Series A and B 9% Convertible Preferred Stock (Tables)

12 Months Ended

Jul. 31, 2012

Series A Convertible Preferred Stock [Member]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

The fair values assigned to each component and the calculation of the amount of the deemed dividend are as follows:

Accounting allocation of initial proceeds
Net proceeds	$	2,315,000
Derivative warrant liability fair value		(1,871,167	)
Derivative additional investment rights fair value		(515,000	)
Make whole payments liability		(695,250	)
Deemed dividend	$	(766,417	)

Series B Convertible Preferred Stock [Member]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

The fair values assigned to each component and the calculation of the amount of the deemed dividend are as follows:

Accounting allocation of initial proceeds
Net proceeds	$	1,975,000
Derivative warrant liability fair value		(1,811,746	)
Make whole payments liability		(540,000	)
Deemed dividend	$	(376, 746	)