Annual report pursuant to section 13 and 15(d)

Note 3 - Notes payable

v2.4.0.6
Note 3 - Notes payable
12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 3 - Notes payable

Note 3 - Notes payable

 

IPR initiated a private placement for up to $1,000,000 of financing by the issuance of notes payable at a minimum of $25,000. The notes bear interest at 12% per annum and are due and payable with accrued interest one year from issuance. Also, IPR agreed to issue 102,850 shares of its common stock for every $25,000 invested.

 

Under the private placement, the Company has issued a total of two notes for an aggregate principal amount of $175,000. In addition IPR issued 719,950 share of its common stock at a fair value of $3,917 as determined using a valuation performed by a third party valuation firm.

 

In October 2012, the two note holders agreed to extend the mature date the notes for a period of one year. The Company paid an extension of 175,000 shares of the Company’s common stock at a fair value of $175 as determined by a valuation performed by a third party valuation firm.

 

In October and November 2012, the Company issued promissory notes in the amounts of $25,000 and $25,000, respectively. In addition the Company issued 250,000 share of its common stock at a fair value of $250 as determined by a valuation performed by a third party valuation firm.

 

The total outstanding of $225,000 as of December 31, 2012, $150,000 matures in September 2013, $50,000 matures in October 2013 and $25,000 matures in January 2013.

 

In November 2012, the Company purchased a vehicle for $64,458. The purchase was finances through a note payable for $64,458 at interest of 2.99% per annum with sixty payments of $1,060 per month.

 

The scheduled maturities of notes payable are as follows for the years ending December 31,

 

2013   $ 236,000
2014     11,000
2015     11,677
2016     12,031
2017     12,395
Thereafter     4,555
      287,656
Less: current portion   236,000
Notes payable long-term $ 51,656