NOTE 10:

LONG-TERM DEBT

As at January 31, 2018, long-term debt consisted of the following:

	January 31, 2018		July 31, 2017
Principal amount	$	20,000,000	$	20,000,000
Unamortized discount		(139,334)		(745,165)
Long-term debt, net of unamortized discount	$	19,860,666	$	19,254,835

For the three and six months ended January 31, 2018 and 2017, the amortization of debt discount totaled $308,409 and $605,831 (three and six months ended January 31, 2017: $306,239 and $601,568), respectively, which was recorded as interest expense and included in our condensed consolidated statements of operations and comprehensive income.

The aggregate yearly maturities of the long-term debt based on principal amounts outstanding at January 31, 2018, are as follows:

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

Subsequent to January 31, 2018, and pursuant to the terms of our Second Amended Credit Agreement, we issued 641,574 restricted shares with a fair value of $900,000, representing 4.5% of the $20,000,000 principal balance outstanding at January 31, 2018, as payment of anniversary fees to our Lenders.