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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jan. 31, 2014
Accounting Policies [Abstract]  
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at:
 
 
 
January 31, 2014
 
July 31, 2013
 
 
 
Carrying
amount
 
Fair value
 
Carrying
amount
 
Fair value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
407,989
 
$
407,989
 
$
596,871
 
$
596,871
 
Accounts receivable
 
 
212,329
 
 
212,329
 
$
191,835
 
$
191,835
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
$
110,494
 
$
110,494
 
$
62,810
 
$
62,810
 
Auto loan
 
$
81,117
 
$
78,858
 
 
0
 
 
0
 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis at:
 
 
 
 
 
Fair value measurements at
reporting date using
 
 
 
 
 
 
 
 
 
 
 
 
 
January 31, 
2014
 
Quoted prices
in active 
markets for 
identical 
assets 
(Level 1)
 
Significant 
other 
observable 
inputs
 (Level 2)
 
Significant 
unobservable 
inputs 
(Level 3)
 
 
 
 
 
 
 
 
 
 
 
Notes payable
 
81,117
 
 
 
 
 
78,858
 
 
 
 
 
 
Fair value measurements at
reporting date using
 
 
 
July 31, 2013
 
Quoted prices
in active 
markets for 
identical 
assets 
(Level 1)
 
Significant 
other 
observable 
inputs
 (Level 2)
 
Significant 
unobservable 
inputs 
(Level 3)
 
 
 
 
 
 
 
 
 
 
 
Notes payable
 
0
 
 
 
 
 
0