Supplemental Disclosure of Cash Flow Information

12 Months Ended

Jul. 31, 2013

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow Information

 Note 15 - Supplemental Disclosure of Cash Flow Information:

	For the Years Ended July 31,
	2013		2012		2011
Cash paid during the year for:
Interest	$	327,722	$	592,525	$	208,906
Income taxes	$	—	$	—	$	—

Disclosure of non-cash investing and financing activities:

Year Ended July 31, 2013
Issuance of common stock as payment of dividends on preferred stock	$	886,950
Year Ended July 31, 2012
Issuance of common stock as payment of dividends on preferred stock	$	485,190
Year Ended July 31, 2011
Issuance of common stock as payment of dividends on preferred stock	$	347,760
Issuance of common stock as satisfaction of accounts payable and accrued expenses	$	1,110,867