Notes payable	3 Months Ended
Oct. 31, 2012
Notes Payable {1}
Notes payable	3.Notes Payable a)In April 2011, the Company issued a $17,500 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at October 31, 2012, the Company recorded accrued interest of $2,752 which has been recorded as accrued liabilities. b)From July 2011 to February 2012, the Company issued $70,000 of notes payable to a non-related party. Under the terms of the notes, the amounts are unsecured, due interest at 10% per annum, and due on demand. As at October 31, 2012, the Company recorded accrued interest of $6,770 which has been recorded as accrued liabilities.

Notes payable

3 Months Ended

Oct. 31, 2012

3.Notes Payable

a)In April 2011, the Company issued a $17,500 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at October 31, 2012, the Company recorded accrued interest of $2,752 which has been recorded as accrued liabilities.

b)From July 2011 to February 2012, the Company issued $70,000 of notes payable to a non-related party. Under the terms of the notes, the amounts are unsecured, due interest at 10% per annum, and due on demand. As at October 31, 2012, the Company recorded accrued interest of $6,770 which has been recorded as accrued liabilities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

NEW YORK TUTOR Co 10-Q