, $.001 par value; authorized 1,000,000 shares at July 31, 2010 and
July 31, 2009; -0- shares issued and outstanding at July 31, 2010 and July
31, 2009
|
— | — | ||||||
Common
stock, $.001 par value; authorized 750,000,000 shares at July 31, 2010 and
July 31, 2009; 269,599,615 and 212,628,814 shares issued and outstanding
at July 31, 2010 and July 31, 2009, respectively
|
269,600 | 212,628 | ||||||
Additional
paid-in capital
|
333,219,309 | 307,401,016 | ||||||
Deficit
accumulated during the development stage
|
(325,302,472 | ) | (294,041,489 | ) | ||||
Accumulated
other comprehensive income
|
784,183 | 651,587 | ||||||
Total
Stockholders’ Equity
|
8,970,620 | 14,223,742 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 24,575,000 | $ | 24,813,757 |
Cumulative From
|
||||||||||||||||
November 2, 1995
|
||||||||||||||||
For the Years Ended July 31,
|
(Date of Inception)
|
|||||||||||||||
2010
|
2009
|
2008
|
to July 31, 2010
|
|||||||||||||
Revenues,
net
|
$ | 1,172,611 | $ | 1,118,509 | $ | 124,891 | $ | 4,790,505 | ||||||||
Cost
of Goods Sold
|
812,266 | 527,733 | 52,025 | 1,453,647 | ||||||||||||
Gross
profit
|
360,345 | 590,776 | 72,866 | 3,336,858 | ||||||||||||
Operating
Expenses:
|
||||||||||||||||
Research
and development
|
13,361,156 | 13,561,681 | 16,359,030 | 116,738,331 | ||||||||||||
Research
and development - related party
|
— | — | — | 220,218 | ||||||||||||
Selling
and marketing
|
3,709,767 | 2,120,903 | 1,562,258 | 8,142,265 | ||||||||||||
General
and administrative
|
12,719,239 | 11,164,352 | 15,597,048 | 129,520,057 | ||||||||||||
General
and administrative - related party
|
— | — | — | 314,328 | ||||||||||||
Total
Operating Expenses
|
29,790,162 | 26,846,936 | 33,518,336 | 254,935,199 | ||||||||||||
Operating
Loss
|
(29,429,817 | ) | (26,256,160 | ) | (33,445,470 | ) | (251,598,341 | ) | ||||||||
Other
Income (Expense):
|
||||||||||||||||
Miscellaneous
income (expense)
|
750 | 3 | 65 | 197,011 | ||||||||||||
Income
from rental operations, net
|
206,575 | 320,547 | 330,533 | 1,778,583 | ||||||||||||
Interest
income
|
27,045 | 237,977 | 1,166,439 | 7,773,919 | ||||||||||||
Interest
expense
|
(210,083 | ) | (20,114,595 | ) | (4,280,558 | ) | (68,207,251 | ) | ||||||||
Change
in fair value of derivative warrant liability
|
4,125,590 | — | — | (1,855,453 | )(1) | |||||||||||
Loss
on extinguishment of debt
|
— | — | — | (14,134,068 | ) | |||||||||||
Net
Loss Before Undernoted
|
(25,279,940 | ) | (45,812,228 | ) | (36,228,991 | ) | (326,045,600 | ) | ||||||||
Minority
Interest Share of Loss
|
— | — | — | 3,038,185 | ||||||||||||
Net
Loss
|
(25,279,940 | ) | (45,812,228 | ) | (36,228,991 | ) | (323,007,415 | ) | ||||||||
Preferred
Stock Dividend
|
— | — | — | 2,295,057 | ||||||||||||
Net
Loss Available to Common Stockholders
|
$ | (25,279,940 | ) | $ | (45,812,228 | ) | $ | (36,228,991 | ) | $ | (325,302,472 | ) | ||||
Basic
and Diluted Net Loss Per Common Share (see Note 16)
|
$ | (.10 | ) | $ | (.32 | ) | $ | (.33 | ) | |||||||
Weighted
Average Number of Shares of Common Stock Outstanding - basic and diluted
(Note 16)
|
250,949,333 | 144,409,840 | 110,991,192 |
(1)
-
|
includes
$5,981,403 as adjustment related to the adoption of FASB ASC Topic 815 in
"Cumulative from November 2, 1995 (Date of Inception) to July 31, 2010"
column. See Note 13 - Derivative Warrant
Liability.
|
Deficit
|
||||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance
November 2, 1995 (Inception)
|
- | $ | - | - | $ | - | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
Issuance
of common stock for cash, February 1996, $.0254
|
- | - | 321,429 | 321 | - | - | 7,838 | - | - | - | 8,159 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, February 1996, $.0510
|
- | - | 35,142 | 35 | - | - | 1,757 | - | - | - | 1,792 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, February 1996, $.5099
|
- | - | 216,428 | 216 | - | - | 110,142 | - | - | - | 110,358 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, March 1996, $10.2428
|
- | - | 2,500 | 3 | - | - | 25,604 | - | - | - | 25,607 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, April 1996, $.0516
|
- | - | 489,850 | 490 | - | - | 24,773 | - | - | - | 25,263 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, May 1996, $.0512
|
- | - | 115,571 | 116 | - | - | 5,796 | - | - | - | 5,912 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, May 1996, $.5115
|
- | - | 428,072 | 428 | - | - | 218,534 | - | - | - | 218,962 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, May 1996, $10.2302
|
- | - | 129,818 | 130 | - | - | 1,327,934 | - | - | 1,328,064 | ||||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, July 1996, $.0051
|
- | - | 2,606,528 | 2,606 | - | - | 10,777 | - | - | - | 13,383 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, July 1996, $.0255
|
- | - | 142,857 | 143 | - | - | 3,494 | - | - | - | 3,637 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, July 1996, $.0513
|
- | - | 35,714 | 36 | - | - | 1,797 | - | - | - | 1,833 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, July 1996, $10.1847
|
- | - | 63,855 | 64 | - | - | 650,282 | - | - | - | 650,346 | |||||||||||||||||||||||||||||||||
Costs
related to issuance of common stock
|
- | - | - | - | - | - | (10,252 | ) | - | - | - | (10,252 | ) | |||||||||||||||||||||||||||||||
Founders
Shares transferred for services rendered
|
- | - | - | - | - | - | 330,025 | - | - | - | 330,025 | |||||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
loss
|
- | - | - | - | - | - | - | - | (693,448 | ) | - | (693,448 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | (4,017 | ) | (4,017 | ) | |||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(693,448 | ) | (4,017 | ) | (697,465 | ) | ||||||||||||||||||||||||||||||||||||||
Balance,
July 31, 1996
|
- | $ | - | 4,587,764 | $ | 4,588 | - | $ | - | $ | 2,708,501 | $ | - | $ | (693,448 | ) | $ | (4,017 | ) | $ | 2,015,624 |
Deficit
|
||||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance,
August 1, 1996
|
- | $ | - | 4,587,764 | $ | 4,588 | - | $ | - | $ | 2,708,501 | $ | - | $ | (693,448 | ) | $ | (4,017 | ) | $ | 2,015,624 | |||||||||||||||||||||||
Issuance
of common stock for cash, September 1996, $.0509
|
- | - | 2,143 | 2 | - | - | 107 | - | - | - | 109 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, December 1996, $10.2421
|
- | - | 1,429 | 1 | - | - | 14,635 | - | - | - | 14,636 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, January 1997, $.0518
|
- | - | 1,466 | 1 | - | - | 75 | - | - | - | 76 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, March 1997, $10.0833
|
- | - | 12 | - | - | - | 121 | - | - | - | 121 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, May 1997, $.0512
|
- | - | 4,233 | 4 | - | - | 213 | - | - | - | 217 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, May 1997, $.5060
|
- | - | 4,285,714 | 4,286 | - | - | 2,164,127 | - | - | - | 2,168,413 | |||||||||||||||||||||||||||||||||
Costs
related to issuance of common stock, May 1997
|
- | - | - | - | - | - | (108,421 | ) | - | - | - | (108,421 | ) | |||||||||||||||||||||||||||||||
Issuance
of common stock for cash, May 1997, $10.1194
|
- | - | 18,214 | 18 | - | - | 184,297 | - | - | - | 184,315 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, June 1997, $.0504
|
- | - | 10,714 | 11 | - | - | 529 | - | - | - | 540 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, June 1997, $.5047
|
- | - | 32,143 | 32 | - | - | 16,190 | - | - | - | 16,222 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, June 1997, $8.9810
|
- | - | 29,579 | 30 | - | - | 265,618 | - | - | - | 265,648 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, June 1997, $10.0978
|
- | - | 714 | 1 | - | - | 7,209 | - | - | - | 7,210 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, July 1997, $10.1214
|
- | - | 25,993 | 26 | - | - | 263,060 | - | - | - | 263,086 | |||||||||||||||||||||||||||||||||
Costs
related to issuance of common stock
|
- | - | - | - | - | - | (26,960 | ) | - | - | - | (26,960 | ) | |||||||||||||||||||||||||||||||
Founders
Shares transferred for services rendered
|
- | - | - | - | - | - | 23,481 | - | - | - | 23,481 | |||||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
loss
|
- | - | - | - | - | - | - | - | (1,379,024 | ) | - | (1,379,024 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | 3,543 | 3,543 | |||||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(1,379,024 | ) | 3,543 | (1,375,481 | ) | |||||||||||||||||||||||||||||||||||||||
Balance,
July 31, 1997
|
- | $ | - | 9,000,118 | $ | 9,000 | - | $ | - | $ | 5,512,782 | $ | - | $ | (2,072,472 | ) | $ | (474 | ) | $ | 3,448,836 |
Deficit
|
||||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance,
August 1, 1997
|
- | $ | - | 9,000,118 | $ | 9,000 | - | $ | - | $ | 5,512,782 | $ | - | $ | (2,072,472 | ) | $ | (474 | ) | $ | 3,448,836 | |||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, October 1997,
$.50
|
- | - | - | - | - | - | 234,000 | - | - | - | 234,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, December 1997,
$0.05
|
- | - | 234,000 | 234 | - | - | 10,698 | - | - | - | 10,932 | |||||||||||||||||||||||||||||||||
Issuance
of SVR Preferred Stock in exchange for services rendered, January 1998,
$.001
|
1,000 | 1 | - | - | - | - | 99 | - | - | - | 100 | |||||||||||||||||||||||||||||||||
Shares
issued pursuant to the January 9, 1998 reverse merger between
GBC-Delaware, Inc. and Generex Biotechnology Corporation
|
- | - | 1,105,000 | 1,105 | - | - | (1,105 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, March 1998, $2.50
|
- | - | 70,753 | 71 | - | - | 176,812 | - | - | - | 176,883 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, April 1998, $2.50
|
- | - | 60,000 | 60 | - | - | 149,940 | - | - | - | 150,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, April 1998,
$2.50
|
- | - | 38,172 | 38 | - | - | 95,392 | - | - | - | 95,430 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, May 1998, $2.50
|
- | - | 756,500 | 757 | - | - | 1,890,493 | - | - | - | 1,891,250 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, May 1998,
$2.50
|
- | - | 162,000 | 162 | - | - | 404,838 | - | - | - | 405,000 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, May 1998,
$.60
|
- | - | - | - | - | - | 300,000 | - | - | - | 300,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, June 1998, $2.50
|
- | - | 286,000 | 286 | - | - | 714,714 | - | - | - | 715,000 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, June 1998, $0.0667
|
- | - | 234,000 | 234 | - | - | 15,374 | - | - | - | 15,608 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, June 1998,
$2.50
|
- | - | 24,729 | 24 | - | - | 61,799 | - | - | - | 61,823 | |||||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
loss
|
- | - | - | - | - | - | - | - | (4,663,604 | ) | - | (4,663,604 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | (198,959 | ) | (198,959 | ) | |||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(4,663,604 | ) | (198,959 | ) | 4,862,563 | |||||||||||||||||||||||||||||||||||||||
Balance,
July 31, 1998
|
1,000 | $ | 1 | 11,971,272 | $ | 11,971 | - | $ | - | $ | 9,565,836 | $ | - | $ | (6,736,076 | ) | $ | (199,433 | ) | $ | 2,642,299 |
Deficit
|
||||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance,
August 1, 1998
|
1,000 | $ | 1 | 11,971,272 | $ | 11,971 | - | $ | - | $ | 9,565,836 | $ | - | $ | (6,736,076 | ) | $ | (199,433 | ) | $ | 2,642,299 | |||||||||||||||||||||||
Issuance
of common stock for cash, August 1998, $3.00
|
- | - | 100,000 | 100 | - | - | 299,900 | - | - | - | 300,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, August 1998, $3.50
|
- | - | 19,482 | 19 | - | - | 68,168 | - | - | - | 68,187 | |||||||||||||||||||||||||||||||||
Redemption
of common stock for cash, September 1998, $7.75
|
- | - | (15,357 | ) | (15 | ) | - | - | (119,051 | ) | - | - | - | (119,066 | ) | |||||||||||||||||||||||||||||
Issuance
of common stock for cash, September - October 1998, $3.00
|
- | - | 220,297 | 220 | - | - | 660,671 | - | - | - | 660,891 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, August - October 1998, $4.10
|
- | - | 210,818 | 211 | - | - | 864,142 | - | - | - | 864,353 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, August - October 1998,
$2.50
|
- | - | 21,439 | 21 | - | - | 53,577 | - | - | - | 53,598 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, August - October 1998,
$4.10
|
- | - | 18,065 | 18 | - | - | 74,048 | - | - | - | 74,066 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, September 1998,
$4.10
|
- | - | 180,000 | 180 | - | - | 737,820 | - | - | - | 738,000 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, October 1998,
$.26
|
- | - | - | - | - | - | 2,064 | - | - | - | 2,064 | |||||||||||||||||||||||||||||||||
Issuance
of stock options in exchange for services rendered, November 1998,
$1.85
|
- | - | - | - | - | - | 92,500 | - | - | - | 92,500 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, November 1998,
$1.64
|
- | - | - | - | - | - | 246,000 | - | - | - | 246,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, November 1998 - January 1999,
$3.50
|
- | - | 180,000 | 180 | - | - | 629,820 | - | - | - | 630,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, November 1998 - January 1999,
$4.00
|
- | - | 275,000 | 275 | - | - | 1,099,725 | - | - | - | 1,100,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, November 1998 - January 1999,
$4.10
|
- | - | 96,852 | 97 | - | - | 397,003 | - | - | - | 397,100 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, November 1998 - January
1999, $4.10
|
- | - | 28,718 | 29 | - | - | 117,715 | - | - | - | 117,744 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, November 1998 - January 1999,
$5.00
|
- | - | 20,000 | 20 | - | - | 99,980 | - | - | - | 100,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, November 1998 - January 1999,
$5.50
|
- | - | 15,000 | 15 | - | - | 82,485 | - | - | - | 82,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, January 1999,
$5.00
|
- | - | 392 | - | - | - | 1,960 | - | - | - | 1,960 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, February 1999, $5.00
|
- | - | 6,000 | 6 | - | - | 29,994 | - | - | - | 30,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, February 1999,
$6.00
|
- | - | 5,000 | 5 | - | - | 29,995 | - | - | - | 30,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, March 1999, $6.00
|
- | - | 11,000 | 11 | - | - | 65,989 | - | - | - | 66,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, April 1999, $5.50
|
- | - | 363,637 | 364 | - | - | 1,999,640 | - | - | - | 2,000,004 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, April 1999,
$3.21
|
- | - | - | - | - | - | 160,500 | - | - | - | 160,500 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, April 1999,
$3.17
|
- | - | - | - | - | - | 317,000 | - | - | - | 317,000 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, April 1999,
$2.89
|
- | - | - | - | - | - | 144,500 | - | - | - | 144,500 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, April 1999,
$3.27
|
- | - | - | - | 184,310 | - | - | - | 184,310 | |||||||||||||||||||||||||||||||||||
Stock
adjustment
|
- | - | 714 | 1 | - | - | (1 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||
Issuance
of common stock for cash, May 1999, $5.50
|
- | - | 272,728 | 273 | - | - | 1,499,731 | - | - | - | 1,500,004 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, May - June 1999,
$5.50
|
- | - | 60,874 | 61 | - | - | 334,746 | - | 334,807 | |||||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, June 1999, $5.50
|
- | - | 388,375 | 389 | - | 1,941,484 | - | - | - | 1,941,873 | ||||||||||||||||||||||||||||||||||
Exercise
of warrants in exchange for note receivable, June 1999,
$5.00
|
- | - | 94,776 | 95 | - | - | 473,787 | (473,882 | ) | - | - | - | ||||||||||||||||||||||||||||||||
Exercise
of warrants in exchange for services rendered, June 1999,
$5.00
|
- | - | 13,396 | 13 | - | - | 66,967 | - | - | - | 66,980 | |||||||||||||||||||||||||||||||||
Reduction
of note receivable in exchange for services rendered
|
- | - | - | - | - | - | - | 38,979 | - | - | 38,979 | |||||||||||||||||||||||||||||||||
Shares
tendered in conjunction with warrant exercise, June 1999,
$7.8125
|
- | - | (323,920 | ) | (324 | ) | - | - | (2,530,301 | ) | - | - | - | (2,530,625 | ) | |||||||||||||||||||||||||||||
Exercise
of warrants for shares tendered, June 1999, $5.00
|
- | - | 506,125 | 506 | - | - | 2,530,119 | - | - | - | 2,530,625 | |||||||||||||||||||||||||||||||||
Cost
of warrants redeemed for cash
|
- | - | - | - | - | (3,769 | ) | - | - | - | (3,769 | ) | ||||||||||||||||||||||||||||||||
Cost
related to warrant redemption, June 1999
|
- | - | - | - | - | - | (135,431 | ) | - | - | - | (135,431 | ) | |||||||||||||||||||||||||||||||
Costs
related to issuance of common stock
|
- | - | - | - | - | - | (1,179,895 | ) | - | - | - | (1,179,895 | ) | |||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | - | - | (6,239,602 | ) | - | (6,239,602 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | 1,393 | 1,393 | |||||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(6,239,602 | ) | 1,393 | (6,238,209 | ) | |||||||||||||||||||||||||||||||||||||||
Balance,
July 31, 1999
|
1,000 | $ | 1 | 14,740,683 | $ | 14,741 | - | $ | - | $ | 20,903,728 | $ | (434,903 | ) | $ | (12,975,678 | ) | $ | (198,040 | ) | $ | 7,309,849 |
Deficit
|
||||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance,
August 1, 1999
|
1,000 | $ | 1 | 14,740,683 | $ | 14,741 | - | $ | - | $ | 20,903,728 | $ | (434,903 | ) | $ | (12,975,678 | ) | $ | (198,040 | ) | $ | 7,309,849 | ||||||||||||||||||||||
Adjustment
for exercise of warrants recorded June 1999, $5.00
|
- | - | (2,300 | ) | (2 | ) | - | - | 2 | - | - | - | - | |||||||||||||||||||||||||||||||
Issuance
of common stock for cash, September 1999, $6.00
|
- | - | 2,500 | 2 | - | - | 14,998 | - | - | - | 15,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, January 2000,
$4.25
|
- | - | 470,590 | 471 | - | - | 1,999,537 | - | - | - | 2,000,008 | |||||||||||||||||||||||||||||||||
Financing
costs associated with private placement, January, 2000
|
- | - | - | - | - | - | (220,192 | ) | - | - | - | (220,192 | ) | |||||||||||||||||||||||||||||||
Issuance
of stock in exchange for services rendered, January 2000,
$5.00
|
- | - | 8,100 | 8 | - | - | 40,492 | - | - | - | 40,500 | |||||||||||||||||||||||||||||||||
Granting
of stock options for services rendered, January 2000
|
- | - | - | - | - | - | 568,850 | - | - | - | 568,850 | |||||||||||||||||||||||||||||||||
Granting
of warrants for services rendered, January 2000
|
- | - | - | - | - | - | 355,500 | - | - | - | 355,500 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, February 2000, $5.50
|
- | - | 2,000 | 2 | - | - | 10,998 | - | - | - | 11,000 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, March 2000, $5.50
|
- | - | 29,091 | 29 | - | - | 159,972 | - | - | - | 160,001 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, March 2000, $6.00
|
- | - | 2,000 | 2 | - | - | 11,998 | - | - | - | 12,000 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, March 2000, $7.50
|
- | - | 8,000 | 8 | - | - | 59,992 | - | - | - | 60,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, June 2000,
$6.00
|
- | - | 1,041,669 | 1,042 | - | - | 6,248,972 | - | - | - | 6,250,014 | |||||||||||||||||||||||||||||||||
Financing
costs associated with private placement, June 2000
|
- | - | - | - | - | - | (385,607 | ) | - | - | - | (385,607 | ) | |||||||||||||||||||||||||||||||
Issuance
of common stock for services, June 2000, $6.00
|
- | - | 4,300 | 4 | - | - | 25,796 | - | - | - | 25,800 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, July 2000, $6.00
|
- | - | 3,000 | 3 | - | - | 17,997 | - | - | - | 18,000 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, July 2000, $7.50
|
- | - | 16,700 | 17 | - | - | 125,233 | - | - | - | 125,250 | |||||||||||||||||||||||||||||||||
Granting
of stock options for services rendered, July 2000
|
- | - | - | - | - | - | 496,800 | - | - | - | 496,800 | |||||||||||||||||||||||||||||||||
Reduction
of note receivable in exchange for services rendered
|
- | - | - | - | - | - | - | 384,903 | - | - | 384,903 | |||||||||||||||||||||||||||||||||
Accrued
interest on note receivable
|
- | - | - | - | - | - | - | (4,118 | ) | - | - | (4,118 | ) | |||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | - | - | (8,841,047 | ) | - | (8,841,047 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | 32,514 | 32,514 | |||||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(8,841,047 | ) | 32,514 | (8,808,533 | ) | |||||||||||||||||||||||||||||||||||||||
Balance,
July 31, 2000
|
1,000 | $ | 1 | 16,326,333 | $ | 16,327 | - | $ | - | $ | 30,435,066 | $ | (54,118 | ) | $ | (21,816,725 | ) | $ | (165,526 | ) | $ | 8,415,025 |
Deficit
|
||||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance,
August 1, 2000
|
1,000 | $ | 1 | 16,326,333 | $ | 16,327 | - | $ | - | $ | 30,435,066 | $ | (54,118 | ) | $ | (21,816,725 | ) | $ | (165,526 | ) | $ | 8,415,025 | ||||||||||||||||||||||
Exercise
of warrants for cash, August 2000, $6.00
|
- | - | 2,000 | 2 | - | - | 11,998 | - | - | - | 12,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for services rendered August 2000
|
- | - | 35,000 | 35 | - | - | 411,215 | - | - | - | 411,250 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for equity line agreement, August
2000
|
- | - | - | - | - | - | 3,406,196 | - | - | - | 3,406,196 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, August 2000, $7.50
|
- | - | 30,300 | 30 | - | - | 227,220 | - | - | - | 227,250 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, August 2000, $8.6625
|
- | - | 30,000 | 30 | - | - | 259,845 | - | - | - | 259,875 | |||||||||||||||||||||||||||||||||
Cashless
exercise of warrants, August 2000
|
- | - | 8,600 | 9 | - | - | (9 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, August 2000, $10.00
|
- | - | 10,000 | 10 | - | - | 99,990 | - | - | - | 100,000 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, September 2000, $8.6625
|
- | - | 63,335 | 63 | - | - | 548,576 | - | - | - | 548,639 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, September 2000, $5.50
|
- | - | 16,182 | 16 | - | - | 88,986 | - | - | - | 89,002 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, September 2000, $6.00
|
- | - | 53,087 | 53 | - | - | 318,470 | - | - | - | 318,523 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, September 2000, $10.00
|
- | - | 9,584 | 10 | - | - | 95,830 | - | - | - | 95,840 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, September 2000, $7.50
|
- | - | 32,416 | 32 | - | - | 243,088 | - | - | - | 243,120 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, October 2000,
$11.00
|
- | - | 2,151,093 | 2,151 | - | - | 23,659,872 | - | - | - | 23,662,023 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, Oct. 2000, $6.00
|
