Note Payable

9 Months Ended

Apr. 30, 2014

Note Payable [Abstract]

Note Payable

7.

Note Payable:

On December 15, 2004, the Company borrowed $1,000,000 on a unsecured basis from a former director of the Company, who at the time was also a greater than 10% beneficial owner of the outstanding common stock of the Company. The loan has been repeatedly renewed to its current maturity date of December 15, 2016. The note is prepayable in whole or in part at any time without penalty. The constant quarterly payment of interest is $12,500. The interest paid was $37,500 for each of the nine months ended April 30, 2014 and 2013, respectively.