Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCFinancial_Report.xls
10-K - 10-K - VIPER POWERSPORTS INCv309636_10k.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR2.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR1.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR4.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR9.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR6.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR8.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR7.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR3.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR14.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR17.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR12.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR16.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR13.htm
EX-31.1 - EXHIBIT 31.1 - VIPER POWERSPORTS INCv309636_ex31-1.htm
EX-31.2 - EXHIBIT 31.2 - VIPER POWERSPORTS INCv309636_ex31-2.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR5.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR10.htm
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR11.htm
EX-32.1 - EXHIBIT 32.1 - VIPER POWERSPORTS INCv309636_ex32-1.htm
v2.4.0.6
LEASING ACTIVITIES
12 Months Ended
Dec. 31, 2011
LEASING ACTIVITIES
7. LEASING ACTIVITIES

 

On October 17, 2005, the Company entered into a capital lease with Citizen Automobile Finance for the acquisition of a 2004 delivery van for a term of 60 months and an interest rate of 7.99%. This lease was completely satisfied in November 2010.

 

On September 18, 2008, the Company entered into an operating lease for manufacturing and office space at its current Hopkins facility. The term of the lease is thirty nine (39) months beginning October 1, 2008. Future minimum lease payments under this agreement have been included in the schedule of minimum operating lease payments. Early termination of this lease was negotiated during 2011. No future lease payments are due.

 

On July 27, 2011, the Company and Industrial Development Board of the City of Auburn, Alabama renegotiated its operating lease for the Auburn, Alabama facility. The term of the lease is for one hundred and twenty (120) months with a starting date of November 1, 2011. Total operating lease payments for the remainder of 2011 are $21,064. Lease payments for 2012 are $138,784. The lease payment, starting in November 2013 will be recalculated based on the City of Auburn’s cost of debt service.

 

 

 

 

 

Minimum lease payments are as follows:

 

For the years ending December 31,   Capital Lease     Operating Lease  
2012     -     $ 138,784  
2013             138,784  
2014             138,784  
2015             138,784  
2016             138,784  
2017             138,784  
2018             138,784  
2019             138,784  
2020     -       69,392  
Total     -     $ 1,318,448  
Amount for interest     -          
Net     -          
                 
Less: Current portion     -          
Long term portion   $ -