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EXCEL - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCFinancial_Report.xls
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v2.4.0.6
Common Stock Transactions
9 Months Ended
Sep. 30, 2012
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

C. Common Stock Transactions

 

During the three months ended March 31, 2012, the Company issued 666,666 shares of common stock for $100,000 in cash less $31,718 of cost recorded in general and administrative.

 

During the three months ended March 31, 2012, 1,019,801 Preferred Shares have been converted into 3,824,255 common shares. During 2011, the Company issued 1,386,469 Convertible Preferred Shares at a price of $0.75. Based on the last five trading days of December 2011, a conversion price of $0.20 was set. The conversion rate was 3.75 Common Shares for one (1) Preferred Share.

 

During the three months ended June 30, 2012, the Company issued 2,333,334 shares of common stock to thirteen accredited investors for $350,000 in cash less $29,169 of cost recorded in general and administrative.

 

During the three months ended June 30, 2012, the Company issued 500,000 shares of common stock to two accredited investors for $75,000 for conversion of short-term notes.

 

During the three months period ended June 30, 2012, 366,667 Preferred Shares have been converted into 1,375,001 common shares. During 2011, the Company issued 1,386,469 Convertible Preferred Shares at a price of $0.75. Based on the last five trading days of December 2011, a conversion price of $0.20 was set. The conversion rate was 3.75 Common Shares for one (1) Preferred Share.

 

During the three months period ended June 30, 2012, the Company issued 2,426,668 shares of unregistered common stock to five accredited investors in consideration for their conversion of debt owed to them by the Company in the total amount of $364,000.