LONG-TERM DEBT (Tables)

6 Months Ended

Jan. 31, 2014

Schedule of Long-Term Debt [Table Text Block]

		January 31, 2014			July 31, 2013
Principal amount	$	10,000,000		$	10,000,000
Unamortized discount		(2,146,126	)		(3,042,781	)
Long-term debt, net of unamortized discount		7,853,874			6,957,219
Current portion		5,833,333			833,333
Long-term debt, net of current portion	$	2,020,541		$	6,123,886

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

Fiscal 2014	$	833,333
Fiscal 2015		9,166,667
Total	$	10,000,000

Schedule of Fair Value of Variable Share Forward Contract [Table Text Block]

July 31, 2013
Number of shares issued		407,239
Variable share forward contract	$	-
January 31, 2014
Number of shares issuable		562,500
Adjustment in number of shares issuable		155,261
Share price at January 31, 2014	$	1.73
Variable share forward contract	$	268,601