Related Party Transactions

6 Months Ended

Jan. 31, 2015

Related Party Transactions

At January 31, 2015 and July 31, 2014, the Company had loans outstanding with its three directors (two of which are officers), in the total amount of $130,000 and $350,000, respectively. $220,000 of the principal amount was repaid during the quarter ended January 31, 2014. The loans mature on April 30, 2016 and are subject to annual interest of 14.5%, which includes a penalty rate of 8.5% 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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