Delaware
|
|
98-0178636
|
(State
or other jurisdiction of
|
|
(I.R.S.
Employer
|
incorporation
or organization)
|
|
Identification
No.)
|
|
|
|
33
Harbour Square, Suite 202, Toronto, Canada
|
|
M5J
2G2
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
Title
of each class
|
|
Name
of each exchange on which registered
|
Common
Stock, $.001 par value per share
|
|
The
NASDAQ Stock Market LLC
|
Yes
þ
|
No
o
|
Large
accelerated filer o
|
Accelerated
filer þ
|
Non-accelerated
filer o
|
Yes
o
|
No
þ
|
|
|
Page
|
||
Forward-Looking
Statements
|
|
1
|
||
|
|
|
||
Part
I
|
|
|
|
|
Item
1.
|
|
Business.
|
|
2
|
Item
1A.
|
|
Risk
Factors.
|
|
21
|
Item
1B.
|
|
Unresolved
Staff Comments.
|
|
28
|
Item
2.
|
|
Properties.
|
|
28
|
Item
3.
|
|
Legal
Proceedings.
|
|
29
|
Item
4.
|
|
Submission
of Matters to a Vote of Security Holders.
|
|
30
|
|
|
|
|
|
Part
II
|
|
|
|
|
Item
5.
|
|
Market
For Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.
|
|
31
|
Item
6.
|
|
Selected
Financial Data.
|
|
33
|
Item
7.
|
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations.
|
|
34
|
Item
7A.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
43
|
||
Item
8.
|
|
Financial
Statements and Supplementary Data.
|
|
44
|
Item
9.
|
|
Changes
in and Disagreements With Accountants on Accounting and Financial
Disclosure.
|
|
45
|
Item
9A.
|
|
Controls
and Procedures.
|
|
45
|
Item
9B.
|
|
Other
Information.
|
|
46
|
|
|
|
|
|
Part
III
|
|
|
|
|
Item
10.
|
|
Directors,
Executive Officers and Corporate Governance.
|
|
46
|
Item
11.
|
|
Executive
Compensation.
|
|
46
|
Item
12.
|
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters.
|
|
46
|
Item
13.
|
|
Certain
Relationships and Related Transactions, and Director
Independence.
|
|
46
|
Item
14.
|
|
Principal
Accountant Fees and Services.
|
|
46
|
|
|
|
|
|
Part
IV
|
|
|
|
|
Item
15.
|
|
Exhibits
and Financial Statement Schedules.
|
|
47
|
|
|
|
|
|
Signatures
|
|
|
|
55
|
Schedule
II
|
|
|
|
56
|
|
·
|
our
expectations concerning product candidates for our
technologies;
|
|
|
|
|
·
|
our
expectations concerning existing or potential development and license
agreements for third-party collaborations and joint
ventures;
|
|
|
|
|
·
|
our
expectations of when different phases of clinical activity may
commence;
|
|
|
|
|
·
|
our
expectations of when regulatory submissions may be filed or when
regulatory approvals may be received; and
|
|
|
|
|
·
|
our
expectations of when commercial sales of our products may commence
and
when actual revenue from the product sales may be
received.
|
|
·
|
the
inherent uncertainties of product development based on our new and
as yet
not fully proven technologies;
|
|
|
|
|
·
|
the
risks and uncertainties regarding the actual effect on humans of
seemingly
safe and efficacious formulations and treatments when tested
clinically;
|
|
|
|
|
·
|
the
inherent uncertainties associated with clinical trials of product
candidates;
|
|
|
|
|
·
|
the
inherent uncertainties associated with the process of obtaining regulatory
approval to market product candidates; and
|
|
|
|
|
·
|
the
inherent uncertainties associated with commercialization of products
that
have received regulatory approval.
|
·
|
Quality
test/studies;
|
|
|
·
|
pre-clinical
tests /studies;
|
|
|
·
|
submission
to the FDA of Investigational New Drug Applications (“INDs”) and/or
Amendments for each planned human clinical trial;
|
|
|
·
|
FDA
acceptance of INDs, which permit human clinical trials to
commence;
|
|
|
·
|
commencement
and completion of numerous human clinical trials to establish the
safety
and efficacy of the subject drug;
|
|
|
·
|
submission
of a New Drug Application to the FDA; and
|
|
|
·
|
FDA
approval of the New Drug Application, including approval of all product
labeling
|
· |
Primary
and Secondary Pharmacodynamics
|
· |
Safety
Pharmacology
|
· |
Other
Pharmacodynamics
|
· |
Single
and Multiple Dose Kinetics
|
· |
Tissue
Distribution
|
· |
Metabolism
|
· |
PK
Drug Interactions
|
· |
Other
PK studies
|
· |
Single
and Multiple Dose Toxicity
|
· |
Genotoxicity
|
· |
Carcinogenicity
|
· |
Reproduction
Toxicity
|
· |
Other
Toxicity
|
Name
|
|
Age
|
|
Position
Held with Generex
|
|
|
|
|
|
Anna
E. Gluskin
|
|
56
|
|
Chairman,
President, Chief Executive Officer and Director
|
|
|
|
|
|
Rose
C. Perri
|
|
40
|
|
Chief
Operating Officer, Chief Financial Officer, Treasurer, Secretary
and
Director
|
|
|
|
|
|
Gerald
Bernstein, M.D.
|
|
74
|
|
Director,
Vice President Medical Affairs
|
|
|
|
|
|
Mark
Fletcher, Esquire
|
|
41
|
|
Executive
Vice President and General Counsel
|
|
|
|
|
|
John
P. Barratt
|
|
63
|
|
Director
|
|
|
|
|
|
Brian
T. McGee
|
|
48
|
|
Director
|
|
|
|
|
|
Peter
G. Amanatides
|
|
43
|
|
Director
|
|
|
|
|
|
Nola
E. Masterson
|
|
61
|
|
Director
|
|
·
|
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.
|
|
·
|
elected
all seven nominees to the Board of Directors;
and
|
|
·
|
ratified
the appointment of Danziger & Hochman Partners LLP as our independent
public accountants for the fiscal year ending July 31,
2007.
|
Election
of nominees to Board of Directors
for
terms expiring May 30, 2008
|
|
Votes
For
|
|
Votes
Against
|
|
Abstentions
|
ANNA
E. GLUSKIN
|
98.954%
|
0.000%
|
1.040%
|
|||
84,881,128
|
5,200
|
892,450
|
||||
JOHN
P. BARRATT
|
99.298%
|
0.000%
|
0.696%
|
|||
85,176,582
|
5,200
|
596,996
|
||||
BRIAN
T. MCGEE
|
99.282%
|
0.000%
|
0.712%
|
|||
85,163,212
|
5,200
|
610,366
|
||||
NOLA
E. MASTERSON
|
99.260%
|
0.000%
|
0.734%
|
|||
85,143,865
|
5,200
|
629,713
|
||||
GERALD
BERNSTEIN, M.D.
|
99.255%
|
0.000%
|
0.739%
|
|||
85,139,771
|
5,200
|
633,807
|
||||
PETER
G. AMANATIDES
|
99.198%
|
0.000%
|
0.796%
|
|||
85,090,647
|
5,200
|
682,931
|
||||
ROSE
C. PERRI
|
99.127%
|
0.000%
|
0.867%
|
|||
85,029,766
|
5,200
|
743,812
|
Proposal
|
|
Votes
For
|
|
Votes
Against
|
|
Abstention
|
|
Broker
Non-Votes
|
Ratification
of Danziger & Hochman, Chartered Accountants
|
|
99.400%
85,264348
|
0.208%
178,304
|
0.3392%
336,126
|
0
|
Item
5. Market
For Registrant’s Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity
Securities.
|
|
Bid
Prices
|
||||||
|
High
|
Low
|
|||||
Fiscal
2006
|
|
|
|||||
First
Quarter
|
$
|
1.51
|
$
|
0.53
|
|||
Second
Quarter
|
$
|
1.48
|
$
|
0.8
|
|||
Third
Quarter
|
$
|
5.02
|
$
|
1.15
|
|||
Fourth
Quarter
|
$
|
3.25
|
$
|
1.3
|
|||
Fiscal
2007
|
|||||||
First
Quarter
|
$
|
2.70
|
1.25
|
||||
Second
Quarter
|
$
|
2.32
|
1.53
|
||||
Third
Quarter
|
$
|
1.97
|
1.60
|
||||
Fourth
Quarter
|
$
|
2.14
|
1.26
|
In
thousands
|
2007
|
2006
|
2005
|
2004
|
2003
|
|||||||||||
Operating
Results:
|
||||||||||||||||
Revenue
|
$
|
180
|
$
|
175
|
$
|
392
|
$
|
627
|
$
|
—
|
||||||
Net
Loss
|
(23,505
|
)
|
(67,967
|
)
|
(24,002
|
)
|
(18,363
|
)
|
(13,262
|
)
|
||||||
Net
Loss Available to Common Stockholders
|
(23,505
|
)
|
(67,967
|
)
|
(24,002
|
)
|
(19,173
|
)
|
(14,026
|
)
|
||||||
Cash
Dividends per share
|
—
|
—
|
—
|
—
|
—
|
|||||||||||
Loss
per Common Share:
|
||||||||||||||||
Basic
and Diluted Net Loss Per Common Share
|
(.22
|
)
|
(.90
|
)
|
(.66
|
)
|
(.64
|
)
|
(.67
|
)
|
||||||
Financial
Positions:
|
||||||||||||||||
Total
Assets
|
$
|
46,404
|
$
|
64,105
|
$
|
13,466
|
$
|
19,012
|
$
|
22,639
|
||||||
Long-Term
Debt
|
$
|
3,144
|
$
|
3,036
|
$
|
3,288
|
$
|
2,225
|
$
|
1,895
|
||||||
Convertible
Debentures
|
$
|
—
|
$
|
161
|
$
|
1,315
|
$
|
—
|
$
|
—
|
||||||
Series
A, Preferred Stock
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
14,310
|
$
|
13,501
|
||||||
Stockholder's
Equity
|
$
|
36,071
|
$
|
55,464
|
$
|
6,127
|
$
|
530
|
$
|
5,857
|
Date
Issued
|
Aggregate
No.
