Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jul. 31, 2013 | Oct. 28, 2013 | Jan. 31, 2012 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'SKY POWER SOLUTIONS CORP. | ' | ' |
Entity Central Index Key | '0001230524 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Jul-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--07-31 | ' | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' | ' |
Is Entity a Voluntary Filer? | 'No | ' | ' |
Is Entity's Reporting Status Current? | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $2,118,711 |
Entity Common Stock, Shares Outstanding | ' | 9,838,721 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Balance_Sheets
Balance Sheets (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Assets | ' | ' |
Property and equipment, net | $4,514 | $23,964 |
Total assets | 4,514 | 23,964 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 206,996 | 125,784 |
Advances | 214,682 | 708,602 |
Due to related parties | 173,600 | 173,600 |
Total current liabilities | 595,278 | 1,007,986 |
Stockholders' deficiency: | ' | ' |
Preferred stock, $.001 par value, 10,000,000 shares authorized, 0 issued and outstanding | ' | ' |
Common stock, $.001 par value, 10,000,000 shares authorized as of July 31, 2013; 9,838,721 and 1,998,163 issued and outstanding at July 31, 2013 and July 31, 2012, respectively. | 9,839 | 1,998 |
Additional paid-in capital | 7,368,677 | 5,926,118 |
Accumulated deficit | -4,604,623 | -4,604,623 |
Deficit accumulated during the development stage | 3,364,657 | 2,307,515 |
Stockholders' deficiency | -590,764 | -984,022 |
Total liabilities and stockholders' deficiency | $4,514 | $23,964 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares Issued | 9,838,721 | 1,998,163 |
Common Stock, Shares Outstanding | 9,838,721 | 1,998,163 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 60 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
Income Statement [Abstract] | ' | ' | ' |
Net sales | ' | ' | ' |
Operating expenses: | ' | ' | ' |
General and administrative | 95,842 | 120,184 | 795,495 |
Research and development | 4,820 | 10,812 | 454,132 |
Loss from operations | -100,662 | -130,996 | -1,249,627 |
Other (expenses)/income | ' | ' | ' |
Interest expense | ' | ' | 1,233,270 |
Loss on disposal of assets | ' | -26,360 | -26,360 |
Loss on extinguishment of debt | -956,480 | ' | -956,480 |
Other income | ' | 19,884 | 101,080 |
Net loss before provision for (benefit from) income taxes | -1,057,142 | -137,472 | -3,364,657 |
Provision for (benefit from) income taxes | ' | ' | ' |
Net loss | ($1,057,142) | ($137,472) | ($3,364,657) |
Net loss per common share - basic and diluted | ($0.13) | ($0.21) | ' |
Weighted average number of common shares outstanding - basic and diluted | 7,862,053 | 648,369 | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 60 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($1,057,142) | ($137,472) | ($3,364,657) |
Adjustments to reconcile net loss to net cash utilized by operating activities | ' | ' | ' |
Depreciation | 19,450 | 10,124 | 122,766 |
Loss on disposal of property and equipment | ' | 26,360 | 26,360 |
Loss on extinguishment of debt | 956,480 | ' | 956,480 |
Increase (decrease) in cash flows from changes in operating assets and liabilities | ' | ' | ' |
Prepaid expenses and other current assets | ' | 1,788 | ' |
Accounts payable and accrued expenses | 81,212 | 40,418 | 1,403,079 |
Net cash used in operating activities | ' | -58,782 | -855,972 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Disposal of property and equipment | ' | ' | 17,015 |
Net cash used in investing activities | ' | ' | -17,015 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from advances | ' | 81,758 | 1,573,333 |
Advances from related parties | ' | ' | 1,150,743 |
Payments on advances | ' | -22,983 | -752,231 |
Payments to related parties | ' | ' | -1,114,553 |
Net cash provided by financing activities | ' | 58,775 | 857,292 |
CHANGE IN CASH AND CASH EQUIVALENTS | ' | ' | ' |
Net decrease in cash and cash equivalents | ' | -7 | -15,695 |
Cash and cash equivalents at beginning of year | ' | 7 | 15,695 |
Cash and cash equivalents at end of year | ' | ' | ' |
Cash paid during the year for: | ' | ' | ' |
Interest | ' | ' | ' |
Income taxes | ' | ' | ' |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES | ' | ' | ' |
Shares issued for related party advances | 493,920 | 112,500 | 4,927,778 |
Shares issued for accrued interest on paid promissory note | ' | $1,360,341 | $1,360,341 |
Shareholders_Equity
Shareholders Equity (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Deficit Accumulated During the Development Stage | Total |
Balance, beginning, value at Jul. 31, 2008 | $23 | $133,895 | ($4,604,623) | ' | ($4,470,705) |
Balance, beginning, shares at Jul. 31, 2008 | 23,017 | ' | ' | ' | ' |
Net Loss | ' | ' | ' | -898,447 | -898,447 |
Balance, ending, value at Jul. 31, 2009 | 23 | 133,895 | -4,604,623 | -898,447 | -5,369,152 |
Balance, ending, shares at Jul. 31, 2009 | 23,017 | ' | ' | ' | ' |
Net Loss | ' | ' | ' | -796,949 | -796,949 |
Balance, ending, value at Jul. 31, 2010 | 23 | 133,895 | -4,604,623 | -1,695,396 | -6,166,101 |
Balance, beginning, shares at Jul. 31, 2010 | 23,017 | ' | ' | ' | ' |
Issuance of common stock for related party advances, value | 400 | 4,320,957 | ' | ' | 4,321,356 |
Issuance of common stock for related party advances, shares | 400,146 | ' | ' | ' | ' |
