During the nine months ended January 31, 2014, $50,000 in cash was received from the issuance of convertible notes payable (Note 7). These notes contain an embedded conversion feature whereby the notes may be converted into shares of the Company's common stock. The dilutive impact of these securities fluctuates based on the terms of the conversion feature. The dilutive impact as of January 31, 2014 has been included herein. The dilutive impact of a potential conversion of these notes in subsequent periods may, vary significantly depending on the market value of our common shares at the time of conversion.

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

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CIRCLE STAR ENERGY CORP. 10-Q/A