IMPERIAL PETROLEUM RECOVERY CORP - FORM 10-K - XML - IDEA: XBRL DOCUMENT - December 4, 2012

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EX-32.2 - IMPERIAL PETROLEUM RECOVERY CORPex32-2.htm
EX-10.6 - TECHNICAL SERVICES AGREEMENT - IMPERIAL PETROLEUM RECOVERY CORPex10-6.htm
EX-32.1 - IMPERIAL PETROLEUM RECOVERY CORPex32-1.htm
XML - IDEA: XBRL DOCUMENT - IMPERIAL PETROLEUM RECOVERY CORPR13.htm
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10-K - IMPERIAL PETROLEUM RECOVERY CORPORATION FORM 10-K FOR THE FISCAL YEAR ENDED OCTOBER 31, 2011 - IMPERIAL PETROLEUM RECOVERY CORPimperialpetroleum10k103111.htm
EXCEL - IDEA: XBRL DOCUMENT - IMPERIAL PETROLEUM RECOVERY CORPFinancial_Report.xls
v2.4.0.6
TECHNICAL SERVICES AGREEMENT
 12 Months Ended
Oct. 31, 2011
LITIGATION AND CONTINGENCIES [Abstract]  
TECHNICAL SERVICES AGREEMENT
NOTE I - TECHNICAL SERVICES AGREEMENT

In August 2009, the Company entered into a technical services agreement with Petroleo Brasileiro S.A. ("Petrobras") which required IPRC to operate the MST 150 unit at a refinery in Brazil and conduct various tests of emulsions as determined by the technical staff of Petrobras for a total consideration of $1,154,650, which shall be paid to IPRC in 4 installments upon acceptance by Petrobas of the required pre-test and technical progress reports. Upon acceptance of the 3 required IPRC technical reports, additional payments would be made from Petrobras to IPRC. Upon completion, Petrobras has the option to purchase the MST 150 mobile demonstration unit and various MST units of various capacities for set prices.

On April 4, 2011, due to delays associated with the original shipment and customs release of the MST 150 unit, the technical services agreement with Petrobras was amended to include an additional payment of $281,000 to IPRC to cover additional expenses incurred as a result of the delay. This payment was received during the three months ended July 31, 2011 and recognized as revenue during the period.

As stated in NOTE K - SUBSEQUEST EVENTS, during August 2012, upon receipt of the $202,388 payment from Petrobras required by the COMPROMISE SETTLEMENT AGREEMENT and MUTUAL RELEASE document, the Company understood the technical services agreement had terminated.

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