LONG-TERM DEBT (Tables)

12 Months Ended

Jul. 31, 2015

Schedule of Bonus Warrants Valuation Assumptions [Table Text Block]

Expected Life in Years	3 years
Expected Annual Volatility	67.15%
Expected Risk Free Interest Rate	0.62%
Expected Dividend Yield	0.00%

Schedule of Valuation Assumptions, for Incremental Value of the Two-Year Extension of Bonus Warrants [Table Text Block]

Expected Life in Years	4.38
Expected Annual Volatility	63.98%
Expected Risk Free Interest Rate	1.29%
Expected Dividend Yield	0.00%

Schedule of Long-Term Debt [Table Text Block]

		July 31, 2015			July 31, 2014
Principal amount	$	20,000,000		$	20,000,000
Unamortized discount		(242,522	)		(1,546,295	)
Long-term debt, net of unamortized discount	$	19,757,478		$	18,453,705
Current portion		1,666,667			-
Long-term debt, net of current portion	$	18,090,811		$	18,453,705

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

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

Schedule of Fair Value of Variable Share Forward Contract [Table Text Block]

July 31, 2013
Number of shares issued		407,239
Variable share forward contract	$	-
July 31, 2014
Number of shares issued		594,318
Adjustment in number of shares issued		187,079
Share price at July 31, 2014	$	1.77
Variable share forward contract before settlement		331,130
Loss on valuation of variable share forward contract	$	331,130