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EXCEL - IDEA: XBRL DOCUMENT - LIBERTY ENERGY CORP.Financial_Report.xls
XML - IDEA: XBRL DOCUMENT - LIBERTY ENERGY CORP.R9.htm
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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
10-K - LBYE 10-K 07/31/12 - LIBERTY ENERGY CORP.lbye10k_073112apg2.htm
XML - IDEA: XBRL DOCUMENT - LIBERTY ENERGY CORP.R4.htm
EX-31.1 - EXHIBIT 31.1 - LIBERTY ENERGY CORP.ex31_1apg.htm
v2.4.0.6
NOTE 7 - CONVERTIBLE NOTES PAYABLE
12 Months Ended
Jul. 31, 2012
Debt Disclosure [Abstract]  
NOTE 7 - CONVERTIBLE NOTES PAYABLE

NOTE 7 – CONVERTIBLE NOTES PAYABLE

 

On May 23, 2012, the Company entered into a Securities Purchase Agreement with Asher Enterprises Inc. Pursuant to the Agreement, Asher Enterprises has agreed to purchase an 8% convertible note in the aggregate principal amount of $42,500. $40,000 was funded to the Company with the remaining $2,500 recorded as legal expenses charged by Asher’s legal counsel. This convertible note together with any unpaid accrued interest is convertible into shares of common stock at the holder’s option 180 days from inception at a variable conversion price calculated as 58% of the market price which means the average of the lowest three trading prices during the ten trading day period ending on the latest complete trading day prior to the conversion date with no floor stated in the conversion feature. The convertible note, issued on May 23, 2012, is due on February 25, 2013 at an interest rate of 8% per annum. The Company will analyze whether the variable conversion price results in need of bifurcation of the conversion feature into a separate derivative liability valued at fair market value on the date the contingency of the conversion feature is settled which is 180 days from inception of the note.

 

On July 12, 2012, the Company entered into a Securities Purchase Agreement with Asher Enterprises Inc. Pursuant to the Agreement, Asher Enterprises has agreed to purchase an 8% convertible note in the aggregate principal amount of $32,500, .$30,000 was funded to the Company with the remaining $2,500 recorded as legal expenses charged by Asher’s legal counsel. This convertible note together with any unpaid accrued interest is convertible into shares of common stock at the holder’s option 180 days from inception at a variable conversion price calculated as 58% of the market price which means the average of the lowest three trading prices during the ten trading day period ending on the latest complete trading day prior to the conversion date with no floor stated in the conversion feature. The convertible note, issued on July 12, 2012, is due on April 16, 2013 at an interest rate of 8% per annum. The Company will analyze whether the variable conversion price results in need of bifurcation of the conversion feature into a separate derivative liability valued at fair market value on the date the contingency of the conversion feature is settled which is 180 days from inception of the note.