Quarterly report pursuant to sections 13 or 15(d)

Notes payable

v2.3.0.11
Notes payable
3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
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.

 

The Company has issued a total of three notes, to two investors, for an aggregate principal amount of $175,000. In addition IPR issued 719,950 share of its common stock at a fair value of $1,267 as determined by a valuation performed by a third party valuation firm. These loans are secured by the P3D license agreement as described in Note 2- License Agreements.