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Senoir Secured Convertible Note Payable
6 Months Ended
Jan. 31, 2013
Debt Disclosure [Abstract]  
Senoir Secured Convertible Note Payable
NOTE 3 - SENIOR SECURED CONVERTIBLE NOTE PAYABLE
 
On November 15, 2012, the Company entered into a Senior Secured Promissory Note with an unaffiliated party under which the Company received a one-year loan with a principal balance of $100,000. The loan bears interest at 20% per annum with interest payments due quarterly. In addition, the Company issued 2,500,000 shares of restricted common stock to the lender and Mr. Holley and McBride pledged their 56,250,000 shares of the Company’s common stock as collateral and transferred 1,000,000 shares of free trading shares to the lender. If the Company goes into default of the provisions of the loan, it becomes convertible into the Company’s common stock at a price of $.001 per share (100 million shares). If an event of default occurs, the lender will have the ability of becoming the controlling shareholder of the Company. The Company recorded an initial deferred loan cost in the amount of $560,000 in connection with the issuance of the 2,500,000 shares and the transfer of the 1,000,000 shares. This loan cost is being amortized to interest expense over the term of the loan, which is twelve months. The company recorded amortization of deferred loan costs in the amount of $107,779 during the three and six months ended January 31, 2013.