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EXCEL - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCFinancial_Report.xls
10-K - 10-K - VIPER POWERSPORTS INCv309636_10k.htm
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EX-31.1 - EXHIBIT 31.1 - VIPER POWERSPORTS INCv309636_ex31-1.htm
EX-31.2 - EXHIBIT 31.2 - VIPER POWERSPORTS INCv309636_ex31-2.htm
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EX-32.1 - EXHIBIT 32.1 - VIPER POWERSPORTS INCv309636_ex32-1.htm
v2.4.0.6
RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2011
RELATED PARTY TRANSACTIONS
5. RELATED PARTY TRANSACTIONS

 

Robert Van Den Berg, a director of the Company, guaranteed a $250,000 credit facility we obtained from a banking institution, which was established in order to purchase inventory parts and components for upcoming commercial production of Viper motorcycles. In consideration for Mr. Van Den Berg providing this guaranty, we issued him 25,000 shares of our common stock. This line has been paid completely in early January 2011.

 

The Company entered into a loan conversion with Robert Van Den Berg. The parties had a $130,000 loan which $50,000 was converted into preferred shares and $80,000 was extended. The Preferred Shares was converted at $.75 or 66,667 shares. The remaining loan carries an interest rate of 8%, and no interest has been paid.

 

On November 21, 2011, the Viper Performance Company entered into a secured inventory financing agreement for $152,000 with Wayne Nelson and Patrick Moloney. The loan carries a 12.0% annual interest rate, calculated and payable quarterly, with a balloon payment due June 2012. 500,000 warrants were issued to purchase common stock for $0.15 per share with the loan agreement as finance fees. The loan is collateralized by inventory valued at $165,900 as of December 31, 2011.