of
Shares Unexercised
|
Exercise
Price*
|
Exercise
Date
|
Expiration
Date
|
|||||||||
January
23, 2006
|
622,226
|
$
|
1.60
|
June
2, 2006
|
July
22, 2011
|
||||||||
February
27, 2006
|
4,770,617
|
$
|
3.00
|
August
27, 2006
|
August
27, 2011
|
||||||||
February.
28, 2006
|
172,120
|
$
|
1.25
|
August
31, 2006
|
August
31, 2011
|
||||||||
March
1, 2006
|
800,000
|
$
|
3.00
|
September
6, 2006
|
September
6, 2011
|
||||||||
June
1, 2006
|
2,560,980
|
$
|
2.45
|
June
1, 2006
|
June
1, 2011
|
||||||||
June
2, 2006
|
3,273,144
|
$
|
2.35
|
June
2, 2006
|
June
2, 2011
|
|
Payments
Due by Period
|
|||||||||||||||
Contractual
Obligations
|
Total
|
Less
than
1year
|
1-3
years
|
3-5
years
|
More
than
5
years
|
|||||||||||
Long-Term
Debt Obligations
|
3,143,789
|
84,503
|
2,412,761
|
646,525
|
0
|
|||||||||||
Capital
Lease Obligations
|
0
|
0
|
0
|
0
|
0
|
|||||||||||
Operating
Lease Obligations
|
589,211
|
148,823
|
256,079
|
183,812
|
497
|
|||||||||||
Purchase
Obligations
|
0
|
0
|
0
|
0
|
0
|
|||||||||||
Other
Long-Term Liabilities Reflected on the
Registrant's
Balance Sheet under GAAP
|
0
|
0
|
0
|
0
|
0
|
|||||||||||
Total
|
$
|
3,733,001
|
$
|
233,327
|
$
|
2,668,839
|
$
|
830,338
|
$
|
497
|
Loan
Amount
|
|
Interest
Rate
per
Annum
|
|
441,380
|
|
|
6.82%
|
273,666
|
|
|
6.82%
|
667,943
|
|
|
7.60%
|
375,120
|
|
|
8.50%
|
210,371
|
|
|
10%
|
1,175,309
|
|
|
6.07%
|
3,143,789
|
|
|
Total
|
Page
|
|
Report
of Independent Registered Public Accounting Firms
|
F-1
- F-3
|
Consolidated
Balance Sheets
|
|
July
31, 2007
and 2006
|
F-4
|
Consolidated
Statements of Operations
|
|
For
the Years Ended July 31, 2007,
2006
and 2005
|
|
and
Cumulative From Inception to July 31, 2007
|
F-5
|
Consolidated
Statements of Changes in Stockholders’ Equity
|
|
For
the Period November 2, 1995 (Date of Inception)
|
|
to
July 31, 2007
|
F-6
- F-25
|
Consolidated
Statements of Cash Flows
|
|
For
the Years Ended July 31, 2007,
2006
and 2005
|
|
and
Cumulative From Inception to July 31, 2007
|
F-26
- F-27
|
Notes
to Consolidated Financial Statements
|
F-28
- F-55
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
|||
(A
DEVELOPMENT STAGE COMPANY)
|
|||
CONSOLIDATED
BALANCE SHEETS
|
July
31,
|
|
||||||
|
|
2007
|
|
2006
|
|||
ASSETS
|
|||||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
$
|
21,026,067
|
$
|
38,208,493
|
|||
Short-term
investments
|
14,011,738
|
14,372,653
|
|||||
Accounts
receivable
|
58,264
|
—
|
|||||
Inventory
|
123,931
|
—
|
|||||
Other
current assets
|
469,210
|
237,752
|
|||||
Total
Current Assets
|
35,689,210
|
52,818,898
|
|||||
Property
and Equipment, Net
|
2,137,027
|
2,585,744
|
|||||
Assets
Held for Investment, Net
|
3,693,183
|
3,602,773
|
|||||
Patents,
Net
|
4,884,984
|
5,097,827
|
|||||
TOTAL
ASSETS
|
$
|
46,404,404
|
$
|
64,105,242
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Current
Liabilities:
|
|||||||
Accounts
payable and accrued expenses
|
$
|
7,156,709
|
$
|
5,444,790
|
|||
Deferred
revenue
|
33,314
|
—
|
|||||
Current
maturities of long-term debt
|
84,503
|
428,059
|
|||||
Convertible
debentures, net of debt discount of $-0- and $608,737
|
|||||||
at
July 31, 2007 and 2006, respectively
|
—
|
160,494
|
|||||
Total
Current Liabilities
|
7,274,526
|
6,033,343
|
|||||
Long-Term
Debt, Net
|
3,059,286
|
2,608,105
|
|||||
Commitments
and Contingencies
|
|||||||
Stockholders’
Equity:
|
|||||||
Special
Voting Rights Preferred Stock, $.001 par value;
|
|||||||
authorized
1,000 shares at July 31, 2007 and 2006; -0- and 1,000
shares
|
|||||||
issued
and outstanding at July 31, 2007 and 2006, respectively
|
—
|
1
|
|||||
Common
stock, $.001 par value; authorized 500,000,000 shares at July 31,
2007
|
|||||||
and
2006; 109,616,518 and 107,398,360 shares issued and outstanding
at
|
|||||||
July
31, 2007 and 2006, respectively
|
109,616
|
107,397
|
|||||
Additional
paid-in capital
|
247,079,439
|
243,097,627
|
|||||
Deficit
accumulated during the development stage
|
(212,000,270
|
)
|
(188,495,312
|
)
|
|||
Accumulated
other comprehensive income
|
881,807
|
754,081
|
|||||
Total
Stockholders’ Equity
|
36,070,592
|
55,463,794
|
|||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
46,404,404
|
$
|
64,105,242
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||||
(A
DEVELOPMENT STAGE COMPANY)
|
|||||||||||||||||
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
Cumulative
From
|
|
||||||
|
|
|
|
|
|
|
|
November
2, 1995
|
|||||
(Date
of Inception)
|
|||||||||||||
For
the Years Ended July 31,
|
to
July 31,
|
||||||||||||
2007
|
|
2006
|
|
2005
|
|
2007
|
|||||||
Revenues
|
$
|
182,429
|
$
|
175,000
|
$
|
392,112
|
$
|
2,376,725
|
|||||
Sales
discounts
|
(2,231
|
)
|
—
|
—
|
(2,231
|
)
|
|||||||
Net
Revenue
|
180,198
|
175,000
|
392,112
|
2,374,494
|
|||||||||
Cost
of Goods Sold
|
61,623
|
—
|
—
|
61,623
|
|||||||||
Operating
Expenses:
|
|||||||||||||
Research
and development
|
11,983,626
|
6,554,393
|
7,750,731
|
73,456,464
|
|||||||||
Research
and development -
|
|||||||||||||
related
party
|
—
|
—
|
—
|
220,218
|
|||||||||
Selling
and marketing
|
693,309
|
56,028
|
—
|
749,337
|
|||||||||
General
and administrative
|
12,317,742
|
12,270,562
|
11,199,802
|
90,039,418
|
|||||||||
General
and administrative -
|
|||||||||||||
related
party
|
—
|
—
|
—
|
314,328
|
|||||||||
Total
Operating Expenses
|
24,994,677
|
18,880,983
|
18,950,533
|
164,779,765
|
|||||||||
Operating
Loss
|
(24,876,102
|
)
|
(18,705,983
|
)
|
(18,558,421
|
)
|
(162,466,894
|
)
|
|||||
Other
Income (Expense):
|
|||||||||||||
Miscellaneous
income (expense)
|
—
|
500
|
70,345
|
196,193
|
|||||||||
Income
from Rental Operations, net
|
277,474
|
236,521
|
185,857
|
920,928
|
|||||||||
Interest
income
|
2,180,380
|
767,598
|
22,868
|
6,342,458
|
|||||||||
Interest
expense
|
(849,548
|
)
|
(37,715,275
|
)
|
(4,376,043
|
)
|
(43,602,015
|
)
|
|||||
Loss
on extinguishment of debt
|
(237,162
|
)
|
(12,550,565
|
)
|
(1,346,341
|
)
|
(14,134,068
|
)
|
|||||
Net
Loss Before Undernoted
|
(23,504,958
|
)
|
(67,967,204
|
)
|
(24,001,735
|
)
|
(212,743,398
|
)
|
|||||
Minority
Interest Share of Loss
|
—
|
—
|
—
|
3,038,185
|
|||||||||
Net
Loss
|
(23,504,958
|
)
|
(67,967,204
|
)
|
(24,001,735
|
)
|
(209,705,213
|
)
|
|||||
Preferred
Stock Dividend
|
—
|
—
|
—
|
2,295,057
|
|||||||||
Net
Loss Available to Common
