XML 23 R43.htm IDEA: XBRL DOCUMENT v2.4.1.9
Note 7 - Convertible Notes (Details) (USD $)
3 Months Ended
Oct. 31, 2014
Details  
Debt Instrument, Convertible, Terms of Conversion Feature In the three months ended October 31, 2014 (Q1 ’15), the Board authorized the Company’s Chairman, President and CEO to enter the Company into various convertible notes for the purposes of (1) retiring existing debts and (2) taking on new debts for services rendered. The conversion basis is set at $0.30 per share, up to an aggregate total of 8,000,000 shares, hence a total potential value of $2,400,000. Such notes have been entered into with various parties for a total principal value convertible to 6,216,000 shares before accrual of interest (rounded up to the nearest 1,000 shares for each holder). Notes for the remaining authorized 1,784,000 shares have not been entered into. The notes do not specify any repayment term, have an interest rate of 8%, and do not involve any collateral; accordingly they are considered short term liabilities.
Other Noncash Expense $ 613,000us-gaap_OtherNoncashExpense