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EXCEL - IDEA: XBRL DOCUMENT - IMPERIAL PETROLEUM RECOVERY CORPFinancial_Report.xls
10-K - IMPERIAL PETROLEUM RECOVERY CORPORATION FORM 10-K FOR THE FISCAL YEAR ENDED OCTOBER 31, 2011 - IMPERIAL PETROLEUM RECOVERY CORPimperialpetroleum10k103111.htm
XML - IDEA: XBRL DOCUMENT - IMPERIAL PETROLEUM RECOVERY CORPR1.htm
XML - IDEA: XBRL DOCUMENT - IMPERIAL PETROLEUM RECOVERY CORPR7.htm
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XML - IDEA: XBRL DOCUMENT - IMPERIAL PETROLEUM RECOVERY CORPR8.htm
XML - IDEA: XBRL DOCUMENT - IMPERIAL PETROLEUM RECOVERY CORPR6.htm
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XML - IDEA: XBRL DOCUMENT - IMPERIAL PETROLEUM RECOVERY CORPR13.htm
EX-32.1 - IMPERIAL PETROLEUM RECOVERY CORPex32-1.htm
EX-10.6 - TECHNICAL SERVICES AGREEMENT - IMPERIAL PETROLEUM RECOVERY CORPex10-6.htm
EX-32.2 - IMPERIAL PETROLEUM RECOVERY CORPex32-2.htm
EX-31.1 - IMPERIAL PETROLEUM RECOVERY CORPex31-1.htm
EX-31.2 - IMPERIAL PETROLEUM RECOVERY CORPex31-2.htm
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DEBT
12 Months Ended
Oct. 31, 2011
DEBT [Abstract]  
DEBT
NOTE D - DEBT

Long-term debt

Long-term debt at October 31consisted of the following:

   
2011
   
2010
 
10% note payable to a corporation, due September 2003, interest paid in full at date incurred, and principal due in full at maturity, not collateralized.
 
$
-
   
$
75,442
 
Convertible notes bearing an interest rate of 12%, compounded monthly and a conversion price of $0.15 per share payable to various individuals, principal and interest due at maturity. There are unsecured with maturity dates of December 3, 2009 and March 12, 2010. The convertible notes are currently past due.
   
200,000
     
200,000
 
Convertible notes bearing an interest rate of 12%, compounded monthly and a conversion price of $0.15 per share payable to various individuals, principal and interest due at maturity. Collateralized by liens on the Company's assets. Maturity dates are May 26, June 1, and July 26, 2007. Convertible notes issued to related parties amounted to $1,600,000 for all years presented. The convertible notes are currently past due.
   
2,175,000
     
2,175,000
 
Total debt
   
2,375,000
     
2,450,442
 
Less current maturities
   
(2,375,000)
     
(2,450,442)
 
Long-term debt
 
$
-
   
$
-
 

In 2012, IPRC initialed a suit, Cause No. 12.01.01136-CV; IPRC and Alan Springer vs. Don Carmichael, Mary Jane Carmichael, Kirk Kanady, Barry Winston, Rex Lewis, Edward Gaiennie and Agribiofuels LLC.; In the District Court of Montgomery County, Texas. The litigation arose from the defendants, as controlling members and managers of Agribiofuels LLC (ABF) tortuously interfered with IPRC's August 1, 2005, Management Agreement by causing ABF wrongfully to terminate that Agreement before its term expired. Additionally, Defendants caused ABF to withhold tax credits from IPRC for fiscal years 2007 through 2010. Other issues concerned Texas Securities Fraud and Statutory Fraud.

The Defendants in turn filed a countersuit against IPRC, cause # 201218010 in the 270th Judicial District Court of Harris County, Texas, against IPRC for "Breach of Contract" relating to the repayment of promissory notes that are currently in default: Breach of the Security Agreements supporting the promissory notes. The case is on-going and a jury trial is tentatively scheduled for July 2013. It is possible a mediation effort will be done prior to the trial to avoid the additional costs associated with proceeding with a trial.

During fiscal year 2008, the Company issued two convertible notes amounting to $200,000. The noteholders also received 666,666 warrants to purchase the Company's stock at an exercise price of $0.15 and a term of 2 years. The relative fair value of the warrants was measured using the Black-Scholes Option Pricing Model and recorded as a debt discount, which was amortized over the life of the debt using the effective interest method. The total discount recorded was $29,006. The discount was fully amortized as of October 31, 2010. These warrants expired during the fiscal year ended October 31, 2010. None of these warrants were exercised.