|
|||||||||||||
Shareholders
|
$
|
(23,504,958
|
)
|
$
|
(67,967,204
|
)
|
$
|
(24,001,735
|
)
|
$
|
(212,000,270
|
)
|
|
Basic
and Diluted Net Loss Per
|
|||||||||||||
Common
Share
|
$
|
(.22
|
)
|
$
|
(.90
|
)
|
$
|
(.66
|
)
|
||||
Weighted
Average Number of Shares
|
|||||||||||||
of
Common Stock Outstanding
|
108,416,023
|
75,416,234
|
36,537,318
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
(A
DEVELOPMENT STAGE COMPANY)
|
STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY
|
FOR
THE PERIOD NOVEMBER 2, 1995 (DATE OF INCEPTION) TO JULY 31, 2007
|
|
|
SVR
Preferred Stock
|
|
Common
Stock
|
|
Treasury
Stock
|
|
Additional
Paid-In
|
|
Notes
Receivable - Common
|
|
Deficit
Accumulated During the Development
|
|
Accumulated
Other Comprehensive
|
|
Total
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
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
(A
DEVELOPMENT STAGE COMPANY)
|
STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY
|
FOR
THE PERIOD NOVEMBER 2, 1995 (DATE OF INCEPTION) TO JULY 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
(A
DEVELOPMENT STAGE COMPANY)
|
STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY
|
FOR
THE PERIOD NOVEMBER 2, 1995 (DATE OF INCEPTION) TO JULY 31, 2007
|
SVR
Preferred Stock
|
|
Common
Stock
|
|
Treasury
Stock
|
|
Additional
Paid-In
|
|
Notes
Receivable - Common
|
|
Deficit
Accumulated During the Development
|
|
Accumulated
Other Comprehensive
|
|
Total
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
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
(A
DEVELOPMENT STAGE COMPANY)
|
STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY
|
FOR
THE PERIOD NOVEMBER 2, 1995 (DATE OF INCEPTION) TO JULY 31, 2007
|
|
SVR
Preferred Stock
|
|
Common
Stock
|
|
Treasury
Stock
|
|
Additional
Paid-In
|
|
Notes
Receivable - Common
|
|
Deficit
Accumulated During the Development
|
|
Accumulated
Other Comprehensive
|
|
Total
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
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
(A
DEVELOPMENT STAGE COMPANY)
|
STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY
|
FOR
THE PERIOD NOVEMBER 2, 1995 (DATE OF INCEPTION) TO JULY 31, 2007
|
SVR
Preferred Stock
|
|
Common
Stock
|
|
Treasury
Stock
|
|
Additional
Paid-In
|
|
Notes
Receivable - Common
|
|
Deficit
Accumulated During the Development
|
|
Accumulated
Other Comprehensive
|
|
Total
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
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
(A
DEVELOPMENT STAGE COMPANY)
|
STATEMENT
OF CHANGES IN STOCKHOLDERS’
EQUITY
|
FOR
THE PERIOD NOVEMBER 2, 1995 (DATE OF INCEPTION) TO JULY 31, 2007
|
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
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
(A
DEVELOPMENT STAGE COMPANY)
|
STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY
|
FOR
THE PERIOD NOVEMBER 2, 1995 (DATE OF INCEPTION) TO JULY 31, 2007
|
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
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
(A
DEVELOPMENT STAGE COMPANY)
|
STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY
|
FOR
THE PERIOD NOVEMBER 2, 1995 (DATE OF INCEPTION) TO JULY 31, 2007
|
|
|
|
|
|
|
|
|
Notes
|
Deficit
|
|
|
|||||||||||||||||||||||
|
SVR
|
|
|
|
|
Receivable
|
Accumulated
|
Accumulated
|
|
|||||||||||||||||||||||||
|
Preferred
|
Common
|
Treasury
|
Additional
|
-
|
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
|
|
|
SVR
Preferred
Stock
|
|
Common
Stock
|
|
Treasury
Stock
|
|
Additional
Paid-In
|
|
Notes
Receivable
- Common
|
|
Deficit
Accumulated
During
the
Development
|
|
Accumulated
Other
Comprehensive
|
|
Total
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
|
|
|
SVR
Preferred Stock
|
|
Common
Stock
|
|
Treasury
Stock
|
|
Additional
Paid-In
|
|
Notes
Receivable - Common
|
|
Deficit
Accumulated During the Development
|
|
Accumulated
Other Comprehensive
|
Total
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
|
|
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
Additional
Paid-In
|
Notes
Receivable - Common
|
Deficit
Accumulated During the Development
|
Accumulated
Other Comprehensive
|
Total
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
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
|
(A
DEVELOPMENT STAGE COMPANY)
|
|
STATEMENT
OF CHANGES IN STOCKHOLDERS' EQUITY
|
|
FOR
THE PERIOD NOVEMBER 2, 1995 (DATE OF INCEPTION) TO JULY 31, 2007
|
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
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
(A
DEVELOPMENT STAGE COMPANY)
|
|||||||||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
Cumulative
From
|
|
||||||
|
|
|
|
|
|
|
|
November
2, 1995
|
|
||||
|
|
|
|
|
|
|
|
(Date
of Inception)
|
|
||||
|
|
For
the Year Ended July 31,
|
|
to
July 31,
|
|
||||||||
|
|
2007
|
|
2006
|
|
2005
|
|
2007
|
|
||||
Cash
Flows From Operating Activities:
|
|||||||||||||
Net
loss
|
$
|
(23,504,958
|
)
|
$
|
(67,967,204
|
)
|
$
|
(24,001,735
|
)
|
$
|
(209,705,213
|
)
|
|
Adjustments
to reconcile net loss to net cash used
|
|||||||||||||
in
operating activities:
|
|||||||||||||
Depreciation
and amortization
|
1,166,090
|
1,134,676
|
1,103,948
|
5,881,946
|
|||||||||
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
|
391,103
|
|||||||||
Write-off
of deferred offering costs
|
—
|
—
|
—
|
3,406,196
|
|||||||||
Write-off
of abandoned patents
|
21,721
|
73,699
|
66,952
|
171,506
|
|||||||||
Loss
on disposal of property and equipment
|
—
|
911
|
—
|
911
|
|||||||||
Loss
on extinguishment of debt
|
237,163
|
12,550,565
|
1,346,341
|
14,134,069
|
|||||||||
Common
stock issued as employee compensation
|
748,076
|
1,545,504
|
—
|
2,293,580
|
|||||||||
Common
stock issued for services rendered
|
1,695,013
|
515,039
|
1,131,452
|
6,996,316
|
|||||||||
Amortization
of prepaid services in conjunction with common stock
issuance
|
—
|
138,375
|
—
|
138,375
|
|||||||||
Non-cash
compensation expense
|
—
|
—
|
—
|
45,390
|
|||||||||
Stock
options and warrants issued for services rendered
|
266,400
|
172,450
|
547,755
|
7,272,723
|
|||||||||
Issuance
of warrants as additional exercise right inducement
|
—
|
21,437,909
|
—
|
21,437,909
|
|||||||||
Preferred
stock issued for services rendered
|
—
|
—
|
—
|
100
|
|||||||||
Treasury
