In March of 2000, the Company entered into a one year consulting
agreement with Southern Origins, Inc. ("Southern Origins"). In
consideration of the consulting services to be provided, the
Company, at the signing of the agreement, granted Southern
Origins 45,000 shares of the Company's common stock. In
addition, the Company will grant Southern Origins 30,000 shares
of the Company's common stock every ninety days, from the signing
of the agreement plus a bonus of 15,000 shares, per ninety day
period, may be granted at the discretion of the Company. The
agreement terminates February 16, 2001.
In March of 2000, the Company entered into a one year consulting
agreement with Eagle Consulting Services, LLC ("Eagle
Consulting"). In consideration of the consulting services to be
provided, the Company, at the signing of the agreement,
granted Eagle Consulting 45,000 shares of the Company's common
stock. In addition, the Company will grant Eagle Consulting
30,000 shares of the Company's common stock every ninety days,
from the signing of the agreement plus a bonus of 15,000
shares per ninety day period, may be granted at the discretion of
the Company. The agreement terminates February 16, 2001.
During the year, the Company received consulting services from
European Investor Relations Limited. In consideration for such
services the Company granted 100,000 shares of the common stock
of the Company to European Investor Relations Limited.
Consulting expense is recorded at the fair market value at the
date of grant and is amortized over the life of the contracts.
Consulting expense for the years ended July 31, 2000 and 1999
amounted to approximately $540,868 and $107,000, respectively.
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