Net Loss | ' | ' | ' | -474,647 | -474,647 |
Balance, ending, value at Jul. 31, 2011 | 423 | 4,454,852 | -4,604,623 | -2,170,043 | -2,319,391 |
Balance, ending, shares at Jul. 31, 2011 | 423,163 | ' | ' | ' | ' |
Issuance of common stock for related party advances, value | 75 | 112,425 | ' | ' | 112,500 |
Issuance of common stock for related party advances, shares | 75,000 | ' | ' | ' | ' |
Issuance of common stock for accrued interest on note, value | 1,500 | 1,358,841 | ' | ' | 1,360,341 |
Issuance of common stock for accrued interest on note, shares | 1,500,000 | ' | ' | ' | ' |
Net Loss | ' | ' | ' | -137,472 | -137,472 |
Balance, ending, value at Jul. 31, 2012 | 1,998 | 5,926,118 | -4,604,623 | -2,307,515 | -984,022 |
Balance, ending, shares at Jul. 31, 2012 | 1,998,163 | ' | ' | ' | ' |
Issuance of common stock for related party advances, value | 7,841 | 1,442,559 | ' | ' | 1,450,400 |
Issuance of common stock for related party advances, shares | 7,840,558 | ' | ' | ' | ' |
Net Loss | ' | ' | ' | -1,057,142 | -1,057,142 |
Balance, ending, value at Jul. 31, 2013 | $9,839 | $7,368,677 | ($4,604,623) | ($3,364,657) | ($590,764) |
Balance, ending, shares at Jul. 31, 2013 | 9,838,721 | ' | ' | ' | ' |
Note_1_Financial_Statement_Pre
Note 1. Financial Statement Presentation | 12 Months Ended |
Jul. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Note 1. Financial Statement Presentation | ' |
Note 1. Financial Statement Presentation | |
Clean Enviro Tech Corp. (formerly Sky Power Solutions Corp.) (the “Company” or “Clean”) following the merger with the Company’s wholly-owned subsidiary on December 24, 2012 (formed for the sole purpose of merging with its parent), continues to work on the further development of the lithium batteries technology licensed from Terra Inventions Corp. (formerly Li-ion Motors Corp.) (“Terra”), the Company’s former parent. Consultants for the Company are continuing work on the solar concentrating electric power generating system working independently. | |
As of August 1, 2008, the Company is considered a development stage enterprise as defined in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915, “Development Stage Entities” (“ASC 915”). The Company has limited revenue to date, continues to raise capital and there is no assurance that ultimately the Company will achieve a profitable level of operations. | |
The summary of significant accounting policies is presented to assist in the understanding of the financial statements. The financial statements and notes are the representations of management. These accounting policies conform to accounting policies generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. | |
History and Nature of Business | |
On April 2, 2011, the Company’s Board of Directors (the “Board”) authorized the merger with our wholly-owned subsidiary, Sky Power Solutions Corp., and in the merger the name of our Company was changed to Sky Power Solutions Corp. | |
On April 15, 2008, Terra sold its controlling interest of the Company’s outstanding common stock to Blue Diamond Investments, Inc. (“Blue Diamond”) With the sale of our VoIP telecommunications business, named Zingo Telecom, Inc., on May 15, 2008, the Company intends to concentrate efforts on further development of the lithium batteries technology licensed from Terra, the Company’s former parent. | |
Effective April 15, 2008, the Company entered into a License Agreement (“License Agreement”) with Terra Inventions providing for Terras' license to the Company of Terras’ patent applications and technologies for rechargeable lithium-ion batteries for hybrid vehicles and other applications (“Licensed Products”). | |
Under the License Agreement, Terra has the right to purchase its requirements of lithium ion batteries from the Company, and its requirements of lithium ion batteries shall be supplied in preference to, and on a priority basis as compared with, supply and delivery arrangements in effect for our other customers. Terras' cost for lithium ion batteries purchased from the Company is the actual manufacturing costs for such batteries for our fiscal quarter in which Terras’ purchase takes place. | |
On May 25, 2010, the agreement was amended to grant the Company the exclusive license rights for the United States and Terra may grant other companies rights elsewhere around the world. | |
Under the terms of the License Agreement, the Company agreed to invest a minimum of $1,500,000 in each of the first two years under the License Agreement in development of the technology for the Licensed Products. To date, we have not met the minimum requirements in the development of the technology, and therefore, are not compliant with our obligations under this covenant of the License Agreement. Terra has advised the Company that it will not give notice of default against the Company for its failure to comply with this covenant over the term of the License Agreement. | |
Effective April 16, 2008, the Company agreed to lease approximately 5,000 square feet of space in Terra’s’ North Carolina facility. The leased space was suitable, and utilized by the Company, for developmental and manufacturing operations for licensed products pursuant to the license agreement. The lease was terminated May 2012. Also, effective April 16, 2008, the Company purchased certain equipment and supplies related to the license agreement from Terra for the purchase price of $29,005. | |
Basis of Presentation | |