stock redeemed for non-performance of services
|
—
|
—
|
(138,000
|
)
|
(138,000
|
)
|
|||||||
Amortization
of deferred debt issuance costs and loan origination
fees
|
—
|
1,234,772
|
248,107
|
1,482,879
|
|||||||||
Amortization
of discount on convertible debentures
|
608,737
|
14,586,879
|
3,734,811
|
18,930,427
|
|||||||||
Common
stock issued as interest payment on convertible
debentures
|
15,716
|
191,747
|
76,996
|
284,459
|
|||||||||
Interest
on short-term advance
|
—
|
13,524
|
—
|
22,190
|
|||||||||
Founders’
shares transferred for services rendered
|
—
|
—
|
—
|
353,506
|
|||||||||
Fees
in connection with short-term refinancing of
long-term
debt
|
—
|
7,974
|
105,300
|
113,274
|
|||||||||
Changes
in operating assets and liabilities (excluding the effects
of acquisition):
|
|||||||||||||
Accounts
receivable
|
(56,680
|
)
|
—
|
—
|
(56,680
|
)
|
|||||||
Miscellaneous
receivables
|
—
|
—
|
—
|
43,812
|
|||||||||
Inventory
|
(117,502
|
)
|
—
|
—
|
(117,502
|
)
|
|||||||
Other
current assets
|
(26,068
|
)
|
9,596
|
731,656
|
(128,713
|
)
|
|||||||
Accounts
payable and accrued expenses
|
1,682,196
|
3,780,168
|
3,255,169
|
11,328,115
|
|||||||||
Deferred
revenue
|
33,031
|
—
|
—
|
33,031
|
|||||||||
Other,
net
|
—
|
—
|
—
|
110,317
|
|||||||||
Net
Cash Used in Operating Activities
|
(17,231,065
|
)
|
(10,573,416
|
)
|
(11,400,145
|
)
|
(117,888,277
|
)
|
|||||
Cash
Flows From Investing Activities:
|
|||||||||||||
Purchase
of property and equipment
|
(93,704
|
)
|
(149,991
|
)
|
(63,735
|
)
|
(4,536,411
|
)
|
|||||
Costs
incurred for patents
|
(208,606
|
)
|
(114,010
|
)
|
(193,429
|
)
|
(1,817,602
|
)
|
|||||
Change
in restricted cash
|
—
|
216,868
|
19,333
|
45,872
|
|||||||||
Proceeds
from maturity of short term investments
|
22,795,763
|
8,600,000
|
—
|
158,082,809
|
|||||||||
Purchases
of short-term investments
|
(22,434,848
|
)
|
(22,972,653
|
)
|
—
|
(172,094,547
|
)
|
||||||
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
|
(196,457
|
)
|
(29,639
|
)
|
395,889
|
(703,290
|
)
|
||||||
Change
in notes receivable - common stock
|
—
|
—
|
(6,300
|
)
|
(91,103
|
)
|
|||||||
Change
in due from related parties
|
—
|
—
|
—
|
(2,222,390
|
)
|
||||||||
Other,
net
|
—
|
—
|
—
|
89,683
|
|||||||||
Net
Cash Provided by (Used in) Investing Activities
|
(137,852
|
)
|
(14,449,425
|
)
|
151,758
|
(24,322,904
|
)
|
GENEREX
BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
(A
DEVELOPMENT STAGE COMPANY)
|
|||||||||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
Cumulative
From
|
|
||||||
|
|
|
|
|
|
|
|
November
2, 1995
|
|
||||
|
|
|
|
|
|
|
|
(Date
of Inception)
|
|
||||
|
|
For
the Year Ended July 31,
|
|
to
July 31,
|
|
||||||||
|
|
2007
|
|
2006
|
|
2005
|
|
2007
|
|
||||
Cash
Flows From Financing Activities:
|
|||||||||||||
Proceeds
from short-term advance
|
—
|
—
|
325,179
|
325,179
|
|||||||||
Repayment
of short-term advance
|
—
|
(347,369
|
)
|
—
|
(347,369
|
)
|
|||||||
Proceeds
from issuance of long-term debt
|
—
|
35,461
|
815,832
|
2,005,609
|
|||||||||
Repayment
of long-term debt
|
(73,151
|
)
|
(572,280
|
)
|
(98,447
|
)
|
(1,852,369
|
)
|
|||||
Change
in due to related parties
|
—
|
—
|
—
|
154,541
|
|||||||||
Proceeds
from exercise of warrants
|
125,000
|
39,337,065
|
—
|
44,015,049
|
|||||||||
Proceeds
from exercise of stock options
|
301,931
|
3,241,755
|
—
|
4,554,126
|
|||||||||
Proceeds
from minority interest investment
|
—
|
—
|
—
|
3,038,185
|
|||||||||
Proceeds
from issuance of preferred stock
|
—
|
—
|
—
|
12,015,000
|
|||||||||
Redemption
of SVR preferred stock
|
(100
|
)
|
—
|
—
|
(100
|
)
|
|||||||
Proceeds
from issuance of convertible debentures, net
|
—
|
13,955,000
|
6,299,930
|
20,254,930
|
|||||||||
Repayments
of convertible debentures
|
(174,399
|
)
|
—
|
(461,358
|
)
|
(635,757
|
)
|
||||||
Purchase
of treasury stock
|
—
|
—
|
—
|
(483,869
|
)
|
||||||||
Proceeds
from issuance of common stock, net
|
—
|
7,000,004
|
—
|
80,283,719
|
|||||||||
Purchase
and retirement of common stock
|
—
|
—
|
—
|
(119,066
|
)
|
||||||||
Net
Cash Provided by Financing Activities
|
179,281
|
62,649,636
|
6,881,136
|
163,207,808
|
|||||||||
|
|||||||||||||
Effect
of Exchange Rates on Cash
|
7,210
|
(4,832
|
)
|
3,362
|
29,440
|
||||||||
|
|||||||||||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
(17,182,426
|
)
|
37,621,963
|
(4,363,889
|
)
|
21,026,067
|
|||||||
Cash
and Cash Equivalents, Beginning of Period
|
38,208,493
|
586,530
|
4,950,419
|
—
|
|||||||||
Cash
and Cash Equivalents, End of Period
|
$
|
21,026,067
|
$
|
38,208,493
|
$
|
586,530
|
$
|
21,026,067
|
July
31,
|
|||||||
2007
|
|
2006
|
|||||
Land
|
$
|
213,312
|
$
|
201,075
|
|||
Buildings
and Improvements
|
1,352,010
|
1,274,448
|
|||||
Furniture
and Fixtures
|
101,705
|
91,151
|
|||||
Office
Equipment
|
181,273
|
151,684
|
|||||
Lab
Equipment
|
4,221,152
|
4,046,520
|
|||||
Total
Property and Equipment
|
6,069,452
|
5,764,878
|
|||||
Less
Accumulated Depreciation
|
3,932,425
|
3,179,134
|
|||||
Property
and Equipment, Net
|
$
|
2,137,027
|
$
|
2,585,744
|
|||
Depreciation
expense amounted to $631,597, $605,657 and $631,134 for the years
ended
July 31, 2007,
2006
and 2005,
respectively.
|
|||||||
On
August 1, 2005, the Company reclassified certain land and building
and
building improvements classified as property and equipment to property
held for investment. At July 31, 2005, the aggregate cost and related
accumulated depreciation reclassified was as follows:
|
|||||||
Land
|
|
$ |
181,507
|
||||
Buildings
and Improvements
|
|
1,147,093
|
|||||
Total
Property and Equipment Reclassified
|
|
1,328,600
|
|||||
Less
Accumulated Depreciation
|
|
255,851
|
|||||
Property
and Equipment, Net Reclassified
|
|
$
|
1,072,749
|
|
|
July
31,
|
|
||||
|
|
2007
|
|
2006
|
|||
Assets
Held For Investment
|
$
|
4,485,179
|
$
|
4,227,871
|
|||
Less:
Accumulated Depreciation
|
791,996
|
625,098
|
|||||
Assets
Held For Investment, Net
|
$
|
3,693,183
|
$
|
3,602,773
|
July
31,
|
|
||||||
|
|
2007
|
|
2006
|
|||
Patents
|
$
|
6,580,005
|
$
|
6,380,006
|
|||
Less:
Accumulated Amortization
|
1,695,021
|
1,282,179
|
|||||
Patents,
Net
|
$
|
4,884,984
|
$
|
5,097,827
|
|||
Weighted
Average Life
|
13.1
years
|
13.7
years
|
July
31,
|
|||||||
2007
|
2006
|
||||||
Deferred
Tax Assets:
|
|||||||
Net
operating loss carryforwards
