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INCOME TAXES
 6 Months Ended
Jan. 31, 2012
INCOME TAXES [Abstract]  
Income Tax Disclosure [Text Block]
INCOME TAXES

The following reconciles the Federal statutory income tax rate with the Company’s effective tax rate for the three and six months ended January 31, 2012 and 2011:

 
Three Months
 
Six Months
 
2012
 
2011
 
2012
 
2011
Expected federal statutory rate
34.00
 %
 
34.00
%
 
34.00
 %
 
34.00
%
Increase (decrease) in taxes resulting from:
 

 
 

 
 

 
 

Permanent Differences
5.45
 %
 
—
%
 
3.12
 %
 
—
%
State and local income taxes, net of federal benefit
4.61
 %
 
4.86
%
 
4.90
 %
 
4.64
%
Other
(4.69
)%
 
—
%
 
(1.95
)%
 
—
%
Difference in rate for foreign taxes
(3.40
)%
 
—
%
 
(2.03
)%
 
—
%
Prior year true-up
16.40
 %
 
—
%
 
8.60
 %
 
—
%
Total effective tax rate
52.37
 %
 
38.86
%
 
46.64
 %
 
38.64
%

The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does not have any material accrued interest or penalties associated with any unrecognized tax benefits, nor was any material interest expense recognized during the year.