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v2.4.0.6
Note 9. Advances
12 Months Ended
Jul. 31, 2012
Other Liabilities Disclosure [Text Block]
Note 9. Advances

The Company's principal financing source in the last two fiscal years has been from its former parent, Li-ion Motors. At July 31, 2012 and 2011, the Company owed Li-ion Motors $708,602 and $762,327, respectively.  During the year ended July 31, 2012 and 2011, the Company received advances totaling $81,758 and $208,587, respectively; and made payments totaling $22,983 (all in the form of reimbursement for one leased employee) and $287,467 ($173,600 in cash and $113,867 in reimbursement for one leased employee), respectively.  The advances are interest free.  No term has been set for repayment and no payment is expected until the Company has begun to produce battery cells and has become a profitable venture.