|
$
|
57,628,338
|
$
|
47,811,943
|
|||
Other
timing difference
|
2,579,377
|
2,660,938
|
|||||
Total
Deferred Tax Assets
|
60,207,715
|
50,472,881
|
|||||
Valuation
Allowance
|
(58,873,007
|
)
|
(48,991,563
|
)
|
|||
Deferred
Tax Liabilities
|
|||||||
Intangible
assets
|
(1,236,432
|
)
|
(1,347,468
|
)
|
|||
Other
timing difference
|
(98,276
|
)
|
(133,850
|
)
|
|||
Total
Deferred Tax Liabilities
|
(1,334,708
|
)
|
(1,481,318
|
)
|
|||
Net
Deferred Income Taxes
|
$
|
–
|
$
|
–
|
2007
|
2006
|
2005
|
||||||||
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
|
--
|
--
|
|||||||
Nondeductible
items
|
--
|
7.0
|
3.0
|
|||||||
Other
timing differences
|
(10.0
|
)
|
6.0
|
--
|
||||||
Change
in valuation allowance
|
42.0
|
21.0
|
31.0
|
|||||||
Effective
tax rate
|
--
|
%
|
--
|
%
|
--
|
%
|
July
31,
|
|||||||
2007
|
2006
|
||||||
Accounts
Payable
|
$
|
1,791,080
|
$
|
1,214,694
|
|||
Research
and Development
|
1,956,049
|
696,769
|
|||||
Executive
Compensation
|
2,252,978
|
2,121,389
|
|||||
Financial
Services
|
1,156,602
|
1,411,938
|
|||||
Total
|
$
|
7,156,709
|
$
|
5,444,790
|
Year
|
Amount
|
|||
2008
|
$
|
148,823
|
||
2009
|
147,355
|
|||
2010
|
108,723
|
|||
2011
|
95,772
|
|||
2012
|
88,040
|
|||
Thereafter
|
497
|
|||
Total
Minimum Lease Payments
|
$
|
589,210
|
Year
|
Amount
|
|||
2008
|
$
|
41,309
|
||
2009
|
36,670
|
|||
2010
|
13,481
|
|||
2011
and thereafter
|
--
|
|||
Total
|
$
|
91,460
|
Year
|
Amount
|
|||
2008
|
$
|
284,686
|
||
2009
|
194,876
|
|||
2010
|
114,212
|
|||
2011
|
109,459
|
|||
2012
|
94,017
|
|||
Thereafter
|
61,549
|
|||
Total
|
$
|
858,799
|
For
the Years Ended July 31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||
Interest
Income
|
$
|
--
|
$
|
14,288
|
$
|
15,854
|
July
31
|
|||||||
2007
|
2006
|
||||||
Mortgage
payable - interest at 6.822 percent per annum, monthly principal
and
interest payments of $2,194, due June 2011, secured by real property
located at 98 Stafford Drive, Brampton, O
|
|
$
|
273,666
|
|
$
|
264,579
|
|
|
|
|
|
|
|
|
|
Mortgage
payable - interest at 6.822 percent per annum, monthly principal
and
interest payments of $3,538, due June 2011, secured by real property
located at 1740 Sismet Road, Mississauga, ON
|
|
|
441,380
|
|
|
426,725
|
|
|
|
|
|
|
|
|
|
Mortgage
payable - interest at 7.6 percent per annum, monthly payments of
principal
and interest of $5,662, due May 2010, secured by first mortgage
over real
property located at 17 Carlaw Avenue and 33 Harbour Square, Toronto,
Canada
|
|
|
667,943
|
|
|
645,898
|
|
|
|
|
|
|
|
|
|
Mortgage
payable - interest at 10 percent per annum, monthly payments of
principal
and interest of $2,453, due November 2008, secured by real property
located at 13-14, 11 Carlaw Avenue, Toronto, Canada
|
|
|
|
|
|
210,371
|
|
|
|
|
|
|
|
|
|
Mortgage
payable - interest at 8.5 percent per annum, monthly payments of
interest
only of $3,126, principal payment due August 2008, secured by real
property located at 10-11, 11 Carlaw Avenue, Toronto,
Canada
|
|
|
375,120
|
|
|
353,600
|
|
|
|
|
|||||
Mortgage
payable - interest at 6.07 percent per annum, monthly interest
payments of
$8,829, principal due March 2009, secured by secondary rights to
real
property located at 1-8, 11 Carlaw Avenue, Toronto, Canada
|
1,175,309
|
1,139,153
|
|||||
Total
Debt
|
3,143,789
|
3,036,164
|
|||||
Less
Current Maturities of Long-Term Debt
|
84,503
|
428,059
|
|||||
Total
Long-Term Debt
|
$
|
3,059,286
|
$
|
2,608,105
|
Year
|
Amount
|
|||
2008
|
$
|
84,503
|
||
2009
|
1,759,069
|
|||
2010
|
653,691
|
|||
2011
|
646,526
|
|||
2012
and thereafter
|
--
|
|||
Total
|
$
|
3,143,789
|
Debenture
|
||||||||||
1st
$4,000,000
|
1st
$500,000
|
$100,000
|
||||||||
Date
Issued
|
12/2004
|
|
3/2005
|
4/2005
|
||||||
Promissory
Note Amount
|
$
|
1,000,000
|
$
|
500,000
|
$
|
100,000
|
||||
#
of Promissory Notes
|
4
|
1
|
1
|
|||||||
Terms
|
(A
|
)
|
(E
|
)
|
(E
|
)
|
||||
Conversion
Price
|
$
|
0.82
|
$
|
0.82
|
$
|
0.82
|
||||
Gross
Proceeds
|
$
|
4,000,000
|
$
|
500,000
|
$
|
100,000
|
||||
Issuance
Costs Paid in Cash
|
$
|
300,070
|
$
|
--
|
$
|
--
|
||||
Issuance
Costs Paid in Common Stock
|
$
|
--
|
$
|
--
|
$
|
--
|
||||
Shares
of Common Stock
|
--
|
--
|
--
|
|||||||
Issuance
Costs Paid in Warrants
|
145,000
|
--
|
--
|
|||||||
Warrant
Exercise Price
|
$
|
0.91
|
n/a
|
n/a
|
||||||
Warrant
Fair Value (WFV)
|
$
|
89,900
|
n/a
|
n/a
|
||||||
Black
Scholes Model Assumptions
|
(B1
|
)
|
n/a
|
n/a
|
||||||
Total
Issuance Costs (C)
|
$
|
389,970
|
$
|
--
|
$
|
--
|
||||
Amortization
of Issuance Costs as
|
||||||||||
Non-cash
Interest Expense
|
$
|
389,970
|
$
|
--
|
$
|
--
|
||||
Net
Cash Proceeds
|
$
|
3,699,930
|
$
|
500,000
|
$
|
100,000
|
||||
Warrants
Issued to Investor
|
4,878,048
|
1,219,512
|
243,902
|
|||||||
Warrant
Exercise Price
|
$
|
0.91
|
$
|
0.82
|
$
|
0.82
|
||||
Warrant
Fair Value (WFV)
|
$
|
1,722,222
|
$
|
245,521
|
$
|
49,104
|
||||
Black
Scholes Model Assumptions
|
(B1
|
)
|
(B2
|
)
|
(B2
|
)
|
||||
Beneficial
Conversion Feature (BCF)
|
$
|
1,722,222
|
$
|
86,984
|
$
|
17,397
|
||||
Amortization
of WFV and BCF as
|
||||||||||
Non-cash
Interest Expense
|
$
|
3,444,444
|
$
|
332,505
|
$
|
66,501
|
||||
Principal
and Interest Converted
|
$
|
1,628,292
|
$
|
528,082
|
$
|
105,644
|
||||
Loss
on Extinguishment (D)
|
$
|
42,409
|
$
|
--
|
$
|
--
|
||||
Shares
Issued Upon Conversion
|
1,985,249
|
644,003
|
128,834
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Shares of Common Stock
|
$
|
2,005,500
|
$
|
--
|
$
|
--
|
||||
Loss
on Extinguishment (D)
|
$
|
147,457
|
$
|
--
|
$
|
--
|
||||
Shares
Issued for Principal and
|
||||||||||
Interest
Repayments
|
3,158,344
|
--
|
--
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Cash
|
$
|
506,564
|
$
|
--
|
$
|
--
|
||||
Warrant
Issued to Investor for 1st
|
||||||||||
Extension
of Maturity Date (F)
|
n/a
|
1,219,512
|
243,902
|
|||||||
Warrant
Exercise Price
|
n/a
|
$
|
0.82
|
$
|
0.82
|
|||||
Warrant
Fair Value (WFV)
|
n/a
|
$
|
597,561
|
$
|
119,512
|
|||||
Black
Scholes Model Assumptions
|
n/a
|
(B2
|
)
|
(B2
|
)
|
|||||
Warrant
Issued to Investor for 2nd
|
||||||||||
Extension
of Maturity Date (F)
|
n/a
|
1,219,512
|
243,902
|
|||||||
Warrant
Exercise Price
|
n/a
|
$
|
0.82
|
$
|
0.82
|
|||||
Warrant
Fair Value (WFV)
|
n/a
|
$
|
524,390
|
$
|
