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Settlement of Convertible Note Payable

12 Months Ended

Jul. 31, 2014

Settlement of Convertible Note Payable [Abstract]

Settlement of Convertible Note Payable

On January 23, 2014 the Company entered into a settlement of a convertible note payable in the amount of $25,000 and accrued interest of $3,707 thru the issuance of 333,333 shares of common stock. This transaction resulted in a gain on the extinguishment of the debt in the amount of $20,651.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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