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Note Payable (Auto loan)

9 Months Ended

Apr. 30, 2015

Note 9 - Note Payable (Auto loan)

The note payable (auto loan) consists of the following as of April 30, 2015 and July 31, 2014:

Note Payable Consists of the Following at:
	April 30, 2015		July 31, 2014
Note payable (Auto Loan)		64,759	$	74,713
Less current portion		15,688		15,735
Long-term note payable	$	49,071	$	58,978

The note payable, secured by an automobile, 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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