LONG-TERM DEBT

3 Months Ended

Oct. 31, 2014

LONG-TERM DEBT [Text Block]

NOTE 8: LONG-TERM DEBT

At October 31, 2014, long-term debt consisted of the following:

		October 31, 2014			July 31, 2014
Principal amount	$	20,000,000		$	20,000,000
Unamortized discount		(992,405	)		(1,294,863	)
Long-term debt, net of unamortized discount	$	19,007,595		$	18,705,137

For the three months ended October 31, 2014 and 2013, the amortization of debt discount totaled $302,458 and $431,007, respectively, which were recorded as interest expense and included in the consolidated statements of operations.

The aggregate yearly maturities of long-term debt based on principal amounts outstanding at October 31, 2014 are as follows:

Fiscal 2015	$	-
Fiscal 2016		1,666,667
Fiscal 2017		18,333,333
Total	$	20,000,000