Fair Value of Financial Instruments (Tables)
 12 Months Ended
Jul. 31, 2012
Fair Value of Financial Instruments  
Schedule of estimated fair values of the liabilities measured on a recurring basis

 

 

Fair Value Measurements at July 31, 2011

 

 

 

Balance at July,
31, 2011

 

Quoted Prices in
Active Markets
(Level 1)

 

Significant Other
Observable Inputs
(Level 2)

 

Significant Other
Unobservable
Inputs (Level 3)

 

Warrant derivative liability — Series A and Series C Warrants

 

$

4,850,385

 

—

 

—

 

$

4,850,385

 
Schedule of activity for liabilities measured at estimated fair value using unobservable inputs

 

 

 

 

Warrant Derivative Liability

 

Beginning balance at July 31, 2011

 

$

4,850,385

 

 

 

 

 

Issuances

 

—

 

 

 

 

 

Adjustments to estimated fair value

 

(4,192,781

)

 

 

 

 

Re-classification of fair value to equity (see Note 7)

 

(657,604

)

 

 

 

 

Ending balance at July 31, 2012

 

$

—