Document:

Exhibit 10.4

                                GuarantyAgreement
                                -----------------

     This  Agreement  dated  January  30,  2007, is entered into by and between
Challenger  Powerboats, Inc. ("Challenger"), Dutchess Private Equities Fund Ltd.
("Dutchess"),  and  the  following  individuals,  Howard  Dahl, Chuck Crary, Tom
Shorma,  William  Schlossman, and Michael Bullinger (collectively the "IMAR Note
Holders")  concerning  the  two Promissory Notes that Challenger has made to the
IMAR  Note Holders in the amount of $1,680,778 and $1,151,500 (the "Notes"), and
a  $275,000  Letter  of Credit with State Bank of Fargo.  The Notes are attached
hereto  as Exhibits A and B.  Challenger, Dutchess and the IMAR Note Holders are
sometimes  hereinafter  collectively  referred  to  as  the  "Parties."

     Whereas,  Dutchess  provides  funding  for  Challenger  Powerboats,  Inc.
("Challenger");  and

     Whereas,  Challenger has made an offer to purchase IMAR, including the IMAR
Note  Holders'  interests  in  IMAR;  and

     Whereas,  the  IMAR  Note Holders intend to sell their interests in IMAR to
Challenger;  and

     Whereas, as part of the sale, Challenger shall execute two (2)  promissory
notes to  the Note Holder.  Note 1, in the sum of $1,680,778 and Note 2, in the
sum of $1,151,500.

     Whereas,  after  Challenger's  purchase of IMAR, the IMAR Note Holders have
requested  that Dutchess guarantee repayment of  all of Note 1; $619,000 of Note
2;  and  a  $275,000  Letter  of  Credit  with  State  Bank  of  Fargo.

     Now,  therefore,  for  good  and  valuable  consideration,  the receipt and
sufficiency  of which is hereby acknowledged, Dutchess, Challenger, and the IMAR
Note  Holders  agree  as  follows:

     1.     This  Agreement  will  become  effective  only  after  Challenger's
purchase  of  IMAR  closes.

     2.     After  Challenger's  purchase  of IMAR closes, Challenger shall make
all  payments  due  on  the  Notes  in  a  timely  manner.

     3.     In  the  event that Challenger fails to timely make any payments due
under  the Loan, Dutchess will guarantee payment in accordance with the terms of
the  Notes.  Dutchess  obligation  on  Note  2 shall be limited to $619,000.  In
addition,  if  the $275,000 Letter of Credit is drawn on and Challenger fails to
pay  said  sums  to  State Bank of Fargo, Dutchess shall make said payments upon
demand.

     4.     Nothing herein shall be read to create any obligation on the part of
Dutchess  concerning  Challenger's  purchase  of  IMAR or the IMAR Note Holders'
interests  in  IMAR.

     5.     This  Guaranty  shall  continue in full force and effect despite any
changes, extensions or modifications to the underlying Notes and the undersigned
waive  all  rights  to  exoneration  as  a  result  of  any  such  changes  or
modifications.

     6.     This  Agreement  (including  the  documents  referred  to  herein)
constitutes  the  entire  agreement  among the Parties concerning the subject of
this  Guarantee  and  supersedes  any  prior  understandings,  agreements,  or
representations  by or among the Parties, written or oral, on the subject matter
hereof.

     7.     This Agreement shall be governed by and construed in accordance with
the  domestic  laws  of  the  State of North Dakota without giving effect to any
choice  or  conflict  of  law  provision  or rule (whether of the State of North
Dakota  or  any other jurisdiction) that would cause the application of the laws
of  any  jurisdiction  other  than  the  State  of  North  Dakota.

9.     Each  of the parties signing below represents and warrants that they have
the  full  authority  to  enter  into  this  Agreement.

10.     This  Agreement  may  be executed in multiple counterparts each of which
shall  have  the  same  force  and  effect  as  the  original.

/s/ Howard  Dahl
----------------
Howard  Dahl
IMAR  Note  Holder

/s/ Chuck  Crary
----------------
Chuck  Crary
IMAR  Note  Holder

/s/ Tom  Shorma
---------------
Tom  Shorma
IMAR  Note  Holder

/s/ William  Schlossman
-----------------------
William  Schlossman
IMAR  Note  Holder

/s/ Michael  Bullinger
----------------------
Michael  Bullinger
IMAR  Note  Holder

Challenger  Powerboats,  Inc.

By: /s/ Laurie  Phillips
    --------------------
Laurie  Phillips
President  and  CEO

Dutchess  Private  Equities  Fund  Ltd.

By: /s/ Michael  A.  Novielli
    -------------------------
Michael  A.  Novielli
Investment  Manager  to  Dutchess  Private  Equities  Fund  Ltd.Exhibit 10.5

                   ASSET AND TECHNOLOGY ACQUISITION AGREEMENT

                                 BY AND BETWEEN

                   IMAR GROUP, LLC, A WHOLLY-OWNED SUBSIDIARY
                         OF CHALLENGER POWERBOATS, INC.

                                       AND

                   MARK OVERBYE AND GEKKO SPORTS, CORPORATION

This  Asset  and  Technology  Acquisition  Agreement ("Agreement") dated January
_30_,  2007,  sets  forth the terms on which IMAR Group, LLC ("Buyer"), a wholly
owned  subsidiary  of Challenger Powerboats, Inc.  ("Challenger"), will purchase
certain  ownership  rights  and  interests  in assets and technology, as defined
below,  from  Mark  Overbye  ("Overbye") and Gekko Sports Corporation, a Florida
corporation  with  its  principal  place  of  business  at  is  587 Vista Ridge,
Shakopee,  MN  (the  "Seller").