Going Concern | |
The Company’s financial statements for the year ended July 31, 2013, have been prepared on a going concern basis which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company did not have any revenue in 2013 and as of July 31, 2013, there was a working capital deficit of $595,278. Management recognized that the Company’s continued existence is dependent upon its ability to obtain needed working capital through additional equity and/or debt financing and revenue to cover expenses as the Company continues to incur losses. | |
Since its incorporation, the Company financed its operations almost exclusively through advances from its controlling shareholders. Management’s plans are to finance operations through the sale of equity or other investments for the foreseeable future, as the Company does not receive significant revenue from its new business operations. There is no guarantee that the Company will be successful in arranging financing on acceptable terms. | |
The Company's ability to raise additional capital is affected by trends and uncertainties beyond its control. The Company does not currently have any arrangements for financing and it may not be able to find such financing if required. Obtaining additional financing would be subject to a number of factors, including investor sentiment. Market factors may make the timing, amount, terms or conditions of additional financing unavailable to it. These uncertainties raise substantial doubt about the ability of the Company to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
Note_2_Summary_of_Significant_
Note 2. Summary of Significant Accounting Policies | 12 Months Ended | ||||
Jul. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Note 2. Summary of Significant Accounting Policies | ' | ||||
Note 2. Summary of Significant Accounting Policies | |||||
Use of Estimates | |||||
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates and judgments, including those related to revenue recognition, inventories, adequacy of allowances for doubtful accounts, valuation of long-lived assets and goodwill, income taxes, litigation and warranties. The Company bases its estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. The policies discussed below are considered by management to be critical to an understanding of the Company’s financial statements. These estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results may differ from those estimates. | |||||
Property and Equipment | |||||
Property and equipment are recorded at cost. Depreciation of property and equipment are accounted for by accelerated methods over the following estimated useful lives: | |||||
Lives | |||||
Furniture and Fixtures | 10 years | ||||
Software | 3-5 years | ||||
Computers | 5 years | ||||
Evaluation of Long-Lived Assets | |||||
The Company reviews property and equipment for potential impairment whenever significant events or changes in circumstances indicate the carrying value may not be recoverable in accordance with the guidance in ASC 360-15-35 “Impairment or Disposal of Long-Lived Assets”. An impairment exists when the carrying amount of the long-lived assets is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If an impairment exists, the resulting write-down would be the difference between the fair market value of the long-lived asset and the related net book value. The Company is looking for space to work and store equipment for both battery development and solar dish. | |||||
Advertising | |||||
Advertising costs are generally expensed and are included in selling, general and administrative expenses. Total advertising expenditures for the years ended July 31, 2013 and 2012, were approximately $2,250 and $3,165, respectively. | |||||
Research and Development | |||||
The Company is currently a research and development (“R&D”) stage company and therefore the Board of Directors has not set a budget for R&D. However, all projects and purchases must be approved before being started or purchased. As of July 31, 2013 and 2012, there have been expenses allocated to research and development. For the years ending July 31, 2013 and 2012, R&D consisted of parts, salaries, and payroll taxes, which amounted to $4,820 and $10,812, respectively. | |||||
Net Loss Per Common Share | |||||
Basic loss per common share is computed based on the weighted average number of shares outstanding during the year. Diluted earnings per common share is computed by dividing net earnings (loss) by the weighted average number of common shares and potential common shares during the specified periods. The Company has no outstanding options, warrants or other convertible instruments that could affect the calculated number of shares. | |||||
Income Taxes | |||||
Deferred income tax assets or liabilities are computed based on the temporary differences between the financial statement and income tax bases of assets and liabilities using the statutory marginal income tax rate in effect for the years in which the differences are expected to reverse. Deferred income tax expenses or credits are based on the changes in the deferred income tax assets or liabilities from period to period. A valuation allowance against deferred tax assets is required if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. | |||||
Effects of Recent Accounting Pronouncements | |||||
