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EXCEL - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCFinancial_Report.xls
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EX-31.2 - EXHIBIT 31.2 - VIPER POWERSPORTS INCv325968_ex31-2.htm
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v2.4.0.6
Common Stock Transaction for Services
9 Months Ended
Sep. 30, 2012
Stockholders' Equity Note [Abstract]  
Stockholders Equity For Services Disclosure [Text Block]

D. Common Stock Transaction for Services

 

During the three months ended March 31, 2012, the Company issued 500,000 shares of common stock to one accredited investor for $135,000 of services recorded as an expense in general and administrative. The market closing price on this date was used to value the stock issued for services.

 

During the three months ended June 30, 2012, the Company issued 532,000 shares of common stock to three accredited investors for $149,640 of services recorded as an expense in general and administration. The market closing price on this date was used to value the stock issued for services.

 

As an inducement to Precious Capital LLC to make the loan (see note F below) to Viper Motorcycle Company, the Company issued a total of 9,694,128 unregistered shares of its common stock to Precious Capital LLC, which common shares were offered and sold by the Company in reliance upon the exemption from registration set forth in Section 4(2) of the Securities Act of 1933, as amended.

 

As an inducement to three accredited investors to convert their notes, the Company issued 1,255,000 shares of common stock for a value of $414,150.

 

During the three months ended September 30, 2012, the Company issued 383,333 shares of common stock to two accredited investors for $80,500 of services recorded as an expense in general and administration. The market closing price on this date was used to value the stock issued for services.