Equity
 6 Months Ended
Jan. 31, 2017
Equity [Abstract]  
Equity

Note 5—Equity

 

Issuances of Class B Common Stock: 

 

Class B common stock activity for the six months ended January 31, 2017 was as follows:

 

 1.The Company issued 120,000 shares to Davidi Jonas, the Company’s Chief Executive Officer and President, as compensation.
 2.The Company issued 108,000 shares to officers and 56,000 shares to other employees as compensation.
 3.The Company issued 24,000 shares to directors as compensation.
 4.The Company issued 1,250 shares to a consultant as compensation.
 5.The Company issued 1,440 shares for the exercise of stock options and received proceeds of approximately $8,000.

 

No shares of Class B common stock have been issued subsequent to January 31, 2017 to the date of the filing of this report.

 

See Note 6 - Stock-Based Compensation below for a further discussion.

 

Issuances of Warrants: 

 

No warrants were issued in the six months ended January 31, 2017.

 

On February 6, 2017, the Company issued warrants to purchase 252,161 shares of the Company’s Class B common stock as part of a loan agreement with a syndicate of investors. For a further discussion, see Note 12 – Subsequent Events.

 

Treasury Stock for Payroll Tax Withholding:

 

Treasury stock consists of shares of Class B common stock that were tendered by employees of ours to satisfy the employees’ tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. The fair market value of the shares tendered was based on the trading day immediately prior to the vesting date and the proceeds utilized to pay the withholding taxes due upon such vesting event.

 

At both January 31, 2017 and July 31, 2016, there were 39,693 shares of treasury stock totaling approximately $428,000.