7. Earnings per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Note 7. Earnings per Share

Earnings per share have been calculated using the weighted average number of shares outstanding during each period. There was negative net income during the six months ended June 30, 2013 and the three months ended June 30, 2013 and 2012, therefore the Company’s Convertible Preferred Shares would not constitute potentially dilutive securities. However, the net income for the six months ended June 30, 2012 would have made these securities anti-dilutive. Earnings per share at June 30, 2013, is calculated using the number of common shares issued to effect the business combination as being outstanding during the entire period.

Earnings (loss) per share of common stock are calculated as follows:

	For the Three Months Ended June 30,
	2013			2012
BASIC EARNINGS PER SHARE OF COMMON STOCK:
Net loss available to IPLO common stockholders	$	(5,145	)	$	(107,386	)
Weighted average common shares outstanding		4,961,357			4,961,357
Basic loss per share of common stock	$	(0.00	)	$	(0.02	)
DILUTED EARNINGS PER SHARE OF COMMON STOCK:
Net loss available to IPLO common stockholders	$	(5,145	)	$	(107,386	)
Weighted average common shares outstanding		4,961,357			4,961,357
Effect of dilutive securities:
Convertible preferred stock		–			–
Weighted average common shares outstanding after effect of dilutive securities		4,961,357			4,961,357
Diluted loss per share of common stock	$	(0.00	)	$	(0.02	)

	For the Six Months Ended June 30,
	2013			2012
BASIC EARNINGS PER SHARE OF COMMON STOCK:
Net earnings (loss) available to IPLO common stockholders	$	(33,259	)	$	39,304
Weighted average common shares outstanding		4,961,357			4,961,357
Basic earnings (loss) per share of common stock	$	(0.01	)	$	0.01
DILUTED EARNINGS PER SHARE OF COMMON STOCK:
Net earnings (loss) available to IPLO common stockholders	$	(33,259	)	$	39,304
Weighted average common shares outstanding		4,961,357			4,961,357
Effect of dilutive securities:
Convertible preferred stock		–			1,374,730
Weighted average common shares outstanding after effect of dilutive securities		4,961,357			6,336,087
Diluted earnings (loss) per share of common stock	$	(0.01	)	$	0.01