Significant Accounting Policies (Policy) | 12 Months Ended |
Jul. 31, 2014 |
Significant Accounting Policies [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation |
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The Company's financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). |
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Use of estimates | ' |
Use of estimates |
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The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. |
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Cash equivalents | ' |
Cash equivalents |
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The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. |
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Accounts Receivable | ' |
Accounts Receivable |
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The Company has established an allowance for doubtful accounts based on customer history and payment patterns. |
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Fair value of financial instruments | ' |
Fair value of financial instruments |
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The Company follows ASC 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and ASC 820-10-35-37 of the FASB Accounting Standards Codification ("ASC 820-10-35-37") to measure the fair value of its financial instruments. ASC 820-10-35-37 established a framework for measuring fair value (U.S. GAAP), and expanded disclosure requirements about fair value measurements. To increase consistency and comparability in fair value measurement and related disclosures, ASC 820-10-35-37 established a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. |
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The three (3) levels of fair value hierarchy defined by ASC 820-10-35-37 are described below: |
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Level 1 |
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Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. |
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Level 2 |
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Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. |
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Level 3 |
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Pricing inputs that are generally unobservable inputs and not corroborated by market data. |
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Concentrations | ' |
Concentrations |
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The Company has an exclusive technology arrangement to license and operate an oxygenated and PH balanced water bottling system in the territory of Singapore. It is committed under that license agreement to begin bottling water by December 31, 2013. The Company has entered into an agreement with a third party, Lumut Technologies, LTD., to develop and operate the bottling plant. This has created concentrations in location and customer base. |
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Accounts receivable has a concentration in one customer. This customer has a poor payment history and a large overdue account balance. |
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Amortization | ' |
Amortization |
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Capitalized license rights as described in Note 1 are being amortized over a ten year period beginning August 15, 2012. |
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Income taxes | ' |
Income taxes |
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The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date. |
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The Company adopted section 740-10-25 of the FASB Accounting Standards Codification ("Section 740-10-25"). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Registrant may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Registrant had no liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. |
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Net income (loss) per common share | ' |
Net income (loss) per common share |
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Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. |
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Recently issued accounting standards | ' |
Recently issued accounting standards |
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Management does not believe that any recently issued accounting pronouncements, whether effective or not if adopted, would have a material effect on the accompanying financial statements. |
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Revenue Recognition | ' |
Revenue Recognition |
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Revenue is derived from licensing agreements. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the contract amount is fixed or determinable, and collectability is probable. |