FASB has codified a single source of U.S. Generally Accepted Accounting Principles, the Accounting Standards Codification™. Unless needed to clarify a point to readers, we will refrain from citing specific section references when discussing application of accounting principles or addressing new or pending accounting rule changes. There are no recently issued accounting standards that are expected to have a material effect on our financial condition, results of operations or cash flows. |
Note_3_Property_and_Equipment
Note 3. Property and Equipment | 12 Months Ended | ||||||||
Jul. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Note 3. Property and Equipment | ' | ||||||||
Note 3. Property and Equipment | |||||||||
Property and equipment at consists of: | |||||||||
July 31, | |||||||||
2013 | 2012 | ||||||||
Equipment | $ | 131,455 | $ | 131,455 | |||||
Less: Accumulated depreciation | (126,941 | ) | (107,491 | ) | |||||
Property and equipment, net | $ | 4,514 | $ | 23,964 | |||||
Depreciation expense for the years ended July 31, 2013 and 2012, was $19,450 and $10,124, respectively. |
Note_4_Accounts_Payable_and_Ac
Note 4. Accounts Payable and Accrued Expenses | 12 Months Ended | ||||||||
Jul. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Note 4. Accounts Payable and Accrued Expenses | ' | ||||||||
Note 4. Accounts Payable and Accrued Expenses | |||||||||
Accounts payable and accrued expenses at July 31, 2013 and 2012 consisted of: | |||||||||
July 31, | |||||||||
2013 | 2012 | ||||||||
Accounts payable | $ | 164,957 | $ | 110,856 | |||||
Wages, paid leave and payroll related taxes | 41,039 | 7,520 | |||||||
Other accrued expenses | 1,000 | 7,408 | |||||||
Total | $ | 206,996 | $ | 125,784 | |||||
Note_5_Common_Stock
Note 5. Common Stock | 12 Months Ended |
Jul. 31, 2013 | |
Equity [Abstract] | ' |
Note 5. Common Stock | ' |
Note 5. Common Stock | |
Effective January 18, 2013, the Company filed with Secretary Of State of Nevada a Certificate of Change that affected a 1:50 reverse split in the Company’s outstanding common stock and a reduction of our authorized common stock in the same 1:50 ratio, from 500,000,000 shares to 10,000,000 shares. We have retroactively restated all share amounts to show effects of the Common Stock split. | |
On October 9, 2012, the Company converted $493,920 of its debt to various lenders into 7,840,575 shares of Common Stock at $0.18499 per share, causing a loss of settlement of debt in the amount of $956,480. | |
On June 11, 2012, Blue Diamond assigned $86,155 of its debt to Eurolink Corporation (“Eurolink”) and Eurolink converted the assigned note for 4,750,000 shares of Common Stock at $0.0181379 per share. | |
On June 11, 2012, Blue Diamond assigned $86,155 of its debt to Heritage Asset Management, Inc. (“Heritage”) and Heritage converted the assigned note for 4,750,000 shares of Common Stock at $0.0181379 per share. | |
On June 11, 2012, Blue Diamond assigned $86,155 of its debt to Kisumu S.A. (“Kisumu”) and Kisumu converted the assigned note for 4,750,000 shares of Common Stock at $0.0181379 per share. | |
On June 11, 2012, Blue Diamond assigned $172,310 of its debt to Starglow Asset, Inc. (“Starglow”) and Starglow converted the assigned note for 9,500,000 shares of Common Stock at $0.0181379 per share. | |
On June 11, 2012, Blue Diamond assigned $624,850 of its debt to Domino Developments, Inc. (“Domino”) and Domino converted the assigned note for 34,450,000 shares of Common Stock at $0.0181379 per share. | |
On June 11, 2012, Blue Diamond assigned $170,496 of its debt to Honeycomb Developments, LLC (“Honeycomb”) and Honeycomb converted the assigned note for 9,400,000 shares of Common Stock at $0.0181379 per share. | |
On June 11, 2012, Blue Diamond assigned $134,220 of its debt to Legend International, LLC (“Legend”) and Legend converted the assigned note for 7,400,000 shares of Common Stock at $0.0181379 per share. | |
On April 26, 2012, Terra assigned $112,500 of its debt to Frontline and Frontline assigned $63,000 of the assigned note to Windsor. Frontline converted the balance of the assigned note for 1,650,000 shares of Common Stock at $0.03 per share. Windsor converted the assigned note for 2,100,000 shares of Common Stock at $0.03 per share. | |
On June 6, 2011, the Company filed a Certificate of Amendment with the Secretary of State of Nevada (“SOSN”) which gave the Company the authority to issue 100 million shares of common stock and 10 million shares of preferred stock | |
On May 4, 2011, Blue Diamond assigned $216,000 of its debt to Eurolink Corporation (“Eurolink”) and Eurolink converted the assigned note for 1,000,000 shares of Common Stock at $0.216 per share. | |
On May 4, 2011, Blue Diamond assigned $216,000 of its debt to Heritage Asset Management, Inc. (“Heritage”) and Heritage converted the assigned note for 1,000,000 shares of Common Stock at $0.216 per share. | |
On May 4, 2011, Blue Diamond assigned $216,000 of its debt to Kisumu S.A. (“Kisumu”) and Kisumu converted the assigned note for 1,000,000 shares of Common Stock at $0.216 per share. | |
On May 4, 2011, Blue Diamond assigned $216,000 of its debt to Starglow Asset, Inc. (“Starglow”) and Starglow converted the assigned note for 1,000,000 shares of Common Stock at $0.216 per share. | |
On May 4, 2011, Blue Diamond assigned $453,600 of its debt to Domino Developments, Inc. (“Domino”) and Domino converted the assigned note for 2,100,000 shares of Common Stock at $0.216 per share. | |
