LONG-TERM DEBT (Tables)

3 Months Ended

Oct. 31, 2016

Debt Disclosure [Abstract]

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

As at October 31, 2016, long-term debt consisted of the following:

	October 31, 2016		July 31, 2016
Principal amount	$	20,000,000	$	20,000,000
Unamortized discount		(506,493)		(801,822)
Long-term debt, net of unamortized discount	$	19,493,507	$	19,198,178

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

The aggregate yearly maturities of long-term debt based on principal amounts outstanding at October 31, 2016 are as follows:

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