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EXCEL - IDEA: XBRL DOCUMENT - LIBERTY ENERGY CORP.Financial_Report.xls
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EX-31.2 - EXHIBIT 31.2 - LIBERTY ENERGY CORP.ex31_2apg.htm
EX-32.1 - EXHIBIT 32.1 - LIBERTY ENERGY CORP.ex32_1apg.htm
EX-32.2 - EXHIBIT 32.2 - LIBERTY ENERGY CORP.ex32_2apg.htm
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v2.4.0.6
NOTE 6 - RELATED PARTY TRANSACTIONS
12 Months Ended
Jul. 31, 2012
Related Party Transactions [Abstract]  
NOTE 6 - RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

 

On October 27, 2011, Management agreed to forgive debt outstanding to Ian A. Spowart totalling $25,000, which has been recorded as contributed capital.

 

Our Company has entered into Consulting Agreements with Daniel Martinez-Atkinson and Ian Spowart on an ongoing basis, dated the 12th day of February, 2010, whereby the Company has agreed to retain Daniel Martinez-Atkinson to the position of Chief Financial Officer and Ian Spowart to the position of Chief Executive Officer of our Company. The agreements may be terminated with 30 days notice. As compensation, the agreements provide for monthly payments of US$5,000 to Daniel Martinez-Atkinson and US$6,500 to Ian Spowart. On July 1, 2011 the directors thought it to be in the best interest of the Company to enter into an Amended Consulting Agreement with Daniel Martinez-Atkinson to increase the consulting fee to $5,500 from July 1, 2011. On June 1, 2012 the directors thought it to be in the best interest of the Company to enter into an Amended Consulting Agreement with Ian Spowart to decrease the consulting fee to $3,500 from June 1, 2012.

 

Daniel Martinez-Atkinson and Ian A. Spowart, the officers and directors of the Company may, in the future, become involved in other business opportunities as they become available, thus they may face a conflict in selecting between the Company and their other business opportunities. The Company has not formulated a policy for the resolution of such conflicts.