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Subsequent Events
3 Months Ended
Jan. 31, 2013
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 12 – SUBSEQUENT EVENTS

 

On or about February 15, 2013, warrant holders exercised 1,729,051 share purchase warrants at $0.15 per share or $184,358.

 

In February, 2012, the Company closed a private placement in which it issued $900,000 in 5% convertible debentures, and warrants to purchase common stock of the Company at the price of $.15 per share.  As of February 17, 2013, some of those warrants were still outstanding and were scheduled to expire on February 17, 2013.  On February 17, 2013, the Board of Directors voted to extend the expiration date, for all remaining outstanding warrants issued as part of the February 2012 offering, until April 30, 2013.  All other terms of the warrants remain the same.  

 

On February 22, 2013, the Company issued 20,000 shares of common stock in consideration for investor relations and consulting services at $0.35 per share or $7,000 which approximated the fair value of the shares at the date of issuance.

 

On March 14, 2013, common stock payable of $8,750 was paid through issuance of 25,000 share of common stock at $0.35 per share which approximated fair value of the shares at the date of the agreement and is included in “Common stock payable” on the Company’s balance sheet at January 31, 2013.