IMPERIAL PETROLEUM INC - 10-Q filing on 2012-03-21

SUBSEQUENT EVENTS	6 Months Ended
Jan. 31, 2012
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS The Company has evaluated events and transactions for potential recognition or disclosure through the date these financial statements were issued. There were no subsequent events requiring recognition or disclosure in these financial statements other then as noted below. In February 2012, Mr. Robert Willmann resigned from the Board due to time constraints. There were no disputes between Mr. Willmann and management of the Company or with its auditors. In February 2012, Mr. Aaron Wilson was terminated from his position as President of Arrakis Oil Recovery, LLC due to cash constraints. On March 6, 2012, e-biofuels, LLC received a Notice of Default from Trinity Industries Leasing Company related to their outstanding note and railcar lease balances. Per the default notice, the outstanding principle and interest balance on the note payment due to Trinity as of March 2012 is $590,003. Per the default notice, the unpaid railcar rental invoices due to Trinity as of March 2012 totaled $44,434.

SUBSEQUENT EVENTS

6 Months Ended

Jan. 31, 2012

14. SUBSEQUENT EVENTS

The Company has evaluated events and transactions for potential recognition or disclosure through the date these financial statements were issued. There were no subsequent events requiring recognition or disclosure in these financial statements other then as noted below.

In February 2012, Mr. Robert Willmann resigned from the Board due to time constraints. There were no disputes between Mr. Willmann and management of the Company or with its auditors.

In February 2012, Mr. Aaron Wilson was terminated from his position as President of Arrakis Oil Recovery, LLC due to cash constraints.

On March 6, 2012, e-biofuels, LLC received a Notice of Default from Trinity Industries Leasing Company related to their outstanding note and railcar lease balances. Per the default notice, the outstanding principle and interest balance on the note payment due to Trinity as of March 2012 is $590,003. Per the default notice, the unpaid railcar rental invoices due to Trinity as of March 2012 totaled $44,434.