Note 10 - Long-term Debt

9 Months Ended

Apr. 30, 2022

Credit Agreement [Member]

Notes to Financial Statements

Long-Term Debt [Text Block]

NOTE 10:          LONG-TERM DEBT         

During the nine months ended April 30, 2022, the movement of our term debt is as follows:

Balance, July 31, 2021	$	10,075,231
Amortization of discount and accrued fees		524,769
Payment of anniversary fees		(600,000	)
Principal repayment		(10,000,000	)
Balance, April 30, 2022	$	-

During the three and nine months ended April 30, 2022, amortization of debt discount totaled $Nil and $524,769 (three and nine months ended April 30, 2021: $296,401 and $1,122,096), respectively, which was recorded as interest expense and included in our condensed consolidated statements of operations and comprehensive loss. During the three and nine months ended April 30, 2022, we paid $Nil and $408,889 (three and nine months ended April 30, 2021: $274,222 and $1,051,111), respectively, in cash to our lenders (each, a “Lender”) for interest on the long-term debt.

During the nine months ended April 30, 2022, and pursuant to the terms of the Third Amended and Restated Credit Agreement, we issued 161,594 shares with a fair value of $600,000 as payment of anniversary fees to our remaining Lender.

During the nine months ended April 30, 2022, we repaid the remaining $10,000,000 principal amount to our Lender under the Company’s credit facility.