LONG-TERM DEBT (Tables)

6 Months Ended

Jan. 31, 2016

Debt Disclosure [Abstract]

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

Long-term debt consisted of the following:

	January 31, 2016		July 31, 2015
Principal amount	$	20,000,000	$	20,000,000
Unamortized discount		(459,132)		(242,522)
Long-term debt, net of unamortized discount		19,540,868		19,757,478
Current portion		11,666,667		1,666,667
Long-term debt, net of current portion	$	7,874,201	$	18,090,811