Related Party Transactions and Gain on Settlement

9 Months Ended

Apr. 30, 2012

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 5 – Related Party Transactions and Gain on Settlement

Shareholder

The Company did not have notes payable to related parties as of April 30, 2012 and July 31, 2011, respectively.

Litigation settlement

The Company had an ongoing litigation over accounts receivable and payable with Ambeon Corporation, a related party by virtue of common ownership. The dispute started in 2004 and was settled in favor of the Company under the Shih Lin District Court of Taiwan on August 20, 2008. The Company agreed to pay a sum of $560,000 and the remaining disputed payable balances were decreased in favor of the Company, and settlement income of $843,572 was realized in year 2008. As of April 30, 2012, the Company has paid $490,000 towards the settlement. The remaining minimum payments due under the settlement are as follows:

Year Ending July 31:
2012	$	15,000
2013		55,000
Total	$	70,000