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Note Payable (Auto loan)

3 Months Ended

Oct. 31, 2014

Note 9 - Note Payable (Auto loan)

Note payable consists of the following as of October 31, 2014 and July 31, 2014:

Note Payable Consists of the Following at:
	October 31, 2014		July 31, 2014
Note payable (Auto Loan)	$	71,404	$	74,713
Less current portion		15,688		15,735
Long-term note payable	$	55,716		58,978

Note payable, secured by vehicle, bears interest at 3.99% per annum and has a maturity date of October 9, 2019.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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