On May 4, 2011, Blue Diamond assigned $453,600 of its debt to Honeycomb Developments, LLC (“Honeycomb”) and Honeycomb converted the assigned note for 2,100,000 shares of Common Stock at $0.216 per share. | |
On May 4, 2011, Blue Diamond assigned $453,600 of its debt to Legend International, LLC (“Legend”) and Legend converted the assigned note for 2,100,000 shares of Common Stock at $0.216 per share. | |
On May 4, 2011, Blue Diamond converted the principal balance of its note of $2,049,037.52 for 9,486,285 shares of Common Stock at $0.216 per share. | |
On April 25, 2011, the Board approved the conversion of $47,520 of debt due to Blue Diamond Investments for 220,000 shares of our common stock at $0.216 per share. | |
Conversion price was equal to fair market value of common share on the date of conversion, except for the conversion of shares on November 1, 2012, which were converted below fair value. For the nine months ended April 30, 2013, the Company recorded a loss on extinguishment of debt in the amount of $329,280 in connection with the conversion. | |
On September 17, 2009, the Company’s Board of Directors declared a three-for-one forward stock split of the Company’s common stock that was affected in the form of a stock dividend. A three-for-one forward split in our common stock was effective October 19, 2009. The Certificate of Change filed with the Nevada Secretary of State on September 18, 2009, providing for the forward split, changed the number of shares of our outstanding common stock from 115,000,000 to 345,000,000, and the number of shares of our authorized common stock increased in the same ratio, from 250,000,000 to 750,000,000. | |
Effective April 26, 2011, the Company filed with SOSN a Certificate of Change that affected a 1:300 reverse split in the Company’s outstanding common stock and a reduction of our authorized common stock in the same 1:300 ratio, from 750,000,000 shares to 2,500,000 shares. | |
See Note 6 “Net Loss Per Common Share,” for the impact on the Company’s loss per share amounts as a result of the 2011 reverse stock split. This reverse stock split on January 18, 2013, resulted in the reduction of approximately 97,909,000 shares of common stock and was accounted for by the transfer of $97,909 from common stock to additional paid-in-capital which is the amount equal to the par value of the reduction of shares to affect the reverse stock split. |
Note_6_Net_Loss_Per_Common_Sha
Note 6. Net Loss Per Common Share | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2013 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Note 6. Net Loss Per Common Share | ' | ||||||||||||||||||||||||
Note 6. Net Loss Per Common Share | |||||||||||||||||||||||||
Loss per share is computed based on the weighted average number of shares outstanding during the year. Diluted loss per common share is computed by dividing net loss by the weighted average number of common shares and potential common shares during the specified periods. The Company has no outstanding options, warrants or other convertible instruments that could affect the calculated number of shares. | |||||||||||||||||||||||||
The following table sets forth the reconciliation of the basic and diluted net loss per common share computations for the years ended July 31, 2013 and 2012. | |||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||
31-Jul-13 | 31-Jul-12 | ||||||||||||||||||||||||
Income | Shares | Per-Share | Income | Shares | Per-Share | ||||||||||||||||||||
(Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | ||||||||||||||||||||
Net Income (Loss) | $ | (1,057,142 | ) | $ | (137,472 | ) | |||||||||||||||||||
Basic EPS | (1,057,142 | ) | 7,862,053 | (0.13 | ) | (137,472 | ) | 648,369 | (0.21 | ) | |||||||||||||||
Effect of dilutive securities | — | — | |||||||||||||||||||||||
Diluted EPS | $ | (1,057,142 | ) | 7,862,053 | (0.13 | ) | $ | (137,472 | ) | 648,369 | (0.21 | ) | |||||||||||||
Due to the Common Stock split, net loss per common share for the year ended July 31, 2012 has been revised. The amounts previously reported for the year ended July 31, 2012 were as follows: | |||||||||||||||||||||||||
Weighted shares outstanding, basic and diluted | 99,907,316 | ||||||||||||||||||||||||
Basic and diluted loss per common share | $ | (0.00 | ) | ||||||||||||||||||||||
Note_7_Related_Party_Transacti
Note 7. Related Party Transactions | 12 Months Ended |
Jul. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Note 7. Related Party Transactions | ' |
Note 7. Related Party Transactions | |
On December 15, 2010, the Company issued a non-interest bearing, due on demand, promissory note to Mehboob Charania, (former chief executive and principal financial officer) for which it has received advances of $173,600 and repaid $0. The related party transaction amounts are reported as current due to the relationship. |
Note_8_Advances
Note 8. Advances | 12 Months Ended |
Jul. 31, 2013 | |
Payables and Accruals [Abstract] | ' |
Note 8. Advances | ' |
Note 8. Advances | |
The Company's principal financing source in the last two fiscal years had been from its former parent, Terra. On October 2, 2012, the Company’s entire debt to Terra was assigned to Frontline Asset Management, Inc. (“Frontline”). At July 31, 2013 and July 31, 2012, the Company owed Terra $0 and $708,602, respectively. | |
During the fiscal year ended July 31, 2013 and 2012, the Company received advances from Terra totaling $0 and $81,758, respectively; and made payments totaling $0 and $22,983 (all in the form of reimbursement for one leased employee), respectively. | |
