LONG-TERM DEBT (Tables)

12 Months Ended

Jul. 31, 2017

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 using 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]

At July 31, 2017, long-term debt consisted of the following:

	July 31, 2017		July 31, 2016
Principal amount	$	20,000,000	$	20,000,000
Unamortized discount		(745,165)		(801,822)
Long-term debt, net of unamortized discount	$	19,254,835	$	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 July 31, 2017 are as follows:

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