LONG-TERM DEBT (Tables)

9 Months Ended

Apr. 30, 2017

Debt Disclosure [Abstract]

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

As at April 30, 2017, long-term debt consisted of the following:

	April 30, 2017		July 31, 2016
Principal amount	$	20,000,000	$	20,000,000
Unamortized discount		(1,031,992)		(801,822)
Long-term debt, net of unamortized discount	$	18,968,008	$	19,198,178

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

The aggregate yearly maturities of the long-term debt based on principal amounts outstanding at April 30, 2017 are as follows:

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