- | - | 1,000 | 1 | - | - | 5,999 | - | - | - | 6,000 | |||||||||||||||||||||||||||||||||
Financing
costs associated with private placement, October 2000
|
- | - | - | - | - | - | (1,956,340 | ) | - | - | - | (1,956,340 | ) | |||||||||||||||||||||||||||||||
Exercise
of warrants for cash, November - December 2000, $4.25
|
- | - | 23,528 | 23 | - | - | 99,971 | - | - | - | 99,994 | |||||||||||||||||||||||||||||||||
Cashless
exercise of warrants, December 2000
|
- | - | 3,118 | 3 | - | - | (3 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, November - December 2000, $6.00
|
- | - | 22,913 | 23 | - | - | 137,455 | - | - | - | 137,478 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, December 2000, $7.00
|
- | - | 8,823 | 9 | - | - | 61,752 | - | - | - | 61,761 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, December 2000
|
- | - | 8,650 | 8 | - | - | 100,548 | - | - | - | 100,556 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, January 2001, $6.00
|
- | - | 3,000 | 3 | - | - | 17,997 | - | - | - | 18,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, January 2001,
$14.53
|
- | - | 344,116 | 344 | - | - | 4,999,656 | - | - | - | 5,000,000 | |||||||||||||||||||||||||||||||||
Financing
costs associated with private placement, January 2001
|
- | - | - | - | - | - | (200,000 | ) | - | - | - | (200,000 | ) | |||||||||||||||||||||||||||||||
Issuance
of common stock pursuant to litigation settlement, January
2001
|
- | - | 2,832 | 2 | - | - | 21,096 | - | - | - | 21,098 | |||||||||||||||||||||||||||||||||
Granting
of stock options in exchange for services rendered, January
2001
|
- | - | - | - | - | - | 745,000 | - | - | - | 745,000 | |||||||||||||||||||||||||||||||||
Granting
of stock options in exchange for services rendered, February
2001
|
- | - | - | - | - | - | 129,600 | - | - | - | 129,600 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, February 2001, $5.00
|
- | - | 50,000 | 50 | - | - | 249,950 | - | - | - | 250,000 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, March 2001, $6.00
|
- | - | 500 | 1 | - | - | 2,999 | - | - | - | 3,000 | |||||||||||||||||||||||||||||||||
Exercise
of stock options in exchange for note receivable, March
2001
|
- | - | 50,000 | 50 | - | - | 249,950 | (250,000 | ) | - | - | - | ||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, March 2001,
$5.50
|
- | - | 8,000 | 8 | - | - | 43,992 | - | - | - | 44,000 | |||||||||||||||||||||||||||||||||
Granting
of stock options in exchange for services rendered, May
2001
|
- | - | - | - | - | - | 592,300 | - | - | - | 592,300 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, June 2001, $5.00
|
- | - | 75,000 | 75 | - | - | 374,925 | - | - | - | 375,000 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, June 2001, $5.50
|
- | - | 12,500 | 12 | - | - | 68,738 | - | - | - | 68,750 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, June 2001, $6.00
|
- | - | 4,000 | 4 | - | - | 23,996 | - | - | - | 24,000 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, July 2001, $5.00
|
- | - | 7,500 | 8 | - | - | 37,492 | - | - | - | 37,500 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, July 2001, $5.50
|
- | - | 2,500 | 3 | - | - | 13,747 | - | - | - | 13,750 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, July 2001, $6.00
|
- | - | 2,000 | 2 | - | - | 11,998 | - | - | - | 12,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, July 2001,
$9.25
|
- | - | 1,254,053 | 1,254 | - | - | 11,598,736 | - | - | - | 11,599,990 | |||||||||||||||||||||||||||||||||
Financing
costs associated with private placement, July 2001
|
- | - | - | - | - | - | (768,599 | ) | - | - | - | (768,599 | ) | |||||||||||||||||||||||||||||||
Shares
issued in exchange for services rendered, July 2001, $9.25
|
- | - | 23,784 | 24 | - | - | 219,978 | - | - | - | 220,002 | |||||||||||||||||||||||||||||||||
Shares
issued for Anti-Dilution Provisions, July 2001
|
- | - | 5,779 | 6 | - | - | 53,450 | - | - | - | 53,456 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, July 2001
|
- | - | - | - | - | - | 19,134 | - | - | - | 19,134 | |||||||||||||||||||||||||||||||||
Accrued
interest on note receivable
|
- | - | - | - | - | - | - | (10,182 | ) | - | - | (10,182 | ) | |||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | - | - | (27,097,210 | ) | - | (27,097,210 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | (81,341 | ) | (81,341 | ) | |||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(27,097,210 | ) | (81,341 | ) | (27,178,551 | ) | ||||||||||||||||||||||||||||||||||||||
Balance
at July 31, 2001
|
1,000 | $ | 1 | 20,681,526 | $ | 20,681 | - | $ | - | $ | 76,761,860 | $ | (314,300 | ) | $ | (48,913,935 | ) | $ | (246,867 | ) | $ | 27,307,440 |
Deficit
|
||||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance,
August 1, 2001
|
1,000 | $ | 1 | 20,681,526 | $ | 20,681 | - | $ | - | $ | 76,761,860 | $ | (314,300 | ) | $ | (48,913,935 | ) | $ | (246,867 | ) | $ | 27,307,440 | ||||||||||||||||||||||
Exercise
of stock options for cash, August 2001, $5.50
|
- | - | 5,000 | 5 | - | - | 27,495 | - | - | - | 27,500 | |||||||||||||||||||||||||||||||||
Purchase
of Treasury Stock for cash October 2001, $3.915
|
- | - | - | - | (10,000 | ) | (39,150 | ) | - | - | - | - | (39,150 | ) | ||||||||||||||||||||||||||||||
Issuance
of stock options in exchange for services rendered, December
2001
|
- | - | - | - | - | - | 25,000 | - | - | - | 25,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, January 2002
|
- | - | 10,800 | 11 | - | - | 71,161 | - | - | - | 71,172 | |||||||||||||||||||||||||||||||||
Preferred
stock dividend paid January 2002
|
- | - | - | - | - | - | - | - | (720,900 | ) | - | (720,900 | ) | |||||||||||||||||||||||||||||||
Purchase
of Treasury Stock for cash February 2002, $4.693
|
- | - | - | - | (31,400 | ) | (147,346 | ) | - | - | - | - | (147,346 | ) | ||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, March 2002
|
- | - | - | - | - | - | 202,328 | - | - | - | 202,328 | |||||||||||||||||||||||||||||||||
Purchase
of Treasury Stock for cash March 2002, $4.911
|
- | - | - | - | (7,700 | ) | (37,816 | ) | - | - | - | - | (37,816 | ) | ||||||||||||||||||||||||||||||
Purchase
of Treasury Stock for cash April 2002, $4.025
|
- | - | - | - | (12,800 | ) | (54,516 | ) | - | - | - | - | (54,516 | ) | ||||||||||||||||||||||||||||||
Issuance
of stock options in exchange for services rendered, June
2002
|
- | - | - | - | - | - | 132,387 | - | - | - | 132,387 | |||||||||||||||||||||||||||||||||
Purchase
of Treasury Stock for cash July 2002, $4.025
|
- | - | - | - | (34,600 | ) | (116,703 | ) | - | - | - | - | (116,703 | ) | ||||||||||||||||||||||||||||||
Accrued
interest on note receivable
|
- | - | - | - | - | - | - | (22,585 | ) | - | - | (22,585 | ) | |||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | - | - | (13,693,034 | ) | - | (13,693,034 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | (71,185 | ) | (71,185 | ) | |||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(13,693,034 | ) | (71,185 | ) | (13,764,219 | ) | ||||||||||||||||||||||||||||||||||||||
Balance
at July 31, 2002
|
1,000 | $ | 1 | 20,697,326 | $ | 20,697 | (96,500 | ) | $ | (395,531 | ) | $ | 77,220,231 | $ | (336,885 | ) | $ | (63,327,869 | ) | $ | (318,052 | ) | $ | 12,862,592 |
Deficit
|
||||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance, August 1, 2002
|
1,000 | $ | 1 | 20,697,326 | $ | 20,697 | (96,500 | ) | $ | (395,531 | ) | $ | 77,220,231 | $ | (336,885 | ) | $ | (63,327,869 | ) | $ | (318,052 | ) | $ | 12,862,592 | ||||||||||||||||||||
Receipt
of restricted shares of common stock as settlement for executive loan,
September 2002, $1.90
|
- | - | - | - | (592,716 | ) | (1,126,157 | ) | - | - | - | - | (1,126,157 | ) | ||||||||||||||||||||||||||||||
Purchase
of Treasury Stock for cash October 2002, $1.5574
|
- | - | - | - | (40,000 | ) | (62,294 | ) | - | - | - | - | (62,294 | ) | ||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered, November 2002,
$2.50
|
- | - | - | - | - | - | 988,550 | - | - | - | 988,550 | |||||||||||||||||||||||||||||||||
Issuance
of stock options in exchange for services receivable, November 2002,
$2.10
|
- | - | - | - | - | - | 171,360 | - | - | - | 171,360 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, November 2002,
$2.10
|
- | - | 30,000 | 30 | - | - | 62,970 | - | - | - | 63,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, January 2003,
$2.10
|
- | - | 9,750 | 10 | - | - | 20,465 | - | - | - | 20,475 | |||||||||||||||||||||||||||||||||
Purchase
of Treasury Stock for cash December 2002,$2.0034
|
- | - | - | - | (13,000 | ) | (26,044 | ) | - | - | - | - | (26,044 | ) | ||||||||||||||||||||||||||||||
Preferred
stock dividend paid January 2003
|
- | - | - | - | - | - | - | - | (764,154 | ) | - | (764,154 | ) | |||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, March 2003,
$1.00
|
- | - | 70,000 | 70 | - | - | 69,930 | - | - | - | 70,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, May 2003,
$1.15
|
- | - | 2,926,301 | 2,926 | - | - | 3,362,324 | - | - | - | 3,365,250 | |||||||||||||||||||||||||||||||||
Financing
costs associated with private placement, May 2003
|
- | - | - | - | - | - | (235,568 | ) | - | - | - | (235,568 | ) | |||||||||||||||||||||||||||||||
Exercise
of warrants for cash, May 2003, $1.50
|
- | - | 35,000 | 35 | - | - | 52,465 | - | - | - | 52,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, June 2003,
$1.50
|
- | - | 666,667 | 667 | - | - | 999,333 | - | - | - | 1,000,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, June 2003, $2.00
|
- | - | 100 | - | - | - | 200 | - | - | - | 200 | |||||||||||||||||||||||||||||||||
Exercise
of warrants for cash, June 2003, $1.50
|
- | - | 1,496,001 | 1,496 | - | - | 2,242,506 | - | - | - | 2,244,002 | |||||||||||||||||||||||||||||||||
Cashless
exercise of warrants, June 2003
|
- | - | 16,379 | 16 | - | - | (16 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, June 2003, $1.59
|
- | - | 70,000 | 70 | - | - | 111,230 | - | - | - | 111,300 | |||||||||||||||||||||||||||||||||
Accrued
interest on note receivable
|
- | - | - | - | - | - | - | (23,113 | ) | - | - | (23,113 | ) | |||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | - | - | (13,261,764 | ) | - | (13,261,764 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | 406,830 | 406,830 | |||||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(13,261,764 | ) | 406,830 | (12,854,934 | ) | |||||||||||||||||||||||||||||||||||||||
Balance
at July 31, 2003
|
1,000 | $ | 1 | 26,017,524 | $ | 26,017 | (742,216 | ) | $ | (1,610,026 | ) | $ | 85,065,980 | $ | (359,998 | ) | $ | (77,353,787 | ) | $ | 88,778 | $ | 5,856,965 |
Deficit
|
||||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance, August
1, 2003
|
1,000 | $ | 1 | 26,017,524 | $ | 26,017 | (742,216 | ) | $ | (1,610,026 | ) | $ | 85,065,980 | $ | (359,998 | ) | $ | (77,353,787 | ) | $ | 88,778 | $ | 5,856,965 | |||||||||||||||||||||
Shares
issued pursuant to acquisition of Antigen Express Inc., August
2003
|
- | - | 2,779,974 | 2,780 | - | - | 4,639,777 | - | - | - | 4,642,557 | |||||||||||||||||||||||||||||||||
Cost
of stock options to be assumed in conjunction with merger
|
- | - | - | - | - | - | 154,852 | - | - | - | 154,852 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, September 2003,$1.59
|
- | - | 10,000 | 10 | - | - | 15,890 | - | - | - | 15,900 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, October 2003, $2.10
|
- | - | 14,900 | 15 | - | - | 31,275 | - | - | - | 31,290 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, October 2003, $1.59
|
- | - | 10,000 | 10 | - | - | 15,890 | - | - | - | 15,900 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, October 2003, $0.30
|
- | - | 65,000 | 65 | - | - | 19,435 | - | - | - | 19,500 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, October 2003, $0.55
|
- | - | 40,000 | 40 | - | - | 21,960 | - | - | - | 22,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, October 2003,
$1.98
|
- | - | 150,000 | 150 | - | - | 296,850 | - | - | - | 297,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, October 2003,
$1.84
|
- | - | 337,500 | 338 | - | - | 620,662 | - | - | - | 621,000 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered October 2003 (at
$1.35)
|
- | - | - | - | - | - | 27,000 | - | - | - | 27,000 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, November 2003,$2.10
|
- | - | 10,500 | 10 | - | - | 22,040 | - | - | - | 22,050 | |||||||||||||||||||||||||||||||||
Redemption
of Treasury Stock, November 2003, $2.17
|
- | - | (742,216 | ) | (742 | ) | 742,216 | 1,610,026 | (1,609,284 | ) | - | - | - | - | ||||||||||||||||||||||||||||||
Granting
of stock options in exchange for services, November 2003 (at
$1.71)
|
- | - | - | - | - | - | 151,433 | - | - | - | 151,433 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Jan 2004,
$1.47
|
- | - | 1,700,680 | 1,701 | - | - | 2,498,299 | - | - | - | 2,500,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Jan 2004,
$1.80
|
- | - | 55,556 | 56 | - | - | 99,944 | - | - | - | 100,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Jan 2004,
$1.75
|
- | - | 228,572 | 229 | - | - | 399,771 | - | - | - | 400,000 | |||||||||||||||||||||||||||||||||
Financing
costs associated with private placement, January 2004
|
- | - | - | - | - | - | (68,012 | ) | - | - | - | (68,012 | ) | |||||||||||||||||||||||||||||||
Preferred
Stock Dividend paid in January
|
- | - | - | - | - | - | - | - | (810,003 | ) | - | (810,003 | ) | |||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Feb 2004,
$1.60
|
- | - | 93,750 | 94 | - | - | 149,906 | - | - | - | 150,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Feb 2004,
$1.66
|
- | - | 68,675 | 69 | - | - | 113,932 | - | - | - | 114,001 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Feb 2004,
$1.50
|
- | - | 666,667 | 667 | - | - | 999,334 | - | - | - | 1,000,001 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Feb 2004, $1.48
|
- | - | 8,850 | 8 | - | - | 13,089 | - | - | - | 13,097 | |||||||||||||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Feb 2004,
$1.48
|
- | - | 175,000 | 175 | - | - | 258,825 | - | - | - | 259,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Feb 2004,
$1.51
|
- | - | 112,500 | 113 | - | - | 169,762 | - | - | - | 169,875 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, July 2004,
$1.22
|
- | - | 2,459,016 | 2,459 | - | - | 2,997,541 | - | - | - | 3,000,000 | |||||||||||||||||||||||||||||||||
Financing
costs associated with private placement, July 2004
|
- | - | - | - | - | - | (41,250 | ) | - | - | - | (41,250 | ) | |||||||||||||||||||||||||||||||
Variable
accounting non-cash compensation expense
|
- | - | - | - | - | - | 45,390 | - | - | - | 45,390 | |||||||||||||||||||||||||||||||||
Accrued
interest on note receivable
|
- | - | - | - | - | - | - | (24,805 | ) | - | - | (24,805 | ) | |||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | - | - | (18,362,583 | ) | - | (18,362,583 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | 207,593 | 207,593 | |||||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(18,362,583 | ) | 207,593 | (18,154,990 | ) | |||||||||||||||||||||||||||||||||||||||
Balance
at July 31, 2004
|
1,000 | $ | 1 | 34,262,448 | $ | 34,264 | - | $ | - | $ | 97,110,291 | $ | (384,803 | ) | $ | (96,526,373 | ) | $ | 296,371 | $ | 529,751 |
Deficit
|
||||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance,
August 1, 2004
|
1,000 | $ | 1 | 34,262,448 | $ | 34,264 | - | $ | - | $ | 97,110,291 | $ | (384,803 | ) | $ | (96,526,373 | ) | $ | 296,371 | $ | 529,751 | |||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Aug 2004,
$1.09
|
- | - | 620,000 | 620 | - | - | 675,180 | - | - | - | 675,800 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered Aug 2004,
$1.08
|
- | - | - | - | - | - | 415,000 | - | - | - | 415,000 | |||||||||||||||||||||||||||||||||
Granting
of stock options in exchange for services ,Oct 2004, $0.94
|
- | - | - | - | - | - | 75,600 | - | - | - | 75,600 | |||||||||||||||||||||||||||||||||
Cancellation
of common stock for non-performance of services, Oct 2004,
$0.94
|
- | - | (75,000 | ) | (75 | ) | - | - | (137,925 | ) | - | - | - | (138,000 | ) | |||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with financing, Nov 2004, $0.91
|
- | - | - | - | - | - | 89,900 | - | - | - | 89,900 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, $4,000,000, Nov
2004 $0.91
|
- | - | - | - | - | - | 1,722,222 | - | - | - | 1,722,222 | |||||||||||||||||||||||||||||||||
Value
of beneficial conversion feature on convertible debentures, $4,000,000,
Nov 2004 $0.91
|
- | - | - | - | - | - | 1,722,222 | - | - | - | 1,722,222 | |||||||||||||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Dec 2004,
$0.71
|
- | - | 48,000 | 48 | - | - | 34,032 | - | - | - | 34,080 | |||||||||||||||||||||||||||||||||
Conversion
of Series A Preferred Stock, Dec 2004$25.77
|
- | - | 534,085 | 534 | - | - | 14,309,523 | - | - | - | 14,310,057 | |||||||||||||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Jan 2005,
$0.85
|
- | - | 18,000 | 18 | - | - | 15,282 | - | - | - | 15,300 | |||||||||||||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Jan 2005,
$0.75
|
- | - | 40,000 | 40 | - | - | 29,960 | - | - | - | 30,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Feb 2005,
$0.69
|
- | - | 18,000 | 18 | - | - | 12,402 | - | - | - | 12,420 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
Feb 2005
|
- | - | 250,910 | 251 | - | - | 181,262 | - | - | - | 181,513 | |||||||||||||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Feb 2005,
$0.68
|
- | - | 50,000 | 50 | - | - | 33,950 | - | - | - | 34,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
Mar 2005
|
- | - | 265,228 | 265 | - | - | 162,197 | - | - | - | 162,462 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
Apr 2005
|
- | - | 314,732 | 315 | - | - | 162,275 | - | - | - | 162,590 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $143,500 of $4,000,000
debenture, Apr 2005
|
- | - | 175,316 | 175 | - | - | 143,584 | - | - | - | 143,759 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Apr 2005, $0.56
|
- | - | 8,800 | 9 | - | - | 4,919 | - | - | - | 4,928 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, $500,000, Apr
2005, $0.82
|
- | - | - | - | - | - | 245,521 | - | - | - | 245,521 | |||||||||||||||||||||||||||||||||
Value
of beneficial conversion feature on convertible debentures, $500,000, Apr
2005, $0.82
|
- | - | - | - | - | - | 86,984 | - | - | - | 86,984 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, $100,000, Apr
2005, $0.82
|
- | - | - | - | - | - | 49,104 | - | - | - | 49,104 | |||||||||||||||||||||||||||||||||
Value
of beneficial conversion feature on convertible debentures, $100,000, Apr
2005, $0.82
|
- | - | - | - | - | - | 17,397 | - | - | - | 17,397 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered Apr 2005,
$0.82
|
- | - | - | - | - | - | 40,000 | - | - | - | 40,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Apr 2005,
$0.82
|
- | - | 350,000 | 350 | - | - | 286,650 | - | - | - | 287,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, Apr 2005,
$0.82
|
- | - | 950,927 | 951 | - | - | 778,809 | - | - | - | 779,760 | |||||||||||||||||||||||||||||||||
Granting
of stock options in exchange for outstanding liabilities, Apr 2005,
$0.001
|
- | - | - | - | - | - | 1,332,052 | - | - | - | 1,332,052 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
May 2005
|
- | - | 482,071 | 482 | - | - | 321,877 | - | - | - | 322,359 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $300,000 of $4,000,000
debenture, May 2005
|
- | - | 365,914 | 366 | - | - | 299,683 | - | - | - | 300,049 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $244,000 of $4,000,000
debenture, May 2005
|
- | - | 297,659 | 298 | - | - | 243,783 | - | - | - | 244,081 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $410,000 of $4,000,000
debenture, May 2005
|
- | - | 500,000 | 500 | - | - | 409,500 | - | - | - | 410,000 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with 1st extension of due date of $600,000
convertible debentures, May 2005, $0.82
|
- | - | - | - | - | - | 717,073 | - | - | - | 717,073 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
June 2005
|
- | - | 311,307 | 311 | - | - | 244,644 | - | - | - | 244,955 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in conjunction with financing, $2,000,000, June 2005,
$0.82
|
- | - | 170,732 | 171 | - | - | 139,829 | - | - | - | 140,000 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with financing, $2,000,000, June 2005,
$0.82
|
- | - | - | - | - | - | 20,300 | - | - | - | 20,300 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, $2,000,000, June
2005, $0.82
|
- | - | - | - | - | - | 828,571 | - | - | - | 828,571 | |||||||||||||||||||||||||||||||||
Value
of beneficial conversion feature on convertible debentures, $2,000,000,
June 2005, $0.82
|
- | - | - | - | - | - | 1,171,429 | - | - | - | 1,171,429 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $100,000 of $2,000,000
debenture, June 2005
|
- | - | 166,667 | 167 | - | - | 99,833 | - | - | - | 100,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $190,000 of $2,000,000
debenture, June 2005
|
- | - | 316,927 | 317 | - | - | 189,839 | - | - | - | 190,156 | |||||||||||||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, June 2005,
$0.60
|
- | - | 63,207 | 63 | - | - | 37,861 | - | - | - | 37,924 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, June 2005,
$0.82
|
- | - | 90,319 | 90 | - | - | 73,971 | - | - | - | 74,061 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $17,000 of $2,000,000
debenture, July 2005
|
- | - | 28,398 | 28 | - | - | 17,011 | - | - | - | 17,039 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $75,000 of $2,000,000
debenture, July 2005
|
- | - | 125,000 | 125 | - | - | 75,035 | - | - | - | 75,160 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with 2nd extension of due date of $600,000
convertible debentures, July 2005, $0.82
|
- | - | - | - | - | - | 629,268 | - | - | - | 629,268 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
July 2005
|
- | - | 364,123 | 364 | - | - | 237,586 | - | - | - | 237,950 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, July 2005,
$0.82
|
- | - | 820,128 | 820 | - | - | 671,685 | - | - | - | 672,505 | |||||||||||||||||||||||||||||||||
Granting
of stock options in exchange for services, July 2004,
$0.63
|
- | - | - | - | - | - | 17,155 | - | - | - | 17,155 | |||||||||||||||||||||||||||||||||
Accrued
interest on note receivable
|
- | - | - | - | - | - | - | (6,300 | ) | - | - | (6,300 | ) | |||||||||||||||||||||||||||||||
Write-off
of uncollectible notes receivable - common stock
|
- | - | - | - | - | - | - | 391,103 | - | - | 391,103 | |||||||||||||||||||||||||||||||||
Variable
accounting non-cash compensation expense
|
- | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | - | - | (24,001,735 | ) | - | (24,001,735 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | 272,478 | 272,478 | |||||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(24,001,735 | ) | 272,478 | (23,729,257 | ) | |||||||||||||||||||||||||||||||||||||||
Balance
at July 31, 2005
|
1,000 | $ | 1 | 41,933,898 | $ | 41,935 | - | $ | - | $ | 126,044,326 | $ | - | $ | (120,528,108 | ) | $ | 568,849 | $ | 6,127,003 |
Deficit
|
||||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance,
August 1, 2005
|
1,000 | $ | 1 | 41,933,898 | $ | 41,935 | - | $ | - | $ | 126,044,326 | $ | - | $ | (120,528,108 | ) | $ | 568,849 | $ | 6,127,003 | ||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $4,000,000, August 2005
|
- | - | 429,041 | 429 | - | - | 282,738 | - | - | - | 283,167 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
August 2005 (at $0.61)
|
- | - | 19,500 | 19 | - | - | 11,877 | - | - | - | 11,896 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
August 2005 (at $0.59)
|
- | - | 246,429 | 246 | - | - | 145,147 | - | - | - | 145,393 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $4,000,000, September 2005
|
- | - | 388,730 | 389 | - | - | 267,835 | - | - | - | 268,224 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $2,000,000, September 2005
|
- | - | 322,373 | 322 | - | - | 222,115 | - | - | - | 222,437 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$504,538
of $2,000,000 debenture, September 2005
|
- | - | 841,309 | 841 | - | - | 503,945 | - | - | - | 504,786 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$286,538
of $2,000,000 debenture, September 2005
|
- | - | 477,962 | 478 | - | - | 286,299 | - | - | - | 286,777 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$457,200
of 2nd $2,000,000 debenture, September 2005
|
- | - | 762,000 | 762 | - | - | 456,739 | - | - | - | 457,501 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts
|
||||||||||||||||||||||||||||||||||||||||||||
payable,
September 2005, $0.81
|
- | - | 162,933 | 163 | - | - | 113,442 | - | - | - | 113,605 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$211,538
of $2,000,000 debenture, September 2005
|
- | - | 353,665 | 354 | - | - | 211,845 | - | - | - | 212,199 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$150,000
of 2nd $2,000,000 debenture, September 2005
|
- | - | 250,000 | 250 | - | - | 149,750 | - | - | - | 150,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$457,317
of 2nd $2,000,000 debenture, September 2005
|
- | - | 762,195 | 762 | - | - | 458,209 | - | - | - | 458,971 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in conjunction with financing,
|
||||||||||||||||||||||||||||||||||||||||||||
2nd
$2,000,000, September 2005, $0.82
|
- | - | 170,732 | 171 | - | - | 139,829 | - | - | - | 140,000 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with financing,
|
||||||||||||||||||||||||||||||||||||||||||||
2nd
$2,000,000, September 2005, $0.82
|
- | - | - | - | - | - | 30,600 | - | - | - | 30,600 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible
|
||||||||||||||||||||||||||||||||||||||||||||
debentures,
2nd $2,000,000, September 2005 (at $0.82)
|
- | - | - | - | - | - | 785,185 | - | - | - | 785,185 | |||||||||||||||||||||||||||||||||
Value
of Beneficial Conversion Feature on Convertible
|
||||||||||||||||||||||||||||||||||||||||||||
Debentures,
2nd $2,000,000, September 2005 (at $0.82)
|
- | - | - | - | - | - | 1,185,185 | - | - | - | 1,185,185 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $4,000,000, October 2005
|
- | - | 243,836 | 244 | - | - | 163,126 | - | - | - | 163,370 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $2,000,000, October 2005
|
- | - | 67,949 | 68 | - | - | 45,458 | - | - | - | 45,526 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$307,317
of 2nd $2,000,000 debenture, October 2005
|
- | - | 512,195 | 512 | - | - | 306,805 | - | - | - | 307,317 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$300,000
of $2,000,000 debenture, October 2005
|
- | - | 501,397 | 501 | - | - | 300,337 | - | - | - | 300,838 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$500,000
of $500,000 debenture, October 2005
|
- | - | 644,003 | 644 | - | - | 527,438 | - | - | - | 528,082 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$113,077
of $2,000,000 debenture, October 2005
|
- | - | 189,019 | 189 | - | - | 113,222 | - | - | - | 113,411 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$297,692
of $4,000,000 debenture, October 2005
|
- | - | 364,113 | 364 | - | - | 298,209 | - | - | - | 298,573 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, October 2005, $0.82
|
- | - | 8,404,876 | 8,405 | - | - | 6,883,593 | - | - | - | 6,891,998 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, October 2005, $0.63
|
- | - | 101,500 | 101 | - | - | 63,844 | - | - | - | 63,945 |
Exercise
of stock options for cash, October 2005, $0.94
|
- | - | 40,000 | 40 | - | - | 37,560 | - | - | - | 37,600 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$100,000
of $100,000 debenture, October 2005
|
- | - | 128,834 | 129 | - | - | 105,515 | - | - | - | 105,644 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with financing,
|
||||||||||||||||||||||||||||||||||||||||||||
$500,000,
October 2005, $0.82
|
- | - | - | - | - | - | 14,250 | - | - | - | 14,250 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible
|
||||||||||||||||||||||||||||||||||||||||||||
debentures,
$500,000, October 2005, $0.82
|
- | - | - | - | - | - | 270,950 | - | - | - | 270,950 | |||||||||||||||||||||||||||||||||
Issuance
of warrants as exercise inducement Oct 2005, $1.20
|
- | - | - | - | - | - | 573,146 | - | - | - | 573,146 | |||||||||||||||||||||||||||||||||
Issuance
of warrants as exercise inducement Oct 2005, $1.25
|
- | - | - | - | - | - | 2,501,390 | - | - | - | 2,501,390 | |||||||||||||||||||||||||||||||||
Value
of Beneficial Conversion Feature on Convertible
|
||||||||||||||||||||||||||||||||||||||||||||
Debentures,
$500,000, October 2005 (at $0.82)
|
- | - | - | - | - | - | 229,050 | - | - | - | 229,050 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $4,000,000, Nov 2005, $1.17
|
- | - | 108,006 | 108 | - | - | 126,259 | - | - | - | 126,367 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $2,000,000, Nov 2005, $1.17
|
- | - | 16,753 | 17 | - | - | 19,584 | - | - | - | 19,601 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, November 2005, $0.94
|
- | - | 100,000 | 100 | - | - | 93,900 | - | - | - | 94,000 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, November 2005, $0.63
|
- | - | 1,500 | 2 | - | - | 944 | - | - | - | 946 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, November 2005, $0.82
|
- | - | 3,058,536 | 3,058 | - | - | 2,504,942 | - | - | - | 2,508,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
November 2005, $0.97
|
- | - | 64,287 | 64 | - | - | 62,294 | - | - | - | 62,358 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$42,800
of 2nd $2,000,000 debenture, Nov 2005, $1.23
|
- | - | 72,058 | 72 | - | - | 88,559 | - | - | - | 88,631 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
August 2005, $0.97
|
- | - | 19,500 | 19 | - | - | 18,897 | - | - | - | 18,916 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$230,769
of $4,000,000 debenture, November 2005,$0.97
|
- | - | 282,721 | 283 | - | - | 273,957 | - | - | - | 274,240 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $2,000,000, Dec 2005, $0.98
|
- | - | 212,750 | 213 | - | - | 208,282 | - | - | - | 208,495 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$1,451,000
of $3,500,000 debenture, Dec 2005, $0.93
|
- | - | 1,770,223 | 1,770 | - | - | 1,644,537 | - | - | - | 1,646,307 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$4,221
of 2nd $2,000,000 debenture, Dec 2005, $0.85
|
- | - | 7,042 | 7 | - | - | 5,979 | - | - | - | 5,986 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in conjunction with financing,
|
||||||||||||||||||||||||||||||||||||||||||||
$3,500,000,
December 2005, $0.95
|
- | - | 224,000 | 224 | - | - | 212,576 | - | - | - | 212,800 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with financing,
|
||||||||||||||||||||||||||||||||||||||||||||
$3,500,000,
December 2005, $0.82
|
- | - | - | - | - | - | 76,650 | - | - | - | 76,650 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible
|
||||||||||||||||||||||||||||||||||||||||||||
debentures,
$3,500,000, December 2005, $0.82
|
- | - | - | - | - | - | 1,648,387 | - | - | - | 1,648,387 | |||||||||||||||||||||||||||||||||
Value
of Beneficial Conversion Feature on Convertible
|
||||||||||||||||||||||||||||||||||||||||||||
Debentures,
$3,500,000, December 2005,$0.82
|
- | - | - | - | - | - | 1,851,613 | - | - | - | 1,851,613 | |||||||||||||||||||||||||||||||||
Issuance
of warrants as exercise inducement Dec 2005, $1.25
|
- | - | - | - | - | - | 1,115,853 | - | - | - | 1,115,853 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$82,000
of $3,500,000 debenture, December 2005, $0.84
|
- | - | 100,000 | 100 | - | - | 83,900 | - | - | - | 84,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, 2nd $2,000,000, Jan 2006, $0.81
|
- | - | 75,149 | 75 | - | - | 60,796 | - | - | - | 60,871 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $500,000, Jan 2006, $0.81
|
- | - | 53,612 | 54 | - | - | 43,372 | - | - | - | 43,426 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$617,000
of $3,500,000 debenture, January 2005, $0.94
|
- | - | 757,630 | 758 | - | - | 711,415 | - | - | - | 712,173 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in conjunction with financing,
|
||||||||||||||||||||||||||||||||||||||||||||
$4,000,000,
January 2006, $1.00
|
- | - | 266,667 | 267 | - | - | 266,400 | - | - | - | 266,667 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with financing,
|
||||||||||||||||||||||||||||||||||||||||||||
$4,000,000,
January 2006, $1.05
|
- | - | - | - | - | - | 88,800 | - | - | - | 88,800 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible
|
||||||||||||||||||||||||||||||||||||||||||||
debentures,
4,000,000, January 2006, $1.05
|
- | - | - | - | - | - | 1,653,631 | - | - | - | 1,653,631 | |||||||||||||||||||||||||||||||||
Value
of Beneficial Conversion Feature on Convertible
|
||||||||||||||||||||||||||||||||||||||||||||
Debentures,
4,000,000, January 2006, $1.05
|
- | - | - | - | - | - | 1,463,155 | - | - | - | 1,463,155 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, January 2006, $0.82
|
- | - | 7,317,072 | 7,317 | - | - | 5,992,682 | - | - | - | 5,999,999 | |||||||||||||||||||||||||||||||||
Issuance
of warrants as exercise inducement Jan 2006, $1.60
|
- | - | - | - | - | - | 3,109,756 | - | - | - | 3,109,756 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, January 2006, $0.63
|
- | - | 10,000 | 10 | - | - | 6,290 | - | - | - | 6,300 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$850,000
of $3,500,000 debenture, January 2006, $1.06
|
- | - | 1,045,779 | 1,046 | - | - | 1,107,480 | - | - | - | 1,108,526 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $500,000, Feb 2006, $1.23
|
- | - | 49,812 | 50 | - | - | 61,219 | - | - | - | 61,269 |
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $2,000,000, Feb 2006, $1.23
|
- | - | 67,746 | 68 | - | - | 83,260 | - | - | - | 83,328 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation,
|
||||||||||||||||||||||||||||||||||||||||||||
December
2005, $0.90
|
- | - | 140,115 | 140 | - | - | 125,964 | - | - | - | 126,104 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, February 2006, $0.82
|
- | - | 303,902 | 304 | - | - | 248,896 | - | - | - | 249,200 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
February 2006, $1.53
|
- | - | 50,000 | 50 | - | - | 76,450 | - | - | - | 76,500 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, February 2006, $0.94
|
- | - | 80,000 | 80 | - | - | 75,120 | - | - | - | 75,200 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, February 2006, $1.59
|
- | - | 80,000 | 80 | - | - | 127,120 | - | - | - | 127,200 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, February 2006, $1.38
|
- | - | 20,000 | 20 | - | - | 27,580 | - | - | - | 27,600 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, February 2006, $1.05
|
- | - | 3,809,524 | 3,810 | - | - | 3,996,191 | - | - | - | 4,000,001 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, February 2006, $1.20
|
- | - | 909,756 | 910 | - | - | 1,090,797 | - | - | - | 1,091,707 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, February 2006, $1.25
|
- | - | 4,578,048 | 4,578 | - | - | 5,717,982 | - | - | - | 5,722,560 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, February 2006, $1.72
|
- | - | 34,782 | 35 | - | - | 59,790 | - | - | - | 59,825 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$950,000
of Jan $4,000,000 debenture, Feb 2006, $2.38
|
- | - | 904,762 | 905 | - | - | 2,152,429 | - | - | - | 2,153,334 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible
|
||||||||||||||||||||||||||||||||||||||||||||
debentures,
4,000,000, February 2006, $1.05
|
- | - | - | - | - | - | 2,374,507 | - | - | - | 2,374,507 | |||||||||||||||||||||||||||||||||
Value
of Beneficial Conversion Feature on Convertible
|
||||||||||||||||||||||||||||||||||||||||||||
Debentures,
4,000,000, February 2006, $1.05
|
- | - | - | - | - | - | 1,625,493 | - | - | - | 1,625,493 | |||||||||||||||||||||||||||||||||
Issuance
of warrants as exercise inducement Feb 2006, $3.00
|
- | - | - | - | - | - | 8,294,141 | - | - | - | 8,294,141 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$1,550,000
of Jan $4,000,000 debenture, Mar 2006, $2.21
|
- | - | 1,485,349 | 1,485 | - | - | 3,281,136 | - | - | - | 3,282,621 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.72
|
- | - | 347,913 | 348 | - | - | 598,062 | - | - | - | 598,410 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $2,000,000, Mar 2006, $2.31
|
- | - | 67,094 | 67 | - | - | 154,920 | - | - | - | 154,987 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $500,000, March 2006, $2.31
|
- | - | 49,312 | 49 | - | - | 113,861 | - | - | - | 113,910 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $3,500,000, Mar 2006, $2.31
|
- | - | 55,644 | 56 | - | - | 128,482 | - | - | - | 128,538 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
March 2006, $2.31
|
- | - | 50,000 | 50 | - | - | 115,450 | - | - | - | 115,500 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $0.94
|
- | - | 300,222 | 300 | - | - | 281,909 | - | - | - | 282,209 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$2,350,000
of Feb $4,000,000 debenture, Mar 2006, $2.31
|
- | - | 1,880,000 | 1,880 | - | - | 4,340,920 | - | - | - | 4,342,800 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $1.47
|
- | - | 274,500 | 274 | - | - | 403,241 | - | - | - | 403,515 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.25
|
- | - | 1,600,000 | 1,600 | - | - | 1,998,400 | - | - | - | 2,000,000 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $0.91
|
- | - | 60,000 | 60 | - | - | 54,540 | - | - | - | 54,600 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $1.59
|
- | - | 263,700 | 264 | - | - | 419,019 | - | - | - | 419,283 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$500,000
of Feb $4,000,000 debenture, Mar 2006, $2.20
|
- | - | 400,592 | 401 | - | - | 880,902 | - | - | - | 881,303 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $0.82
|
- | - | 48,000 | 48 | - | - | 39,312 | - | - | - | 39,360 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.05
|
- | - | 46,000 | 46 | - | - | 48,254 | - | - | - | 48,300 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$200,000
of Jan $4,000,000 debenture, March 2006, $2.31
|
- | - | 192,136 | 192 | - | - | 443,642 | - | - | - | 443,834 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $1.71
|
- | - | 180,000 | 180 | - | - | 307,620 | - | - | - | 307,800 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$384,615
of $500,000 debenture, March 2006, $3.33
|
- | - | 470,450 | 470 | - | - | 1,566,129 | - | - | - | 1,566,599 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.68
|
- | - | 1,639,344 | 1,639 | - | - | 2,752,459 | - | - | - | 2,754,098 | |||||||||||||||||||||||||||||||||
Cashless
exercise of stock warrants, March 2006, $2.50
|
- | - | 8,179 | 8 | - | - | (8 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.25
|
- | - | 68,000 | 68 | - | - | 84,932 | - | - | - | 85,000 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $2.10
|
- | - | 175,000 | 175 | - | - | 367,325 | - | - | - | 367,500 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $1.10
|
- | - | 150,000 | 150 | - | - | 164,850 | - | - | - | 165,000 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $1.52
|
- | - | 150,000 | 150 | - | - | 227,850 | - | - | - | 228,000 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $2.19
|
- | - | 150,000 | 150 | - | - | 328,350 | - | - | - | 328,500 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $2.15
|
- | - | 2,000 | 2 | - | - | 4,298 | - | - | - | 4,300 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.88
|
- | - | 31,000 | 31 | - | - | 58,249 | - | - | - | 58,280 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $2.02
|
- | - | 23,438 | 23 | - | - | 47,322 | - | - | - | 47,345 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $0.63
|
- | - | 120,750 | 121 | - | - | 75,952 | - | - | - | 76,073 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.86
|
- | - | 170,068 | 170 | - | - | 316,156 | - | - | - | 316,326 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
March 2006, $2.96
|
- | - | 25,000 | 25 | - | - | 73,975 | - | - | - | 74,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts
|
||||||||||||||||||||||||||||||||||||||||||||
payable
March 2006, $3.20
|
- | - | 2,390 | 2 | - | - | 7,646 | - | - | - | 7,648 | |||||||||||||||||||||||||||||||||
Issuance
of warrants as exercise inducement Mar 2006, $3.00
|
- | - | - | - | - | - | 1,293,953 | - | - | - | 1,293,953 |
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $2,000,000, April 2006, $2.70
|
- | - | 67,083 | 67 | - | - | 181,057 | - | - | - | 181,124 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, $3,500,000, April 2006, $2.70
|
- | - | 49,812 | 50 | - | - | 134,443 | - | - | - | 134,493 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, Jan $4,000,000, Apr 2006, $2.70
|
- | - | 167,144 | 167 | - | - | 451,122 | - | - | - | 451,289 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, April 2006, $1.88
|
- | - | 29,000 | 29 | - | - | 54,491 | - | - | - | 54,520 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, April 2006, $1.47
|
- | - | 95,500 | 95 | - | - | 140,290 | - | - | - | 140,385 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$307,692
of 2nd $2,000,000 debenture, April 2006, $2.63
|
- | - | 513,158 | 513 | - | - | 1,349,092 | - | - | - | 1,349,605 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$423,077
of $3,500,000 debenture, April 2005, $2.63
|
- | - | 516,291 | 516 | - | - | 1,357,329 | - | - | - | 1,357,845 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||||||||||||
$923,077
of Jan $4,000,000 debenture, April 2006, $2.63
|
- | - | 879,699 | 880 | - | - | 2,312,729 | - | - | - | 2,313,609 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, April 2006, $0.94
|
- | - | 25,000 | 25 | - | - | 23,475 | - | - | - | 23,500 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, April 2006, $0.82
|
- | - | 132,000 | 132 | - | - | 108,108 | - | - | - | 108,240 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, April 2006, $0.91
|
- | - | 60,000 | 60 | - | - | 54,540 | - | - | - | 54,600 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, April 2006, $1.05
|
- | - | 69,000 | 69 | - | - | 72,381 | - | - | - | 72,450 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in satisfaction of deposit
|
||||||||||||||||||||||||||||||||||||||||||||
April
2006, $1.25
|
- | - | 204,465 | 204 | - | - | 255,377 | - | - | - | 255,581 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
April 2006, $2.67
|
- | - | 38,400 | 38 | - | - | 102,490 | - | - | - | 102,528 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered
|
||||||||||||||||||||||||||||||||||||||||||||
April
2006, $2.66
|
- | - | - | - | - | - | 137,200 | - | - | - | 137,200 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, Jan $4,000,000, May 2006, $3.10
|
- | - | 74,322 | 74 | - | - | 230,324 | - | - | - | 230,398 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, Feb $4,000,000, May 2006, $3.10
|
- | - | 172,713 | 173 | - | - | 535,238 | - | - | - | 535,411 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, May 2006, $2.10
|
- | - | 25,000 | 25 | - | - | 52,475 | - | - | - | 52,500 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, May 2006, $1.47
|
- | - | 10,000 | 10 | - | - | 14,690 | - | - | - | 14,700 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered
|
||||||||||||||||||||||||||||||||||||||||||||
May
2006, $1.91
|
- | - | - | - | - | - | 35,250 | - | - | - | 35,250 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation
|
||||||||||||||||||||||||||||||||||||||||||||
May
2006, $1.88
|
- | - | 755,000 | 755 | - | - | 1,418,645 | - | - | - | 1,419,400 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
May 2006, $1.85
|
- | - | 3,784 | 4 | - | - | 6,997 | - | - | - | 7,001 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
May 2006, $1.88
|
- | - | 38,000 | 38 | - | - | 71,402 | - | - | - | 71,440 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, Jan $4,000,000, Jun 2006, $1.96
|
- | - | 73,979 | 74 | - | - | 144,925 | - | - | - | 144,999 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, Feb $4,000,000, Jun 2006, $1.96
|
- | - | 83,911 | 84 | - | - | 164,382 | - | - | - | 164,466 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, June 2006, $1.25
|
- | - | 1,327,880 | 1,328 | - | - | 1,658,522 | - | - | - | 1,659,850 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, June 2006, $1.60
|
- | - | 3,036,310 | 3,036 | - | - | 4,855,060 | - | - | - | 4,858,096 | |||||||||||||||||||||||||||||||||
Issuance
of warrants as exercise inducement June 2006, $2.35
|
- | - | - | - | - | - | 4,549,670 | - | - | - | 4,549,670 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private
|
||||||||||||||||||||||||||||||||||||||||||||
placement,
June 2006, $2.05
|
- | - | 3,414,636 | 3,415 | - | - | 6,996,589 | - | - | - | 7,000,004 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
June 2006, $1.85
|
- | - | 3,784 | 4 | - | - | 6,997 | - | - | - | 7,001 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, Jan $4,000,000, July 2006, $1.75
|
- | - | 66,264 | 66 | - | - | 115,896 | - | - | - | 115,962 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly
|
||||||||||||||||||||||||||||||||||||||||||||
amortization
payments due, Feb $4,000,000, July 2006, $1.75
|
- | - | 64,923 | 65 | - | - | 113,550 | - | - | - | 113,615 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services
|
||||||||||||||||||||||||||||||||||||||||||||
rendered
July 2006, $1.40
|
