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Related Party Transactions
 12 Months Ended
Jul. 31, 2013
Related Party Transactions  
Note 7 - RELATED PARTY TRANSACTIONS

On the date of our inception, we issued 20 million shares of our common stock to our three officers and directors which were recorded at no value (offsetting increases and decreases in Common Stock and Additional Paid in Capital).

 

For the period from inception (July 21, 2009) through July 31, 2013 certain shareholders made cash contributions and paid expenses on behalf of the company totaling $73,261.  Of this amount, the Company has reimbursed $61,261, leaving $12,000 still owed.  In May, 2013, this amount was reduced to zero as a result of a violation of Section 16b of the Securities Exchange Act of 1934 by the contributing shareholder (See Note 4 and below).

 

At July 31, 2013, we owed $140,000 to GreenEra, Ltd., a company in which our Chief Executive Officer and Director, Mr. Panagiotis Drakopoulos is a shareholders (see Note 6).

 

During the years ended July 31, 2013 and 2012, we imputed $7,754 and $3,729, respectively, on related-party debt, charging income with that amount and increasing Additional Paid in Capital.

 

At July 31, 2013, our Chairman and Principal Executive Officer, Mr. Panagiotis Drakopoulos, is owed $95,000 in unpaid salaries.

 

Additionally, we owe $22,500 and 76,592 to Messrs. Tolis and Mavrogiannis, our former Secretary/Director and Chief Financial Officer, respectively.

 

During February and May, 2013, a beneficial owner and former officer and director of the Company was involved in the purchase and sale of 725,000 shares of our common stock within a period of less than six months which is in violation of Section 16b of the Securities Exchange Act of 1934 (the “Exchange Act”).  The profit on these shares was $15,408.  Section 16b of the Exchange Act prohibits such beneficial owners from profiting on the sale of the securities.  Upon notification, the beneficial owner agreed to repay the profits in the form of a reduction in liabilities the Company owes to him.  We therefore reduced $12,000 of related-party advances owed to him to zero and reduced unpaid salaries due to him for the difference, or $3,408.  We increased Additional Paid in Capital for the entire $15,408.

 

We believe that all related party transactions were on terms at least as favorable as we would have secured in arm’s-length transactions with third parties.  Except as set forth above, we have not entered into any material transactions with any director, executive officer, and promoter, beneficial owner of five percent or more of our common stock, or family members of such persons.