NATURE OF OPERATIONS AND BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Innovative Product Opportunities Inc. (the "Company" or "Innovative") was incorporated on April 3, 2009 in the State of Delaware and established a fiscal year end of December 31. The Company is a development stage enterprise organized to provide product development. The Company is currently in the development stage as defined in Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") 915.

On March 1, 2012 the company entered into a license agreement with Szar International, Inc. (dba Cigar & Spirits Magazine) (-Cigar & Spirits-) and moved offices to our new California address with Cigar and Spirits. The agreement grants Innovative the right to market the products of Cigar & Spirits including but not limited to the sales, promotion, and advertising vehicles of the Magazine. There are no specific rent terms included in the license agreement but verbally they have agreed to allow Innovative to use their office on an on-going basis free of additional charge. On July 8, 2013, Innovative received written notice that Cigar & Spirits will cancel the license agreement on August 1, 2013.

Since March 1, 2012, the Company has not earned revenues from rights acquired under this license agreement.

Restatement:

The Balance sheet, statement of operations and the statement of cash flows for the three and six months ended June 30, 2012 have been restated to exclude the operations and cash flows of Cigar & Spirits. On April 11, 2013, the Company reconsidered its original conclusion and determined that the Company is not the primary beneficiary of Cigar & Spirits since it does not have (1) the responsibility to absorb the losses of Cigar & Spirits (2) the ability to direct the activities of Cigar & Spirits. As such, the original Form 10-Q filed by the Company for the quarterly periods ended March 31, 2012, June 30, 2012 and September 30, 2012 should not be relied on.

A summary of the effect of the restatement is as follows:

	As Reported			Restatement			As Restated
Balance sheet as of June 30, 2012
Non-controlling interest	$	(50,140	)	$	50,140		$	-
Statement of Income - For the Three Months Ended June 30, 2012
Revenue	$	32,789		$	(32,789	)	$	-
Cost of sales	$	615		$	(615	)	$	-
General and administrative expense	$	115,777		$	(59,393	)	$	56,384
Stock-based compensation	$	149,333		$	-		$	149,333
Net loss attributed to non-controlling interest	$	27,219		$	(27,219	)	$	-
Net loss	$	(205,717	)	$	-		$	(205,717	)
Net loss per share	$	(0.00	)	$	-		$	(0.00	)

Statement of Income - For the Six Months Ended June 30, 2012
Revenue	$	44,644		$	(44,644	)	$	-
Cost of sales	$	3,678		$	(3,678	)	$	-
General and administrative expense	$	163,242		$	(74,558	)	$	88,684
Stock-based compensation	$	149,333		$	-		$	149,333
Net loss attributed to non-controlling interest	$	33,592		$	(33,592	)	$	-
Net loss	$	(238,017	)	$	-		$	(238,017	)
Net loss per share	$	(0.00	)	$	-		$	(0.00	)
Statement of Cash Flows - For the Six Months Ended June 30, 2012
Net cash flows used in operating activities	$	(114,278	)	$	31,392		$	(82,886	)
Net cash provided by investing activities	$	948		$	(948	)	$	-
Net cash provided by financing activities	$	110,503		$	(33,300	)	$	77,203
Net change in cash	$	(2,827	)	$	(2,856	)	$	(5,683	)