XML 35 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Apr. 30, 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:
 
 
 
April 30, 2014
 
July 31, 2013
 
 
 
Carrying
amount
 
Fair value
 
Carrying
amount
 
Fair value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
249,212
 
$
249,212
 
$
596,871
 
$
596,871
 
Accounts receivable
 
$
445,640
 
$
445,640
 
$
191,835
 
$
191,835
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
$
94,958
 
$
94,958
 
$
62,810
 
$
62,810
 
Auto loan
 
$
77,894
 
$
71,651
 
 
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
 
 
 
April 30,
2014
 
 
Quoted prices
in active
markets for
identical
assets
(Level 1)
 
 
Significant
other
observable
inputs
(Level 2)
 
 
Significant
unobservable
inputs
(Level 3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes payable
 
77,894
 
 
 
 
 
 
 
 
71,650
 
 
 
 
 
 
 
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