NOTE 11 - SUBSEQUENT EVENTS	9 Months Ended
Sep. 30, 2012
Subsequent Events [Text Block]	NOTE 11 – SUBSEQUENT EVENTS The Company evaluated its September 30, 2012 Quarterly Report on Form 10-Q for subsequent events through the filing date of this report. The Company is not aware of any subsequent events that would require recognition or disclosure in the consolidated financial statements, except for the ones disclosed below. On October 1, 2012, the Company formed a new wholly-owned subsidiary named IBI Leisure Group, LLC (“IBI Leisure”), a New Jersey LLC. IBI Leisure is the professional services division of IB International. On October 5, 2012, we issued 158,308 Class A common shares valued at $0.07 per share, based upon fair market value for the period, as payment in lieu of cash for $11,082 of accrued interest payable through this date on our loan referenced in Note 7(f). Concurrent with the issue of shares, the Note holder signed an extension agreement that extends the maturity date until April 30, 2013. On October 10, 2012, we sold 200,000 Class A common shares valued at $0.10 per share, based upon fair market value for the period, via the Company’s Securities Purchase Agreement, in the amount of $20,000. On November 12, 2012, the holder of our Convertible Note referenced in Note 7(af), signed an extension agreement that amends the conversion price to $0.10 per share and extends the maturity date until February 2, 2013. The Company issued 1,000 shares of Class A common stock in connection with this extension. Subsequent to the balance sheet date, the Company received an aggregate of $154,269.21 in gross proceeds against our secured loan referenced in Note 7(ap). On November 9, 2012, our senior secured promissory note, referenced in Note 7(ap) of the Company Financial Statements included in this Report on 10-Q (the “Senior Note”), matured pursuant to its terms and as a result is due in full. As of that date, the Company has been in default of if its obligations to satisfy the Senior Note. The amount due at maturity was $2,754,398, inclusive of the principal amount outstanding and the interest accrued under the Senior Note through the maturity date. The Company does not have the cash recourses available to make the payments required under the Senior Note. We are in discussions with the lender to extend the maturity date, but cannot be assured we will reach an agreement with the lender. If the maturity date of the Senior Note is not extended, the lender, at its option, may exercise various rights provided to it in the case of an Event of Default under the Senior Note, including, the right to foreclosure on the Company’s vessel, the mv Island Breeze, which is the Company’s only significant asset, and in such case the Company will likely not be able to continue as a going concern. On November 15, 2012, Olympian Cruises, LLC ("Olympian"), our largest stockholder, transferred 11,540,500 shares of our Class A common stock to certain of its members in redemption of their membership interests in Olympian. We are advised that this transaction was effected by Olympian to satisfy requests and desires of the transferees to hold their interests in the shares of the Company's Class A common stock directly rather than indirectly through their ownership of membership interests in Olympian. Subsequent to the transfers, Olympian owned 2,349,000 shares of the Companies Class A common stock and 16,110,500 shares of the Company's Class B common.

NOTE 11 - SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2012

NOTE 11 – SUBSEQUENT EVENTS

The Company evaluated its September 30, 2012 Quarterly Report on Form 10-Q for subsequent events through the filing date of this report. The Company is not aware of any subsequent events that would require recognition or disclosure in the consolidated financial statements, except for the ones disclosed below.

On October 1, 2012, the Company formed a new wholly-owned subsidiary named IBI Leisure Group, LLC (“IBI Leisure”), a New Jersey LLC. IBI Leisure is the professional services division of IB International.

On October 5, 2012, we issued 158,308 Class A common shares valued at $0.07 per share, based upon fair market value for the period, as payment in lieu of cash for $11,082 of accrued interest payable through this date on our loan referenced in Note 7(f). Concurrent with the issue of shares, the Note holder signed an extension agreement that extends the maturity date until April 30, 2013.

On October 10, 2012, we sold 200,000 Class A common shares valued at $0.10 per share, based upon fair market value for the period, via the Company’s Securities Purchase Agreement, in the amount of $20,000.

On November 12, 2012, the holder of our Convertible Note referenced in Note 7(af), signed an extension agreement that amends the conversion price to $0.10 per share and extends the maturity date until February 2, 2013. The Company issued 1,000 shares of Class A common stock in connection with this extension.

Subsequent to the balance sheet date, the Company received an aggregate of $154,269.21 in gross proceeds against our secured loan referenced in Note 7(ap).

On November 9, 2012, our senior secured promissory note, referenced in Note 7(ap) of the Company Financial Statements included in this Report on 10-Q (the “Senior Note”), matured pursuant to its terms and as a result is due in full. As of that date, the Company has been in default of if its obligations to satisfy the Senior Note. The amount due at maturity was $2,754,398, inclusive of the principal amount outstanding and the interest accrued under the Senior Note through the maturity date. The Company does not have the cash recourses available to make the payments required under the Senior Note. We are in discussions with the lender to extend the maturity date, but cannot be assured we will reach an agreement with the lender. If the maturity date of the Senior Note is not extended, the lender, at its option, may exercise various rights provided to it in the case of an Event of Default under the Senior Note, including, the right to foreclosure on the Company’s vessel, the mv Island Breeze, which is the Company’s only significant asset, and in such case the Company will likely not be able to continue as a going concern.

On November 15, 2012, Olympian Cruises, LLC ("Olympian"), our largest stockholder, transferred 11,540,500 shares of our Class A common stock to certain of its members in redemption of their membership interests in Olympian. We are advised that this transaction was effected by Olympian to satisfy requests and desires of the transferees to hold their interests in the shares of the Company's Class A common stock directly rather than indirectly through their ownership of membership interests in Olympian. Subsequent to the transfers, Olympian owned 2,349,000 shares of the Companies Class A common stock and 16,110,500 shares of the Company's Class B common.

ISLAND BREEZE INTERNATIONAL, INC. 10-Q