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v2.4.0.6
Note 8. Related Party Transactions
12 Months Ended
Jul. 31, 2012
Related Party Transactions Disclosure [Text Block]
Note 8. Related Party Transactions

On April 15, 2008, Blue Diamond, the controlling shareholder, assumed Li-ion Motors’ debt due from Sky Power which the Company converted the entire principal balance of $4,321,358 for 20,007,309 shares of common stock at a strike price of $0.216 per share with fractional shares rounded up during the year ended July 31, 2011.  Interest for the year ended July 31, 2012 and 2011, was $0 and $368,814, respectively. Interest due to Blue Diamond at July 31, 2012 and 2011, was $0 and $1,360,341, respectively, which is included in accounts payable and accrued expenses on the Company’s balance sheet. The related party transaction amount was reported as current due to the relationship and bared an interest rate of 10 % per annum.  On June 11, 2012, the Company converted its accrued interest with Blue Diamond in the amount of $1,360,341 for 75,000,000 shares of Common Stock at $0.018 per share.

On December 15, 2010, the Company issued a non-interest bearing, due on demand, promissory note to Mehboob Charania, (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.