- | - | 5,000 | 5 | - | - | 6,995 | - | - | - | 7,000 | |||||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | - | - | (67,967,204 | ) | - | (67,967,204 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | 185,232 | 185,232 | |||||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(67,967,204 | ) | 185,232 | (67,781,972 | ) | |||||||||||||||||||||||||||||||||||||||
Balance
at July 31, 2006
|
1,000 | $ | 1 | 107,398,360 | $ | 107,397 | $ | - | $ | - | $ | 243,097,627 | $ | - | $ | (188,495,312 | ) | $ | 754,081 | $ | 55,463,794 |
`
|
Deficit
|
|||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable
-
|
During
the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income
(Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance,
August 1, 2006
|
1,000 | $ | 1 | 107,398,360 | $ | 107,397 | $ | - | $ | - | $ | 243,097,627 | $ | - | $ | (188,495,312 | ) | $ | 754,081 | $ | 55,463,794 | |||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due, Feb
$4,000,000, Aug 2006, $1.48
|
- | - | 64,718 | 65 | - | - | 95,718 | - | - | - | 95,783 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Aug 2006,
$1.43
|
- | - | 25,000 | 25 | - | - | 35,725 | - | - | - | 35,750 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due Feb
$4,000,000, Sep 2006 $1.53
|
- | - | 64,400 | 64 | - | - | 98,468 | - | - | - | 98,532 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Oct 2006,
$1.50
|
- | - | 25,000 | 25 | - | - | 37,475 | - | - | - | 37,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due , Feb
$4,000,000, Oct 2006, $1.65
|
- | - | 64,000 | 64 | - | - | 105,536 | - | - | - | 105,600 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Oct 2006,
$1.83
|
- | - | 27,262 | 27 | - | - | 49,862 | - | - | - | 49,889 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Oct 2006,
$1.50
|
- | - | 25,000 | 25 | - | - | 37,475 | - | - | - | 37,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Oct 2006, $1.83
|
- | - | 100,000 | 100 | - | - | 182,900 | - | - | - | 183,000 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, Oct 2006, $1.25
|
- | - | 100,000 | 100 | - | - | 124,900 | - | - | - | 125,000 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, Oct 2006, $1.59
|
- | - | 90,300 | 90 | - | - | 143,487 | - | - | - | 143,577 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, Oct 2006, $1.47
|
- | - | 6,500 | 6 | - | - | 9,549 | - | - | - | 9,555 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due Feb
$4,000,000, Nov 2006, $2.02
|
- | - | 63,764 | 64 | - | - | 128,740 | - | - | - | 128,804 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, Nov 2006, $1.59
|
- | - | 15,000 | 15 | - | - | 23,835 | - | - | - | 23,850 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Nov 2006,
$2.15
|
- | - | 50,000 | 50 | - | - | 107,450 | - | - | - | 107,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due, Feb
$4,000,000, Dec 2006, $2.08
|
- | - | 63,384 | 63 | - | - | 131,775 | - | - | - | 131,838 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Dec 2006,
$1.68
|
- | - | 25,000 | 25 | - | - | 41,975 | - | - | - | 42,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jan 2007,
$1.77
|
- | - | 25,000 | 25 | - | - | 44,225 | - | - | - | 44,250 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversation of $52,554 of Feb
$4,000,000 debenture, Jan, $1.74
|
- | - | 42,043 | 42 | - | - | 73,113 | - | - | - | 73,155 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of 52,554 of Feb $4,000,000
debenture, Jan, $1.77
|
- | - | 42,043 | 42 | - | - | 74,374 | - | - | - | 74,416 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Feb 2007,
$1.90
|
- | - | 25,000 | 25 | - | - | 47,475 | - | - | - | 47,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2007,
$1.71
|
- | - | 100,000 | 100 | - | - | 170,900 | - | - | - | 171,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Mar 2007, $1.71
|
- | - | 9,844 | 10 | - | - | 16,823 | - | - | - | 16,833 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered Mar 2007,
$1.71
|
- | - | - | - | 125,000 | - | - | - | 125,000 | |||||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Mar 2007, $1.71
|
- | - | 296,000 | 296 | - | - | 505,864 | - | - | - | 506,160 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2007,
$1.65
|
- | - | 13,637 | 13 | - | - | 22,487 | - | - | - | 22,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2007,
$1.69
|
- | - | 25,000 | 25 | - | - | 42,225 | - | - | - | 42,250 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $52,554 of Feb $4,000,000
debenture, Mar 2007, $1.71
|
- | - | 42,043 | 42 | - | - | 71,851 | - | - | - | 71,893 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Mar 2007, $1.70
|
- | - | 4,951 | 5 | - | - | 8,412 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2007,
$1.71
|
- | - | 22,728 | 23 | - | - | 38,842 | - | - | - | 38,865 | |||||||||||||||||||||||||||||||||
Preferred
Shares Redemption, April 2007
|
(1,000 | ) | (1 | ) | - | - | - | - | (99 | ) | - | - | - | (100 | ) | |||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2007,
$1.65
|
- | - | 13,637 | 14 | - | - | 22,486 | - | - | - | 22,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2007,
$1.69
|
- | - | 25,000 | 25 | - | - | 42,225 | - | - | - | 42,250 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Apr 2007, $1.64
|
- | - | 5,132 | 5 | - | - | 8,411 | - | - | - | 8,416 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $52,554 of Feb $4,000,000
debenture, Apr 2007, $1.61
|
- | - | 42,043 | 42 | - | - | 67,647 | - | - | - | 67,689 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2007,
$1.60
|
- | - | 22,728 | 23 | - | - | 36,342 | - | - | - | 36,365 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, May 2007, $0.63
|
- | - | 5,000 | 5 | - | - | 3,145 | - | - | - | 3,150 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2007,
$1.47
|
- | - | 25,000 | 25 | - | - | 36,725 | - | - | - | 36,750 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2007,
$1.47
|
- | - | 13,637 | 14 | - | - | 20,033 | - | - | - | 20,047 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation May 2007, $1.45
|
- | - | 5,805 | 6 | - | - | 8,411 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation May 2007, $1.45
|
- | - | 450,000 | 450 | - | - | 652,050 | - | - | - | 652,500 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered May 2007,
$1.45
|
- | - | - | - | 141,400 | - | - | - | 141,400 | |||||||||||||||||||||||||||||||||||
Cancellation
of common stock, May 2007, $1.45
|
- | - | (150,000 | ) | (150 | ) | - | - | 150 | - | - | - | - | |||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jun 2007 ,
$1.40
|
- | - | 22,728 | 23 | - | - | 31,796 | - | - | - | 31,819 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jun 2007,
$1.83
|
- | - | 13,637 | 14 | - | - | 24,942 | - | - | - | 24,956 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered Jun 2007,
$1.80
|
- | - | 25,000 | 25 | - | - | 44,975 | - | - | - | 45,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Jul 2007, $1.78
|
- | - | 4,728 | 5 | - | - | 8,411 | - | - | - | 8,416 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jul 2007,
$1.78
|
- | - | 22,728 | 23 | - | - | 40,433 | - | - | - | 40,456 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, Jul 2007, $0.94
|
- | - | 70,000 | 70 | - | - | 65,730 | - | - | - | 65,800 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, Jul 2007, $0.56
|
- | - | 100,000 | 100 | - | - | 55,900 | - | - | - | 56,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jul 2007,
$1.75
|
- | - | 13,637 | 14 | - | - | 23,851 | - | - | - | 23,865 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jul 2007,
$1.68
|
- | - | 25,000 | 25 | - | - | 41,975 | - | - | - | 42,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation April 2007, $1.65
|
- | - | 5,101 | 5 | - | - | 8,412 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | - | - | (23,504,958 | ) | - | (23,504,958 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | 127,726 | 127,726 | |||||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(23,504,958 | ) | 127,726 | (23,377,232 | ) | |||||||||||||||||||||||||||||||||||||||
Balance
at July 31, 2007
|
- | - | 109,616,518 | 109,616 | - | - | 247,079,439 | - | (212,000,270 | ) | 881,807 | 36,070,592 |
`
|
Deficit
|
|||||||||||||||||||||||||||||||||||||||||||
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable
-
|
During
the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance,
August 1, 2007
|
- | $ | - | 109,616,518 | $ | 109,616 | - | $ | - | $ | 247,079,439 | $ | - | $ | (212,000,270 | ) | $ | 881,807 | $ | 36,070,592 | ||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered August
2007, $1.57
|
- | - | 22,728 | 23 | - | - | 35,660 | - | - | - | 35,683 | |||||||||||||||||||||||||||||||||
Issuance
of restricted common stock to officers as employee compensation August
2007
|
- | - | 550,000 | 550 | - | - | (550 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||
Stock-based
compensation - officers
|
- | - | - | - | - | - | 527,909 | - | - | - | 527,909 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation August 2007, $1.51 (Issued
under the 2006 Plan and fully vested)
|
- | - | 100,000 | 100 | - | - | 150,900 | - | - | - | 151,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation August 2007,
$1.50
|
- | - | 5,611 | 6 | - | - | 8,411 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered September 2007,
$1.48
|
- | - | 22,728 | 22 | - | - | 33,615 | - | - | - | 33,637 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered September 2007,
$1.61
|
- | - | 8,000 | 8 | - | - | 12,872 | - | - | - | 12,880 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered September 2007,
$1.53
|
- | - | 50,000 | 50 | - | - | 76,450 | - | - | - | 76,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation September 2007,
$1.55
|
- | - | 5,430 | 5 | - | - | 8,411 | - | - | - | 8,416 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered October 2007,
$1.50
|
- | - | 22,728 | 23 | - | - | 34,069 | - | - | - | 34,092 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation October 2007,
$1.52
|
- | - | 446,000 | 446 | - | - | 677,474 | - | - | - | 677,920 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered October 2007,
$1.53
|
- | - | 8,000 | 8 | - | - | 12,232 | - | - | - | 12,240 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered October 2007,
$1.50
|
- | - | 37,500 | 38 | - | - | 56,213 | - | - | - | 56,251 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation October 2007,
$1.53
|
- | - | 5,501 | 6 | - | - | 8,411 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered November 2007,
$1.71
|
- | - | 22,728 | 23 | - | - | 38,842 | - | - | - | 38,865 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered November 2007,
$1.75
|
- | - | 8,000 | 8 | - | - | 13,992 | - | - | - | 14,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation November 2007,
$1.70
|
- | - | 4,951 | 5 | - | - | 8,412 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered November 2007,
$1.54
|
- | - | 228,087 | 228 | - | - | 349,771 | - | - | - | 349,999 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered November 2007,
$1.53
|
- | - | 98,168 | 98 | - | - | 149,903 | - | - | - | 150,001 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered December 2007,
$1.80
|
- | - | 22,728 | 23 | - | - | 40,888 | - | - | - | 40,911 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered December 2007,
$1.84
|
- | - | 8,000 | 8 | - | - | 14,712 | - | - | - | 14,720 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, December 2007, $1.59
|
- | - | 31,000 | 31 | - | - | 49,259 | - | - | - | 49,290 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers
|
- | - | - | - | - | - | 67,242 | - | - | - | 67,242 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered December 2007,
$1.74
|
- | - | 50,000 | 50 | - | - | 86,950 | - | - | - | 87,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation December
2007,$1.75
|
- | - | 4,810 | 5 | - | - | 8,413 | - | - | - | 8,418 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered January 2008,
$1.61
|
- | - | 22,728 | 23 | - | - | 36,569 | - | - | - | 36,592 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered January 2008,
$1.38
|
- | - | 8,000 | 8 | - | - | 11,032 | - | - | - | 11,040 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered January 2008,
$1.34
|
- | - | 37,500 | 37 | - | - | 50,213 | - | - | - | 50,250 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation October 2007,
$1.36
|
- | - | 6,189 | 6 | - | - | 8,411 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered February 2008,
$1.36
|
- | - | 22,728 | 23 | - | - | 30,887 | - | - | - | 30,910 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered February 2008,
$1.34
|
- | - | 8,000 | 8 | - | - | 10,712 | - | - | - | 10,720 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, February 2008, $1.00
|
- | - | 70,000 | 70 | - | - | 69,930 | - | - | - | 70,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation February 2008,
$1.32
|
- | - | 6,376 | 6 | - | - | 8,410 | - | - | - | 8,416 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered March 2008,
$1.00
|
- | - | 8,000 | 8 | - | - | 7,992 | - | - | - | 8,000 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers
|
- | - | 50,000 | 50 | - | - | 67,242 | - | - | - | 67,292 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered March 2008,
$0.95
|
- | - | 8,093 | 8 | - | - | 47,450 | - | - | - | 47,458 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation March 2008, $1.04
|
- | - | 200,000 | 200 | - | - | 8,409 | - | - | - | 8,609 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered March 2008,
$1.14
|
- | - | - | - | - | - | 227,800 | - | - | - | 227,800 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered March 2008,
$3.75
|
- | - | - | - | - | - | 52,500 | - | - | - | 52,500 | |||||||||||||||||||||||||||||||||
Issuance
of warrants as employee compensation March 2008, $0.94
|
- | - | - | - | - | - | 29,500 | - | - | - | 29,500 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debenture, March 2008,
$1.10
|
- | - | - | - | - | - | 5,323,109 | - | - | - | 5,323,109 | |||||||||||||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, March 2008,
$1.21
|
- | - | - | - | - | - | 5,323,109 | - | - | - | 5,323,109 | |||||||||||||||||||||||||||||||||
Repurchase
of common stock March 2008, $1.16
|
- | - | (326,255 | ) | (326 | ) | - | - | (378,130 | ) | - | - | - | (378,456 | ) | |||||||||||||||||||||||||||||
Option
repricing costs March 2008
|
- | - | - | - | - | - | 14,500 | - | - | - | 14,500 | |||||||||||||||||||||||||||||||||
Value
of Beneficial Conversion Feature on Convertible Debentures, March 2008,
$1.21
|
- | - | - | - | - | - | 8,768,946 | - | - | - | 8,768,946 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, April 2008, $1.00
|
- | - | 50,000 | 50 | - | - | 49,950 | - | - | - | 50,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered April 2008,
$1.19
|
- | - | 8,000 | 8 | - | - | 9,512 | - | - | - | 9,520 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash, April 2008, $0.89
|
- | - | 250,000 | 250 | - | - | 222,250 | - | - | - | 222,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered April 2008,
$1.06
|
- | - | 37,500 | 37 | - | - | 39,713 | - | - | - | 39,750 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation April 2008, $1.08
|
- | - | 7,793 | 8 | - | - | 8,409 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2008,
$1.05
|
- | - | 8,000 | 8 | - | - | 8,392 | - | - | - | 8,400 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock options, May 2008, $0.96
|
- | - | - | - | - | - | 58,078 | - | - | - | 58,078 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation May 2008, $1.00
|
- | - | 8,417 | 8 | - | - | 8,409 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock
|
- | - | - | - | - | - | 67,242 | - | - | - | 67,242 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2008,
$0.97
|
- | - | 50,000 | 50 | - | - | 48,450 | - | - | - | 48,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered June 2008,
$0.95
|
- | - | 8,000 | 8 | - | - | 7,592 | - | - | - | 7,600 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation June 2008, $0.97
|
- | - | 8,677 | 9 | - | - | 8,409 | - | - | - | 8,418 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered July 2008,
$0.79
|
- | - | 8,000 | 8 | - | - | 6,312 | - | - | - | 6,320 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered July 2008,
$0.80
|
- | - | 37,500 | 37 | - | - | 29,963 | - | - | - | 30,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation July 2008, $0.83
|
- | - | 10,141 | 10 | - | - | 8,409 | - | - | - | 8,419 | |||||||||||||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | - | - | (36,228,991 | ) | - | (36,228,991 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | 32,688 | 32,688 | |||||||||||||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(36,228,991 | ) | 32,688 | (36,196,303 | ) | |||||||||||||||||||||||||||||||||||||||
Balance
at July 31, 2008
|
- | $ | - | 111,992,603 | $ | 111,992 | - | $ | - | $ | 269,849,581 | $ | - | $ | (248,229,261 | ) | $ | 914,495 | $ | 22,646,807 |
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable -
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance
at August 1, 2008
|
- | - | 111,992,603 | 111,992 | - | - | 269,849,581 | - | (248,229,261 | ) | 914,495 | 22,646,807 | ||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments on
convertible notes Aug 2008, $0.65
|
- | - | 2,891,182 | 2,891 | - | - | 1,873,775 | - | - | - | 1,876,666 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock options
|
- | - | - | - | - | - | 9,680 | - | - | - | 9,680 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Aug 2008, $0.56
|
- | - | 11,690 | 12 | - | - | 8,405 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock
|
- | - | - | - | - | - | 29,885 | - | - | - | 29,885 | |||||||||||||||||||||||||||||||||
Exercise
of stock options for cash Aug 2008, $0.56
|
- | - | 100,000 | 100 | - | - | 55,900 | - | - | - | 56,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments on
convertible notes Sept 2008, $0.52
|
- | - | 3,597,214 | 3,597 | - | - | 1,873,069 | - | - | - | 1,876,666 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Sept. 2008,
$0.58
|
- | - | 50,000 | 50 | - | - | 28,950 | - | - | - | 29,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Sept. 2008,
$0.53
|
- | - | 4,000 | 4 | - | - | 2,116 | - | - | - | 2,120 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Sept 2008, $0.56
|
- | - | 15,030 | 15 | - | - | 8,402 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments on
convertible notes Oct 2008, $0.29
|
- | - | 2,638,809 | 2,639 | - | - | 756,810 | - | - | - | 759,449 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of interest on Convertible Notes, Oct 2008,
$0.52
|
- | - | 483,195 | 483 | - | - | 251,600 | - | - | - | 252,083 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Oct 2008,
$0.32
|
- | - | 4,000 | 4 | - | - | 1,276 | - | - | - | 1,280 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, July 2008
$0.38
|
- | - | 37,500 | 38 | - | - | 14,213 | - | - | - | 14,251 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Oct 2008, $0.31
|
- | - | 27,151 | 27 | - | - | 8,390 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments on
Convertible Notes, Nov 2008, $0.29
|
- | - | 2,144,605 | 2,145 | - | - | 615,073 | - | - | - | 617,218 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock options
|
- | - | - | - | - | - | 9,680 | - | - | - | 9,680 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Nov 2008, $0.35
|
- | - | 24,048 | 24 | - | - | 8,393 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock
|
- | - | - | - | - | - | 22,414 | - | - | - | 22,414 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Nov 2008,
$0.35
|
- | - | 4,000 | 4 | - | - | 1,396 | - | - | - | 1,400 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Nov 2008,
$0.38
|
- | - | 25,000 | 25 | - | - | 9,475 | - | - | - | 9,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Dec 2008,
$0.45
|
- | - | 33,335 | 33 | - | - | 14,967 | - | - | - | 15,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Dec 2008,
$0.47
|
- | - | 4,000 | 4 | - | - | 1,876 | - | - | - | 1,880 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Dec 2008,
$0.53
|
- | - | 68,102 | 68 | - | - | 29,932 | - | - | - | 30,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Dec 2008, $0.38
|
- | - | 22,149 | 22 | - | - | 8,394 | - | - | - | 8,416 | |||||||||||||||||||||||||||||||||
Warrant
modification costs, Dec 2008
|
- | - | - | - | - | - | 1,589,988 | - | - | - | 1,589,988 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments on
Convertible Notes, Jan 2009, $0.32
|
- | - | 4,556,989 | 4,557 | - | - | 1,372,109 | - | - | - | 1,376,666 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, Jan 2009,
$0.34
|
- | - | 4,000 | 4 | - | - | 1,356 | - | - | - | 1,360 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, Jan 2009,
$0.33
|
- | - | 37,500 | 38 | - | - | 12,338 | - | - | - | 12,376 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, Jan 2009,
$0.33
|
- | - | 18,182 | 18 | - | - | 5,982 | - | - | - | 6,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Jan 2009, $0.34
|
- | - | 24,755 | 25 | - | - | 8,392 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Feb 2009,
$0.27
|
- | - | 22,059 | 22 | - | - | 5,978 | - | - | - | 6,000 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock options
|
- | - | - | - | - | - | 9,680 | - | - | - | 9,680 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Feb 2009, $0.23
|
- | - | 36,594 | 37 | - | - | 8,380 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers
|
- | - | - | - | - | - | 22,414 | - | - | - | 22,414 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments on
Convertible Notes, Mar 2009, $0.18
|
- | - | 10,713,359 | 10,713 | - | - | 1,916,620 | - | - | - | 1,927,333 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of interest on Convertible Notes, Mar 2009,
$0.18
|
- | - | 773,743 | 774 | - | - | 138,423 | - | - | - | 139,197 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Feb 2009,
$0.27
|
- | - | 4,000 | 4 | - | - | 1,076 | - | - | - | 1,080 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Mar 2009,
$0.29
|
- | - | 25,000 | 25 | - | - | 7,225 | - | - | - | 7,250 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Mar 2009,
$0.30
|
- | - | 250,000 | 250 | - | - | 74,750 | - | - | - | 75,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Mar 2009,
$0.35
|
- | - | 4,000 | 4 | - | - | 1,396 | - | - | - | 1,400 | |||||||||||||||||||||||||||||||||
Issuance
fo common stock in exchange for the services rendered, Mar 2009,
$0.31
|
- | - | 20,870 | 21 | - | - | 5,979 | - | - | - | 6,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Mar 2009, $0.31
|
- | - | 27,151 | 27 | - | - | 8,390 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Mar 2009,
$0.29
|
- | - | 150,000 | 150 | - | - | 43,350 | - | - | - | 43,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments on
