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EX-21 - SUBSIDIARIES OF ONCOLOGIX TECH, INC. - Oncologix Tech Inc.oncologix8312012exh21.htm
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EX-32.1 - CERTIFICATION - Oncologix Tech Inc.oncologix8312012exh321.htm
EX-31.1 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER - Oncologix Tech Inc.oncologix8312012exh311.htm
EX-32.2 - CERTIFICATION - Oncologix Tech Inc.oncologix8312012exh322.htm
v2.4.0.6
Notes Payable
12 Months Ended
Aug. 31, 2012
Debt Disclosure [Abstract]  
Notes Payable

NOTE 5 - NOTES PAYABLE

 

CONVERTIBLE NOTES PAYABLE:

 

Convertible notes payable consist of the following as of August 31, 2012 and August 31, 2011:

 

   August 31,  August 31,
   2012  2011
           
8.0% convertible notes due September 30, 2013  $125,000   $125,000 
           
6% convertible note converted October 6, 2011   —      25,000 
           
           
Total unsecured convertible notes payable   125,000    150,000 
Less:  Current portion   —      (150,000)
           
Long-term portion  $125,000   $—   

 

The following is a summary of future minimum payments on convertible notes payable as of August 31, 2012:

     Convertible 
Fiscal Year Ending August 31,    Notes Payable 
2013   $125,000 

 

During May and June 2007, we issued nine Convertible Promissory Notes in an aggregate principal amount of $700,000. All but one of these notes were converted in fiscal 2009. The remaining Convertible Promissory Note, in the principal amount of $125,000, was extended on January 28, 2010 initially to March 31, 2012 and then extended to September 30, 2013. In conjunction with the initial extension, the conversion price was reduced to $0.60. As of August 31, 2012, the Company has accrued interest in the amount of $42,576.

 

On December 29, 2009, the Company issued a 60-Day Convertible promissory note in the principal amount of $25,000 to a non-related accredited investor. This convertible note bore interest at 6% and was convertible into the Company’s common stock at $0.08 per share. The Company recognized a beneficial conversion feature in the amount of $12,500 in connection with the issuance of this note. This note has been extended several times and was due November 30, 2011. On October 5, 2011, the Company’s Board of Directors authorized the reduction of the per share conversion price of this note from $0.08 to $0.04. On October 6, 2011, the holder elected to convert the principal amount of the note plus accrued interest of $403 into 635,069 shares of the Company’s common stock. In accordance with the reduction of the conversion price, the Company recognized $25,402 in induced conversion expense

 

CONVERTIBLE RELATED PARTY NOTES PAYABLE:

 

   August 31,  August 31,
   2012  2011
           
6.0% convertible note due September 30, 2013 (1)  $235,025   $235,025 
           
           
Total unsecured related party convertible notes payable   235,025    235,025 
Less:  Current portion   —      (235,025)
           
Long-term portion  $235,025   $—   
           
(1)  Note payable to former CEO who resigned 4/1/09.          

 

On April 1, 2009, we issued to Ms. Lindstrom, our former Chief Executive Officer and current member of our subsidiary’s Board of Directors, a convertible promissory note in lieu of payment of $235,025 in accrued salary owed to Ms. Lindstrom. This note accrues interest at a rate of 6% per annum and was originally due on March 31, 2012. The note is convertible into shares of the Company’s common stock at a rate of $0.20 per common share. Ms. Lindstrom signed an abstention to convert this note until June 01, 2011. On March 16, 2012, Ms. Lindstrom agreed to extend the due date of the note to September 30, 2013. There was no beneficial conversion feature recognized upon the issuance of this note. As of August 31, 2012, the Company has accrued interest in the amount of $48,216.

 

On October 6, 2011, the Company issued a convertible promissory note in principal amount of $70,000 to its President, Anthony Silverman, who is also a member of the Board of Directors. This note was issued as payment in full of the principal and accrued interest of three outstanding promissory notes in that aggregate amount. The newly issued convertible promissory note bore interest at 6% per annum and was convertible into the Company's common stock at $0.04 per share. On the same date, Mr. Silverman elected to convert this note plus accrued interest of $1,128 into 1,778,193 shares of the Company’s Common Stock. The company recognized a $70,000 loss upon the conversion of this note as it was converted at below market value.

 

On October 7, 2011, the Company issued a 90-day convertible promissory note in the principal amount of $10,000 to our President, Anthony Silverman, who is also a member of the Board of Directors. This note, which was issued for operating capital, bore interest at 6% per annum and was convertible into the Company’s common stock at $0.04 per share. The Company recognized a $10,000 beneficial conversion feature upon the issuance of this note. During the fiscal year ended August 31, 2012, $10,000 was expensed as interest and finance charges as a result of amortizing the discount from the beneficial conversion feature. This note was extended 90 days to April 4, 2012. On January 26, 2012 this note was paid off together with accrued interest of $182.

