LONG-TERM DEBT (Tables)

12 Months Ended

Jul. 31, 2018

Debt Disclosure [Abstract]

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

The incremental value was determined using the Black-Scholes option pricing model using the following assumptions:

Expected Life in Years	3.98
Expected Annual Volatility	71.10	%
Expected Risk Free Interest Rate	1.00	%
Expected Dividend Yield	0.00	%

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

At July 31, 2018, long-term debt consisted of the following:

	July 31, 2018			July 31, 2017
Principal amount	$	20,000,000		$	20,000,000
Unamortized discount		(465,026	)		(745,165	)
Long-term debt, net of unamortized discount		19,534,974			19,254,835
Current portion		10,000,000			-
Long-term debt, net of current portion	$	9,534,974		$	19,254,835

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

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

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