Stock-Based Compensation (Tables)

3 Months Ended

Oct. 31, 2013

The following table provides information about stock-based awards outstanding at October 31, 2013:

	Shares		Weighted Average Exercise Price		Weighted Average Fair Value
Options outstanding beginning of period		747,662	$	4.17	$	3.23
For the period August 1, 2013 through October 31, 2013
Granted		--		--		--
Forfeited		--		--		--
Exercised		--		--		--
Options outstanding, end of period		747,662	$	4.17	$	3.23
Options exercisable, end of period		545,883	$	3.79	$	2.95

Weighted average fair value of options granted and the assumptions used

The fair value of all options granted during the second quarter of fiscal 2013 was determined at the date of the grant using the Black-Scholes option-pricing model and the following assumptions:

Expected average risk-free interest rate	1.72%
Expected average life (in years)	10
Expected volatility	70.5%
Expected dividend yield	0.0%

Information about restricted stock grants

The following table provides information about restricted stock grants during the three-month period ended October 31, 2013:

	Number of Shares			Weighted Average Grant Date Fair Value
Balance as of July 31, 2013		405,248		$	3.79
Granted		--			--
Forfeited		(2,001	)	$	3.47
Vested		(51,117	)	$	2.97
Balance as of October 31, 2013		352,130		$	3.91