 

On December 26, 2011, the Company issued a 90-day convertible promissory note in the principal amount of $10,000 to our President, Anthony Silverman, who is also a member of the Board of Directors. This note, which was issued for operating capital, bore interest at 6% per annum and was convertible into the Company’s common stock at $0.04 per share. The Company did not recognized any beneficial conversion feature upon the issuance of this note. This note was extended 90 days to April 4, 2012. On January 26, 2012 this note was paid off together with accrued interest of $51.

 

On August 23, 2012, the Company issued a convertible promissory note in principal amount of $45,000 to its President, Anthony Silverman, who is also a member of the Board of Directors. This note was issued as payment in full of the principal and accrued interest of three outstanding promissory notes in that aggregate amount. The newly issued convertible promissory note bore interest at 6% per annum and was convertible into the Company's common stock at $0.04 per share. On August 24, 2012, Mr. Silverman elected to convert this note plus accrued interest of $524 into 2,276,182 shares of the Company’s Common Stock. The company recognized a $22,758 loss upon the conversion of this note.

 

RELATED PARTY NOTES PAYABLE:

 

   August 31,  August 31,
   2012  2011
6.00% note payable paid off October 6, 2011 (1)  $—     $25,000 
6.00% note payable paid off October 6, 2011 (1)   —      25,000 
6.00% note payable paid off October 6, 2011 (1)   —      20,000 
         —   
           
Outstanding unsecured related party notes payable  $—     $70,000 
           
(1)  Note payable to Anthony Silverman, the Company's President and CEO.    

 

On September 11, 2009, the Company issued a 90-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $25,000. The note bore an interest rate of 6%. This note has been subsequently extended to July 6, 2011. On February 1, 2011, the Company paid accrued interest of $2,084 to Mr. Silverman. This note was paid off on October 6, 2011. This note was paid off with the issuance of a $70,000 convertible promissory note to Mr. Silverman.

 

On February 22, 2010, the Company issued a 60-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $25,000. The note bore an interest rate of 6%. This note has been subsequently extended to July 17, 2011. On February 1, 2011, the Company paid accrued interest of $1,410 to Mr. Silverman. This note was paid off on October 6, 2011. This note was paid off with the issuance of a $70,000 convertible promissory note to Mr. Silverman.

 

On December 16, 2010, the Company issued a 30-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $20,000. The note bore an interest rate of 6%. This note has been subsequently extended to July 14, 2011. On February 1, 2011, the Company paid accrued interest of $151 to Mr. Silverman. This note was paid off on October 6, 2011. This note was paid off with the issuance of a $70,000 convertible promissory note to Mr. Silverman.

 

On January 20, 2011, the Company issued a 30-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $20,000. The note bore an interest rate of 6%. This note was repaid on February 19, 2011 along with $26 in accrued interest.

 

On April 26, 2011, the Company issued a 30-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $10,000. The note bore an interest rate of 6%. This note was repaid on July 11, 2011 along with $125 in accrued interest.

 

On May 26, 2011, the Company issued a 60-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $10,000. The note bore an interest rate of 6%. This note was repaid on July 11, 2011 along with $76 in accrued interest.

 

On June 15, 2011, the Company issued a 30-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $15,000. The note bore an interest rate of 6%. This note was repaid on July 11, 2011 along with accrued interest.

 

On March 26, 2012, the Company issued a 60-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $10,000. The note bore an interest rate of 6%. This note was extended to August 23, 2012. This note was paid off with the issuance of a $45,000 convertible promissory note to Mr. Silverman.

 

On May 26, 2012, the Company issued a 90-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $10,000. The note bore an interest rate of 6%. This note was paid off with the issuance of a $45,000 convertible promissory note to Mr. Silverman.

 

On June 30, 2012, the Company issued a 60-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $5,000. The note bore an interest rate of 6%. This note was paid off with the issuance of a $45,000 convertible promissory note to Mr. Silverman.

 

On July 16, 2012, the Company issued a 60-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $10,000. The note bore an interest rate of 6%. This note was paid off with the issuance of a $45,000 convertible promissory note to Mr. Silverman.

 

On August 13, 2012, the Company issued a 60-Day promissory note to Anthony Silverman, its President and CEO, in the principal amount of $10,000. The note bore an interest rate of 6%. This note was paid off with the issuance of a $45,000 convertible promissory note to Mr. Silverman.

 

OTHER NOTES PAYABLE:

 

On October 31, 2010, the Company entered into a note payable agreement to finance $8,078 of directors and officer’s insurance premiums. The note bore an interest rate of 9.99% per annum and is due in nine monthly installments of $935, including principal and interest, beginning on November 30, 2010. This note was paid in full on July 31, 2011.

 

On October 31, 2011, the Company entered into a note payable agreement to finance $8,078 of directors and officer’s insurance premiums. The note bore an interest rate of 8.99% per annum and is due in nine monthly installments of $932, including principal and interest, beginning on November 30, 2011. This note was paid in full on July 31, 2012.