On October 2, 2012, Frontline obtained the receivable from Terra in the amount of $708,602. On November 1, 2012, $493,920 was converted into Common Shares, leaving a balance due to Frontline of $214,682. At July 31, 2013 and July 31, 2012, the Company owed Frontline $326,852 and $0, respectively. | |
As were the terms with Terra, the assigned debt to Frontline continues to be, as does any subsequent debt we incur, interest free. No term has been set for repayment and no payment is expected until the Company has begun to become a profitable venture. |
Note_9_Income_Taxes
Note 9. Income Taxes | 12 Months Ended |
Jul. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Note 9. Income Taxes | ' |
Note 9. Income Taxes | |
At July 31, 2013, the Company has deferred tax assets as a result of the net operating losses incurred from inception. The resulting deferred tax assets are reduced by a valuation allowance as discussed in Note 1, equal to the deferred tax asset as it is unlikely, based on current circumstances, that the Company will ever realize a tax benefit. Deferred tax assets and the corresponding valuation allowances amounted to approximately $2 million and $1.8 million at July 31, 2013 and July 31, 2012, respectively. The statutory tax rate is 35% and the effective tax rate is zero. | |
Under current tax laws, the cumulative operating losses incurred amounting to approximately $7.1 million and $6.7 million at July 31, 2013 and July 31, 2012 respectively, will begin to expire in 2024. | |
Section 382 of the U.S. Internal Revenue Code imposes an annual limitation on loss carry-forwards to offset taxable income when an ownership change occurs. The Company meets the definition of an ownership change and some of the net operating loss carry-forwards will be limited. |
Note_10_Commitments_and_Contin
Note 10. Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Note 10. Commitments and Contingencies | ' |
Note 10. Commitments and Contingencies | |
The Company entered into a month to month lease agreement with Li-ion Motors Corp. for 5,000 square feet within Li-ion Motors’ Mooresville facility on April 16, 2008, at the rate of $3,038. Approximately 80% of this space had been converted into offices and a battery development workshop including a dry room. However, on May 31, 2012, Li-ion Motors closed the facility and terminated the Company’s lease. | |
Rent expense for the years ended July 31, 2013 and 2012, was $-0- and $32,083, respectively. |
Note_2_Summary_of_Significant_1
Note 2. Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Jul. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Use of Estimates | ' | ||||
Use of Estimates | |||||
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates and judgments, including those related to revenue recognition, inventories, adequacy of allowances for doubtful accounts, valuation of long-lived assets and goodwill, income taxes, litigation and warranties. The Company bases its estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. The policies discussed below are considered by management to be critical to an understanding of the Company’s financial statements. These estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results may differ from those estimates. | |||||
Property and Equipment | ' | ||||
Property and Equipment | |||||
Property and equipment are recorded at cost. Depreciation of property and equipment are accounted for by accelerated methods over the following estimated useful lives: | |||||
Lives | |||||
Furniture and Fixtures | 10 years | ||||
Software | 3-5 years | ||||
Computers | 5 years | ||||
Evaluation of Long-Lived Assets | ' | ||||
Evaluation of Long-Lived Assets | |||||
The Company reviews property and equipment for potential impairment whenever significant events or changes in circumstances indicate the carrying value may not be recoverable in accordance with the guidance in ASC 360-15-35 “Impairment or Disposal of Long-Lived Assets”. An impairment exists when the carrying amount of the long-lived assets is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If an impairment exists, the resulting write-down would be the difference between the fair market value of the long-lived asset and the related net book value. The Company is looking for space to work and store equipment for both battery development and solar dish. | |||||
Advertising | ' | ||||
Advertising | |||||
Advertising costs are generally expensed and are included in selling, general and administrative expenses. Total advertising expenditures for the years ended July 31, 2013 and 2012, were approximately $2,250 and $3,165, respectively. | |||||
Research and Development | ' | ||||
Research and Development | |||||
The Company is currently a research and development (“R&D”) stage company and therefore the Board of Directors has not set a budget for R&D. However, all projects and purchases must be approved before being started or purchased. As of July 31, 2013 and 2012, there have been expenses allocated to research and development. For the years ending July 31, 2013 and 2012, R&D consisted of parts, salaries, and payroll taxes, which amounted to $4,820 and $10,812, respectively. | |||||
Net Loss Per Common Share | ' | ||||
Net Loss Per Common Share | |||||
