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EXCEL - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCFinancial_Report.xls
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v2.4.0.6
Consolidated Balance Sheets (USD $)
Sep. 30, 2012
Dec. 31, 2011
ASSETS    
Cash $ 41,051 $ 27,896
Accounts receivable 196,724 8,803
Inventory and supplies 938,128 523,174
Prepaid expenses and other 279,862 101,602
Total current assets 1,455,765 661,475
Fixed assets:    
Office and computer equipment 96,733 96,733
Manufacturing and development equipment 543,720 242,835
Vehicles 248,937 248,937
Leasehold improvements 63,363 63,363
Property, Plant and Equipment, Gross 952,753 651,868
Accumulated depreciation (254,262) (140,715)
Total fixed assets 698,491 511,153
Other assets:    
Rental deposit and other 14,200 13,400
Intangibles 387,940 0
Deferred financing cost 2,253,885 0
Total assets 4,810,281 1,186,028
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 243,751 222,319
Accrued liabilities 208,438 205,091
Notes payable 0 233,621
Notes payable - related party, net of discount 282,000 175,111
Current portion of long-term liabilities 100,000 100,000
Total current liabilities 834,189 936,142
Long-term liability    
Long-term note payable 3,313,783 170,000
Total long-term liabilities 3,313,783 170,000
Total liabilities 4,147,972 1,106,142
Stockholders' equity:    
Preferred stock, $.001 par value; authorized 20,000,000 shares; 0 and 1,386,469 shares issued and outstanding , respectively 0 1,386
Common stock, $.001 par value; authorized 100,000,000 shares; 52,182,639 and 28,692,252 shares issued and outstanding, respectively 52,183 28,692
Additional paid-in capital 45,800,849 40,812,394
Accumulated deficit (45,190,723) (40,762,586)
Total stockholders' equity 662,309 79,886
Total liabilities and stockholders' equity $ 4,810,281 $ 1,186,028