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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Current Report </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
<B>April 20, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VIPER POWERSPORTS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-weight: bold; text-align: center">Nevada</TD>
    <TD STYLE="width: 34%; font-weight: bold; text-align: center">000-51632</TD>
    <TD STYLE="width: 33%; font-weight: bold; text-align: center">41-1200215</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(State or other jurisdiction of incorporation or organization)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(Commission File No)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-weight: bold; text-align: center">2458 West Tech Lane, Auburn, AL</TD>
    <TD STYLE="width: 50%; font-weight: bold; text-align: center">36832</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(334) 887-4445</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Written communications pursuant to Rule <I>425 </I>under the Securities Act (17 CER 230.425)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.l4a-12)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240. 14d-2(b))</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01 Entry into a Material Definitive Agreement; Item
2.03 Creation of a Direct Financial</B> <B>Obligation; Item 3.02 Unregistered Sales of Equity Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 24, 2012, Viper Motorcycle Company
(&ldquo;VMC&rdquo;), as Borrower and being a wholly owned subsidiary of registrant Viper Powersports Inc. (the &ldquo;Company&rdquo;),
entered into a Loan and Security Agreement (the &ldquo;Loan Agreement&rdquo;) with Precious Capital LLC , of New York City, as
Lender. The Loan Agreement provides funding through advances to VMC under a line of credit not to exceed $6,000,000, with interest
on outstanding principal payable at an annual rate of 15% per annum. All outstanding principal of this loan and any accrued interest
is due to Lender in full thirty-six (36) months from the date of the Loan Agreement. The outstanding principal of this loan may
be prepaid by VMC, in whole or in part, at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon closing this loan, VMC received an
initial loan advance of $2,500,000. The Loan Agreement required the funds from this initial advance to be used by VMC as follows:
payment of outstanding debt of $280,000 including $80,000 owed to a director of the Company; payment of $640,000 to acquire the
assets and business of PMFR, a manufacturer and marketer of high performance motorcycle components based in suburban Minneapolis;
prepaid payment of loan interest to the Lender of $375,000; payment of $330,000 to complete acquiring engine development IP technology
from Ilmor; payment not to exceed $450,000 for manufacturing equipment and tooling and completing two high quality production paint
booths; payment of $180,000 for loan brokerage commissions; payment not to exceed $128,000 for motorcycle components inventory
and other immediate operational expenditures; and the balance for miscellaneous permitted expenditures including payment of professional
and other expenses of VMC and the Lender related to this loan transaction and its closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of the Loan Agreement, any
further advances to VMC beyond the initial $2,500,000 shall be in the Lender&rsquo;s sole and absolute discretion, and no advance
may be requested by VMC after April 24, 2014. The loan terms also require that at no time shall the outstanding balance of this
loan exceed a &ldquo;Balancing Formula&rdquo; as defined in the Loan Agreement, which formula basically represents 60% of the values
of certain defined tangible and intangible assets of VMC and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To provide the required collateral for this
loan, both VMC and the Company entered into various security, pledge and guaranty agreements to guarantee payment to the Lender
and secure the Lender with all tangible and intangible assets of VMC and the Company as set forth in the Loan Agreement and its
supporting documents, including the Company&rsquo;s 100% ownership of VMC. In addition, the future payment to the Lender of all
outstanding principal and accrued interest of this loan was guaranteed unconditionally by the Chief Executive Officer and Chief
Financial Officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Loan Agreement, which is filed as an
exhibit hereto, also contains numerous representations, warranties and covenants of VMC, detailed terms for the opening and operation
of certain banking Special Deposit Accounts as required by the Lender, default provisions and other standard loan contract provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As an inducement to the Lender to make this
loan to VMC, the Company issued a total of 9,694,128 unregistered shares of its common stock to the Lender, which common shares
were offered and sold by the Company in reliance upon the exemption from registration set forth in Section 4(2) of the Securities
Act of 1933, as amended</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Loan Agreement also provides that none
of the common stock of the Company owned by the Lender or by the Chief Executive Officer and Chief Financial Officer of the Company
can be sold or otherwise disposed of during the three-year term of this loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Item 9.01 &nbsp;Financial Statements
and Exhibits</B><BR STYLE="mso-special-character: line-break"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 0; padding-left: 0; font-size: 10pt; text-decoration: underline">Exhibit No.</TD>
    <TD STYLE="width: 86%; padding-right: 0; padding-left: 0; font-size: 10pt; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; font-weight: bold">10.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; font-weight: bold">Loan and Security Agreement dated April 24, 2012</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;<BR STYLE="mso-special-character:
line-break"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">Dated: April 24, 2012</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">Viper Powersports Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; width: 56%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">By:&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: underline">/s/ Timothy Kling</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Timothy Kling</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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{"company-data": {"conformed-name": "VIPER POWERSPORTS INC", "cik": "0001337213", "assigned-sic": "3751", "irs-number": "000000000", "state-of-incorporation": "NV"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51632", "film-number": "12789871"}, "business-address": {"street1": "10895 EXCELSIOR BLVD., STE. 203", "city": "HOPKINS", "state": "MN", "zip": "55343", "phone": "952-938-2481"}, "mail-address": {"street1": "10895 EXCELSIOR BLVD., STE. 203", "city": "HOPKINS", "state": "MN", "zip": "55343"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
_____________________
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 20, 2012
VIPER POWERSPORTS INC.