Convertible Notes, Apr 2009, $0.28
|
- | - | 6,783,997 | 6,784 | - | - | 1,920,550 | - | - | - | 1,927,334 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Apr 2009,
$0.30
|
- | - | 150,000 | 150 | - | - | 44,250 | - | - | - | 44,400 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Mar 2009,
$0.30
|
- | - | 150,000 | 150 | - | - | 44,850 | - | - | - | 45,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Apr 2009,
$0.30
|
- | - | 4,000 | 4 | - | - | 1,196 | - | - | - | 1,200 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Apr 2009,
$0.39
|
- | - | 150,000 | 150 | - | - | 58,350 | - | - | - | 58,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Apr 2009,
$0.39
|
- | - | 37,500 | 38 | - | - | 14,588 | - | - | - | 14,626 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Apr 2009,
$0.33
|
- | - | 18,254 | 18 | - | - | 5,982 | - | - | - | 6,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments on
Convertible Notes, Apr 2009, $0.30
|
- | - | 7,424,242 | 7,424 | - | - | 2,194,606 | - | - | - | 2,202,030 | |||||||||||||||||||||||||||||||||
Cashless
exercise of stock warrants, Apr 2009, $0.50
|
- | - | 341,000 | 341 | - | - | (341 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Apr 2009, $0.37
|
- | - | 22,748 | 23 | - | - | 8,394 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, May 2009,
$0.40
|
- | - | 15,019 | 15 | - | - | 5,985 | - | - | - | 6,000 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock options
|
- | - | - | - | - | - | 5,378 | - | - | - | 5,378 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, May 2009, $0.38
|
- | - | 22,149 | 22 | - | - | 8,394 | - | - | - | 8,416 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock
|
- | - | - | - | - | - | 22,414 | - | - | - | 22,414 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments on
Convertible Notes, May 2009, $0.33
|
- | - | 5,840,404 | 5,840 | - | - | 1,921,493 | - | - | - | 1,927,333 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as repayment of interest on Convertible Notes, May 2009,
$0.33
|
- | - | 341,534 | 341 | - | - | 112,365 | - | - | - | 112,706 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, May 2009,
$0.33
|
- | - | 15,151,517 | 15,152 | - | - | 4,539,848 | - | - | - | 4,555,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, May 2009,
$0.38
|
- | - | 4,000 | 4 | - | - | 1,516 | - | - | - | 1,520 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, May 2009,
$0.37
|
- | - | 25,000 | 25 | - | - | 9,225 | - | - | - | 9,250 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, May 2009,
$0.38
|
- | - | 435,000 | 435 | - | - | 164,865 | - | - | - | 165,300 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, May 2009,
$0.37
|
- | - | 39,000 | 39 | - | - | 14,391 | - | - | - | 14,430 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, May 2009,
$0.42
|
- | - | 150,000 | 150 | - | - | 62,850 | - | - | - | 63,000 | |||||||||||||||||||||||||||||||||
Issuance
of options in exchange for the services rendered, May 2009,
$0.29
|
- | - | - | - | - | - | 11,000 | - | - | - | 11,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, Jun 2009,
$0.36-0.65
|
- | - | 982,382 | 982 | - | - | 437,715 | - | - | - | 438,697 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Jun 2009,
$0.64
|
- | - | 17,200,000 | 17,200 | - | - | 10,804,964 | - | - | - | 10,822,164 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Jun 2009,
$0.62
|
- | - | 4,000 | 4 | - | - | 2,476 | - | - | - | 2,480 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Jun 2009,
$0.64
|
- | - | 9,353 | 9 | - | - | 5,991 | - | - | - | 6,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Jun 2009, $0.57
|
- | - | 14,766 | 15 | - | - | 8,402 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Jun 2009,
$0.42
|
- | - | 100,000 | 100 | - | - | 35,900 | - | - | - | 36,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as converstion of Convertible Notes, June 2009,
$0.33
|
- | - | 4,914,251 | 4,914 | - | - | 1,616,789 | - | - | - | 1,621,703 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Jun 2009,
$0.33
|
- | - | 230,513 | 231 | - | - | 75,839 | - | - | - | 76,070 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Jun 2009,
$0.43
|
- | - | 150,000 | 150 | - | - | 64,350 | - | - | - | 64,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Jun 2009,
$0.76
|
- | - | 500,000 | 500 | - | - | 379,500 | - | - | - | 380,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Jun 2009,
$0.58
|
- | - | 260,000 | 260 | - | - | 150,540 | - | - | - | 150,800 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Jun 2009,
$0.43
|
- | - | 200,000 | 200 | - | - | 85,800 | - | - | - | 86,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Jul 2009,
$0.58
|
- | - | 4,000 | 4 | - | - | 2,332 | - | - | - | 2,336 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Jul 2009,
$0.56
|
- | - | 150,000 | 150 | - | - | 83,985 | - | - | - | 84,135 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Apr 2009,
$0.65
|
- | - | 37,500 | 37 | - | - | 24,524 | - | - | - | 24,561 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered, Jul 2009,
$0.62
|
- | - | 9,717 | 10 | - | - | 5,991 | - | - | - | 6,001 | |||||||||||||||||||||||||||||||||
Cashless
exercise of stock warrants, Jun 2009, $0.33
|
- | - | 9,567,583 | 9,568 | - | - | (9,568 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation, Jul 2009, $0.66
|
- | - | 12,753 | 13 | - | - | 8,404 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, July 2009, $0.33
|
- | - | 330,817 | 330 | - | - | 108,839 | - | - | - | 109,169 | |||||||||||||||||||||||||||||||||
Warrant
modification costs, July 2009
|
- | - | - | - | - | - | 1,608,616 | - | - | - | 1,608,616 | |||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | - | - | (45,812,228 | ) | - | (45,812,228 | ) | |||||||||||||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | (262,908 | ) | (262,908 | ) | |||||||||||||||||||||||||||||||
Total
comprehensive income (loss)
|
(45,812,228 | ) | (262,908 | ) | (46,075,136 | ) | ||||||||||||||||||||||||||||||||||||||
Balance
at July 31, 2009
|
- | $ | - | 212,628,814 | $ | 212,628 | - | $ | - | $ | 307,401,016 | $ | - | $ | (294,041,489 | ) | $ | 651,587 | $ | 14,223,742 |
SVR
|
Notes
|
Accumulated
|
Accumulated
|
|||||||||||||||||||||||||||||||||||||||||
Preferred
|
Common
|
Treasury
|
Additional
|
Receivable-
|
During the
|
Other
|
Total
|
|||||||||||||||||||||||||||||||||||||
Stock
|
Stock
|
Stock
|
Paid-In
|
Common
|
Development
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stock
|
Stage
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||||||||||||||
Balance
at August 1, 2009
|
- | - | 212,628,814 | 212,628 | - | - | 307,401,016 | - | (294,041,489 | ) | 651,587 | 14,223,742 | ||||||||||||||||||||||||||||||||
Effect
of the initial adoption of accounting for down-round
provision
|
(13,844,822 | ) | (5,981,043 | ) | (19,825,865 | ) | ||||||||||||||||||||||||||||||||||||||
Exercise
of warrants classified as derivatives
|
10,020,557 | 10,020,557 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock options
|
- | - | - | - | - | - | 3,227 | - | - | - | 3,227 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Aug 2009, $0.6215
|
- | - | 13,543 | 14 | - | - | 8,403 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock
|
- | - | - | - | 3,736 | - | - | - | 3,736 | |||||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Aug 2009,
$0.79
|
- | - | 8,558,013 | 8,558 | - | - | 5,152,142 | - | - | - | 5,160,700 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Aug 2009,
$0.61
|
4,000 | 4 | 2,436 | 2,440 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Aug 2009,
$0.63
|
- | - | 100,000 | 100 | - | - | 63,200 | - | - | - | 63,300 | |||||||||||||||||||||||||||||||||
Issuance
of options in exchange for the services rendered May 2009,
$0.46
|
5,653 | 5,653 | ||||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, Sep 2009,
$0.55-0.77
|
- | - | 1,582,640 | 1,583 | - | - | 1,053,877 | - | - | - | 1,055,459 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Sep 2009,
$0.76
|
4,000 | 4 | 3,036 | 3,040 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Sep 2009,
$0.7215
|
- | - | 83,335 | 83 | - | - | 60,043 | - | - | - | 60,126 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Sep 2009, $0.7254
|
- | - | 11,603 | 12 | - | - | 8,405 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Sep 2009,
$0.80
|
15,312,500 | 15,313 | 11,224,660 | 11,239,973 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Sep 2009,
$0.62
|
- | - | 200,000 | 200 | - | - | 124,400 | - | - | - | 124,600 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Sep 2009,
$0..76
|
200,000 | 200 | 151,800 | 152,000 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Oct 2009,
$0.68
|
- | - | 250,000 | 250 | - | - | 169,750 | - | - | - | 170,000 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Oct 2009,
$0.695
|
4,000 | 4 | 2,776 | 2,780 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Oct 2009,
$0.65
|
- | - | 15,000 | 15 | - | - | 9,735 | - | - | - | 9,750 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Oct 2009,
$0.525
|
37,500 | 38 | 19,650 | 19,688 | ||||||||||||||||||||||||||||||||||||||||
Cashless
exercise of stock warrants, Jan 2010, $0.33
|
- | - | 4,466,239 | 4,467 | - | - | (4,466 | ) | - | - | - | 1 | ||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Oct 2009,
$0.525
|
- | - | 60,000 | 60 | - | - | 31,440 | - | - | - | 31,500 | |||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Oct 2009, $0.60
|
14,028 | 14 | 8,403 | 8,417 | ||||||||||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, Sep 2009, $0.33
|
- | - | 4,599,817 | 4,600 | - | - | 1,513,340 | - | - | - | 1,517,940 | |||||||||||||||||||||||||||||||||
Option
modification costs, Oct 2009
|
- | - | - | - | 875,773 | - | - | - | 875,773 | |||||||||||||||||||||||||||||||||||
Stock-based
compensation - officers stock options
|
- | - | - | - | 3,227 | - | - | - | 3,227 | |||||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Nov 2009, $0.50
|
- | - | 16,833 | 17 | - | - | 8,400 | - | - | - | 8,417 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Nov 2009,
$0.61
|
39,144 | 39 | 23,961 | 24,000 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Nov 2009,
$0.51
|
- | - | 4,000 | 4 | - | - | 2,036 | - | - | - | 2,040 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Nov 2009,
$0.45
|
60,000 | 60 | 26,940 | 27,000 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Dec 2009,
$0.50
|
- | - | 10,000 | 10 | - | - | 5,040 | - | - | - | 5,050 | |||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Dec 2009,
$0.56
|
39,000 | 39 | 21,957 | 21,996 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, Dec 2009,
$0.48-0.67
|
- | - | 1,713,030 | 1,713 | - | - | 934,666 | 936,379 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Dec 2009,
$0.61
|
4,000 | 4 | 2,436 | 2,440 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered Dec 2009,
$0.51
|
- | - | - | - | 505,000 | 505,000 | ||||||||||||||||||||||||||||||||||||||
Issuance
of options in exchange for the services rendered Dec 2009,
$0.46
|
24,766 | 24,766 | ||||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Dec 2009,
$0.57
|
- | - | 10,565 | 11 | - | - | 5,989 | 6,000 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Dec 2009,
$0.53
|
- | - | 60,000 | 60 | - | - | 31,740 | 31,800 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Dec 2009, $0.56
|
- | - | 15,030 | 15 | - | - | 8,402 | 8,417 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jan 2010,
$0.67
|
4,000 | 4 | 2,676 | 2,680 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jan 2010,
$0.59
|
- | - | 5,000 | 5 | - | - | 2,945 | 2,950 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jan 2010,
$0.62
|
9,615 | 10 | 5,990 | 6,000 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jan 2010,
$0.63
|
- | - | 37,500 | 38 | - | - | 23,588 | 23,626 | ||||||||||||||||||||||||||||||||||||
Cashless
exercise of stock warrants, Jan 2010, $0.33
|
779,220 | 779 | (779 | ) | - | |||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jan 2010,
$0.63
|
- | - | 60,000 | 60 | - | - | 37,740 | 37,800 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Jan 2010, $0.64
|
13,221 | 13 | 8,403 | 8,416 | ||||||||||||||||||||||||||||||||||||||||
Stock-based
compensation - stock options
|
- | - | - | - | 499,469 | 499,469 | ||||||||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Feb 2010, $0.60
|
- | - | 14,044 | 14 | - | - | 8,403 | 8,417 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Feb 2010,
$0.60
|
9,921 | 10 | 5,990 | 6,000 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Feb 2010,
$0.59
|
- | - | 4,000 | 4 | - | - | 2,340 | 2,344 | ||||||||||||||||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered Mar 2010,
$1.25
|
- | - | - | - | 86,000 | 86,000 | ||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Feb,
$0.625
|
- | - | 60,000 | 60 | - | - | 37,440 | 37,500 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2010,
$0.64
|
- | - | 10,000 | 10 | - | - | 6,430 | 6,440 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2010,
$0.62
|
483,871 | 484 | 299,516 | 300,000 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2010,
$0.62
|
- | - | 300,000 | 300 | - | - | 187,200 | 187,500 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2010,
$0.53
|
200,000 | 200 | 106,360 | 106,560 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, Mar 2010,
$0.45-0.65
|
- | - | 1,198,808 | 1,199 | - | - | 693,896 | 695,095 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2010,
$0.64
|
4,000 | 4 | 2,556 | 2,560 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of options in exchange for the services rendered Mar 2010,
$0.64
|
- | - | - | - | 23,959 | 23,959 | ||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2010,
$0.60
|
9,977 | 10 | 5,990 | 6,000 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2010,
$0.54
|
- | - | 60,000 | 60 | - | - | 32,262 | 32,322 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Mar 2010, $0.56
|
14,912 | 15 | 8,402 | 8,417 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2010,
$0.49
|
- | - | 4,000 | 4 | - | - | 1,956 | 1,960 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2010,
$0.53
|
5,000 | 5 | 2,663 | 2,668 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2010,
$0.47
|
- | - | 12,637 | 13 | - | - | 5,987 | 6,000 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Apr 2010,
$0.47
|
2,000,000 | 2,000 | 870,373 | 872,373 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Apr 2010,
$0.4258
|
- | - | 2,000,000 | 2,000 | - | - | 813,036 | 815,036 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Apr 2010,
$0.42
|
- | - | 2,000,000 | 2,000 | - | - | 792,300 | 794,300 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2010,
$0.45
|
37,500 | 38 | 16,838 | 16,876 | ||||||||||||||||||||||||||||||||||||||||
Cashless
exercise of stock warrants, Apr 2010, $0.33
|
- | - | 2,390,167 | 2,390 | - | - | (2,390 | ) | 0 | |||||||||||||||||||||||||||||||||||
Exercise
of stock warrants for cash, Apr 2010, $0.33
|
170,068 | 170 | 55,952 | 56,122 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2010,
$0.45
|
- | - | 5,000 | 5 | - | - | 2,245 | 2,250 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2010,
$0.45
|
60,000 | 60 | 26,940 | 27,000 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Apr 2010, $0.46
|
- | - | 18,270 | 18 | - | - | 8,399 | 8,417 | ||||||||||||||||||||||||||||||||||||
Stock-based
compensation - stock options
|
272,206 | 272,206 | ||||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation May 2010, $0.38
|
- | - | 22,211 | 22 | - | - | 8,394 | 8,416 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2010,
$0.38
|
15,752 | 16 | 5,984 | 6,000 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2010,
$0.33
|
- | - | 4,000 | 4 | - | - | 1,296 | 1,300 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May,
$0.39
|
60,000 | 60 | 23,460 | 23,520 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2010,
$0.39
|
- | - | 5,000 | 5 | - | - | 1,955 | 1,960 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jul 2010,
$0.33
|
54,545 | 55 | 17,945 | 18,000 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, Jun 2010,
$0.33-0.37
|
- | - | 936,895 | 937 | - | - | 324,725 | 325,662 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jun 2010,
$0.35
|
4,000 | 4 | 1,396 | 1,400 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of options in exchange for the services rendered Jul 2010,
$0.38
|
- | - | - | - | 28,600 | 28,600 | ||||||||||||||||||||||||||||||||||||||
Issuance
of options in exchange for the services rendered Mar 2010,
$0.64
|
24,766 | 24,766 | ||||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jun 2010,
$0.35
|
- | - | 15,385 | 15 | - | - | 5,985 | 6,000 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jun 2010,
$0.32
|
- | - | 60,000 | 60 | - | - | 19,284 | 19,344 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation Jun 2010, $0.33
|
- | - | 25,209 | 25 | - | - | 8,392 | 8,417 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jul 2010,
$0.35
|
4,000 | 4 | 1,376 | 1,380 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jun 2010,
$0.32
|
- | - | 5,000 | 5 | - | - | 1,607 | 1,612 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jun 2010,
$0.35
|
- | - | 150,000 | 150 | - | - | 52,950 | 53,100 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jul 2010,
$0.35
|
- | - | 18,912 | 19 | - | - | 5,981 | 6,000 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, May 2010,
$0.35
|
- | - | 2,000,000 | 2,000 | - | - | 666,732 | 668,732 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, May 2010,
$0.35
|
2,000,000 | 2,000 | 669,420 | 671,420 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Jun 2010,
$0.35
|
- | - | 2,000,000 | 2,000 | - | - | 675,756 | 677,756 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jul 2010,
$0.40
|
37,500 | 38 | 14,963 | 15,001 | ||||||||||||||||||||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jul 2010,
$0.40
|
- | - | 60,000 | 60 | - | - | 23,940 | 24,000 | ||||||||||||||||||||||||||||||||||||
Issuance
of common stock as employee compensation July 2010, $0.35
|
23,841 | 24 | 8,393 | 8,417 | ||||||||||||||||||||||||||||||||||||||||
Net
Loss
|
- | - | - | - | - | - | (25,279,940 | ) | (25,279,940 | ) | ||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss)
|
- | |||||||||||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
- | - | - | - | - | - | - | - | - | 132,596 | 132,596 | |||||||||||||||||||||||||||||||||
Total
comprehensive income (loss)
|
(25,279,940 | ) | 132,596 | (25,147,344 | ) | |||||||||||||||||||||||||||||||||||||||
Balance
at July 31, 2010
|
- | $ | - | 269,599,615 | $ | 269,600 | - | $ | - | $ | 333,219,309 | $ | - | $ | (325,302,472 | ) | $ | 784,183 | $ | 8,970,620 |
Cumulative
From
|
|||||||||||||||||
For
the Twelve Months
|
November
2, 1995
|
||||||||||||||||
Ended
July 31,
|
(Date
of Inception)
|
||||||||||||||||
2010
|
2009
|
2008
|
to
July 31 2010
|
||||||||||||||
Cash
Flows From Operating Activities:
|
|||||||||||||||||
Net
loss
|
$ | (25,279,940 | ) | $ | (45,812,228 | ) | $ | (36,228,991 | ) | $ | (323,007,415 | ) | |||||
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|||||||||||||||||
Depreciation
and amortization
|
780,250 | 805,806 | 1,084,919 | 8,552,921 | |||||||||||||
Minority
interest share of loss
|
— | — | — | (3,038,185 | ) | ||||||||||||
Reduction
of notes receivable - common stock in exchange for services
rendered
|
— | — | — | 423,882 | |||||||||||||
Write-off
of uncollectible notes receivable - common stock
|
— | — | — | 391,103 | |||||||||||||
Write-off
of deferred offering costs
|
— | — | — | 3,406,196 | |||||||||||||
Write-off
of abandoned patents
|
— | — | 741,690 | 913,196 | |||||||||||||
Loss
on disposal of property and equipment
|
— | — | — | 911 | |||||||||||||
Loss
on extinguishment of debt
|
— | — | — | 14,134,069 | |||||||||||||
Common
stock issued as employee compensation
|
101,002 | 198,128 | 1,187,685 | 3,780,395 | |||||||||||||
Amortization
of options and option modifications as stock compensation
|
1,765,381 | 34,418 | 72,578 | 1,872,377 | |||||||||||||
Common
stock issued for services rendered
|
1,755,200 | 1,536,431 | 1,529,882 | 11,817,829 | |||||||||||||
Amortization
of prepaid services in conjunction with common stock
issuance
|
— | — | 138,375 | ||||||||||||||
Non-cash
compensation expense
|
— | — | — | 45,390 | |||||||||||||
Stock
options and warrants issued for services rendered
|
591,000 | 11,000 | 82,000 | 7,956,723 | |||||||||||||
Issuance
of warrants as additional exercise right inducement
|
— | — | — | 21,437,909 | |||||||||||||
Preferred
stock issued for services rendered
|
— | — | — | 100 | |||||||||||||
Treasury
stock redeemed for non-performance of services
|
— | — | — | (138,000 | ) | ||||||||||||
Amortization
of deferred debt issuance costs and loan origination fees
|
— | 717,694 | 205,056 | 2,405,629 | |||||||||||||
Amortization
of discount on convertible debentures
|
— | 15,931,481 | 3,483,684 | 38,345,592 | |||||||||||||
Common
stock issued as interest payment on convertible debentures
|
— | 473,055 | 757,514 | ||||||||||||||
Interest
on short-term advance
|
— | — | — | 22,190 | |||||||||||||
Founders’
shares transferred for services rendered
|
— | — | — | 353,506 | |||||||||||||
Fees
in connection with refinancing of debt
|
— | — | — | 113,274 | |||||||||||||
Warrant
repricing costs
|
— | 3,198,604 | — | 3,198,604 | |||||||||||||
Change
in fair value of derivative warrant liability
|
(4,125,590 | ) | — | — | 1,855,453 |
(1)
|
|||||||||||
Changes
in operating assets and liabilities (excluding the effects of
acquisition):
|
|||||||||||||||||
Accounts
receivable
|
(12,482 | ) | 14,146 | (30,701 | ) | (85,717 | ) | ||||||||||
Miscellaneous
receivables
|
— | — | — | 43,812 | |||||||||||||
Inventory
|
(618,401 | ) | 147,591 | (1,345,939 | ) | (1,934,251 | ) | ||||||||||
Other
current assets
|
601,115 | (379,487 | ) | 53,687 | (320,065 | ) | |||||||||||
Accounts
payable and accrued expenses
|
1,878,296 | 462,520 | 762,505 | 14,431,436 | |||||||||||||
Deferred
revenue
|
252,042 | 13,325 | 92,481 | 390,879 | |||||||||||||
Other,
net
|
— | — | — | 110,317 | |||||||||||||
Net
Cash Used in Operating Activities
|
(22,312,127 | ) | (22,647,516 | ) | (28,309,464 | ) | (191,624,051 | ) | |||||||||
Cash
Flows From Investing Activities:
|
|||||||||||||||||
Purchase
of property and equipment
|
(159,708 | ) | (1,385 | ) | (57,136 | ) | (4,754,640 | ) | |||||||||
Costs
incurred for patents
|
(228,777 | ) | (152,148 | ) | (232,760 | ) | (2,431,287 | ) | |||||||||
Change
in restricted cash
|
— | — | — | 512,539 | |||||||||||||
Proceeds
from maturity of short term investments
|
— | 8,852,214 | 28,307,895 | 195,242,918 | |||||||||||||
Purchases
of short-term investments
|
— | — | (23,148,371 | ) | (195,242,918 | ) | |||||||||||
Cash
received in conjunction with merger
|
— | — | — | 82,232 | |||||||||||||
Advances
to Antigen Express, Inc.
