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EXCEL - IDEA: XBRL DOCUMENT - Royal Energy Resources, Inc.Financial_Report.xls
10-Q - Royal Energy Resources, Inc.form10q.htm
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EX-31.1 - ROYAL ENERGY RESOURCES, INC. FORM 10-Q - Royal Energy Resources, Inc.ex31-1.htm
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EX-32.1 - ROYAL ENERGY RESOURCES, INC. FORM 10-Q - Royal Energy Resources, Inc.ex32-1.htm
v2.4.0.6
Convertible Note Payable
3 Months Ended
Nov. 30, 2012
Debt Disclosure [Abstract]  
Convertible Note Payable

3 CONVERTIBLE NOTE PAYABLE

 

The Company has a loan with an individual in the original amount of $140,000, with interest payable monthly at 15% and which was extended to January 1, 2010 and revised to be convertible into common stock at a conversion price to be reasonably agreed upon by the parties. On March 10, 2011, the Company issued 3,900,000 shares of its common stock to the note holder and the due date of the note with a balance of $80,000 was extended nine months, to December 10, 2011. The Company issued 21,000,000 shares of the Company’s common stock to a group of individuals who agreed to repay the balance of the $80,000 loan. The exchange of the shares is being accounted for as a stock subscription until the note is repaid. As of November 30, 2011 and August 31, 2012, $14,400 has been paid on the loan, leaving a balance of $65,600, which became past due at December 10, 2011.