(Exact name of Registrant as specified in
its charter)
Nevada
000-51632
41-1200215
(State or other jurisdiction of incorporation or organization)
(Commission File No)
(IRS Employer Identification No.)
2458 West Tech Lane, Auburn, AL
36832
(Address of principal executive offices)
(Zip Code)
(334) 887-4445
(Registrant's telephone number)
Not Applicable
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
·
Written communications pursuant to Rule
425
under the Securities Act (17 CER 230.425)
·
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.l4a-12)
·
Pre-commencement communications pursuant to Rule 1 4d-2(b) under the Exchange Act (17 CFR 240. 14d-2(b))
·
Pre-commencement communications pursuant to Rule 1 3e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement; Item
2.03 Creation of a Direct Financial
Obligation; Item 3.02 Unregistered Sales of Equity Securities
On April 24, 2012, Viper Motorcycle Company
("VMC"), as Borrower and being a wholly owned subsidiary of registrant Viper Powersports Inc. (the "Company"),
entered into a Loan and Security Agreement (the "Loan Agreement") with Precious Capital LLC , of New York City, as
Lender. The Loan Agreement provides funding through advances to VMC under a line of credit not to exceed $6,000,000, with interest
on outstanding principal payable at an annual rate of 15% per annum. All outstanding principal of this loan and any accrued interest
is due to Lender in full thirty-six (36) months from the date of the Loan Agreement. The outstanding principal of this loan may
be prepaid by VMC, in whole or in part, at any time.
Upon closing this loan, VMC received an
initial loan advance of $2,500,000. The Loan Agreement required the funds from this initial advance to be used by VMC as follows:
payment of outstanding debt of $280,000 including $80,000 owed to a director of the Company; payment of $640,000 to acquire the
assets and business of PMFR, a manufacturer and marketer of high performance motorcycle components based in suburban Minneapolis;
prepaid payment of loan interest to the Lender of $375,000; payment of $330,000 to complete acquiring engine development IP technology
from Ilmor; payment not to exceed $450,000 for manufacturing equipment and tooling and completing two high quality production paint
booths; payment of $180,000 for loan brokerage commissions; payment not to exceed $128,000 for motorcycle components inventory
and other immediate operational expenditures; and the balance for miscellaneous permitted expenditures including payment of professional
and other expenses of VMC and the Lender related to this loan transaction and its closing.
Under the terms of the Loan Agreement, any
further advances to VMC beyond the initial $2,500,000 shall be in the Lender's sole and absolute discretion, and no advance
may be requested by VMC after April 24, 2014. The loan terms also require that at no time shall the outstanding balance of this
loan exceed a "Balancing Formula" as defined in the Loan Agreement, which formula basically represents 60% of the values
of certain defined tangible and intangible assets of VMC and the Company.
To provide the required collateral for this
loan, both VMC and the Company entered into various security, pledge and guaranty agreements to guarantee payment to the Lender
and secure the Lender with all tangible and intangible assets of VMC and the Company as set forth in the Loan Agreement and its
supporting documents, including the Company's 100% ownership of VMC. In addition, the future payment to the Lender of all
outstanding principal and accrued interest of this loan was guaranteed unconditionally by the Chief Executive Officer and Chief
Financial Officer of the Company.
The Loan Agreement, which is filed as an
exhibit hereto, also contains numerous representations, warranties and covenants of VMC, detailed terms for the opening and operation
of certain banking Special Deposit Accounts as required by the Lender, default provisions and other standard loan contract provisions.
As an inducement to the Lender to make this
loan to VMC, the Company issued a total of 9,694,128 unregistered shares of its common stock to the Lender, which common shares
were offered and sold by the Company in reliance upon the exemption from registration set forth in Section 4(2) of the Securities
Act of 1933, as amended
The Loan Agreement also provides that none
of the common stock of the Company owned by the Lender or by the Chief Executive Officer and Chief Financial Officer of the Company
can be sold or otherwise disposed of during the three-year term of this loan.
Item 9.01  Financial Statements
and Exhibits
Exhibit No.
Description
10.1
Loan and Security Agreement dated April 24, 2012
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 24, 2012
Viper Powersports Inc.
By:
/s/ Timothy Kling
Timothy Kling
Chief Financial Officer