Basic loss per common share is computed based on the weighted average number of shares outstanding during the year. Diluted earnings per common share is computed by dividing net earnings (loss) by the weighted average number of common shares and potential common shares during the specified periods. The Company has no outstanding options, warrants or other convertible instruments that could affect the calculated number of shares. | |||||
Income Taxes | ' | ||||
Income Taxes | |||||
Deferred income tax assets or liabilities are computed based on the temporary differences between the financial statement and income tax bases of assets and liabilities using the statutory marginal income tax rate in effect for the years in which the differences are expected to reverse. Deferred income tax expenses or credits are based on the changes in the deferred income tax assets or liabilities from period to period. A valuation allowance against deferred tax assets is required if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. | |||||
Effects of Recent Accounting Pronouncements | ' | ||||
Effects of Recent Accounting Pronouncements | |||||
FASB has codified a single source of U.S. Generally Accepted Accounting Principles, the Accounting Standards Codification™. Unless needed to clarify a point to readers, we will refrain from citing specific section references when discussing application of accounting principles or addressing new or pending accounting rule changes. There are no recently issued accounting standards that are expected to have a material effect on our financial condition, results of operations or cash flows. |
Note_2_Summary_of_Significant_2
Note 2. Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Jul. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Property Plant and Equipment Depreciation | ' | ||||
Lives | |||||
Furniture and Fixtures | 10 years | ||||
Software | 3-5 years | ||||
Computers | 5 years |
Note_3_Property_and_Equipment_
Note 3. Property and Equipment (Tables) | 12 Months Ended | ||||||||
Jul. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property Plant and Equipment | ' | ||||||||
July 31, | |||||||||
2013 | 2012 | ||||||||
Equipment | $ | 131,455 | $ | 131,455 | |||||
Less: Accumulated depreciation | (126,941 | ) | (107,491 | ) | |||||
Property and equipment, net | $ | 4,514 | $ | 23,964 |
Note_4_Accounts_Payable_and_Ac1
Note 4. Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Jul. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
July 31, | |||||||||
2013 | 2012 | ||||||||
Accounts payable | $ | 164,957 | $ | 110,856 | |||||
Wages, paid leave and payroll related taxes | 41,039 | 7,520 | |||||||
Other accrued expenses | 1,000 | 7,408 | |||||||
Total | $ | 206,996 | $ | 125,784 |
Note_6_Net_Loss_Per_Common_Sha1
Note 6. Net Loss Per Common Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jul. 31, 2013 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||
31-Jul-13 | 31-Jul-12 | ||||||||||||||||||||||||
Income | Shares | Per-Share | Income | Shares | Per-Share | ||||||||||||||||||||
(Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | ||||||||||||||||||||
Net Income (Loss) | $ | (1,057,142 | ) | $ | (137,472 | ) | |||||||||||||||||||
Basic EPS | (1,057,142 | ) | 7,862,053 | (0.13 | ) | (137,472 | ) | 648,369 | (0.21 | ) | |||||||||||||||
Effect of dilutive securities | — | — | |||||||||||||||||||||||
Diluted EPS | $ | (1,057,142 | ) | 7,862,053 | (0.13 | ) | $ | (137,472 | ) | 648,369 | (0.21 | ) | |||||||||||||
Due to the Common Stock split, net loss per common share for the year ended July 31, 2012 has been revised. The amounts previously reported for the year ended July 31, 2012 were as follows: | |||||||||||||||||||||||||
Weighted shares outstanding, basic and diluted | 99,907,316 | ||||||||||||||||||||||||
Basic and diluted loss per common share | $ | (0.00 | ) |
Note_1_Financial_Statement_Pre1
Note 1. Financial Statement Presentation (Details Narrative) (USD $) | 12 Months Ended | |
Jul. 31, 2013 | Apr. 16, 2008 | |
Accounting Policies [Abstract] | ' | ' |
License Revenue Expected | $1,500,000 | ' |
Assets Held for Sale Per Agreement | ' | 29,005 |
Working Capital Deficit | $595,278 | ' |
Note_2_Summary_of_Significant_3
Note 2. Summary of Significant Accounting Policies - Property Plant and Equipment Depreciation (Details) | 12 Months Ended |
Jul. 31, 2013 | |
Furniture and Fixtures | ' |
Estimated Useful Lives | 'P10Y |
Software | ' |
Estimated Useful Lives | 'P3Y |
Computers | ' |
Estimated Useful Lives | 'P5Y |
Note_2_Summary_of_Significant_4
Note 2. Summary of Significant Accounting Policies (Details Narrative) (USD $) | 12 Months Ended | 60 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
Accounting Policies [Abstract] | ' | ' | ' |
Advertising Expense | $2,250 | $3,165 | ' |
Research and Development | $4,820 | $10,812 | $454,132 |
Note_3_Property_and_Equipment_1
Note 3. Property and Equipment - Property Plant and Equipment (Details) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Property, Plant and Equipment [Abstract] | ' | ' |
Equipment | $131,455 | $131,455 |
Less: Accumulated depreciation | -126,941 | -107,491 |
Property and equipment, net | $4,514 | $23,964 |
Note_3_Property_and_Equipment_2
Note 3. Property and Equipment (Details Narrative) (USD $) | 12 Months Ended | 60 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation Expense | ($19,450) | ($10,124) | ($122,766) |
Note_4_Accounts_Payable_and_Ac2
Note 4. Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Payables and Accruals [Abstract] | ' | ' |
