4. Notes payable | 9 Months Ended |
Apr. 30, 2015 |
Notes Payable [Abstract] | |
Notes payable | During November 2009, the Company issued a convertible promissory note to an unrelated third party in exchange for $25,000. The note bears interest at 8% and the principal and accrued interest is convertible, at the option of the holder, into non-restricted common stock in an amount equal to the total sum due, based on a mutually agreed discount (not to exceed 50%) to the then market price. The original maturity date on this note was May 31, 2010. The holder has extended the note to July 31, 2015. |
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During February 2010, the Company issued a convertible promissory note to an unrelated third party in exchange for $25,000. The note bears interest at 8% and the principal and accrued interest is convertible, at the option of the holder, into non-restricted common stock in an amount equal to the total sum due, based on a mutually agreed discount (not to exceed 50%) to the then market price. The original maturity date on this note was July 31, 2010. The holder has extended the note to July 31, 2015. |
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During October 2011, the Company issued a convertible promissory note to an unrelated party in exchange for $15,000. The note bears interest at 10% and the principal and accrued interest is convertible into common shares at $.07 per share upon the election of the holder. The original maturity date on this note was April 25, 2012. The holder has extended the note to July 31, 2015. |
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During November 2011, the Company issued a convertible promissory note to an unrelated party in exchange for $2,087 of principal and accrued interest on a due promissory note. The terms of the new note match those of the note being replaced. The note bears interest at 10% and the principal and accrued interest is convertible into common shares at $.07 per share upon the election of the holder, as did the notes being replaced. The original maturity date on this note was April 30, 2012. The holder has extended the note to July 31, 2015. |
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During March 2012, the Company issued a convertible promissory note to an unrelated party to replace a note due, including accrued interest, of $15,750. The terms of the new note match those of the note being replaced. The note bears interest at 10% and the principal and accrued interest is convertible into common shares at $.07 per share upon the election of the holder. The original maturity date on this note was August 31, 2012. The holder has extended the note to July 31, 2015. |
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During March 2012, the Company issued a convertible promissory note to an unrelated party in exchange for $2,150. The note bears interest at 10% and the principal and accrued interest is convertible into common shares at $.07 per share upon the election of the holder. The original maturity date on this note was September 12, 2012. The holder has extended the note to July 31, 2015. |
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During April 2012, the Company issued convertible promissory notes to four unrelated parties in exchange for a total of $12,000. The notes bear interest at 10% and the principal and accrued interest is convertible into common shares at $.04 per share upon the election of the holder of each note. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $4,750, $3,158 of which was amortized in the fiscal year ended July 31, 2012 and $1,592 amortized in the fiscal year ended July 31, 2013. The original maturity date on these notes was September 30, 2012. The holders have extended the notes to July 31, 2015. |
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During July 2012, the Company issued a convertible promissory note to an unrelated party in exchange for $15,000. The note bears interest at 10% and the principal and accrued interest is convertible into common shares at $.01 per share upon the election of the holder. The original maturity date on this note was January 31, 2013. The holder has extended the note July 31, 2015. |
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During October 2012, the Company issued convertible promissory notes to five unrelated parties in exchange for a total of $7,500. The notes bear interest at 10% and the principal and accrued interest is convertible into common shares at $.01 per share upon the election of the holder of each note. The original maturity date on these notes was March 31, 2013. The holders have extended the notes to July 31, 2015. |
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During January 2013, the Company issued three promissory notes to one unrelated party for a total of $12,500. The notes bear interest at 10% and the principal and accrued interest is convertible into common shares at $.01 per share upon the election of the holder of each note. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $12,500, all of which was amortized in the fiscal year ended July 31, 2013. The original maturity date on these notes was July 31, 2013. The holder has extended the notes to July 31, 2015. |
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During June 2013, the Company issued convertible promissory notes to three unrelated parties in exchange for a total of $8,500. The notes bear interest at 10% and the principal and accrued interest is convertible into common shares at $.01 per share upon the election of the holder of each note. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $8,500, $2,558 of which was amortized in the fiscal year ended July 31, 2013 and $5,942 amortized in the fiscal year ended July 31, 2014. The original maturity date on these notes was November 30, 2013. The holders have extended the notes to July 31, 2015. |
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During June 2013, the Company issued a convertible promissory note to an unrelated party valued at $3,550 as compensation for consulting services. The note bears interest at 10% and the principal and accrued interest is convertible into common shares at $.01 per share upon the election of the holder. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $3,550, $848 of which was amortized in the fiscal year ended July 31, 2013 and $2,702 was amortized in the fiscal year ended July 31, 2014. The original maturity date on this note was December 31, 2013. The holder has extended the note to July 31, 2015. |
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During September 2013, the Company issued one promissory note to one unrelated party for a total of $3,000. The note bears interest at 10% and the principal and accrued interest is convertible into common shares at $.01 per share upon the election of the holder. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $3,000, all of which was amortized in the fiscal year ended July 31, 2014. The original maturity date on this note was February 28, 2014. The holder has extended the note to July 31, 2015. |
