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Other Liabilities
3 Months Ended
Oct. 31, 2012
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]  
Other Liabilities Disclosure [Text Block]

NOTE 10 – BOND PAYABLE 

 

Upon the acquisition of DTS8 Holdings on April 30, 2012, the Company issued a bond payable for $4,000,000 in favor of the vendor; Sean Tan. The bonds are payable at the end of sixty (60) calendar months, April 29, 2017, or earlier on a mutually agreed date. The bonds payable bear an interest rate of three percent (3%) per annum. Interest on the bond are calculated, accrued and paid annually.  The Company recognized $81,271 as discount on bond payable as of October 31, 2012. The discount rate was 3.5% and will be amortized using the effective interest method over the life of the bond.

 

NOTE 11 – OTHER PAYABLE 

 

The amounts owned by the Company as Other Payable as of October 31, 2012, and April 30, 2012, were $420,552 and $382,396, respectively. These amounts are unsecured, non-interest bearing, have no fixed term of repayment, and are repayable on demand, and the lender has agreed not to demand payment within the next fiscal year.