v2.4.0.6

Consolidated Balance Sheets (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash	$ 41,051	$ 27,896
Accounts receivable	196,724	8,803
Inventory and supplies	938,128	523,174
Prepaid expenses and other	279,862	101,602
Total current assets	1,455,765	661,475
Fixed assets:
Office and computer equipment	96,733	96,733
Manufacturing and development equipment	543,720	242,835
Vehicles	248,937	248,937
Leasehold improvements	63,363	63,363
Property, Plant and Equipment, Gross	952,753	651,868
Accumulated depreciation	(254,262)	(140,715)
Total fixed assets	698,491	511,153
Other assets:
Rental deposit and other	14,200	13,400
Intangibles	387,940	0
Deferred financing cost	2,253,885	0
Total assets	4,810,281	1,186,028
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	243,751	222,319
Accrued liabilities	208,438	205,091
Notes payable	0	233,621
Notes payable - related party, net of discount	282,000	175,111
Current portion of long-term liabilities	100,000	100,000
Total current liabilities	834,189	936,142
Long-term liability
Long-term note payable	3,313,783	170,000
Total long-term liabilities	3,313,783	170,000
Total liabilities	4,147,972	1,106,142
Stockholders' equity:
Preferred stock, $.001 par value; authorized 20,000,000 shares; 0 and 1,386,469 shares issued and outstanding , respectively	0	1,386
Common stock, $.001 par value; authorized 100,000,000 shares; 52,182,639 and 28,692,252 shares issued and outstanding, respectively	52,183	28,692
Additional paid-in capital	45,800,849	40,812,394
Accumulated deficit	(45,190,723)	(40,762,586)
Total stockholders' equity	662,309	79,886
Total liabilities and stockholders' equity	$ 4,810,281	$ 1,186,028

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

VIPER POWERSPORTS INC 10-Q