104,878
|
|||||
Black
Scholes Model Assumptions
|
n/a
|
(B7
|
)
|
(B7
|
)
|
Debenture
|
||||||||||
1st
2,000,000
|
2nd
2,000,000
|
2nd
$500,000
|
||||||||
Date
Issued
|
6/2005
|
9/2005
|
10/2005
|
|||||||
Promissory
Note Amount
|
$
|
500,000
|
$
|
500,000
|
$
|
500,000
|
||||
#
of Promissory Notes
|
4
|
4
|
1
|
|||||||
Terms
|
(A
|
)
|
(A
|
)
|
(A
|
)
|
||||
Conversion
Price
|
$
|
0.60
|
$
|
0.60
|
0.82
|
|||||
Gross
Proceeds
|
$
|
2,000,000
|
$
|
2,000,000
|
$
|
500,000
|
||||
Issuance
Costs Paid in Cash
|
$
|
--
|
$
|
15,000
|
$
|
--
|
||||
Issuance
Costs Paid in Common Stock
|
$
|
140,000
|
$
|
140,000
|
$
|
33,250
|
||||
Shares
of Common Stock
|
170,732
|
170,732
|
35,000
|
|||||||
Issuance
Costs Paid in Warrants
|
35,000
|
60,000
|
15,000
|
|||||||
Warrant
Exercise Price
|
$
|
0.82
|
$
|
0.82
|
$
|
0.95
|
||||
Warrant
Fair Value (WFV)
|
$
|
20,300
|
$
|
30,600
|
$
|
14,250
|
||||
Black
Scholes Model Assumptions
|
(B3
|
)
|
(B4
|
)
|
(B4
|
)
|
||||
Total
Issuance Costs (C)
|
$
|
160,300
|
$
|
185,600
|
$
|
47,500
|
||||
Amortization
of Issuance Costs as
|
||||||||||
Non-cash
Interest Expense
|
$
|
160,300
|
$
|
185,600
|
$
|
47,500
|
||||
Net
Cash Proceeds
|
$
|
2,000,000
|
$
|
1,985,000
|
$
|
500,000
|
||||
Warrants
Issued to Investor
|
2,439,024
|
2,439,024
|
609,756
|
|||||||
Warrant
Exercise Price
|
$
|
0.82
|
$
|
0.82
|
$
|
0.82
|
||||
Warrant
Fair Value (WFV)
|
$
|
828,571
|
$
|
785,185
|
$
|
270,950
|
||||
Black
Scholes Model Assumptions
|
(B3
|
)
|
(B4
|
)
|
(B4
|
)
|
||||
Beneficial
Conversion Feature (BCF)
|
$
|
1,171,429
|
$
|
1,185,185
|
$
|
229,050
|
||||
Amortization
of WFV and BCF as
|
||||||||||
Non-cash
Interest Expense
|
$
|
2,000,000
|
$
|
1,970,370
|
$
|
500,000
|
||||
Principal
and Interest Converted
|
$
|
1,800,206
|
$
|
1,729,144
|
$
|
385,769
|
||||
Loss
on Extinguishment (D)
|
$
|
--
|
$
|
1,088,868
|
$
|
1,180,830
|
||||
Shares
Issued Upon Conversion
|
3,000,344
|
2,878,648
|
470,450
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Shares of Common Stock
|
$
|
225,322
|
$
|
293,893
|
$
|
125,244
|
||||
Loss
on Extinguishment (D)
|
$
|
62,242
|
$
|
394,912
|
$
|
93,361
|
||||
Shares
Issued for Principal and
|
||||||||||
Interest
Repayments
|
407,075
|
489,822
|
152,736
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Cash
|
$
|
--
|
$
|
--
|
$
|
--
|
Debenture
|
||||||||||
$3,500,000
|
2nd
$4,000,000
|
3rd
$4,000,000
|
||||||||
Date
Issued
|
12/2005
|
1/2006
|
2/2006
|
|||||||
Promissory
Note Amount
|
$
|
1,000,000
|
$
|
1,000,000
|
$
|
1,000,000
|
||||
#
of Promissory Notes
|
3.5
|
4
|
4
|
|||||||
Terms
|
(A
|
)
|
(A
|
)
|
(A
|
)
|
||||
Conversion
Price
|
$
|
0.82
|
$
|
1.05
|
$
|
1.25
|
||||
Gross
Proceeds
|
$
|
3,500,000
|
$
|
4,000,000
|
$
|
4,000,000
|
||||
Issuance
Costs Paid in Cash
|
$
|
15,000
|
$
|
15,000
|
$
|
--
|
||||
Issuance
Costs Paid in Common
|
||||||||||
Stock
|
$
|
179,550
|
$
|
266,400
|
$
|
--
|
||||
Shares
of Common Stock
|
189,000
|
266,667
|
--
|
|||||||
Issuance
Costs Paid in Warrants
|
105,000
|
120,000
|
--
|
|||||||
Warrant
Exercise Price
|
$
|
0.82
|
$
|
1.05
|
n/a
|
|||||
Warrant
Fair Value (WFV)
|
$
|
76,650
|
$
|
88,800
|
n/a
|
|||||
Black
Scholes Model Assumptions
|
(B5
|
)
|
(B6
|
)
|
n/a
|
|||||
Total
Issuance Costs (C)
|
$
|
271,200
|
$
|
370,200
|
$
|
--
|
||||
Amortization
of Issuance Costs as
|
||||||||||
Non-cash
Interest Expense
|
$
|
271,200
|
$
|
370,200
|
$
|
--
|
||||
Net
Cash Proceeds
|
$
|
3,485,000
|
$
|
3,985,000
|
$
|
4,000,000
|
||||
Warrants
Issued to Investor
|
4,268,292
|
3,809,524
|
3,200,000
|
|||||||
Warrant
Exercise Price
|
$
|
0.82
|
$
|
1.05
|
$
|
1.25
|
||||
Warrant
Fair Value (WFV)
|
$
|
1,648,387
|
$
|
1,653,631
|
$
|
2,374,507
|
||||
Black
Scholes Model Assumptions
|
(B5
|
)
|
(B6
|
)
|
(B7
|
)
|
||||
Beneficial
Conversion Feature (BCF)
|
$
|
1,851,613
|
$
|
1,463,155
|
$
|
1,625,493
|
||||
Amortization
of WFV and BCF as
|
||||||||||
Non-cash
Interest Expense
|
$
|
3,500,000
|
$
|
3,116,786
|
$
|
4,000,000
|
||||
Principal
and Interest Converted
|
$
|
3,435,735
|
$
|
3,635,041
|
$
|
3,081,556
|
||||
Loss
on Extinguishment (D)
|
$
|
1,473,115
|
$
|
4,558,356
|
$
|
2,450,301
|
||||
Shares
Issued Upon Conversion
|
4,189,923
|
3,461,946
|
2,448,764
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Shares of Common Stock
|
$
|
86,475
|
$
|
398,578
|
$
|
941,326
|
||||
Loss
on Extinguishment (D)
|
$
|
176,556
|
$
|
541,854
|
$
|
571,782
|
||||
Shares
Issued for Principal and
|
||||||||||
Interest
Repayments
|
105,456
|
381,709
|
641,813
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Cash
|
$
|
--
|
$
|
--
|
$
|
174,399
|
(A) |
The
notes carry a 6% coupon and a 15-month term and amortization in 13
equal
assignments commencing in the third month of the term. The principal
and
interest payments are payable in cash or, at the Company's option,
the
lesser of registered stock valued at a 10% discount to the average
of the
20-day VWAP as of the payment date or predetermined conversion price,
subject to certain conditions.
|
|
|
Risk
Free
Interest Rate |
|
Expected
Volatility |
|
Life
(Years)
|
||||
(B1)
|
1.79%
|
1.0463
|
5.50
|
|||||||
(B2)
|
2.78%
|
1.0054
|
5.50
|
|||||||
(B3)
|
3.02%
|
0.9775
|
5.50
|
|||||||
(B4)
|
3.76%
|
0.9232
|
5.50
|
|||||||
(B5)
|
4.02%
|
0.9288
|
5.50
|
|||||||
(B6)
|
4.23%
|
0.9210
|
5.50
|
|||||||
(B7)
|
4.49%
|
0.9380
|
5.50
|
(C) |
The
issuance cost is amortized over the life of the debt as a deferred
debt
issuance cost.
|
(D) |
Loss
on extinguishment represents the difference between the quoted market
price of the Company's common stock and lower of predetermined conversion
price or the 10% discount to the average of the 20-day
VWAP.
|
(E) |
The
notes carry a 10% coupon and a 1 ½ month term. The principal and interest
payments are payable in cash or, at the Holder's option, in common
stock
at a per share price equal to
$0.82.
|
(F) |
The
Company extended the maturity date of the convertible debenture from
May
to July and later to September 2005. In consideration for the holder’s
agreement to extend the maturity date, the Company issued the holder
additional warrants. In accordance with EITF 98-5, the fair value
of the
warrants was determined to be the reacquisition price on the debt
extinguishment date and was recorded as a loss on
extinguishment.
