<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>0012 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>From2013-01-01to2013-06-30</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0001494413</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2013-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-06-30T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS /><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="CalendarSupplement" Id="0" Label="6 Months Ended" /><Label Key="Calendar" Id="1" Label="Jun. 30, 2013" /></Labels></Column></Columns><Rows><Row FlagID="0"><Id>1</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>1</Level><ElementName>us-gaap_AccountingPoliciesAbstract</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Accounting Policies [Abstract]</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;The accompanying unaudited financial
statements of Innovative Product Opportunities Inc. have been prepared without audit pursuant to the rules and regulations of the
Securities and Exchange Commission requirements for interim financial statements. Therefore, they do not include all of the information
and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The
financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2012 of
Innovative Product Opportunities Inc. in our Form 10-K filed on April 15, 2013.&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;The interim financial statements present
the balance sheets, statements of operations and cash flows of Innovative Product Opportunities Inc. The financial statements have
been prepared in accordance with accounting principles generally accepted in the United States.&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;The interim financial information
is unaudited. In the opinion of management, all adjustments necessary to present fairly the financial position as of June 30, 2013
and the results of operations and cash flows presented herein have been included in the financial statements. All such adjustments
are of a normal and recurring nature. Interim results are not necessarily indicative of results of operations for the full year.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>BASIS OF PRESENTATION</Label></Row><Row FlagID="0"><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_LiquidityDisclosureTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-06-30" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0"&gt;GOING CONCERN&lt;/p&gt;




&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;The Company's financial statements
are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization
of assets and the liquidation of liabilities in the normal course of business. Currently, the Company does not have significant
operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going concern. The Company
has an accumulated deficit during development stage at June 30, 2013 and December 31, 2012 of $6,051,678 and $5,928,585, respectively.
The Company will be dependent upon the raising of additional capital through placement of its common stock in order to implement
its business plan. There can be no assurance that the Company will be successful in this situation. Accordingly, these factors
raise substantial doubt as to the Company's ability to continue as a going concern. These financial statements do not include any
adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classifications of liabilities
that might result from this uncertainty. The Company is funding its initial operations by way of loans from its Chief Executive
Officer. The Company's officers and directors have committed to advancing certain operating costs of the Company.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>GOING CONCERN</Label></Row><Row FlagID="0"><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;Preparation of the financial statements
in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions
that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Name Accounting Standards Codification

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 -Section 50

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&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;For purposes of the statement of cash
flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Glossary Cash

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Glossary Cash Equivalents

 -URI http://asc.fasb.org/extlink&amp;oid=6507016



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 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 1

 -Article 5



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 -Publisher FASB

 -Name Accounting Standards Codification

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 -Publisher SEC

 -Name Financial Reporting Release (FRR)

 -Number 203

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</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>CASH AND CASH EQUIVALENTS</Label></Row><Row FlagID="0"><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_RevenueRecognitionPolicyTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-06-30" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;REVENUE RECOGNITION&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0 0 10pt; text-align: justify"&gt;The Company recognizes revenues
and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been
rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. Amounts invoiced
or collected in advance of product delivery or providing services are recorded as deferred revenue or customer deposits. The company
accrues for sales returns, bad debts, and other allowances based on its historical experience.&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;Net sales under certain long-term
contracts for product design, which may provide for periodic payments, are recognized under the percentage-of-completion method.
Estimated cost-at-completion for these contracts are reviewed on a routine periodic basis, and adjustments are made periodically
to the estimated cost-at-completion, based on actual costs incurred, progress made, and estimates of the costs required to complete
the contractual requirements. When the estimated cost-at-completion exceeds the contract value, the contract is written down to
its net realizable value, and the loss resulting from cost overruns is immediately recognized.&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;To properly match net sales with costs,
certain contracts may have revenue recognized in excess of billings (unbilled revenues), and other contracts may have billings
in excess of net sales recognized (customer deposits). Under long-term contracts, the prerequisites for billing the customer for
periodic payments generally involve the Company&amp;#146;s achievement of contractually specific, objective milestones (e.g., scheduling,
design concepts, source and engage prototyping, review, adjust and re-design, re-prototype and submit for field testing, source
and engage production modules, post production implementation).&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Name Accounting Standards Codification

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 -Publisher SEC

 -Name Staff Accounting Bulletin (SAB)

 -Number Topic 13

 -Section B

 -Paragraph Question 1



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</LabelSeparator><Level>2</Level><ElementName>us-gaap_EarningsPerSharePolicyTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-06-30" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;NET LOSS PER SHARE&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;Basic net income (loss) per share
includes no dilution and is computed by dividing net income (loss) available to common stockholders by the weighted average number
of common shares outstanding for the period. Diluted earnings per share is computed by dividing earnings available to common shareholders
by the weighted average number of common shares outstanding for the period increased to include the number of additional common
shares that would have been outstanding if potentially dilutive securities had been issued. There were no potentially dilutive
securities outstanding during the periods presented.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Publisher FASB

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</LabelSeparator><Level>2</Level><ElementName>us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-06-30" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;STOCK-BASED COMPENSATION&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;The Company measures stock-based compensation
at the grant date based on the fair value of the award and recognizes stock-based compensation expense over the requisite service
period.&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;The Company also grants awards to
non-employees and determines the fair value of such stock-based compensation awards granted as either the fair value of the consideration
received or the fair value of the equity instruments issued, whichever is more reliably measurable. If the fair value of the equity
instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of (1) the
date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which
the counterparty's performance is completed.&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;The Company adopted a stock option
plan on August 30, 2011, but has not granted any stock options.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (b),(f)

 -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -URI http://asc.fasb.org/subtopic&amp;trid=2228939



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</LabelSeparator><Level>2</Level><ElementName>us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-06-30" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 0; text-align: justify"&gt;RECENT ACCOUNTING PRONOUNCEMENTS&lt;/p&gt;

&lt;p style="font: 10pt/normal Courier New, Courier, Monospace; margin: 9pt 0 0; text-align: justify"&gt;There have been no recent accounting
pronouncements or changes in accounting pronouncements that impacted the quarter ended June 30, 2013 or which are expected to impact
future periods, that were not already adopted and disclosed in prior periods.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>RECENT ACCOUNTING PRONOUNCEMENTS</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://ipoi.com/role/SummaryOfSignificantAccountingPoliciesPolicies</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>9</NumberOfRows></InstanceReport>
