Related Party Transactions

9 Months Ended

Apr. 30, 2013

4.	Related Party Transactions

The Company's former Chief Executive Officer and former Chief Financial Officer advanced funds to the Company for working capital needs in the amount of $124,786 and $136,412 as of April 30, 2013, and July 31, 2012, respectively. The amounts were non-interest bearing, unsecured, with no stated repayment terms.

The aforementioned officer has pledged his support to fund temporary cash requirements for continuing operations; however, there is no written commitment to this effect. The Company is dependent upon the continued support of its officers and controlling shareholders while the Company is in its development stage.

In December, 2012, the Company borrowed $350,000 from two of its officers and an outside director. These notes accrue interest at 6.0% per year and are due December, 2013.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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