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EXCEL - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCFinancial_Report.xls
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EX-31.1 - EXHIBIT 31.1 - VIPER POWERSPORTS INCv327636_ex31-1.htm
EX-32.1 - EXHIBIT 32.1 - VIPER POWERSPORTS INCv327636_ex32-1.htm
10-Q/A - FORM 10-Q/A - VIPER POWERSPORTS INCv327636_10qa.htm
EX-31.2 - EXHIBIT 31.2 - VIPER POWERSPORTS INCv327636_ex31-2.htm
v2.4.0.6
Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

H. Subsequent Events

 

The Company has evaluated subsequent events from September 30, 2011 through the date the original financial statements were issued and determined that there are the following events to disclose.

 

Loans

 

On July 27, 2011, the Company entered into two-year loan agreement with the Industrial Development Board of the City of Auburn, Alabama. The $200,000 loan will be used to purchase new equipment. The new equipment will be used as collateral for the loan agreement. The loan carries a 3.25% interest rate payable in quarterly payments. Two principle payments of $100,000 are due on July 27, 2012 and 2013.

 

Leasing Activities

 

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.