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Note 9 - Long-term Debt | 12 Months Ended
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Jul. 31, 2021
Credit Agreement [Member] |
Notes to Financial Statements |
Long-term Debt [Text Block] | NOTE 9: LONG-TERM DEBT As at July 31, 2021, our long-term debt consisted of the following:
|  | July 31, 2021 |  |  | July 31, 2020 |
Principal amount |  | $ | 10,000,000 |  |  | $ | 20,000,000 |
Unamortized discount and accrued fees |  |  | 75,231 |  |  |  | (130,523 | )
Long-term debt, net of unamortized discount |  | $ | 10,075,231 |  |  | $ | 19,869,477 |
Current portion |  |  | 10,075,231 |  |  |  | - |
Long-term debt, net of current portion |  | $ | - |  |  | $ | 19,869,477 |
During Fiscal 2021, we made voluntary principal payments totaling $10,000,000 to certain Lenders, which decreased the principal balance outstanding to $10,000,000 under our Credit Facility. Pursuant to the terms of our Third Amended and Restated Credit Agreement, during Fiscal 2021, we issued an aggregate of 1,249,039 shares with a fair value of $1,170,000, representing 6.5% of the $18,000,000 principal balance outstanding at the time; and during Fiscal 2020, we issued an aggregate of 1,743,462 shares with a fair value of $1,400,000, representing 7% of the $20,000,000 principal balance outstanding at the time; as payments of anniversary fees to the Lenders. During Fiscal 2021 and Fiscal 2020, the amortization of debt discount and accrued fees totaled $1,375,754 and $1,669,514, respectively, which was recorded as interest expense and included in our Consolidated Statements of Operations and Comprehensive Loss. During Fiscal 2021 and Fiscal 2020, we paid $1,255,556 and $1,626,667, respectively, in cash for interest on our long-term debt. The shares issued to the Lenders either as the third extension fees or the anniversary fees have been recorded as discounts on long-term debt, which are amortized using the respective effective interest rates at the time of issuance over the remaining contractual life of the long-term debt. The Company's Credit Facility with our remaining Lender has a maturity date on January 31, 2022, with an interest rate of 8% per annum and an underlying effective interest rate of 18.10%. As of July 31, 2021, our working capital ratio, excluding the current portion of the long-term debt, was 23:1, which was in compliance with the debt covenant requirement under our Credit Facility being a working capital ratio, excluding any current portion of the long-term debt, of not less than 1:1. The Credit Facility is secured against all of the Company's current and after-acquired assets until terminated in accordance with its terms.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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