LONG-TERM DEBT (Tables)

3 Months Ended

Oct. 31, 2014

Schedule of Long-Term Debt [Table Text Block]

		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

Schedule of Maturities of Long-term Debt [Table Text Block]

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