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During December 2013, the Company issued four promissory notes to four unrelated parties for a total of $8,000. The notes bear interest at 10% and the principal and accrued interest is convertible into common shares at $.01 per share upon the election of the holder of each note. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $8,000, all of which was amortized in the fiscal year ended July 31, 2014. The original maturity date on these notes was May 31, 2014. The holders have extended the notes to July 31, 2015. |
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During December 2013, the Company issued one promissory note to one unrelated party for a total of $5,000. The note bears interest at 10% and the principal and accrued interest is convertible into common shares at $.01 per share upon the election of the holder. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $5,000, all of which was amortized in the fiscal year ended July 31, 2014. The original maturity date on this note was June 30, 2014. The holder has extended the note to July 31, 2015. |
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During December 2013, the Company issued one promissory note to one unrelated party for a total of $2,000. The note bears interest at 10% and the principal and accrued interest is convertible into common shares at $.01 per share upon the election of the holder. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $2,000, all of which was amortized in the fiscal year ended July 31, 2014. The original maturity date on this note was June 30, 2014. The holder has not extended the note and the note is in default. |
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During January 2014, the Company issued two promissory notes to two unrelated party for a total of $4,000. The notes bear interest at 10% and the principal and accrued interest is convertible into common shares at $.01 per share upon the election of the holder of each note. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $4,000, all of which was amortized in the fiscal year ended July 31, 2014. The original maturity date on the notes was June 30, 2014. The holders have extended the notes to July 31, 2015. |
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During June 2014, the Company issued one promissory note to one unrelated party for $2,000. The note bears interest at 10% and the principal and accrued interest are convertible into common shares at $.01 per share. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $2,000, $659 of which was amortized in the fiscal year ended July 31, 2014 and the remainder amortized in the nine-month period ending April 30, 2015. The original maturity date on this note was November 30, 2014. The holder has extended the note to July 31, 2015. |
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In October 2014, the Company issued a convertible promissory note to an unrelated party in exchange for $40,000. The note bears interest at 8% and the principal and accrued interest are convertible into common shares at $.04 per share upon election of the holder. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $10,000, $6,737 of which was amortized in the nine-month period ended April 30, 2015. The original maturity date on this note is July 31, 2015. |
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In November 2014, the Company issued one convertible promissory note to an unrelated party in exchange for services valued at $4,000. The note bears interest at 10% and the principal and accrued interest are convertible into common shares at $.01 per share upon election of the holder. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $4,000, $2,647 of which was amortized in the nine-month period ended April 30, 2015. The original maturity date on this note is July 31, 2015. |
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In November 2014, the Company issued one convertible promissory note to an unrelated party in exchange for $20,000. The note bears interest at 8% and the principal and accrued interest are convertible into common shares at $.04 per share upon election of the holder. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $5,000, $3,203 of which was amortized in the nine-month period ended April 30, 2015. The original maturity date on this note is July 31, 2015. |
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In December 2014, the Company issued one convertible promissory note to an unrelated party in exchange for services value at $2,000. The note bears interest at 10% and the principal and accrued interest are convertible into common shares at $.01 per share upon election of the holder. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $2,000, $1,240 of which was amortized in the nine-month period ended April 30, 2015. The original maturity date on this note is July 31, 2015. |
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In December 2014, the Company issued one convertible promissory note to an unrelated party in exchange for $15,000. The note bears interest at 8% and the principal and accrued interest are convertible into common shares at $.04 share upon election of the holder. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $3,750, $2,171 of which was amortized in the nine-month period ended April 30, 2015. The original maturity date on this note is July 31, 2015. |
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In January 2015, the Company issued one convertible promissory note to an unrelated party in exchange services valued at $2,000. The note bears interest at 10% and the principal and accrued interest are convertible into common shares at $.01 per share upon election of the holder. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $2,000, $1,128 of which was amortized in the nine-month period ended April 30, 2015. The original maturity date on this note is July 31, 2015. |
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In January 2015, the Company issued one convertible promissory note to an unrelated party in exchange for services valued at $30,000. The note bears interest at 10% and the principal and accrued interest are convertible into common shares at $.10 per share upon election of the holder. The original maturity date on this note is July 31, 2015. |
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In March 2015, the Company issued one convertible promissory note to an unrelated party in exchange for $12,500. The note bears interest at 8% and the principal and accrued interest are convertible into common shares at $.04 share upon election of the holder. Based on the initial valuation of the beneficial conversion feature the Company has recorded a debt discount of $3,156, $923 of which was amortized in the nine-month period ended April 30, 2015. The original maturity date on this note is July 31, 2015. |
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