IMPERIAL PETROLEUM RECOVERY CORP

CIK:0001020448|SEC Filings

STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
STATEMENTS OF OPERATIONS (USD $)	Oct. 31, 2011	Oct. 31, 2010
Statements of Operations [Abstract]
Revenues	$ 281,000	$ 346,395
Cost of revenues
Gross profit	281,000	346,395
OPERATING EXPENSES:
Selling, general and administrative expenses	881,878	676,225
Depreciation and amortization expense	89,760	90,044
TOTAL OPERATING EXPENSES	971,638	766,269
LOSS FROM OPERATIONS	(690,638)	(419,874)
OTHER INCOME(EXPENSE)
Gain on write-off of debt and accrued liabilities	121,500
Interest expense	(372,844)	(358,049)
Total other income (expense)	(251,344)	(358,049)
Net loss	$ (941,982)	$ (777,923)
Loss per share
Basic and diluted	$ (0.02)	$ (0.02)
Weighted average shares outstanding
Basic and diluted	48,083,248	42,138,029

STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
STATEMENTS OF CASH FLOWS (USD $)	Oct. 31, 2011	Oct. 31, 2010
Cash flows from operating activities:
Net Loss	$ (941,982)	$ (777,923)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense	89,760	90,044
Stock-based compensation expense	46,500	105,050
Amortization of debt discounts and issuance costs		3,908
Gain on write-off of debt and accrued liabilities	(121,500)
Changes in assets and liabilities:
Accounts receivable	144	184,759
Other assets	115,450	(69,279)
Accounts payable	127,257	(68,500)
Accrued liabilities - related party	286,300	207,561
Accrued liabilities	389,885	408,683
Net cash provided by (used in) operating activities	(8,186)	84,303
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Proceeds from sale of stock		12,500
Proceeds from short-term debt		55,000
Advances from (payments to) related parties, net	(45,790)	(31,922)
Principal payments on short-term debt		(55,000)
Net cash provided by (used in) financing activities	(45,790)	(19,422)
Net change in cash	(53,976)	64,881
CASH AT BEGINNING YEAR	64,927	46
CASH AT END OF YEAR	10,951	64,927
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest
Income taxes
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cancellation of previous stock issued		$ 43

BALANCE SHEETS (USD $)	Oct. 31, 2011	Oct. 31, 2010
CURRENT ASSETS:
Cash and cash equivalents	$ 10,951	$ 64,927
Accounts receivable, net		144
Total current assets	10,951	65,071
Property and equipment, net	143,047	225,293
Intangible assets, net	13,431	20,944
Other assets		115,450
TOTAL ASSETS	167,429	426,758
CURRENT LIABILITIES:
Accounts payable	372,031	244,773
Accrued liabilities	2,213,253	1,869,427
Accrued liabilities - related party	917,143	630,842
Advances - related parties	61,542	107,332
Current maturities of long-term debt, net of discount	2,375,000	2,450,442
Total current liabilities	5,938,969	5,302,816
TOTAL LIABILITIES	5,938,969	5,302,816
Commitments and contingencies
STOCKHOLDERS' DEFICIT:
Common stock, $0.001 par value; 100,000,000 shares authorized; 48,478,180 and 46,928,180 shares issued and outstanding at October 31, 2011 and 2010, respectively	48,479	46,929
Additional paid-in capital	15,636,346	15,591,396
Accumulated deficit	(21,456,365)	(20,514,383)
Total Stockholders' Deficit	(5,771,540)	(4,876,058)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 167,429	$ 426,758