Quarterly report pursuant to sections 13 or 15(d)

Shareholders' Deficit

v2.3.0.11
Shareholders' Deficit
3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Shareholders' Deficit

Note 4- Shareholders’ Deficit

 

IPR issued 30,916,710 shares of its common stock on the date of incorporation to the founders of the corporation.

 

IPR has entered into consulting agreements with various consultants for service to be provided to the Company. The agreements stipulate a monthly fee and a certain number of shares that the consultant vests over the term of the contract. The consultant is issued a prorated number of the shares of common at the beginning of the contract that the consultant earns over a three-month period. At the anniversary of each quarter, the consultant is issued a new allotment of common stock. In accordance with ASC 505-50 – Equity-Based Payment to Non-Employee, the common stock shares issued to the consultant are valued upon issuance. The shares of common stock that have been issued were valued based on a valuation performed by an independent valuation firm. As of March 31, 2012, the total award grants was 27,684,000 shares with 4,466,850 vested shares and 23,217,150 shares unvested. The total expense recorded as of March 31, 2012 was $80,051.