|
Number
of Shares
|
Warrant
Exercise
|
Warrant
|
|||||
To
be Purchased
|
Price
Per Share
|
Expiration
Date
|
|||||
|
|||||||
5,000
|
|
$
|
2.50
|
|
November
29, 2007
|
||
30,000
|
$
|
3.00
|
November
29, 2007
|
||||
500,000
|
$
|
2.50
|
January
15, 2008
|
||||
255,102
|
$
|
1.86
|
January
9, 2009
|
||||
57,143
|
$
|
2.20
|
January
9, 2009
|
||||
13,889
|
$
|
2.25
|
January
9, 2009
|
||||
166,667
|
$
|
1.89
|
February
13, 2009
|
||||
17,169
|
$
|
2.10
|
February
13, 2009
|
||||
327,869
|
$
|
1.68
|
July
12, 2009
|
||||
500,000
|
$
|
1.09
|
August
10, 2009
|
||||
100,000
|
$
|
0.82
|
April
27, 2010
|
||||
102,232
|
$
|
1.25
|
April
17, 2011
|
||||
70,000
|
$
|
2.66
|
April
17, 2011
|
||||
25,000
|
$
|
1.91
|
May
29, 2011
|
||||
3,273,144
|
$
|
2.35
|
May
31, 2011
|
||||
2,560,980
|
$
|
2.45
|
May
31, 2011
|
||||
5,000
|
$
|
1.05
|
July
19, 2011
|
||||
622,226
|
$
|
1.60
|
July
22, 2011
|
||||
4,770,617
|
$
|
3.00
|
August
26, 2011
|
||||
172,120
|
$
|
1.25
|
August
27, 2011
|
||||
800,000
|
$
|
3.00
|
September
2, 2011
|
||||
100,000
|
$
|
1.71
|
March
3, 2012
|
||||
140,000
|
$
|
1.45
|
May
27, 2012
|
||||
14,614,158
|
|
Risk-Free
|
Expected
|
Expected
|
Expected
|
||||||||||
Interest
Rate
|
Life
(Years)
|
Volatility
|
Dividends
|
||||||||||
July
31, 2007 and 2006
|
n/a
|
|
n/a
|
n/a
|
n/a
|
||||||||
July
31, 2005
|
2.32%
|
5.00
|
1.0215
|
--
|
Weighted
Average
|
|
||||||
|
|
|
|
Exercise
Price
|
|
||
|
|
Options
|
Per
Share
|
||||
Outstanding
- August 1, 2004
|
7,214,159
|
$
|
3.49
|
||||
Granted
|
6,046,110
|
$
|
0.50
|
||||
Forfeited
or expired
|
(1,653,000
|
)
|
$
|
6.49
|
|||
Exercised
|
--
|
$
|
--
|
||||
Outstanding
- July 31, 2005
|
11,607,269
|
$
|
1.51
|
||||
Granted
|
--
|
$
|
--
|
||||
Forfeited
or expired
|
(755,000
|
)
|
$
|
5.97
|
|||
Exercised
|
(2,352,672
|
)
|
$
|
1.37
|
|||
Outstanding
- July 31, 2006
|
8,499,597
|
$
|
1.15
|
||||
Granted
|
--
|
$
|
--
|
||||
Forfeited
or expired
|
(250,159
|
)
|
$
|
7.86
|
|||
Exercised
|
(286,800
|
)
|
$
|
1.05
|
|||
Outstanding
- July 31, 2007
|
7,962,638
|
$
|
1.12
|
||||
Exercisable
- July 31, 2007
|
7,962,638
|
$
|
1.12
|
Options
Outstanding
|
|||||||||||||
Weighted
|
|||||||||||||
Number
|
Weighted
|
Average
|
|||||||||||
Outstanding
|
Average
|
Remaining
|
Aggregate
|
||||||||||
Range
of
|
at
|
Exercise
|
Life
|
Intrinsic
|
|||||||||
Exercise
Price
|
July
31, 2007
|
Price
|
(Years)
|
Value
|
|||||||||
$0.001
|
2,239,610
|
$
|
0.001
|
2.68
|
|||||||||
$0.56
- $0.94
|
2,702,528
|
0.77
|
2.39
|
||||||||||
$1.00
- $2.19
|
3,020,500
|
1.80
|
0.73
|
||||||||||
7,962,638
|
1.84
|
$
|
6,059,852
|
Options
Exercisable
|
||||||||||
Number
|
Weighted
|
|||||||||
Outstanding
|
Average
|
Aggregate
|
||||||||
Range
of
|
at
|
Exercise
|
Intrinsic
|
|||||||
Exercise
Price
|
July
31, 2007
|
Price
|
Value
|
|||||||
$0.001
|
|
2,239,610
|
$
|
0.001
|
|
|||||
$0.56
- $0.94
|
2,702,528
|
0.77
|
||||||||
$1.00
- $2.19
|
3,020,500
|
1.80
|
||||||||
7,962,638
|
|
$
|
6,059,852
|
For
the Year Ended July 31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||
Weighted
Average Grant Date Fair Value of Options Granted
|
$
|
--
|
$
|
--
|
$
|
0.59
|
||||
Aggregate
Intrinsic Value of Options Exercised
|
$
|
238,179
|
$
|
3,499,814
|
$
|
--
|
||||
Cash
Received for Exercise of Stock Options
|
$
|
301,932
|
$
|
3,241,755
|
$
|
--
|
Year
Ended
|
||||
July
31,
|
||||
2005
|
||||
Net
Loss Available to Common
|
||||
Stockholders,
as Reported
|
$
|
(24,001,735
|
)
|
|
Add:
Total Stock-Based Employee
|
||||
Compensation
Expense Included
|
||||
In
Reported Net Loss
|
--
|
|||
Deduct:
Total Stock-Based Employee
|
||||
Compensation
Expense Determined
|
||||
Under
Fair Value Based Method
|
2,199,300
|
|||
Pro
Forma Net Loss Available
|
||||
to
Common Stockholders
|
$
|
(26,201,035
|
)
|
|
Loss
Per Share:
|
||||
Basic
and diluted, as reported
|
$
|
(0.66
|
)
|
|
Basic
and diluted, pro forma
|
$
|
(0.72
|
)
|
For
the Years Ended July 31,
|
||||||||||
2007
|
|
2006
|
|
2005
|
||||||
Cash
paid during the year for:
|
||||||||||
Interest
|
$
|
256,836
|
$
|
273,097
|
$
|
184,655
|
||||
Income
taxes
|
$
|
--
|
$
|
--
|
$
|
--
|
Year
Ended July 31, 2007
|
||||
Principal
repayment of convertible debentures through the issuance
|
||||
of
common stock
|
$
|
384,616
|
||
Issuance
of common stock in conjunction with convertible debenture
|
||||
conversion
|
$
|
210,216
|
||
Par
value in connection with voluntary relinquishment and cancellation
|
||||
of
150,000 shares of common stock
|
$
|
150
|
Year
Ended July 31, 2006
|
||||
Value
of common stock issued in conjunction with capitalized
|
||||
services
upon issuance of convertible debentures
|
$
|
619,467
|
||
Value
of warrants issued in conjunction with capitalized
|
||||
services
upon issuance of convertible debentures
|
$
|
210,300
|
||
Costs
paid from proceeds in conjunction with capitalized
services
|
||||
upon
issuance of convertible debentures
|
$
|
45,000
|
||
Value
of warrants issued in conjunction with issuance of
convertible
|
||||
debentures
and related beneficial conversion feature
|
$
|
13,087,156
|
||
Satisfaction
of accounts payable through the issuance of common
|
||||
stock
|
$
|
391,147
|
||
Principal
repayment of convertible debentures through the issuance
|
||||
of
common stock
|
$
|
2,102,689
|
||
Issuance
of common stock in conjunction with convertible debenture
|
||||
conversion
|
$
|
14,551,466
|
||
Increase
in other current assets for the prepayment of services
|
||||
through
the issuance of common stock
|
$
|
184,500
|
||
Satisfaction
of due from related party through reduction of accrued
|
||||
executive
compensation
|
$
|
415,828
|
||
Repayment
of long-term debt through the issuance of long-term debt
|
||||
upon
refinancing
|
$
|
1,082,443
|
Year
Ended July 31, 2005
|
||||
Costs
associated with convertible debentures paid from proceeds
|
$
|
300,070
|
||
Value
of common stock issued in conjunction with capitalized
|
||||
services
upon issuance of convertible debentures
|
$
|
140,000
|
||
Value
of warrants issued in conjunction with capitalized
|
||||
services
upon issuance of convertible debentures
|
$
|
110,200
|
||
Sale
of Series A Preferred Stock and mandatorily converted
|
||||
to
common shares
|
$
|
14,310,057
|
||
Value
of warrants issued in conjunction with issuance of
|
||||
convertible
debentures and related beneficial conversion feature
|
$
|
5,843,450
|
||
Satisfaction
of accounts payable through the issuance of
|
||||
common
stock
|
$
|
1,526,326
|
||
Principal
repayment of convertible debentures through the
|
||||
issuance
of common stock
|
$
|
1,235,577
|
||
Issuance
of common stock in conjunction with convertible
|
||||
debenture
conversions
|
$
|
1,479,500
|
||
Issuance
of below market stock options in satisfaction of
|
||||
accounts
payable and accrued expenses
|
$
|
1,332,052
|
||
Costs
paid from proceeds of issuance of long-term debt
|
$
|
54,466
|
||
Repayment
of long-term debt through the issuance of long-term debt
|
||||
upon
refinancing
|
$
|
323,301
|
2007
|
2006
|
2005
|
||||||||
Identifiable
Assets
|
||||||||||
Canada
|
$
|
41,899,734
|
$
|
59,583,574
|
$
|
8,722,630
|
||||
United
States
|
4,504,670
|
4,521,668
|
4,743,215
|
|||||||
Total
|
$
|
46,404,404
|
$
|
64,105,242
|
$
|
13,465,845
|
||||
Revenue
|
||||||||||
Canada
|
$
|
25,242
|
$
|
--
|
$
|
--
|
||||
United
States
|
157,187
|
175,000
|
392,112
|
|||||||
Total
|
$
|
182,429
|
$
|
175,000
|
$
|
392,112
|
Q1
|
Q2
|
Q3
|
Q4
|
||||||||||
Fiscal
Year July 31, 2007:
|
|||||||||||||
Revenues
|
$
|
139,005
|
$
|
45,421
|
$
|
10,960
|
$
|
(15,188
|
)
|
||||
Operating
loss
|
$
|
(3,980,182
|
)
|
$
|
(5,478,477
|
)
|
$
|
(8,006,072
|
)
|
$
|
(7,411,371
|
)
|
|
Net
loss
|
$
|
(3,658,045
|
)
|
$
|
(5,195,634
|
)
|
$
|
(7,718,355
|
)
|
$
|
(6,932,924
|
)
|
|
Net
loss available to common
|
|||||||||||||
stockholders
|
$
|
(3,658,045
|
)
|
$
|
(5,195,634
|
)
|
$
|
(7,718,355
|
)
|
$
|
(6,932,924
|
)
|
|
Net
loss per share
|
$
|
(0.03
|
)
|
$
|
(0.05
|
)
|
$
|
(0.07
|
)
|
$
|
(0.07
|
)
|
Fiscal
Year July 31, 2006:
|
|||||||||||||
Contract
research revenue
|
$
|
43,750
|
$
|
43,750
|
$
|
43,750
|
$
|
43,750
|
|||||
Operating
loss
|
$
|
(2,107,485
|
)
|
$
|
(5,184,252
|
)
|
$
|
(3,890,499
|
)
|
$
|
(7,523,747
|
)
|
|
Net
loss
|
$
|
(9,003,218
|
)
|
$
|
(14,400,597
|
)
|
$
|
(31,773,494
|
)
|
$
|
(12,789,895
|
)
|
|
Net
loss available to common
|
|||||||||||||
stockholders
|
$
|
(9,003,218
|
)
|
$
|
(14,400,597
|
)
|
$
|
(31,773,494
