LONG-TERM DEBT (Tables)

9 Months Ended

Apr. 30, 2014

Schedule of Bonus Warrants Valuation Assumptions [Table Text Block]

Expected Life in Years	4.38
Expected Annual Volatility	63.98%
Expected Risk Free Interest Rate	1.285%
Expected Dividend Yield	0.00%

Schedule of Long-Term Debt [Table Text Block]

		April 30, 2014			July 31, 2013
Principal amount	$	20,000,000		$	10,000,000
Discount on long-term debt - cash
Payments to lenders for fees and expenses		(621,110	)		(594,054	)
Net proceeds received		19,378,890			9,405,946
Discount on long-term debt - non-cash
Allocated fair value of bonus shares		(749,473	)		(1,065,400	)
Allocated fair value of bonus warrants		(936,327	)		(1,237,910	)
Allocated fair value of extension fee shares		(174,347	)		-
Accrued annual fees		(150,000	)		(150,000	)
		(2,010,147	)		(2,453,310	)
Discount on long-term debt		(2,631,257	)		(3,047,364	)
Long-term debt, net of discount		17,368,743			6,952,636
Accumulated amortization of debt discount		1,045,094			4,583
	$	18,413,837		$	6,957,219

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

Fiscal 2014	$	-
Fiscal 2015		-
Fiscal 2016		1,666,667
Fiscal 2017		18,333,333
Total	$	20,000,000

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	$	-
April 30, 2014
Number of shares issuable		927,835
Adjustment in number of shares issuable		520,596
Share price at April 30, 2014	$	1.07
Variable share forward contract	$	557,037