Accounts payable | $164,957 | $110,856 |
Wages, paid leave and payroll related taxes | 41,039 | 7,520 |
Other accrued expenses | 1,000 | 7,408 |
Total | $206,996 | $125,784 |
Note_5_Common_Stock_Details_Na
Note 5. Common Stock (Details Narrative) (USD $) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Apr. 30, 2013 | Jul. 31, 2013 | Jul. 31, 2011 | Jan. 18, 2013 | Jan. 17, 2013 | Nov. 01, 2012 | Oct. 09, 2012 | Jul. 31, 2012 | Jun. 11, 2011 | Apr. 26, 2011 | Apr. 25, 2011 | Sep. 18, 2009 | Sep. 17, 2009 | Jun. 11, 2012 | 4-May-11 | Jun. 11, 2012 | 4-May-11 | Jun. 11, 2012 | 4-May-11 | Jun. 11, 2012 | 4-May-11 | Jun. 11, 2012 | 4-May-11 | Jun. 11, 2012 | 4-May-11 | Jun. 11, 2012 | 4-May-11 | Apr. 26, 2012 | Apr. 26, 2012 | 4-May-11 | Apr. 25, 2011 | |
custom:EurolinkMember | custom:EurolinkMember | custom:HeritageMember | custom:HeritageMember | custom:KisumuMember | custom:KisumuMember | custom:StarglowMember | custom:StarglowMember | custom:DominoMember | custom:DominoMember | custom:HoneycombMember | custom:HoneycombMember | custom:LegendMember | custom:LegendMember | custom:FrontlineMember | custom:WindsorMember | custom:BlueDiamondMember | custom:BlueDiamondMember | ||||||||||||||
Reverse Stock Split Ratio | ' | 150 | 1,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | 10,000,000 | ' | 10,000,000 | 500,000,000 | ' | ' | 10,000,000 | 100 | 2,500,000 | 750,000,000 | 750,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Debt, Amount | ' | ' | ' | ' | ' | $493,920 | $493,920 | ' | ' | ' | ' | ' | ' | $86,155 | $216,000 | $86,155 | $216,000 | $86,155 | $216,000 | $172,310 | $216,000 | $624,850 | $453,600 | $170,496 | $453,600 | $134,220 | $453,600 | $112,500 | $63,000 | $2,049,037 | $47,520 |
Convertible Debt, Shares | ' | ' | ' | ' | 7,840,575 | ' | ' | ' | ' | ' | ' | ' | ' | 4,750,000 | 1,000,000 | 4,750,000 | 1,000,000 | 4,750,000 | 1,000,000 | 9,500,000 | 1,000,000 | 34,450,000 | 2,100,000 | 9,400,000 | 2,100,000 | 7,400,000 | 2,100,000 | 1,650,000 | 2,100,000 | 9,486,285 | 220,000 |
Convertible Debt, Conversion Price | ' | ' | ' | ' | ' | ' | $0.18 | ' | ' | ' | ' | ' | ' | $0.02 | $0.22 | $0.02 | $0.22 | $0.02 | $0.22 | $0.02 | $0.22 | $0.02 | $0.22 | $0.02 | $0.22 | $0.02 | $0.22 | $0.03 | $0.03 | $0.22 | $0.22 |
Loss on Extinguishment of Debt | 329,280 | 956,480 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | 10,000,000 | ' | ' | ' | ' | ' | 10,000,000 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Outstanding | ' | 9,838,721 | ' | ' | ' | ' | ' | 1,998,163 | ' | ' | ' | 345,000,000 | 115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse Stock Split, Impact on Shares | ' | 97,909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse Stock Split, Paid in Capital | ' | $97,909 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_6_Net_Loss_Per_Common_Sha2
Note 6. Net Loss Per Common Share - Earnings Per Share, Basic and Diluted (Details) (USD $) | 12 Months Ended | 60 Months Ended | ||||
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 | Jul. 31, 2010 | Jul. 31, 2009 | Jul. 31, 2013 | |
Net Income (Loss) | ($1,057,142) | ($137,472) | ($474,647) | ($796,949) | ($898,447) | ($3,364,657) |
Basic loss per common share | -1,057,142 | -137,472 | ' | ' | ' | ' |
Basic loss per common share, Shares | 7,862,053 | 648,369 | ' | ' | ' | ' |
Basic loss per common share, Per Share | ($0.13) | ($0.21) | ' | ' | ' | ' |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' |
Diluted loss per common share | ($1,057,142) | ($137,472) | ' | ' | ' | ' |
Diluted loss per common share, Shares | 7,862,053 | 648,369 | ' | ' | ' | ' |
Diluted loss per common share, Per Share | ($0.13) | ($0.21) | ' | ' | ' | ' |
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' |
Basic loss per common share, Shares | ' | 99,907,316 | ' | ' | ' | ' |
Basic loss per common share, Per Share | ' | $0 | ' | ' | ' | ' |
Note_7_Related_Party_Transacti1
Note 7. Related Party Transactions (Details Narrative) (USD $) | 12 Months Ended | 60 Months Ended | |||
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 | Jul. 31, 2013 | Dec. 15, 2010 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' |
Accounts Payable, Related Party | ' | ' | ' | ' | $173,600 |
Repayment of Related Party Debt | ' | ' | $0 | $1,114,553 | ' |
Note_8_Advances_Details_Narrat
Note 8. Advances (Details Narrative) (USD $) | Jul. 31, 2013 | Nov. 01, 2012 | Oct. 09, 2012 | Oct. 02, 2012 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Apr. 26, 2012 |
TerraMember | TerraMember | custom:FrontlineMember | custom:FrontlineMember | custom:FrontlineMember | ||||||
Accounts Payable | $0 | $214,682 | ' | $708,602 | $708,602 | ' | ' | $326,852 | $0 | ' |
Increase Decrease in Notes Payable, Current | ' | ' | ' | ' | ' | 0 | 81,758 | ' | ' | ' |
Repayments of Notes Payable | ' | ' | ' | ' | ' | 0 | 22,983 | ' | ' | ' |
Convertible Debt | ' | $493,920 | $493,920 | ' | ' | ' | ' | ' | ' | $112,500 |
Note_9_Income_Taxes_Details_Na
Note 9. Income Taxes (Details Narrative) (USD $) | 12 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Deferred Tax Assets | $2,000,000 | $1,800,000 |
Statutory Income Tax Rate | 35.00% | ' |
Deferred Tax Assets Operating Loss Carryforwards | $7,100,000 | $6,700,000 |
Note_10_Commitments_and_Contin1
Note 10. Commitments and Contingencies (Details Narrative) (USD $) | 12 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Rental Payments | $3,038 | ' |
Rent Expense | ' | $32,083 |