UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): January 5, 2011
VIPER
POWERSPORTS INC.
(Exact
name of registrant as specified in its charter)
|
Nevada
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000-51632
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41-1200215
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(State
or other jurisdiction of incorporation or organization)
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(Commission
File Number)
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(I.R.S.
Employer Identification
No.)
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10895
Excelsior Blvd., Ste. 203
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|
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Hopkins,
MN
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55343
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (952) 938-2481
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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·
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Written
communications pursuant to Rule 425
under the Securities Act (17 CER
230.425)
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·
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.l4a-12)
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·
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Pre-commencement
communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR
240.
14d-2(b))
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·
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Pre-commencement
communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
3.02 Unregistered Sale of Equity Securities
During
2010, Viper Powersports Inc. (the “Company”) borrowed $500,000 through a
short-term loan from an accredited investor from Auburn, Alabama, bearing an
interest rate of 12% per annum. The Company and the lender have now
entered into an agreement to satisfy this loan in full through its conversion
into 1,000,000 shares of restricted common stock of the Company. No
commissions were involved in this debt conversion, and the issuance of common
stock by the Company for this debt was made in reliance upon the exemption from
registration set forth in Section 4(2) of the Securities Act of 1933, as
amended.
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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Viper
Powersports, Inc.
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Date:
January 5, 2011
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By:
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/s/ Jerome L. Posey | |
| Jerome L. Posey, | |||
| Chief Financial Officer | |||