LONG-TERM DEBT (Tables)

9 Months Ended

Apr. 30, 2016

Debt Disclosure [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

The incremental value was determined using the Black-Scholes option pricing model with the following assumptions:

Expected Life in Years	3.98
Expected Annual Volatility	71.10	%
Expected Risk Free Interest Rate	1.00	%
Expected Dividend Yield	0.00	%

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

As at April 30, 2016, long-term debt consisted of the following:

	April 30, 2016		July 31, 2015
Principal amount	$	20,000,000	$	20,000,000
Unamortized discount		(1,086,630)		(242,522)
Long-term debt, net of unamortized discount		18,913,370		19,757,478

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

The aggregate yearly maturities of long-term debt based on principal amounts outstanding at April 30, 2016 are as follows:

Fiscal 2016	$	-
Fiscal 2017		-
Fiscal 2018		-
Fiscal 2019		10,000,000
Fiscal 2020		10,000,000
Total	$	20,000,000