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Other Liabilities
3 Months Ended
Jan. 31, 2013
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 were payable at the end of sixty (60) calendar months, April 29, 2017, or earlier on a mutually agreed date. The bonds had an interest rate of three percent (3%) per annum. Interest on the bonds was calculated quarterly and accrued. In January 2013, the Company satisfied the outstanding bonds by issuing 13,600,000 restricted shares of common stock to Sean Tan. The shares were issued in full settlement of the bonds in the amount of $4,000,000, plus accrued interest of $80,000, for a total of $4,080,000.  The bonds, plus accrued interest, were converted into shares at a price of $0.30 per share. The Company recorded a bond conversion loss of $408,000; which is the difference of the bond conversion price of $0.30 per share and $0.33 per share being the deemed fair market price at the date of the share issuance.

 

NOTE 11 – OTHER PAYABLE 

 

The amounts owned by the Company as Other Payable as of January 31, 2013, and April 30, 2012, were $437,863 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.