|
— | — | — | (32,000 | ) | ||||||||||||
Increase
in officers’ loans receivable
|
— | — | — | (1,126,157 | ) | ||||||||||||
Change
in deposits
|
— | — | 51,219 | (652,071 | ) | ||||||||||||
Change
in notes receivable - common stock
|
— | — | — | (91,103 | ) | ||||||||||||
Change
in due from related parties
|
— | — | — | (2,222,390 | ) | ||||||||||||
Other,
net
|
— | — | — | 89,683 | |||||||||||||
Net
Cash (Used in) Provided By Investing Activities
|
(388,485 | ) | 8,698,681 | 4,920,847 | (10,625,194 | ) | |||||||||||
Cash
Flows From Financing Activities:
|
|||||||||||||||||
Proceeds
from short-term advance
|
— | — | — | 325,179 | |||||||||||||
Repayment
of short-term advance
|
— | — | — | (347,369 | ) | ||||||||||||
Proceeds
from issuance of long-term debt
|
— | — | — | 2,005,609 | |||||||||||||
Repayment
of long-term debt
|
(100,030 | ) | (82,682 | ) | (89,475 | ) | (2,124,556 | ) | |||||||||
Repayment
of obligations under capital lease
|
(39,950 | ) | (35,234 | ) | — | (75,184 | ) | ||||||||||
Change
in due to related parties
|
— | — | — | 154,541 | |||||||||||||
Proceeds
from exercise of warrants
|
1,574,062 | 109,170 | — | 45,698,281 | |||||||||||||
Proceeds
from exercise of stock options
|
— | 56,000 | 391,790 | 5,001,916 | |||||||||||||
Proceeds
from minority interest investment
|
— | — | — | 3,038,185 | |||||||||||||
Proceeds
from issuance of preferred stock
|
— | — | — | 12,015,000 | |||||||||||||
Redemption
of SVR preferred stock
|
— | — | — | (100 | ) | ||||||||||||
Proceeds
from issuance of convertible debentures, net
|
— | — | 20,450,000 | 40,704,930 | |||||||||||||
Payment
of costs associated with convertible debentures
|
— | — | (722,750 | ) | (722,750 | ) | |||||||||||
Repayments
of convertible debentures
|
— | (4,506,667 | ) | — | (5,142,424 | ) | |||||||||||
Purchase
of treasury stock
|
— | — | — | (483,869 | ) | ||||||||||||
Proceeds
from issuance of common stock, net
|
20,900,289 | 15,453,234 | — | 116,637,242 | |||||||||||||
Purchase
and retirement of common stock
|
— | — | (378,456 | ) | (497,522 | ) | |||||||||||
Net
Cash Provided by Financing Activities
|
22,334,371 | 10,993,821 | 19,651,109 | 216,187,109 | |||||||||||||
Effect
of Exchange Rates on Cash
|
50,063 | (85,448 | ) | (51,049 | ) | (56,994 | ) | ||||||||||
Net
(Decrease) Increase in Cash and Cash Equivalents
|
(316,178 | ) | (3,040,462 | ) | (3,788,557 | ) | 13,880,870 | ||||||||||
Cash
and Cash Equivalents, Beginning of Period
|
14,197,048 | 17,237,510 | 21,026,067 | — | |||||||||||||
Cash
and Cash Equivalents, End of Period
|
$ | 13,880,870 | $ | 14,197,048 | $ | 17,237,510 | $ | 13,880,870 |
(1)
-
|
includes
$5,981,403 as adjustment related to the adoption of FASB ASC Topic 815 in
"Cumulative from November 2, 1995 (Date of Inception) to July 31, 2010"
column. See Note 13 - Derivative Warrant
Liability.
|
|
·
|
Level
1 - Quoted prices in active markets for identical assets or
liabilities
|
|
·
|
Level
2 - Inputs other than Level 1 that are observable, either directly or
indirectly, such as quoted prices for similar assets or liabilities;
quoted prices in markets that are not active; or other inputs that are
observable or corroborated by observable market data or substantially the
full term of the assets or
liabilities
|
|
·
|
Level
3 - Unobservable inputs that are supported by little or no market activity
and that are significant to the value of the assets or
liabilities
|
July 31,
|
||||||||
2010
|
2009
|
|||||||
Land
|
$ | 220,409 | $ | 209,468 | ||||
Buildings
and Improvements
|
1,396,990 | 1,327,646 | ||||||
Furniture
and Fixtures
|
159,739 | 102,603 | ||||||
Office
Equipment
|
201,379 | 182,484 | ||||||
Lab
Equipment
|
4,438,268 | 4,322,534 | ||||||
Total
Property and Equipment
|
6,425,785 | 6,144,735 | ||||||
Less: Accumulated
Depreciation
|
5,084,377 | 4,699,965 | ||||||
Property
and Equipment, Net
|
$ | 1,341,408 | $ | 1,444,770 |
July 31,
|
||||||||
2010
|
2009
|
|||||||
Assets
Held For Investment
|
$ | 4,724,147 | $ | 4,404,351 | ||||
Less: Accumulated
Depreciation
|
1,221,037 | 1,030,787 | ||||||
Assets
Held for Investment, Net
|
$ | 3,503,110 | $ | 3,373,564 |
July 31,
|
||||||||
2010
|
2009
|
|||||||
Patents
|
$ | 6,221,777 | $ | 5,973,917 | ||||
Less: Accumulated
Amortization
|
2,688,089 | 2,271,531 | ||||||
Patents,
Net
|
$ | 3,533,688 | $ | 3,702,386 | ||||
Weighted
Average Life
|
11.7 years
|
12.2 years
|
July 31,
|
||||||||
2010
|
2009
|
|||||||
Net
operating loss carryforwards
|
$ | 84,804,372 | $ | 73,439,046 | ||||
Other
timing difference
|
929,056 | 3,771,660 | ||||||
Total
Deferred Tax Assets
|
85,733,428 | 77,210,706 | ||||||
Valuation
Allowance
|
(84,966,128 | ) | (76,273,691 | ) | ||||
Deferred
Tax Liabilities
|
||||||||
Intangible
assets
|
(719,846 | ) | (813,672 | ) | ||||
Other
timing difference
|
(47,454 | ) | (123,343 | ) | ||||
Total
Deferred Tax Liabilities
|
(767,300 | ) | (937,015 | ) | ||||
Net
Deferred Income Taxes
|
$ | — | $ | — |
2010
|
2009
|
2008
|
||||||||||
Federal
statutory rate
|
(34.0 | )% | (34.0 | )% | (34.0 | )% | ||||||
Increase
(decrease) in income taxes resulting from:
|
||||||||||||
Imputed
interest income on intercompany receivables
|
||||||||||||
from
foreign subsidiaries
|
2.0 | 1.0 | 1.0 | |||||||||
Nondeductible
items
|
(6.0 | ) | 5.0 | 1.0 | ||||||||
Other
timing differences
|
3.0 | 10.0 | 6.0 | |||||||||
Change
in valuation allowance
|
35.0 | 18.0 | 26.0 | |||||||||
Effective
tax rate
|
— | % | — | % | — | % |
July 31,
|
||||||||
2010
|
2009
|
|||||||
Raw
materials
|
$ | 962,035 | $ | 838,929 | ||||
Finished
goods
|
949,848 | 432,527 | ||||||
Total
|
$ | 1,911,883 | $ | 1,271,456 |
|
At
July 31, 2010 and July 31, 2009, approximately 60% and 55%, respectively,
of the inventory related to the Company’s Oral-lyn™ product, while the
remainder in each year related to the Company’s over-the-counter
confectionary products.
|
July 31,
|
||||||||
2010
|
2009
|
|||||||
Accounts
Payable & Accruals – General and Administrative
|
$ | 3,480,340 | $ | 2,892,552 | ||||
Accounts
Payable & Accruals – Research and Development
|
2,621,514 | 1,629,293 | ||||||
Accounts
Payable & Accruals – Selling and Marketing
|
415,166 | 90,485 | ||||||
Executive
Compensation
|
37,694 | 2,873,825 | ||||||
Total
|
$ | 6,554,714 | $ | 7,486,155 |
Year
|
Amount
|
|||
2011
|
$ | 209,515 | ||
2012
|
141,129 | |||
2013
|
32,421 | |||
2014
|
3,757 | |||
2015
and thereafter
|
— | |||
Total
Minimum Lease Payments
|
$ | 386,822 |
Year
|
Amount
|
|||
2011
|
$ | 39,059 | ||
2012
|
40,326 | |||
2013
|
23,002 | |||
2014
|
8,029 | |||
2015
and thereafter
|
3,345 | |||
Total
|
$ | 113,761 |
Year
|
Amount
|
|||
2011
|
$ | 428,186 | ||
2012
|
369,547 | |||
2013
|
353,017 | |||
2014
|
275,635 | |||
2015
|
236,570 | |||
Thereafter
|
748,087 | |||
Total
|
$ | 2,411,042 |
July 31,
|
||||||||
2010
|
2009
|
|||||||
Mortgage
payable - interest at 6.822 percent per annum, monthly principal and
interest payments of $2,266, due June 2011, secured by real property
located at 98 Stafford Drive, Brampton, Canada
|
$ | 255,674 | $ | $252,148 | ||||
Mortgage
payable - interest at 6.822 percent per annum, monthly principal and
interest payments of $3,656, due June 2011, secured by real property
located at 1740 Sismet Road, Mississauga, Canada
|
412,362 | 406,676 | ||||||
Mortgage
payable - interest at 6.75 percent per annum, monthly payments of
principal and interest of $5,851, due May 2015, secured by first mortgage
over real property located at 17 Carlaw Avenue and 33 Harbour Square,
Toronto, Canada
|
627,056 | 617,961 | ||||||
Mortgage
payable - interest at 10.0 percent per annum, monthly payments of
principal and interest of $2,536, due November 2013, secured by real
property located at 13-14, 11 Carlaw Avenue, Toronto,
Canada
|
185,665 | 187,487 | ||||||
Mortgage
payable - interest at 8.5 percent per annum, monthly payments of interest
only of $2,745, principal payment due August 2011 secured by real property
located at 10-11, 11 Carlaw Avenue, Toronto, Canada
|
387,600 | 368,360 | ||||||
Mortgage
payable - interest at 5.91 percent per annum, monthly interest payments of
$8,921, principal due April 2014, secured by secondary rights to real
property located at 1-8, 11 Carlaw Avenue, Toronto, Canada
|
1,097,575 | 1,082,577 | ||||||
Total
Debt
|
2,965,932 | 2,915,209 | ||||||
Less
Current Maturities of Long-Term Debt
|
1,141,861 | 1,060,788 | ||||||
Total
Long-Term Debt
|
$ | 1,824,071 | $ | 1,854,421 |
Year
|
Amount
|
|||
2011
|
$ | 1,141,861 | ||
2012
|
92,115 | |||
2013
|
98,428 | |||
2014
|
1,136,530 | |||
2015
|
496,998 | |||
Thereafter
|
— | |||
Total
|
$ | 2,965,932 |
|
For
the years ended July 31, 2010, 2009 and 2008, the Company incurred
$206,838, $193,351 and $232,440, respectively in interest expense on its
long-term debt.
|
Date
Issued
|
March
2008
|
|||
Promissory
Note Amount
|
$ | (A) | ||
#
of Promissory Notes
|
6 | |||
Terms
|
(B) | |||
Conversion
Price
|
$ | 1.21 | ||
Gross
Proceeds
|
$ | 20,650,000 | ||
Net
Cash Proceeds
|
$ | 20,450,000 | ||
Warrants
(“Series”) Issued to Investors (C)
|
42,665,274 | |||
Warrant
(“Series”) Exercise Price (C)
|
$ | 0.33 | ||
Existing
Warrants (“Pre-Extant”) Re-priced (D)
|
12,697,024 | |||
Re-priced
Warrant (“Pre-Extant”) Exercise Price (D)
|
$ | 0.33 | ||
Warrant
Fair Value (WFV) (includes value of re-priced warrants
(“Pre-Extant”))
|
$ | 21,976,130 | ||
Warrant
Relative Fair Value (WRFV)
|
$ | 10,646,218 | ||
Black-Scholes
Model Assumptions
|
(E) | |||
Beneficial
Conversion Feature (BCF)
|
$ | 8,768,946 | ||
Costs
associated with issuance classified as deferred
|
||||
debt
issuance costs
|
$ | 722,750 | ||
Amortization
of WFV and BCF as
|
||||
Non-cash
Interest Expense
|
$ | 19,415,165 | ||
Principal
and Interest Converted
|
$ | — | ||
Shares
Issued Upon Conversion
|
— | |||
Principal
and Interest Repayments
|
||||
in
Shares of Common Stock
|
$ | 16,616,387 | ||
Shares
Issued for Principal and
|
||||
Interest
Repayments
|
53,103,524 | |||
Principal
and Interest Repayments
|
||||
in
Cash
|
$ | 5,380,697 |
(A)
|
$7,000,000;
$5,000,000; $3,650,000; (2) $2,000,000;
$1,000,000
|
(B)
|
The
convertible debentures carried an 8% coupon and the initial maturity date
was September 30, 2009, which was accelerated to July 1,
2009. Initially, the debentures carried an 18-month term and
amortized in 15 installments commencing in the fifth month of the
term. The principal and interest payments were payable in cash
or, at the Company's option, in shares of the Company’s common stock
subject to the satisfaction of certain conditions. If the
Company elected to pay principal and interest in shares of common stock,
the value of each share of common stock was calculated as equal to the
lower of (i) the then applicable conversion price and (ii) the price which
initially was computed as 90% of the arithmetic average of the VWAP of the
common stock on each of the twenty (20) consecutive trading days
immediately preceding the applicable installment date, subject to certain
conditions. Each installment payment elected by the Company to be repaid
in shares required the Company to deliver the number of shares estimated
to satisfy the installment payment 20 trading days preceding the
installment due date. The difference in the value of these shares and the
installment payment on the installment date was required to be delivered
to the holders by issuing additional shares. In addition, each convertible
debenture contained certain “Events of Default”, including, without
limitation, any default in the payment of principal or interest in respect
of the convertible debentures as when they become due and payable, the
Company’s failure to observe or perform any other covenant, agreement or
warranty contained in the agreements relating to the convertible
debentures. Upon the occurrence of the “Event of Default”, the
holder could require us to redeem all or any portion of the convertible
debentures upon written notice. Other conditions in the
convertible debentures impeded the Company’s ability to make its monthly
installment payments in shares of its common stock. Two of such
conditions – the effectiveness of the registration statement for at least
30 days prior to installment notice and listing maintenance minimum bid
price requirement of The NASDAQ Stock Market, were not met requiring the
Company to procure waivers from the debenture holders in respect to these
conditions. Additional conditions that would trigger an “Event
of Default” have been disclosed below under the heading “Forbearance and
Amendment Agreement.”
|
(C)
|
The
warrants issued to the holders of the convertible debentures initially
were comprised of the following: Series A warrants 5,257,729; Series A-1
warrants 7,541,857; Series B warrants 17,066,108 and Series C warrants
12,799,580 (collectively, “Series Warrants”). During the year
ended July 31, 2009, the Company revised the terms of these warrants to
reduce the exercise price. Additionally, the expiration date of the Series
A, A-1 and C warrants were extended. The accounting treatment
for these warrants and further description regarding the round down price
protection features of these warrants are described in Note 13 - Derivative Warrant
Liability and Note 14 – Stockholders’
Equity, respectively.
|
(D)
|
The
Company re-priced 12,697,024 existing warrants held by the convertible
debenture holders (“Pre-Extant” warrants). The value associated
with the “Pre-Extant” warrants amounted to $5,399,160 and was valued using
the Black-Scholes pricing model. The value of the “Pre-Extant”
warrants has been added to the value of the new warrants issued (see (C)
above) and accounted for in accordance with FASB ASC Topic
470. During the year ended July 31, 2009, the Company further
revised the terms of the “Pre-Extant” warrants to reduce the exercise
price and extend the expiration date. The Company’s current
accounting treatment for these warrants and further description of the
price protection feature of these warrants are described in Note 13 - Derivative Warrant
Liability and Note 14 – Stockholders’
Equity, respectively.
|
(E)
|
Black-Scholes
pricing model assumptions used in valuing the “Pre-Extant” warrants were:
risk free interest (2.70 percent); expected volatility (.8611); life of 1
½ years, 7 years and 7 ½ years,
respectively.
|
|
·
|
Each
holder agreed to waive (a) the Event of Default under Section 4(a)(xv) of
the convertible debentures with respect to the Company’s failure to meet
Net Cash Balance Test in respect of any and all periods prior to December
22, 2008 (the “Effective Date”), and (b) compliance by the Company with
the Net Cash Balance Test for the period commencing on the Effective
Date and ending on January 30,
2009.
|
|
·
|
The
exercise price of each of the Series Warrants was reduced from $1.21 to
$0.50.
|
|
·
|
The
exercise price of each of the Pre-Extant Warrants was reduced from $1.10
to $0.50.
|
|
·
|
The
Company was granted a one-time right to require each of the holders to
exercise all of their then outstanding Series Warrants and Pre-Extant
Warrants if the arithmetic average of the volume weighted average price of
the common stock on the Principal Market for a twenty-one (21) consecutive
Trading Day period is equal to or greater than $1.00. The
Company agreed to issue each holder a seven-year warrant to acquire up to
that number of shares of common stock that is equal to the number of
shares of common stock acquired by such holder in connection with such
holder’s exercise of its Series Warrants and its Pre-Extant Warrants
pursuant to the exercise of such call option by the Company, at an
exercise price of $1.00 per share.
|
|
·
|
The
expiration date of each Series A Warrant and each Series A-1 Warrant was
extended to March 31, 2016.
|
|
·
|
The
expiration date of each Series C Warrant was extended to September
30, 2016.
|
|
·
|
The
expiration date of each Pre-Extant Warrant was extended to March 31,
2016.
|
|
·
|
The
Maturity Date was accelerated from August 30, 2009 to July 1, 2009,
subject to extension by the holder.
|
|
·
|
The
term “Installment Date” was amended to mean each of the following dates:
(i) August 1, 2008, (ii) September 1, 2008, (iii) October 1, 2008, (iv)
November 1, 2008, (v) December 1, 2008, (vi) January 1, 2009, (vii)
February 1, 2009, (viii) March 1, 2009, (ix) April 1, 2009, (x) May 1,
2009, (xi) June 1, 2009 and (xii) the Maturity
Date.
|
|
·
|
The
term “Installment Amount” was amended to mean, with respect to any
Installment Date occurring on or after March 1, 2009, the lesser of (A)
the product of (i) $1,927,333.32, multiplied by (ii) Holder Pro Rata
Amount and (B) the Principal amount under the convertible debenture as of
such Installment Date, together with any accrued and unpaid Interest as of
such Installment Date and accrued and unpaid Late Charges, if any, as of
such Installment Date.
|
|
·
|
Section
4(a)(iii) of the convertible debentures was amended to permit the common
stock to be quoted on the OTC Bulletin Board if it is suspended from
trading or delisted from the NASDAQ Capital
Market.
|
|
·
|
The
monthly expenditure of cash by the Company together with its subsidiaries
in excess of $900,000 in the aggregate in March, April or May 2009 would
constitute an “Event of Default,” provided that all cash used to effect
Company Redemptions under the debentures as permitted thereunder will not
be deemed to be cash expended solely for purposes of this
determination.
|
|
·
|
An
“Event of Default” was defined to include any breach by the Company of
Section 8 of the Registration Rights Agreement (including, without
limitation, any failure by the Company to (i) file with the SEC any
required reports under Section 13 or 15(d) of the 1934 Act such that it is
not in compliance with Rule 144(c)(1), or (ii) meet any of the
requirements under rule 144(i)(2)).
|
|
·
|
As
of the Effective Date, the Company could only effect a Company Redemption
with respect to the payment of an Installment Amount by using net proceeds
received by the Company from any subsequent private placements, revenues
from sales of products by the Company or licensing fees received by the
Company.
|
|
·
|
The
Company had to provide a monthly certification executed by the Company’s
Chief Financial Officer stating whether an Event of Default occurred with
respect to the Company’s and its subsidiaries’ cash expenditures in excess
of $900,000 in the calendar month immediately preceding the date of such
certification, and the Company had to publicly disclose any such Event of
Default on the date of such
certification.
|
|
·
|
March
9, 2009 was the Installment Notice Due
Date.
|
|
·
|
The
Pre-Installment Conversion Price was equal to the price which was computed
as 90% of the arithmetic average of the VWAP of the common stock on each
of the 14 consecutive Trading Days immediately preceding March 9, 2009 (to
be appropriately adjusted for any stock split, stock dividend, stock
combination or other similar transaction during such measuring
period).
|
|
·
|
The
Company Conversion Price was equal to the price which was computed as 90%
of the arithmetic average of the volume weighted average price (VWAP) of
the common stock on each of the 17 consecutive Trading Days immediately
preceding such Installment Date (to be appropriately adjusted for any
stock split, stock dividend, stock combination or other similar
transaction during such measuring
period).
|
|
·
|
The
Company was obligated to deliver the Pre-Installment Conversion Shares
(which will be equal the number of shares of common stock equal to the
quotient of (i) the Installment Amount due on such Installment Date
divided by (ii) the Pre-Installment Conversion Price) to the holder no
later than two Trading Days after March 9,
2009.
|
|
·
|
The
number of shares of common stock to be delivered pursuant to a Company
Conversion on April 1, 2009 with respect to the Installment Amount due on
that date was reduced by the above-mentioned number of the Pre-Installment
Conversion Shares previously
delivered.
|
|
·
|
the
Listing Maintenance Equity Condition solely with respect to the
Installment Dates of March 1, 2009, April 1, 2009, May 1, 2009,
June 1, 2009 and the Maturity Date, if, (i) other Equity Conditions and
all other conditions relating to a Company Conversion are satisfied and
(ii) the shares of common stock continue to be listed or designated for
quotation on, and trade on, the NASDAQ Capital Market, another national
stock exchange or are quoted on the OTC Bulletin
Board;
|
|
·
|
the
Net Cash Balance Test, but only until a Standstill Termination occurs;
and
|
|
·
|
all
Existing Events of Default, the Net Cash Balance Test and accrual of
interest at the default interest rate, but only to the extent that the
Company complies with all terms of the Forbearance Agreement and no other
Event of Default occurs after the Effective
Date.
