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EXCEL - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCR9.htm
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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
Statement of Cash Flows (USD $)
9 Months Ended 106 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Cash Flows Used in Operating Activities:      
Net loss $ (3,162,661) $ (2,533,335) $ (39,753,879)
Expenses not requiring an outlay of cash:      
Depreciation 55,568 16,217 633,069
Common stock and warrants issued for compensation and services 1,159,515 90,500 9,783,051
Beneficial conversion feature on convertible loan 211,730 374,439 612,799
Accretion of debt discount 83,304 263,830 550,032
Bad debt expense 0 0 105,707
Amortization of financing costs related to debt discount 183,566 147,770 570,640
Warrant issued for inducement to convert debt 0 0 407,264
Impairment loss - inventory 0 0 7,581,317
Common stock issued to convert accrued interest 3,164 0 126,978
Changes to operating assets and liabilities:      
Decrease (increase) in accounts receivable - net of bad debts (6,303) 81,648 (113,487)
Decrease (increase) in inventory and supplies - net of obsolescence 29,776 (384,227) (796,539)
Decrease (increase) in prepaids and other (53,943) 22,828 (106,966)
Increase (decrease) in accounts payable 68,231 113,532 507,018
Increase (decrease) in accrued liabilities (70,795) 56,009 (35,009)
Cash flows used in operating activities (1,498,848) (1,750,789) (19,927,794)
Cash flows Used in Investing Activities:      
Proceeds from sale of fixed assets 0 0 18,994
Funding from Thor Performance for engine development 0 0 150,000
Purchase of intellectual property 0 0 (35,251)
Purchase of fixed assets (220,796) (5,977) (1,082,732)
Cash flows used in investing activities (220,796) (5,977) (913,738)
Cash Flows from Financing Activities:      
Net proceeds from sale of preferred stock 599,849   549,849
Net proceeds from sale of common stock 510,543 547,359 12,428,331
Proceeds from notes payable 690,000 1,250,000 2,542,169
Payments on notes payable (74,000) (75,000) (314,626)
Payments on stockholder loans 0 (22,669) (516,069)
Payments on capital leases 0 (2,706) (126,000)
Payments on loan costs (55,333) (176,000) (211,333)
Proceeds from loans from stockholders, related parties 50,000 146,000 6,456,205
Cash flows from financing activities 1,721,059 1,666,984 20,858,526
Net increase (decrease) in cash 1,415 (89,782) 16,994
Cash at beginning of period 15,579 100,162 0
Cash at end of period 16,994 10,380 16,994
Supplemental Non-Cash Financing Activities and Cash Flow Information:      
Stock warrants issued with convertible debt 0 181,561 181,561
Stock warrants issued with short-term loans 75,000 187,509 262,500
Stock warrants as prepaid finder's fee 0 220,588 220,588
Equipment acquired via capital lease 0 0 304,740
Interest converted 35,419 78,414 820,407
Deemed dividend on preferred stock 327,794 0 327,794
Preferred Stock [Member] | Debt And Expenses [Member]
     
Supplemental Non-Cash Financing Activities and Cash Flow Information:      
Capital Stock issued 425,000 0 425,000
Common Stock [Member] | Debt And Expenses [Member]
     
Supplemental Non-Cash Financing Activities and Cash Flow Information:      
Capital Stock issued 325,000 0 10,057,009
Common Stock [Member] | Engine Development Technology [Member]
     
Supplemental Non-Cash Financing Activities and Cash Flow Information:      
Capital Stock issued $ 0 $ 0 $ 7,341,437