3. Related Party Transactions

12 Months Ended

Jul. 31, 2012

Related Party Transactions Disclosure [Text Block]

3.  Related Party Transactions

The Company’s former Chief Executive Officer and now its Chief Financial Officer has advanced funds to the Company for working capital needs in the amount of $126,412 and $307,969 as of July 31, 2012 and 2011, respectively.  The amounts were non-interest bearing, unsecured, with no stated terms or repayment.

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.

Prior to fiscal 2009, and though the date of the Belmont Agreement (See Note 8), a former officer of the Company advanced funds to the Company for working capital needs.  The amounts were non-interest bearing, unsecured, with no stated terms or repayment.  Concurrent with the Belmont Agreement, the former officer forgave the advances aggregating $28,816.