Note 10 - Long-term Debt

6 Months Ended

Jan. 31, 2022

Credit Agreement [Member]

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE 10: LONG-TERM DEBT

During the six months ended January 31, 2022, the movement of our term debt is as follows:

Balance, July 31, 2021	$	10,075,231
Amortization of discount and accrued fees		524,769
Payment of anniversary fees		(600,000	)
Principal repayment		(10,000,000	)
Balance, January 31, 2022	$	-

During the three and six months ended January 31, 2022, amortization of debt discount totaled $259,198 and $524,769 (three and six months ended January 31, 2021: $381,828 and $825,695), respectively, which was recorded as interest expense and included in our condensed consolidated statements of operations and comprehensive loss. During the three and six months ended January 31, 2022, we paid $204,444 and $408,889 (three and six months ended January 31, 2021: $368,000 and $776,889), respectively, in cash to our lenders (the “Lenders”) for interest on the long-term debt.

During the three months ended January 31, 2022, we repaid $10,000,000 principal amount to our remaining Lender under the Company’s credit facility.

During the three months ended January 31, 2022, and pursuant to the terms of the Third Amended and Restated Credit Agreement, we issued 161,594 shares with a fair value of $600,000 as payment of anniversary fees to our remaining Lender.