|
)
|
$
|
(12,789,895
|
)
|
|
Net
loss per share
|
$
|
(.20
|
)
|
$
|
(.22
|
)
|
$
|
(.36
|
)
|
$
|
(.12
|
)
|
Exhibit
Number
|
Description of Exhibit(1) | |
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 3(II) to Generex Biotechnology
Corporation’s Report on Form 10-Q filed on June 19,
2006)
|
|
|
|
3(ii)
|
|
Bylaws
of Generex Biotechnology Corporation (incorporated by reference to
Exhibit
3.2 to Generex Biotechnology Corporation’s Registration Statement on Form
S-1 (File No. 333-82667) filed on July 12, 1999)
|
|
|
|
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 in
connection with Exhibit 4.39 (incorporated by reference to Exhibit
4.4 to
Generex Biotechnology Corporation’s Report on Form 8-K filed on June 2,
2006)
|
|
|
|
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
Mindy J. Allport-Settle to purchase 100,000 shares of Common Stock
at the
exercise price of $0.56 per share (incorporated by reference to Exhibit
10.2 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
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)*
|
|
|
|
10.3
|
|
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)*
|
|
|
|
10.4
|
|
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)*
|
|
|
|
10.5
|
|
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)*
|
|
|
|
10.6
|
|
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)*
|
|
|
|
10.7
|
|
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)*
|
10.8
|
|
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)*
|
|
|
|
10.9
|
|
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)*
|
|
|
|
10.10
|
|
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)*
|
|
|
|
10.11
|
|
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)*
|
|
|
|
10.12
|
|
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)*
|
|
|
|
10.13
|
|
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)*
|
|
|
|
10.14
|
|
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)*
|
|
|
|
10.15
|
|
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)*
|
|
|
|
10.16
|
|
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)*
|
|
|
|
10.17
|
|
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)*
|
|
|
|
10.18
|
|
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)*
|
10.19
|
|
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)
|
10.20
|
|
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)*
|
|
|
|
10.21
|
|
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)
|
|
|
|
10.22
|
|
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)
|
|
|
|
10.23
|
|
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)
|
10.24
|
Summary
of Bonuses Awarded to Executive Officers in Respect of FY 2006
(incorporated by reference to Exhibit 10 to Generex Biotechnology
Corporation’s Report on Form 10-K/A filed on November 28,
2006)*
|
|
|
|
|
10.25
|
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)*
|
|
10.26
|
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)*
|
|
10.27
|
Summary
of Compensation of the Directors of Generex Biotechnology
Corporation*
|
|
21
|
|
Subsidiaries
of the Registrant
|
|
|
|
23.1
|
|
Consent
of Danziger Hochman Partners LLP, independent registered public accounting
firm
|
|
|
|
23.2
|
|
Consent
of BDO Consent of BDO Dunwoody, 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
|
*
Management contract or management compensatory plan or arrangement.
|
||
(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.
|
|
|
|
|
GENEREX
BIOTECHNOLOGY CORPORATION
|
|
|
|
|
By:
|
/s/
Anna E. Gluskin
|
|
|
Name:
Anna
E. Gluskin
|
|
|
Title:
Chief
Executive Officer and President
|
Name
|
|
Capacity
in Which Signed
|
|
Date
|
|
|
|
|
|
/s/
Anna E. Gluskin
Anna
E. Gluskin
|
|
President,
Chief Executive Officer and Director
(Principal Executive Officer) |
|
October
15, 2007
|
|
|
|
|
|
/s/
Rose C. Perri
Rose
C. Perri
|
|
Chief
Operating Officer, Chief Financial Officer, Treasurer, Secretary
and
Director
(Principal Financial and Accounting Officer) |
|
October
15, 2007
|
|
|
|
|
|
/s/
Gerald Bernstein, M.D.
Gerald
Bernstein, M.D.
|
|
Vice
President Medical Affairs and Director
|
|
October
15, 2007
|
|
|
|
|
|
/s/
Brian T. McGee
Brian
T. McGee
|
|
Director
|
|
October
15, 2007
|
|
|
|
|
|
/s/
John P. Barratt
John
P. Barratt
|
|
Director
|
|
October
15, 2007
|
|
|
|
|
|
/s/
Peter G. Amanatides
Peter
G. Amanatides
|
|
Director
|
|
October
15, 2007
|
|
|
|
|
|
/s/
Nola E. Masterson
Nola
E. Masterson
|
|
Director
|
|
October
15, 2007
|
|
|
|
|
|
/s/
Slava Jarnitskii
Slava
Jarnitskii
|
|
Controller
|
|
October
15, 2007
|
Balance
at
|
Additions
|
Balance
|
||||||||||||||
Beginning
|
Charged
|
Other
|
at
End of
|
|||||||||||||
Of
Period
|
to
Expenses
|
Additions
|
Deductions
|
Period
|
||||||||||||
|
||||||||||||||||
Year
Ended July 31, 2005 Valuation Allowance on Deferred Tax
Asset
|
$
|
27,443,257
|
—
|
—
|
7,506,943
|
$
|
34,950,200
|
|||||||||
Year
Ended July 31, 2006 Valuation Allowance on Deferred Tax
Asset
|
$
|
34,950,200
|
—
|
—
|
14,041,363
|
$
|
48,991,563
|
|||||||||
Year
Ended July 31, 2007 Valuation Allowance on Deferred Tax
Asset
|
$
|
48,991,563
|
—
|
—
|
9,881,444
|
$
|
58,873,007
|
Exhibit
Number
|
Description of Exhibit(1) | |
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 3(II) to Generex Biotechnology
Corporation’s Report on Form 10-Q filed on June 19,
2006)
|
|
|
|
3(ii)
|
|
Bylaws
of Generex Biotechnology Corporation (incorporated by reference to
Exhibit
3.2 to Generex Biotechnology Corporation’s Registration Statement on Form
S-1 (File No. 333-82667) filed on July 12, 1999)
|
|
|
|
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 in
connection with Exhibit 4.39 (incorporated by reference to Exhibit
4.4 to
Generex Biotechnology Corporation’s Report on Form 8-K filed on June 2,
2006)
|
|
|
|
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
Mindy J. Allport-Settle to purchase 100,000 shares of Common Stock
at the
exercise price of $0.56 per share (incorporated by reference to Exhibit
10.2 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
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)*
|
10.3
|
|
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)*
|
|
|
|
10.4
|
|
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)*
|
|
|
|
10.5
|
|
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)*
|
|
|
|
10.6
|
|
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)*
|
|
|
|
10.7
|
|
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)*
|
|
|
|
10.8
|
|
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)*
|
|
|
|
10.9
|
|
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)*
|
|
|
|
10.10
|
|
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)*
|
|
|
|
10.11
|
|
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)*
|
|
|
|
10.12
|
|
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)*
|
|
|
|
10.13
|
|
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)*
|
10.14
|
|
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)*
|
|
|
|
10.15
|
|
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)*
|
|
|
|
10.16
|
|
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)*
|
|
|
|
10.17
|
|
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)*
|
|
|
|
10.18
|
|
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)*
|
10.19
|
|
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)
|
|
|
|
10.20
|
|
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)*
|
|
|
|
10.21
|
|
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)
|
|
|
|
10.22
|
|
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)
|
|
|
|
10.23
|
|
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)
|
10.24
|
Summary
of Bonuses Awarded to Executive Officers in Respect of FY 2006
(incorporated by reference to Exhibit 10 to Generex Biotechnology
Corporation’s Report on Form 10-K/A filed on November 28,
2006)*
|
|
|
|
|
10.25
|
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)*
|
|
10.26
|
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)*
|
10.27
|
Summary
of Compensation of the Directors of Generex Biotechnology
Corporation*
|
|
21
|
|
Subsidiaries
of the Registrant
|
|
|
|
23.1
|
|
Consent
of Danziger Hochman Partners LLP, independent registered public accounting
firm
|
|
|
|
23.2
|
|
Consent
of BDO Consent of BDO Dunwoody, 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
|
*
Management contract or management compensatory plan or arrangement.
|
||
(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.
|