|
Balance
at August 1, 2009– Derivative warrant liability
|
$ | 19,825,865 | ||
Exercise
of warrants classified as derivative warrant liabilities
|
(10,020,554 | ) | ||
Decrease
in fair value of derivative warrant liability
|
(4,125,590 | ) | ||
Balance
at July 31, 2010 – Derivative warrant liability
|
$ | 5,679,721 |
April 30,
|
January 31,
|
October 31,
|
August 1,
|
|||||||||||||
2010
|
2010
|
2009
|
2009
|
|||||||||||||
Expected
term
|
5.92 | 6.17 | 6.42 | 6.67 | ||||||||||||
Volatility
|
99.5 | % | 98.5 | % | 98.0 | % | 96.9 | % | ||||||||
Risk-free
interest rate
|
0.21 | % | 0.16 | % | 0.16 | % | 0.16 | % | ||||||||
Dividend
yield
|
0 | 0 | 0 | 0 |
Current
exercise price
|
$ | 0.33 | ||
Time
to expiration
|
5.75 years
|
|||
Risk-free
interest rate
|
1.87 | % | ||
Estimated
volatility
|
104 | % | ||
Dividend
|
-0- | |||
Stock
price on July 31, 2010
|
$ | 0.40 |
Per Consolidated Balance Sheet at
|
||||||||||||
October 31,
2009
|
January 31,
2010
|
April 30, 2010
|
||||||||||
As previously reported
|
||||||||||||
Additional
paid-in capital
|
$ | 314,765,024 | $ | 316,812,595 | $ | 324,372,759 | ||||||
Deficit
accumulated during the development stage
|
$ | (299,183,874 | ) | $ | (308,478,092 | ) | $ | (313,045,642 | ) | |||
Total
Stockholders' Equity
|
$ | 16,519,711 | $ | 9,293,859 | $ | 12,417,600 | ||||||
As corrected per ASC 815-10-65-3d to
3f
|
||||||||||||
Additional
paid-in capital
|
$ | 320,746,067 | $ | 322,793,638 | $ | 330,353,802 | ||||||
Deficit
accumulated during the development stage
|
$ | (305,164,917 | ) | $ | (314,459,135 | ) | $ | (319,026,685 | ) | |||
Total
Stockholders' Equity*
|
$ | 16,519,711 | $ | 9,293,859 | $ | 12,417,600 |
Number of Shares
|
Warrant Exercise
|
Warrant
|
|||||
To be Purchased
|
Price per Share
|
Expiration Date
|
|||||
102,232 | $ | 1.25 |
April
17, 2011
|
||||
70,000 | $ | 2.66 |
April
17, 2011
|
||||
25,000 | $ | 1.91 |
May
29, 2011
|
||||
5,000 | $ | 1.05 |
July
19, 2011
|
||||
100,000 | $ | 1.71 |
March
3, 2012
|
||||
140,000 | $ | 1.45 |
May
27, 2012
|
||||
365,625 | $ | 0.33 |
May
31, 2012
|
||||
50,000 | $ | 0.94 |
March
9, 2013
|
||||
125,000 | $ | 3.75 |
March
26, 2013
|
||||
8,844,926 | $ | 0.76 |
December
15, 2014
|
||||
3,572,971 | $ | 0.79 |
February
4, 2015
|
||||
300,000 | $ | 0.39 | (average) |
February
9, 2015
|
|||
6,022,651 | $ | 1.00 |
March
15, 2015
|
||||
1,000,000 | $ | 0.001 |
May
31, 2015
|
||||
200,000 | $ | 1.25 |
March
7, 2015
|
||||
13,931,027 | $ | 0.33 |
March
31, 2016*
|
||||
2,572,313 | $ | 0.33 |
September
30, 2016*
|
||||
37,426,745 |
Risk-Free
|
Expected
|
Expected
|
Expected
|
|||||||||||||
Interest Rate
|
Life (Years)
|
Volatility
|
Dividends
|
|||||||||||||
July
31, 2010
|
0.14 | % | 6.5 | 104 | % | -0- | ||||||||||
July
31, 2009
|
0.17 | % | 5.0 | 101 | % | -0- | ||||||||||
July
31, 2008
|
1.96 | % | 5.0 | 74 | % | -0- |
Weighted Average
|
||||||||
Exercise Price
|
||||||||
Options
|
per Share
|
|||||||
Outstanding
- August 1, 2007
|
7,962,638 | $ | 1.12 | |||||
Granted
|
175,000 | $ | 0.96 | |||||
Forfeited
or expired
|
(1,490,000 | ) | $ | 2.10 | ||||
Exercised
|
(401,000 | ) | $ | 0.98 | ||||
Outstanding
July 31, 2008
|
6,246,638 | $ | 0.66 | |||||
Granted
|
50,000 | $ | 0.29 | |||||
Forfeited
or expired
|
(1,129,500 | ) | $ | 1.68 | ||||
Exercised
|
(100,000 | ) | $ | 0.56 | ||||
Outstanding
- July 31, 2009
|
5,067,138 | $ | 0.44 | |||||
Granted
|
2,705,000 | $ | 0.63 | |||||
Forfeited
|
(270,000 | ) | $ | 0.92 | ||||
Expired
|
(36,500 | ) | $ | 0.63 | ||||
Exercised
|
— | $ | 0.00 | |||||
Outstanding
- July 31, 2010
|
7,465,638 | $ | 0.49 | |||||
Exercisable
- July 31, 2010
|
5,443,969 | $ | 0.43 |
Weighted Average
|
||||||||
Grant Date
|
||||||||
Options
|
Fair Value
|
|||||||
Outstanding
- August 1, 2009
|
43,750 | $ | 0.59 | |||||
Granted
|
2,705,000 | $ | 0.53 | |||||
Vested
|
(727,081 | ) | $ | 0.54 | ||||
Forfeited
|
— | $ | — | |||||
Outstanding
- July 31, 2010
|
2,021,669 | $ | 0.53 |
Weighted
|
||||||||
Average
|
||||||||
Number of
|
Grant Date
|
|||||||
Shares
|
Fair Value
|
|||||||
Non-vested
restricted stock, August 1, 2009
|
14,844 | $ | 1.51 | |||||
Granted
|
— | n/a | ||||||
Vested
|
(14,844 | ) | 1.51 | |||||
Forfeited
|
— | n/a | ||||||
Non-vested
restricted stock, July 31, 2010
|
— | n/a |
Options Outstanding
|
||||||||||||||||
Weighted
|
||||||||||||||||
Number
|
Weighted
|
Average
|
||||||||||||||
Outstanding
|
Average
|
Remaining
|
Aggregate
|
|||||||||||||
Range of
|
at
|
Exercise
|
Life
|
Intrinsic
|
||||||||||||
Exercise Price
|
July 31, 2010
|
Price
|
(Years)
|
Value
|
||||||||||||
$0.001
- $0.18
|
2,239,610 | $ | 0.001 | 4.24 | ||||||||||||
$0.19
-
$0.56
|
350,000 | $ | 0.47 | 4.37 | ||||||||||||
$0.57
-
$0.63
|
850,000 | $ | 0.61 | 4.24 | ||||||||||||
$0.64
-
$0.65
|
2,776,250 | $ | 0.64 | 7.61 | ||||||||||||
$0.66
-
$0.96
|
1,249,778 | $ | 0.94 | 4.04 | ||||||||||||
7,465,638 | $ | 0.49 | 5.47 | $ | 901,504 |
Options Exercisable
|
||||||||||||||||
Weighted
|
||||||||||||||||
Number
|
Weighted
|
Average
|
||||||||||||||
Outstanding
|
Average
|
Remaining
|
Aggregate
|
|||||||||||||
Range of
|
at
|
Exercise
|
Life
|
Intrinsic
|
||||||||||||
Exercise Price
|
July 31, 2010
|
Price
|
(Years)
|
Value
|
||||||||||||
$0.001
- $0.18
|
2,239,610 | $ | 0.001 | 4.24 | ||||||||||||
$0.19
-
$0.56
|
350,000 | $ | 0.47 | 4.37 | ||||||||||||
$0.57
-
$0.63
|
850,000 | $ | 0.61 | 4.24 | ||||||||||||
$0.64
-
$0.65
|
754,581 | $ | 0.64 | 8.39 | ||||||||||||
$0.66
-
$0.96
|
1,249,778 | $ | 0.94 | 4.04 | ||||||||||||
5,443,969 | $ | 0.43 | 4.78 | $ | 901,504 |
For the Year Ended July 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Weighted
Average Grant Date Fair Value of Options Granted
|
$ | 0.53 | $ | 0.22 | $ | 0.59 | ||||||
Aggregate
Intrinsic Value of Options Exercised
|
$ | — | $ | 15,111 | $ | 103,850 | ||||||
Cash
Received for Exercise of Stock Options
|
$ | — | $ | 56,000 | $ | 391,790 |
For the Years Ended July 31,
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Cash
paid during the year for:
|
||||||||||||
Interest
|
$ | 210,082 | $ | 1,075,889 | $ | 232,440 | ||||||
Income
taxes
|
$ | — | $ | — | $ | — |
Year Ended July 31, 2010
|
||||
Issuance
of common stock in satisfaction of accounts payable and accrued
expenses
|
$ | 3,012,595 | ||
Par
value of common stock issued in conjunction with cashless exercise of
warrants
|
$ | 7,636 | ||
Year Ended July 31, 2009
|
||||
Issuance
of common stock as repayment of convertible debentures
|
$ | 16,112,399 | ||
Par
value of common stock issued in conjunction with cashless exercise of
warrants
|
$ | 9,909 | ||
Purchase
of property and equipment through the issuance of obligations under
capital lease
|
$ | 83,002 | ||
Issuance
of common stock as satisfaction of accounts payable and accrued
expenses
|
$ | 438,697 | ||
Year Ended July 31, 2008
|
||||
Issuance
of common stock as satisfaction of accrued executive
compensation
|
$ | 471,875 | ||
Deferred
debt issuance costs deducted from the proceeds of convertible
notes
|
$ | 200,000 | ||
Value
of warrants issued in conjunction with issuance of convertible debentures
and related beneficial conversion feature
|
$ | 19,415,164 |
2010
|
2009
|
2008
|
||||||||||
Identifiable
Assets
|
||||||||||||
Canada
|
$ | 20,966,421 | $ | 21,491,898 | $ | 34,529,104 | ||||||
United
States
|
3,154,963 | 3,321,859 | 3,618,779 | |||||||||
Middle
East, North Africa (MENA)
|
453,616 | — | — | |||||||||
Total
|
$ | 24,575,000 | $ | 24,813,757 | $ | 38,147,883 | ||||||
Revenue
|
||||||||||||
Canada
|
$ | 95,252 | $ | 49,337 | $ | 6,198 | ||||||
United
States
|
430,516 | 605,238 | 118,693 | |||||||||
Middle
East, North Africa (MENA)
|
646,843 | 463,934 | — | |||||||||
Total
|
$ | 1,172,611 | $ | 1,118,509 | $ | 124,891 |
Q1
|
Q2
|
Q3
|
Q4
|
|||||||||||||
Fiscal Year July 31,
2010:
|
||||||||||||||||
Revenues,
net
|
$ | 97,542 | $ | 431,344 | $ | 327,698 | $ | 316,027 | ||||||||
Operating
Loss
|
$ | (8,181,433 | ) | $ | (7,339,090 | ) | $ | (7,361,288 | ) | $ | 6,548,006 | ) | ||||
Net
Loss
|
$ | (5,142,385 | ) | $ | (9,294,218 | ) | $ | (4,567,550 | ) | $ | (6,275,787 | ) | ||||
Net
Loss available to common stockholders
|
$ | (5,142,385 | ) | $ | (9,294,218 | ) | $ | (4,567,550 | ) | $ | (6,275,787 | ) | ||||
Net
Loss per share
|
$ | (0.02 | ) | $ | (0.04 | ) | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Fiscal Year July 31,
2009:
|
||||||||||||||||
Revenues,
net
|
$ | 538,346 | $ | 434,636 | $ | 45,251 | $ | 100,276 | ||||||||
Operating
Loss
|
$ | (7,524,646 | ) | $ | (5,807,232 | ) | $ | (6,086,893 | ) | $ | (6,837,389 | ) | ||||
Net
Loss
|
$ | (11,697,184 | ) | $ | (12,038,440 | ) | $ | (11,349,015 | ) | $ | (10,727,589 | ) | ||||
Net
Loss available to common stockholders
|
$ | (11,697,184 | ) | $ | (12,038,440 | ) | $ | (11,349,015 | ) | $ | (10,727,589 | ) | ||||
Net
Loss per share
|
$ | (0.10 | ) | $ | (0.10 | ) | $ | (0.08 | ) | $ | (0.06 | ) |
Item
9.
|
Changes
in and Disagreements With Accountants on Accounting and Financial
Disclosure.
|
(i)
|
pertain
to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the
Company;
|
(ii)
|
provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with U.S. generally
accepted accounting principles, and that receipts and expenditures of the
Company are being made only in accordance with authorizations of
management and directors of the Company;
and
|
(iii)
|
provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of the Company’s assets that
could have a material effect on the financial
statements.
|
Item
9B.
|
Other
Information.
|
Item
10.
|
Directors,
Executive Officers and Corporate
Governance.
|
Item
11.
|
Executive
Compensation.
|
Item
12.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters.
|
Item
13.
|
Certain
Relationships and Related Transactions, and Director
Independence.
|
Item
14.
|
Principal
Accounting Fees and Services.
|
Item.
15
|
Exhibits
and Financial Statements and
Schedules.
|
1.
|
Financial
Statements - See Part II
- Item 8. Financial Statements and Supplementary Data hereof on
page 44.
|
2.
|
Financial
Statement Schedule and Auditor’s
Report
|
Balance at
Beginning
Of Period
|
Additions
Charged
To Expenses
|
Other
Additions
|
Deductions
|
Balance
at End of
Period
|
||||||||||
Year
Ended July 31, 2009 Valuation Allowance on Deferred Tax
Asset
|
$
|
68,133,445
|
-
|
-
|
8,140,246
|
76,273,691
|
||||||||
Year
Ended July 31, 2010 Valuation Allowance on Deferred Tax
Asset
|
$
|
76,273,691
|
-
|
-
|
8,689,437
|
84,966,128
|
3.
|
Exhibits
|
GENEREX
BIOTECHNOLOGY CORPORATION
|
|
By:
|
/s/ Mark A. Fletcher
|
Name: Mark
A. Fletcher
|
|
Title: Interim
President and Chief Executive
Officer
|
Name
|
Capacity in Which Signed
|
Date
|
||
/s/ Mark A. Fletcher
|
Interim
President and Chief Executive Officer and General
|
October
14, 2010
|
||
Mark
A. Fletcher
|
Counsel
and Secretary (Principal Executive Officer)
|
|||
/s/ Rose C. Perri
|
Chief
Operating Officer, Chief Financial, Officer, Treasurer,
|
October
14, 2010
|
||
Rose
C. Perri
|
Director
(Principal Financial and Accounting Officer)
|
|||
/s/ Brian T. McGee
|
Director
|
October
14, 2010
|
||
Brian
T. McGee
|
||||
/s/ John P. Barratt
|
Director
|
October
14, 2010
|
||
John
P. Barratt
|
||||
/s/ Nola E. Masterson
|
Director
|
October
14, 2010
|
||
Nola
E. Masterson
|
||||
/s/ Stephen Fellows
|
VP,
Finance
|
October
14, 2010
|
||
Stephen
Fellows
|
Exhibit
Number
|
Description of Exhibit(1)
|
|
1.1
|
Placement
Agency Agreement, dated May 5, 2009, by and between Generex Biotechnology
Corporation and Rodman & Renshaw (incorporated by reference to Exhibit
1.1 to Generex Biotechnology Corporation’s Current Report on Form 8-K
filed on May 18, 2009)
|
|
1.2
|
Placement
Agency Agreement, dated June 8, 2009, by and between Generex Biotechnology
Corporation and Midtown Partners & Co., LLC and amendments dated
August 5, August 18, and September 11, 2009 (incorporated by reference to
Exhibit 1.1 to Generex Biotechnology Corporation’s Current Report on Form
8-K filed on September 15, 2009)
|
|
1.3
|
Amendment
dated as of April 7, 2010 to Placement Agent Agreement attached as Exhibit
1.2 hereto (incorporated by reference .reference to Exhibit 1.2 to Generex
Biotechnology Corporation’s Current Report on Form 8-K filed on April 8,
2010)
|
|
1.4
|
Placement
Agency Agreement dated September 11, 2009, by and between Generex
Biotechnology Corporation and Maxim Group LLC. (incorporated by reference
to Exhibit 1.2 to Generex Biotechnology Corporation’s Current Report on
Form 8-K filed on September 15, 2009)
|
|
2
|
Agreement
and Plan of Merger among Generex Biotechnology Corporation, Antigen
Express, Inc. and AGEXP Acquisition Inc. (incorporated by reference to
Exhibit 2.1 to Generex Biotechnology Corporation’s Current Report on Form
8-K filed on August 15, 2003)
|
|
3(i)
|
Restated
Certificate of Incorporation of Generex Biotechnology Corporation
(incorporated by reference to Exhibit 4.1 to Generex Biotechnology
Corporation’s Post-Effective Amendment No. 1 to the Registration Statement
on Form S-8 filed on October 26, 2009)
|
|
3(ii)
|
Amended
and Restated By-Laws of Generex Biotechnology Corporation (incorporated by
reference to Exhibit 3.2(ii) to Generex Biotechnology Corporation’s Report
on Form 8-K filed December 5, 2007)
|
|
4.1
|
Form
of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to
Generex Biotechnology Corporation’s Registration Statement on Form S-1
(File No. 333-82667) filed on July 12, 1999)
|
|
4.2.1
|
Form
of Securities Purchase Agreement entered into with Cranshire Capital,
L.P.; Gryphon Partners, L.P.; Langley Partners, L.P.; Lakeshore Capital,
Ltd.; LH Financial; Omicron Capital; Photon Fund, Ltd.; Howard Todd
Horberg and Vertical Ventures, LLC dated May 29, 2003 (incorporated by
reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on
Form 10-Q/A for the quarter ended April 30, 2003 filed on August 13,
2003)
|
|
4.2.2
|
Form
of Registration Rights Agreement entered into with Cranshire Capital,
L.P.; Gryphon Partners, L.P.; Langley Partners, L.P.; Lakeshore Capital,
Ltd.; LH Financial; Omicron Capital; Photon Fund, Ltd.; Howard Todd
Horberg and Vertical Ventures, LLC dated May 29, 2003 (incorporated by
reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on
Form 10-Q/A for the quarter ended April 30, 2003 filed on August 13,
2003)
|
|
4.2.3
|
Form
of Warrant granted to Cranshire Capital, L.P.; Gryphon Partners, L.P.;
Langley Partners, L.P.; Lakeshore Capital, Ltd.; LH Financial; Omicron
Capital; Photon Fund, Ltd.; Howard Todd Horberg and Vertical Ventures, LLC
dated May 29, 2003 (incorporated by reference to Exhibit 4.3 to Generex
Biotechnology Corporation’s Report on Form 10-Q/A for the quarter ended
April 30, 2003 filed on August 13, 2003)
|
|
4.3
|
Form
of replacement Warrant issued to warrant holders exercising at reduced
exercise price in May and June 2003 (incorporated by reference to Exhibit
4.13.7 to Generex Biotechnology Corporation’s Report on Form 10-K for the
period ended July 31, 2003 filed on October 29, 2003)
|
|
4.4.1
|
Securities
Purchase Agreement, dated December 19, 2003, by and among Generex
Biotechnology Corporation and the investors named therein (incorporated by
reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on
Form 8-K/A filed on March 24, 2004)
|
|
4.4.2
|
Registration
Rights Agreement, dated December 19, 2003, by and among Generex
Biotechnology Corporation and the investors named therein (incorporated by
reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on
Form 8-K/A filed on March 24,
2004)
|
4.4.3
|
Form
of Warrant issued in connection with Exhibit 4.4.1 (incorporated by
reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on
Form 8-K/A filed on March 24, 2004)
|
|
4.4.4
|
Form
of Additional Investment Right issued in connection with Exhibit 4.4.1
(incorporated by reference to Exhibit 4.4 to Generex Biotechnology
Corporation’s Report on Form 8-K/A filed on March 24,
2004)
|
|
4.5.1
|
Securities
Purchase Agreement, dated January 7, 2004, by and between Generex
Biotechnology Corporation and ICN Capital Limited (incorporated by
reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 1, 2004)
|
|
4.5.2
|
Registration
Rights Agreement, dated January 7, 2004, by and between Generex
Biotechnology Corporation and ICN Capital Limited (incorporated by
reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 1, 2004)
|
|
4.5.3
|
Warrant
issued in connection with Exhibit 4.5.1 (incorporated by reference to
Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on March 1, 2004)
|
|
4.5.4
|
Additional
Investment Right issued in connection with Exhibit 4.5.1 (incorporated by
reference to Exhibit 4.4 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 1, 2004)
|
|
4.6.1
|
Securities
Purchase Agreement, dated January 9, 2004, by and between Generex
Biotechnology Corporation and Vertical Ventures, LLC (incorporated by
reference to Exhibit 4.5 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 1, 2004)
|
|
4.6.2
|
Registration
Rights Agreement, dated January 9, 2004, by and between Generex
Biotechnology Corporation and Vertical Ventures, LLC (incorporated by
reference to Exhibit 4.6 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 1, 2004)
|
|
4.6.3
|
Warrant
issued in connection with Exhibit 4.6.1 (incorporated by reference to
Exhibit 4.7 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on March 1, 2004)
|
|
4.6.4
|
Additional
Investment Right issued in connection with Exhibit 4.6.1 (incorporated by
reference to Exhibit 4.8 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 1, 2004)
|
|
4.7.1
|
Securities
Purchase Agreement, dated February 6, 2004, by and between Generex
Biotechnology Corporation and Alexandra Global Master Fund, Ltd.
(incorporated by reference to Exhibit 4.9 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on March 1,
2004)
|
|
4.7.2
|
Registration
Rights Agreement, dated February 6, 2004, by and between Generex
Biotechnology Corporation and Alexandra Global Master Fund, Ltd.
