NOTE 9:

LONG-TERM DEBT

As at October 31, 2017, long-term debt consisted of the following:

	October 31, 2017		July 31, 2017
Principal amount	$	20,000,000	$	20,000,000
Unamortized discount		(447,743)		(745,165)
Long-term debt, net of unamortized discount	$	19,552,257	$	19,254,835

For the three months ended October 31, 2017 and 2016, the amortization of debt discount totaled $297,422 and $295,329, respectively, which was recorded as interest expense and included in the condensed consolidated statements of operations and comprehensive income.

The aggregate yearly maturities of the long-term debt based on principal amounts outstanding at October 31, 2017, are as follows:

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