Note 10: Convertible Debentures
"In February 2008, the Company issued an additional $310,000 in debentures"
"Subsequent to July 31, 2007, the Company issued an additional $300,000 in debentures. The series of convertible debentures has an interest rate of eight percent..."
"During the year ended July 31, 2007, the Company issued $1,665,360 of its six percent secured convertible debentures..."
"As a result of the June 2006 debenture issuance, the Company recorded $1,990,711 in five percent convertible debentures."
"Under the Security Agreement attached to the debentures issued in June 2006, all of the Company’s assets are pledged as collateral."
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