XML 31 R14.htm IDEA: XBRL DOCUMENT v2.3.0.15
Promissory Notes
9 Months Ended
Aug. 31, 2011
Promissory Notes [Text Block]
     
9.

Promissory Notes

     
  a)

In February 2010, the Company received $50,000 from an investor and issued a promissory note dated as of March 1, 2010. The unpaid principal balance of the note bears interest at a rate equal to twelve percent (12%) per annum if repaid by the Company within ninety (90) days from the date of the note, or eighteen percent (18%) per annum if repaid at any time thereafter. The note matured on September 1, 2010. As of August 31, 2011, the Company has not repaid the note and has accrued interest of $8,650 which is recorded in accrued liabilities.

     
  b)

During the fiscal year ended November 30, 2010, the Company received advances of $12,327 from a consultant which is due on demand, and bears interest at 7% per annum. During the nine months ended August 31, 2011, the advances were forgiven by the consultant and the Company recognized a gain of $12,327.

     
  c)

During the nine months ended August 31, 2011, the Company received several advances totaling $315,000 from various investors and consultants, which are secured by promissory notes. These notes are due on demand and bear interest at rates from 8% to 10% per annum. Interest is due on the first of each month until demand of payment is made by the investor. As of August 31, 2011, the Company accrued interest of $4,906 which is recorded in accrued liabilities.