Concentrations of Credit Risk Arising from Cash Deposits in Excess of Insured Limits

3 Months Ended

Oct. 31, 2013

Concentrations of Credit Risk Arising from Cash Deposits in Excess of Insured Limits [Abstract]

Concentrations of Credit Risk Arising from Cash Deposits in Excess of Insured Limits

Concentrations of Credit Risk Arising from Cash Deposits in Excess of Insured Limits

The Company maintains its cash balances at one financial institution in several accounts. This bank is located in London, England (United Kingdom) and is insured by the Financial Services Compensation Scheme (United Kingdom equivalent of the Federal Deposit Insurance Corporation) and is insured up to $136,417 or 85,000 GBP. At October 31 and July 31, 2013 the Company had uninsured cash balances of $206,664 and $469,624, respectively.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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