Note 9 - Long-term Debt

3 Months Ended

Oct. 31, 2019

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE

9

:

     

LONG-TERM DEBT

     

As at

October 31, 2019,

our long-term debt consisted of the following:

	October 31, 2019		July 31, 2019
Principal amount	$	20,000,000	$	20,000,000
Unamortized discount and accrued fees		32,184		(400,037	)
	$	20,032,184	$	19,599,963

For the

three

months ended

October 31, 2019

and

2018,

the amortization of debt discount totaled

$432,221

and

$307,771,

respectively, which was recorded as interest expense and included in our Condensed Consolidated Statements of Operations and Comprehensive Loss.

The Company’s Credit Facility has a maturity date on

January 31, 2022,

with an interest rate of

8%

per annum and an underlying effective interest rate of

16.67%.

The aggregate yearly maturities of long-term debt based on principal amounts outstanding at

October 31, 2019

are as follows:

Fiscal 2020	$	-
Fiscal 2021		-
Fiscal 2022		20,000,000
Total	$	20,000,000

Subsequent to

October 31, 2019,

and pursuant to the terms of our Third Amended and Restated Credit Agreement with our Lenders, we issued an aggregate of

1,743,462

shares with a fair value of

$1,400,000

to our Lenders, representing

7%

of the

$20,000,000

principal balance outstanding at

October 31, 2019,

as payment of anniversary fees to our Lenders.