Quarterly report pursuant to Section 13 or 15(d)

Subsequent Event

Subsequent Event
9 Months Ended
Apr. 30, 2013
Subsequent Events [Text Block]

Note 12 – Subsequent Event

Subsequent to April 30, 2013, the Company entered into a secured Revolving Loan and Security Agreement (the “Credit Agreement”) with an unrelated third party lender (the” Lender”) and borrowed $4.0 million. The Credit Agreement, which expires in December 2016, provides for borrowings against eligible receivables, as defined, of the Clinical Labs and Life Sciences segments, up to $8.0 million at a defined eligibility percentage. The borrowings under the Credit Agreement, which bear interest at the three month U.S. dollars LIBOR rate, which shall not be less than 1.25% per annum plus 4% per annum, are secured by primarily all the unencumbered U.S. assets of the Company excluding buildings and intellectual property which the Lender has a negative pledge.