Related Party Transactions

3 Months Ended

Oct. 31, 2014

Related Party Transactions

At October 31, and July 31, 2014, the Company had loans outstanding with its three directors (two of which are officers), in the total amount of $350,000. The loans mature on January 6, 2015 and are subject to annual interest of 8.5%. In the event that at least one-third and one-sixth of the amount due plus interest is not repaid by September 30, 2014 and December 25, 2014, respectively, certain penalties will apply. As of October 1, 2014, the outstanding loan balances are subject to a penalty rate of 6% per annum due to non-payment of the required repayment amounts.

- 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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