4. Income Taxes (Tables)

3 Months Ended

Oct. 31, 2012

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate to the net loss before provision for income taxes for the following reasons:

	October 31, 2012			October 31, 2011
Income tax expense at statutory rate	$	(427,429	)	$	(3,597,082	)
Valuation allowance		427,429			3,597,082
Income tax expense per books	$	-		$	-

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Net deferred tax assets consist of the following components as of:

	October 31, 2012			October 31, 2011
Net Operating Loss Carryover	$	(9,759,699	)	$	(4,405,131	)
Valuation allowance		9,759,699			4,405,131
Net deferred tax asset	$	-		$	-