(incorporated by reference to Exhibit 4.10 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on March 1,
2004)
|
|
4.7.3
|
Warrant
issued in connection with Exhibit 4.7.1 (incorporated by reference to
Exhibit 4.11 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on March 1, 2004)
|
|
4.7.4
|
Additional
Investment Right issued in connection with Exhibit 4.7.1 (incorporated by
reference to Exhibit 4.12 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 1, 2004)
|
|
4.7.5
|
Escrow
Agreement, dated February 26, 2004, by and among Generex Biotechnology
Corporation, Eckert Seamans Cherin & Mellott, LLC and Alexandra Global
Master Fund, Ltd. (incorporated by reference to Exhibit 4.13 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on March 1,
2004)
|
|
4.8.1
|
Securities
Purchase Agreement, dated February 11, 2004, by and between Generex
Biotechnology Corporation and Michael Sourlis (incorporated by reference
to Exhibit 4.14 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on March 1, 2004)
|
|
4.8.2
|
Registration
Rights Agreement, dated February 11, 2004, by and between Generex
Biotechnology Corporation and Michael Sourlis (incorporated by reference
to Exhibit 4.15 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on March 1, 2004)
|
|
4.8.3
|
Additional
Investment Right issued in connection with Exhibit 4.8.1 (incorporated by
reference to Exhibit 4.17 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 1,
2004)
|
4.9.1
|
Securities
Purchase Agreement, dated February 13, 2004, by and between Generex
Biotechnology Corporation and Zapfe Holdings, Inc. (incorporated by
reference to Exhibit 4.18 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 1, 2004)
|
|
4.9.2
|
Registration
Rights Agreement, dated February 13, 2004, by and between Generex
Biotechnology Corporation and Zapfe Holdings, Inc. (incorporated by
reference to Exhibit 4.19 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 1, 2004)
|
|
4.9.3
|
Warrant
issued in connection with Exhibit 4.9.1 (incorporated by reference to
Exhibit 4.20 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on March 1, 2004)
|
|
4.9.4
|
Additional
Investment Right issued in connection with Exhibit 4.9.1 (incorporated by
reference to Exhibit 4.21 Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 1, 2004)
|
|
4.10.1
|
Securities
Purchase Agreement, dated June 23, 2004, by and among Generex
Biotechnology Corporation and the investors named therein (incorporated by
reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on July 14, 2004)
|
|
4.10.2
|
Registration
Rights Agreement, dated June 23, 2004, by and among Generex Biotechnology
Corporation and the investors (incorporated by reference to Exhibit 4.2 to
Generex Biotechnology Corporation’s Report on Form 8-K filed on July 14,
2004)
|
|
4.10.3
|
Form
of Warrant issued in connection with Exhibit 4.10.1 (incorporated by
reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on July 14, 2004)
|
|
4.10.4
|
Form
of Additional Investment Right issued in connection Exhibit 4.10.1
(incorporated by reference to Exhibit 4.4 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on July 14,
2004)
|
|
4.11.1
|
Securities
Purchase Agreement, dated November 10, 2004, by and among Generex
Biotechnology Corporation and the investors named therein (incorporated by
reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on November 12, 2004)
|
|
4.11.2
|
Form
of 6% Secured Convertible Debenture issued in connection with Exhibit
4.11.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on November 12,
2004)
|
|
4.11.3
|
Registration
Rights Agreement, dated November 10, 2004, by and among Generex
Biotechnology Corporation and the investors named therein (incorporated by
reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on November 12, 2004)
|
|
4.11.4
|
Form
of Voting Agreement entered into in connection with Exhibit 4.11.1
(incorporated by reference to Exhibit 4.7 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on November 12,
2004)
|
|
4.12
|
Warrant
issued to The Aethena Group, LLC on April 28, 2005 (incorporated by
reference to Exhibit 4.20 to Generex Biotechnology Corporation’s Quarterly
Report on Form 10-Q filed on June 14, 2005)
|
|
4.13.1
|
Amendment
No. 4 to Securities Purchase Agreement and Registration Rights Agreement
entered into by and between Generex Biotechnology Corporation and the
Purchasers listed on the signature pages thereto on January 19, 2006
(incorporated by reference herein to Exhibit 4.1 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on January 20,
2006)
|
|
4.13.2
|
Form
of Additional AIRs issued in connection with Exhibit 4.13.1 (incorporated
by reference herein to Exhibit 4.4 to Generex Biotechnology Corporation’s
Report on Form 8-K filed on January 20, 2006)
|
|
4.14
|
Form
of Warrant issued by Generex Biotechnology Corporation on January 23, 2006
(incorporated by reference to Exhibit 4.2 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on January 24,
2006)
|
|
4.15.1
|
Agreement
to Amend Warrants between Generex Biotechnology Corporation and Cranshire
Capital L.P. dated February 27, 2006 (incorporated by reference to Exhibit
4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on
February 28, 2006).
|
4.15.2
|
Agreement
to Amend Warrants between Generex Biotechnology Corporation and Omicron
Master Trust dated February 27, 2006 (incorporated by reference to Exhibit
4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on
February 28, 2006)
|
|
4.15.3
|
Agreement
to Amend Warrants between Generex Biotechnology Corporation and Iroquois
Capital L.P. dated February 27, 2006 (incorporated by reference to Exhibit
4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on
February 28, 2006)
|
|
4.15.4
|
Agreement
to Amend Warrants between Generex Biotechnology Corporation and Smithfield
Fiduciary LLC dated February 27, 2006 (incorporated by reference to
Exhibit 4.4 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on February 28, 2006)
|
|
4.15.5
|
Form
of Warrant issued by Generex Biotechnology Corporation on February 27,
2006 (incorporated by reference to Exhibit 4.26 to Generex Biotechnology
Corporation’s Report on Form 10-K filed on October 16,
2006)
|
|
4.16.1
|
Agreement
to Amend Additional Investment Right between Generex Biotechnology
Corporation and Cranshire Capital, L.P. dated February 28, 2006
(incorporated by reference to Exhibit 4.1 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on March 1,
2006)
|
|
4.16.2
|
Agreement
to Amend Additional Investment Right between Generex Biotechnology
Corporation and Omicron Master Trust dated February 28, 2006 (incorporated
by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report
on Form 8-K filed on March 1, 2006)
|
|
4.16.3
|
Agreement
to Amend Additional Investment Right between Generex Biotechnology
Corporation and Iroquois Capital LP dated February 28, 2006 (incorporated
by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report
on Form 8-K filed on March 1, 2006)
|
|
4.16.4
|
Agreement
to Amend Additional Investment Right between Generex Biotechnology
Corporation and Smithfield Fiduciary LLC dated February 28, 2006
(incorporated by reference to Exhibit 4.4 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on March 1,
2006)
|
|
4.16.5
|
Form
of Additional AIR Debenture issued by Generex Biotechnology Corporation on
February 28, 2006 (incorporated by reference to Exhibit 4.31 to Generex
Biotechnology Corporation’s Report on Form 10-K filed on October 16,
2006)
|
|
4.16.6
|
Form
of Additional AIR Warrant issued by Generex Biotechnology Corporation on
February 28, 2006 (incorporated by reference to Exhibit 4.32 to Generex
Biotechnology Corporation’s Report on Form 10-K filed on October 16,
2006)
|
|
4.17.1
|
Form
of Agreement to Amend Warrants between Generex Biotechnology Corporation
and the Investors dated March 6, 2006 (incorporated by reference to
Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on March 7, 2006)
|
|
4.17.2
|
Form
of Warrant issued by Generex Biotechnology Corporation on March 6, 2006
(incorporated by reference to Exhibit 4.2 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on March 7,
2006)
|
|
4.18
|
Warrant
issued by Generex Biotechnology Corporation on April 17, 2006 to Zapfe
Holdings, Inc. (incorporated by reference to Exhibit 4.33 to Generex
Biotechnology Corporation’s Report on Form 10-Q filed on June 14,
2006)
|
|
4.19
|
Form
of Warrant issued by Generex Biotechnology Corporation on April 17, 2006
to certain employees (incorporated by reference to Exhibit 4.34 to Generex
Biotechnology Corporation’s Report on Form 10-Q filed on June 14,
2006)
|
|
4.20.1
|
Securities
Purchase Agreement entered into by and between Generex Biotechnology
Corporation and four Investors on June 1, 2006 (incorporated by reference
to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on June 2, 2006)
|
|
4.20.2
|
Form
of Warrant issued by Generex Biotechnology Corporation on June 1, 2006
(incorporated by reference to Exhibit 4.2 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on June 2, 2006)
|
|
4.21.1
|
Form
of Amendment to Outstanding Warrants (incorporated by reference to Exhibit
4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on
June 2, 2006)
|
|
4.21.2
|
Form
of Warrant issued by Generex Biotechnology Corporation on June 1, 2006
(incorporated by reference to Exhibit 4.4 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on June 2,
2006)
|
4.22.1
|
Securities
Purchase Agreement, dated as of March 31, 2008 among the Registrant and
each of the purchasers named therein (incorporated by reference to Exhibit
4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on
April 2, 2008)
|
|
4.22.2
|
Form
of 8% Secured Convertible Note, as amended (incorporated by reference to
Exhibit 4.2 to Generex Biotechnology Corporation’s Registration Statement
(333-150562) on Form S-3 filed on April 30, 2008)
|
|
4.22.3
|
Form
of Series A Warrant, as amended (incorporated by reference to Exhibit 4.3
to Generex Biotechnology Corporation’s Registration Statement on Form S-3
(333-150562) filed on April 30, 2008)
|
|
4.22.4
|
Form
of Series A-1 Warrant, as amended (incorporated by reference to Exhibit
4.4 to Generex Biotechnology Corporation’s Registration Statement on Form
S-3 (333-150562) filed on April 30, 2008)
|
|
4.22.5
|
Form
of Series B Warrant, as amended (incorporated by reference to Exhibit 4.5
to Generex Biotechnology Corporation’s Registration Statement on Form S-3
(333-150562) filed on April 30, 2008)
|
|
4.22.6
|
Form
of Series C Warrant, as amended (incorporated by reference to Exhibit 4.6
to Generex Biotechnology Corporation’s Registration Statement on Form S-3
(333-150562) filed on April 30, 2008)
|
|
4.22.7
|
Registration
Rights Agreement, dated March 31, 2008, among Registrant and each of the
purchasers under Securities Purchase Agreement (incorporated by reference
to Exhibit 4.7 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on April 2, 2008)
|
|
4.22.8
|
Security
Agreement (incorporated by reference to Exhibit 4.8 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on April 2,
2008)
|
|
4.22.9
|
Form
of Guaranty (incorporated by reference to Exhibit 4.9 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on April 2,
2008)
|
|
4.23
|
Form
of Securities Purchase Agreement, date May 15, 2009, entered into between
Generex Biotechnology Corporation and each investor in the offering
(incorporated by reference to Exhibit 1.2 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on May 18, 2009)
|
|
4.24.1
|
Form
of Securities Purchase Agreement, dated June 15, 2009, entered into
between Generex Biotechnology Corporation and each investor in the
offering (incorporated by reference to Exhibit 10.1 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on June 16,
2009)
|
|
4.24.2
|
Form
of Warrant issued in connection with Exhibit 4.24.1 (incorporated by
reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on June 16, 2009)
|
|
4.24.3
|
Form
of Warrant issued to Midtown Partners & Co., LLC in connection with
Exhibit 4.24.1 (incorporated by reference to Exhibit 4.2 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on June 16,
2009)
|
|
4.25.1
|
Form
of Securities Purchase Agreement, dated August 6, 2009, entered into
between Generex Biotechnology Corporation and each investor in the
offering (incorporated by reference to Exhibit 10.1 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on August 6,
2009)
|
|
4.25.2
|
Form
of Warrant issued in connection with Exhibit 4.25.1 (incorporated by
reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on August 6, 2009)
|
|
4.25.3
|
Form
of Warrant issued to Midtown Partners & Co., LLC in connection with
Exhibit 4.25.1 (incorporated by reference to Exhibit 4.28 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on August 6,
2009)
|
|
4.26.1
|
Form
of Securities Purchase Agreement, dated September 11, 2009, entered into
between Generex Biotechnology Corporation and each investor in the
offering (incorporated by reference to Exhibit 10.1 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on September 15,
2009)
|
|
4.26.2
|
Form
of Warrant issued in connection with Exhibit 4.26.1 (incorporated by
reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on September 15,
2009)
|
4.26.3
|
Form
of Warrant issued to Midtown Partners & Co., LLC and Maxim
Group LLC in connection with Exhibit 4.26.1 (incorporated by reference to
Exhibit 4.2 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on September 15, 2009)
|
|
4.27.1
|
Common
Stock Purchase Agreement dated April 7, 2010 by and between Generex
Biotechnology Corporation and Seaside 88, LP. (incorporated by reference
to Exhibit 10.1 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on April 8, 2010)
|
|
4.27.2
|
First
Amendment to Common Stock Purchase Agreement dated April 28, 2010 by and
between Generex Biotechnology Corporation and Seaside 88, LP.
(incorporated by reference to Exhibit 10.1 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on April 29,
2010)
|
|
4.27.3
|
Form
of Warrant issued to Midtown Partners & Co., LLC in connection with
Exhibit 4.27.1 hereto (incorporated by reference to Exhibit 4.1 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on April 8,
2010)
|
|
9
|
Form
of Voting Agreement entered into in connection with Exhibit 4.11.1
(incorporated by reference to Exhibit 4.7 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on November 12,
2004)
|
|
10.1
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and
Peter G. Amanatides to purchase 100,000 shares of Common Stock at the
exercise price of $0.56 per share (incorporated by reference to Exhibit
10.3 to Generex Biotechnology Corporation’s Quarterly Report on Form 10-Q
filed on June 14, 2005)*
|
|
10.2
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and John
P. Barratt to purchase 100,000 shares of Common Stock at the exercise
price of $0.56 per share (incorporated by reference to Exhibit 10.4 to
Generex Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on
June 14, 2005)*
|
|
10.3
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and
Brian T. McGee to purchase 100,000 shares of Common Stock at the exercise
price of $0.56 per share (incorporated by reference to Exhibit 10.5 to
Generex Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on
June 14, 2005)*
|
|
10.4
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and John
P. Barratt to purchase 35,714 shares of Common Stock at the exercise price
of $0.001 per share (incorporated by reference to Exhibit 10.6 to Generex
Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on June
14, 2005)*
|
|
10.5
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and
Brian T. McGee to purchase 35,714 shares of Common Stock at the exercise
price of $0.001 per share (incorporated by reference to Exhibit 10.7 to
Generex Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on
June 14, 2005)*
|
|
10.6
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and
Gerald Bernstein, M.D. to purchase 100,000 shares of Common Stock at the
exercise price of $0.61 per share (incorporated by reference to Exhibit
10.8 to Generex Biotechnology Corporation’s Quarterly Report on Form 10-Q
filed on June 14, 2005)*
|
|
10.7
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and Mark
Fletcher to purchase 250,000 shares of Common Stock at the exercise price
of $0.61 per share (incorporated by reference to Exhibit 10.9 to Generex
Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on June
14, 2005)*
|
|
10.8
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and Anna
E. Gluskin to purchase 250,000 shares of Common Stock at the exercise
price of $0.61 per share (incorporated by reference to Exhibit 10.10 to
Generex Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on
June 14, 2005)*
|
|
10.9
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and Rose
C. Perri to purchase 250,000 shares of Common Stock at the exercise price
of $0.61 per share (incorporated by reference to Exhibit 10.11 to Generex
Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on June
14, 2005)*
|
|
10.10
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and Mark
A. Fletcher to purchase 470,726 shares of Common Stock at the exercise
price of $0.001 per share (incorporated by reference to Exhibit 10.12 to
Generex Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on
June 14, 2005)*
|
|
10.11
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and Anna
E. Gluskin to purchase 1,120,704 shares of Common Stock at the exercise
price of $0.001 per share (incorporated by reference to Exhibit 10.13 to
Generex Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on
June 14, 2005)*
|
10.12
|
Stock
Option Agreement by and between Generex Biotechnology Corporation and Rose
C. Perri to purchase 576,752 shares of Common Stock at the exercise price
of $0.001 per share (incorporated by reference to Exhibit 10.14 to Generex
Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on June
14, 2005)*
|
|
10.13
|
Employment
Agreement by and between Generex Biotechnology Corporation and Gerald
Bernstein M.D. (incorporated by reference to Exhibit 10.16 to Generex
Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on June
14, 2005)*
|
|
10.14
|
1998
Stock Option Plan (incorporated by reference to Exhibit 4.3 to Generex
Biotechnology Corporation’s Registration Statement on Form S-1 (File No.
333-82667) filed on July 12, 1999)*
|
|
10.15
|
2000
Stock Option Plan (incorporated by reference to Exhibit 4.3.2 to Generex
Biotechnology Corporation’s Annual Report on Form 10-K filed on October
30, 2000)*
|
|
10.16
|
Amended
2001 Stock Option Plan (incorporated by reference to Exhibit 4.1 to
Generex Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on
December 15, 2003)*
|
|
10.17
|
2006
Stock Plan (incorporated by reference to Annex A to Generex Biotechnology
Corporation’s Proxy Statement for the Annual Meeting of Stockholders held
on May 30, 2006)*
|
|
10.18
|
Stockholders
Agreement among Generex Biotechnology Corporation and the former holders
of capital stock of Antigen Express, Inc. (incorporated by reference to
Exhibit 10.4 to Generex Biotechnology Corporation’s Annual Report on Form
10-K filed on October 29, 2003)
|
|
10.19
|
Form
of Warrant issued by Generex Biotechnology Corporation on April 17, 2006
to certain employees (incorporated by reference to Exhibit 4.34 to Generex
Biotechnology Corporation’s Report on Form 10-Q filed on June 14,
2006)*
|
|
10.20
|
Quotation
for Contract Manufacturing of Oral-lyn™ entered into between Generex
Biotechnology Corporation and Cardinal Health PTS, LLC on June 20, 2006
(subject to confidential treatment) (incorporated by reference to Exhibit
10.25 to Generex Biotechnology Corporation’s Report on Form 10-K/A filed
on February 14, 2007)
|
|
10.21
|
Quotation
Amendment for Contract Manufacturing of Oral-lyn™ entered into between
Generex Biotechnology Corporation and Cardinal Health PTS, LLC on August
18, 2006 (subject to confidential treatment) (incorporated by reference to
Exhibit 10.26 to Generex Biotechnology Corporation’s Report on Form 10-K
filed on October 16, 2006)
|
|
10.22
|
Clinical
Supply Agreement entered into between Generex Biotechnology Corporation
and Cardinal Health PTS, LLC on September 6, 2006 (subject to confidential
treatment) (incorporated by reference to Exhibit 10.27 to Generex
Biotechnology Corporation’s Report on Form 10-K filed on October 16,
2006)
|
|
10.23
|
Form
of Restricted Stock Agreement for awards to executive officers of Generex
Biotechnology Corporation under the Generex Biotechnology Corporation 2006
Stock Plan (incorporated by reference to Exhibit 10.1 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on August 23,
2007)*
|
|
10.24
|
Summary
of Annual Base Salaries of Executive Officers of Generex Biotechnology
Corporation (incorporated by reference to Exhibit 10.2 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on August 23,
2007)*
|
|
10.25
|
Summary
of Compensation of the Directors of Generex Biotechnology Corporation
(incorporated by reference to Exhibit 10.27 to Generex Biotechnology
Corporation’s Report on Form 10-K filed on October 15,
2007)*
|
|
10.26
|
Summary
of Employment Terms for Anna Gluskin effective as of January 1, 2006
(incorporated by reference to Exhibit 10.28 to Generex Biotechnology
Corporation’s Report on Form 10-K/A filed on November 28,
2007)*
|
|
10.27
|
Summary
of Employment Terms for Rose Perri effective as of January 1, 2006
(incorporated by reference to Exhibit 10.29 to Generex Biotechnology
Corporation’s Report on Form 10-K/A filed on November 28,
2007)*
|
|
10.28
|
Summary
of Employment Terms for Mark A. Fletcher effective as of April 21, 2003
(incorporated by reference to Exhibit 10.30 to Generex Biotechnology
Corporation’s Report on Form 10-K/A filed on November 28,
2007)*
|
|
10.29
|
Employment
Agreement between Generex Biotechnology Corporation and Gerald Bernstein,
M.D., effective as of April 1, 2002 (incorporated by reference to Exhibit
10.31 to Generex Biotechnology Corporation’s Report on Form 10-K/A filed
on November 28, 2007)*
|
10.30
|
Form
of Consent and Waiver Agreement entered into with Cranshire Cranshire
Capital, L.P., Portside Growth and Opportunity Fund and, Smithfield
Fiduciary LLC (incorporated by reference to Exhibit 10.1 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on August 1,
2008)
|
|
10.31
|
Form
of Consent and Waiver Agreement entered into with Rockmore Investment
Master Fund Ltd. (incorporated by reference to Exhibit 10.2 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on August 1,
2008)
|
|
10.32
|
Form
of Consent and Waiver Agreement entered into with the Iroquois Funds
(incorporated by reference to Exhibit 10.3 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on August 1,
2008)
|
|
10.33
|
Form
of separate Agreements entered into with each of Cranshire Capital, L.P.,
Portside Growth and Opportunity Fund, Rockmore Investment Master Fund
Ltd., Smithfield Fiduciary LLC and Iroquois Capital Opportunity Fund, LP
on December 22, 2008 (incorporated by reference to Exhibit 10.1 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on December 23,
2008)
|
|
10.34
|
Form
of Agreement entered into with Iroquois Master Fund Ltd. on December 22,
2008 (incorporated by reference to Exhibit 10.2 to Generex Biotechnology
Corporation’s Report on Form 8-K filed on December 23,
2008)
|
|
10.35
|
Form
of separate Letter Agreements dated as of February 13, 2009 and entered
into by and between Generex Biotechnology Corporation and each of
Cranshire Capital, L.P., Portside Growth and Opportunity Fund, Rockmore
Investment Master Fund Ltd., Smithfield Fiduciary LLC, Iroquois Master
Fund Ltd. and Iroquois Capital Opportunity Fund, LP. (incorporated by
reference to Exhibit 10.1 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on February 17, 2009)
|
|
10.36
|
Form
of Forbearance and Amendment Agreement dated as of February 27, 2009 and
entered into by and between Generex Biotechnology Corporation and each of
Cranshire Capital, L.P., Portside Growth and Opportunity Fund, Rockmore
Investment Master Fund Ltd., Smithfield Fiduciary LLC, Iroquois Master
Fund Ltd. and Iroquois Capital Opportunity Fund, LP. (incorporated by
reference to Exhibit 10.1 to Generex Biotechnology Corporation’s Report on
Form 8-K filed on March 2, 2009)
|
|
10.37
|
At
Market Offering Issuance Agreement dated October 14, 2009
entered into between Generex Biotechnology Corporation and Wm Smith &
Co, LLC (incorporated by reference to Exhibit 10.1 to Generex
Biotechnology Corporation’s Report on Form 8-K filed on October 15,
2009)
|
|
10.38
|
Recombinant
Human Insulin Active Ingredient Manufacturing and Supply Agreement entered
into on December 7, 2009 by and between Generex Biotechnology
Corporation and Sanofi-Aventis Deutschland GmbH (subject to confidential
treatment) (incorporated by reference to Exhibit 10.2 to Generex
Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on
December 11, 2009)
|
|
10.39
|
Summary
of Compensation of the Directors of Generex Biotechnology Corporation
effective May 27, 2008 (incorporated by reference to Exhibit 10.34 to
Generex Biotechnology Corporation’s Annual Report on Form 10-K filed on
October 10, 2008)*
|
|
10.40
|
Summary
of Compensation Arrangements with Executive Officers and Directors as of
March 8, 2010 (incorporated by reference to Exhibit 10.1 to Generex
Biotechnology Corporation’s Quarterly Report on Form 10-Q filed on June
11, 2010)*
|
|
10.41
|
Incentive
Stock Option Grant Agreement dated March 9, 2010 by and between Generex
Biotechnology Corporation and Anna E. Gluskin (incorporated by reference
to Exhibit 10.2 to Generex Biotechnology Corporation’s Quarterly Report on
Form 10-Q filed on June 11, 2010)*
|
|
10.42
|
Incentive
Stock Option Grant Agreement dated March 9, 2010 by and between Generex
Biotechnology Corporation and Rose C. Perri (incorporated by reference to
Exhibit 10.3 to Generex Biotechnology Corporation’s Quarterly Report on
Form 10-Q filed on June 11,
2010)*
|
10.43
|
Incentive
Stock Option Grant Agreement dated March 9, 2010 by and between Generex
Biotechnology Corporation and Mark A. Fletcher (incorporated by reference
to Exhibit 10.4 to Generex Biotechnology Corporation’s Quarterly Report on
Form 10-Q filed on June 11, 2010)*
|
|
10.43
|
Nonqualified
Stock Option Grant Agreement dated March 9, 2010 by and between Generex
Biotechnology Corporation and Brian McGee (incorporated by reference to
Exhibit 10.5 to Generex Biotechnology Corporation’s Quarterly Report on
Form 10-Q filed on June 11, 2010)*
|
|
10.44
|
Nonqualified
Stock Option Grant Agreement dated March 9, 2010 by and between Generex
Biotechnology Corporation and John P. Barratt (incorporated by reference
to Exhibit 10.6 to Generex Biotechnology Corporation’s Quarterly Report on
Form 10-Q filed on June 11, 2010)*
|
|
10.45
|
Nonqualified
Stock Option Grant Agreement dated March 9, 2010 by and between Generex
Biotechnology Corporation and Nola Masterson (incorporated by reference to
Exhibit 10.7 to Generex Biotechnology Corporation’s Quarterly Report on
Form 10-Q filed on June 11, 2010)*
|
|
10.46
|
Amendment
to the Employment Terms for Mark A. Fletcher, dated September 29,
2010*
|
|
10.47
|
Limited
Liability Company Ownership Interest Purchase Agreement by and among
Generex Biotechnology Corporation, Global Medical Direct, LLC and Joseph
Corso, Jr., Robert S. Shea and Mark Franz (incorporated by reference to
Exhibit 10.1 to Generex Biotechnology Corporation’s Report on Form 8-K
filed on October 12, 2010)
|
|
16
|
Letter
of Concurrence From Danziger Hochman Partners LLP, dated September 18,
2008 (incorporated by reference to Exhibit 16 to Generex Biotechnology
Corporation’s Report on Form 8-K/A filed on September 19,
2008)
|
|
21
|
Subsidiaries
of the Registrant
|
|
23
|
Consent
of MSCM LLP, independent registered public accounting
firm
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
|
32
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to Section
906 of the Sarbanes-Oxley Act of
2002
|
(1)
|
In the case of incorporation by
reference to documents filed by the Registrant under the Exchange Act, the
Registrant’s file number under the Exchange Act is
000-25169.
|