Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events (Details Narrative)

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Subsequent Events (Details Narrative) (Financing Agreement)
3 Months Ended
Oct. 31, 2013
Financing Agreement
 
Subsequent event date Nov. 06, 2013
Subsequent event description The Company entered into a new financing agreement (the “Financing Agreement”) with Rosenthal & Rosenthal, Inc. to replace the existing loan agreement. The Financing Agreement provides for a revolving loan with a maximum borrowing capacity of $3,500,000. The loans under the Financing Agreement mature on November 30, 2016 unless such Financing Agreement is either earlier terminated or renewed. Loans outstanding under the Financing Agreement will bear interest at a rate of the Prime Rate (as defined in the Financing Agreement) plus 3.25% (the “Effective Rate”) or on Over-advances (as defined in the Financing Agreement), if any, at a rate of the Effective Rate plus 3%.