1.     Buyer's  Purchase  of  Seller's  Assets  and  Technology
       --------------------------------------------------------

1.1     Subject  to  the  terms  and  conditions of this Agreement, Buyer hereby
purchases  from  Seller  and Seller hereby sells, transfers and assigns to Buyer
all  of  Seller's  right,  title  and  interest  in  (i) the assets, trademarks,
copyrights  and  domain  names  described  on  Exhibit  A;  (ii) any adaptation,
modification,  improvement,  or  enhancement of the foregoing; (iii)  all of the
pending  and  issued  patents  and patent applications described on Exhibit D as
well  as  any continuations, continuations-in-part, divisional applications, and
any  Letters  Patent  issued  there  from  including reissues, together with all
non-U.S.  counterparts;  (iv)  the  trade  names  "Gekko  Sports", "Gekko Sports
Corporation"  and  related  variations  thereon; and (v) all goodwill, know-how,
service  marks, industrial property rights related to the foregoing (the "Assets
and  Technology").  Seller  agrees  to  take  all  necessary steps to effect the
transfer  of  the  Assets  and  Technology,  including,  without limitation, the
transfer  of  USPTO  #  DVH  0066.

2.     Representations  and  Warranties
       --------------------------------

2.1     Seller  represents  and  warrants  to  Buyer  as  follows:

     2.1.1 Seller  holds  all  right,  title  and  interest  in  the  Assets and
          Technology  free  and  clear  of  any  and  all  claims,  liens,  and
          encumbrances of any kind and nature whatsoever. No third party retains
          any  residual rights or claims to the Assets and Technology. There are
          no  claims of Seller which have not been fully asserted and which may,
          as  a  result,  lead  to  issues  of  laches  or  estoppel.

     2.1.2 Seller  has  the  right  and  authority to enter into this Agreement,
          and the execution and performance of this Agreement by Seller will not
          violate  or result in violation of any other agreement to which Seller
          is  a  party.

     2.1.3 Seller  has  delivered  to  Buyer  copies of copyrights and copyright
          applications,  patents  and  patent  applications,  patent  and patent
          application  status reports, patent prosecution files, opinions Seller
          has  received  regarding  third party patents, all lab books, research
          reports,  invention  disclosures, documentation, and any and all other
          materials  that were used in creation of the Assets and Technology and
          are currently in Seller's possession, custody, or control, that embody
          the  Assets  and  Technology.  The following shall be provided for all
          patents  related  to  the  Seller's  Assets  and  Technology:

          2.1.3.1 Titles,  copyright  numbers,  patent  numbers,  and  serial
               numbers  of  issued patents; titles and serial numbers of pending
               patents;  and  titles  of inventions or technology not yet filed.

          2.1.3.2 Names  and  status  of  inventors  (present  employee,  past
               employee,  contractor)  for  each  item  listed  in  2.1.3.1.

          2.1.3.3 Countries  filed  in  (U.S.  and  foreign).

          2.1.3.4 Representation  that  if  issued,  maintenance  fees  or other
               necessary  payments  are  fully  paid  up.

          2.1.3.5 Representation  that,  to  the  Seller's  knowledge,  none  of
               the items listed in 2.1.3.1 are subject to any asserted ownership
               dispute,  litigation,  reexamination,  reissue,  or interference.

     2.1.4 Seller  has  delivered  to  Buyer  a  true  and complete copy of, and
          listed  on Exhibit B hereto, each written agreement and license and an
          accurate  description  of  each oral agreement and license relating to
          the  Assets  and  Technology  (other  than  as  provided  hereunder),
          including all amendments, waivers, or other changes thereto. There are
          no  other  written  or  oral  contractual  commitments,  contracts, or
          licenses  to  which  Seller  is  a party or by which it is bound which
          shall  be  binding  upon  the  Buyer,  Challenger, any of Challenger's
          subsidiaries  or  any  other  party.

     2.1.5 Every  employee,  consultant,  licensee,  or  other  person  who  has
          contributed in any way to the development of the Assets and Technology
          was, at the time such contributions were made, subject to an agreement
          wherein  such  person  agreed  to  hold  the  Assets and Technology in
          secrecy and confidence and transfer and assign to Seller all rights in
          the  Assets  and  Technology including without limitation trade secret
          and  patent  rights.

     2.1.6 Seller  has  transferred  to  Buyer  copies  of all material business
          and  legal  files related to the Assets and Technology including those
          related  to  the  Assets and Technology. Buyer will be responsible for
          prosecuting  all patent applications and maintaining all patents after
          the  Effective Date of this Agreement. Seller has paid, and is current
          on,  all  patent  maintenance  fees  due  as  of  the  Effective Date.

     2.1.7 The Assets  and  Technology  do  not  infringe  any  patents,
          copyrights,  trade  secrets,  or other proprietary rights of any third
          party.  No  rights  or  licenses  are  required  from third parties to
          exercise  any  rights with respect to the Assets and Technology or any
          part  thereof.  To  the  knowledge  of  the  Seller,  the  Assets  and
          Technology  have  not  been  infringed  by any third party. Seller has
          taken  proper  steps  to  protect  the  trade  secrets  and  know-how
          associated  with  the  Assets  and  Technology.

     2.1.8 There  are  no  actions,  suits,  litigation,  proceedings,  or
          controversy  in  any  court  or  legal  proceeding  pending or, to the
          knowledge  of  Seller,  threatened  by or against Seller or any of its
          employees, officers, or agents arising out of or related to the Assets
          and  Technology.  To  the  knowledge  of  Seller, there are no claims,
          demands or controversies that would, if proven, constitute a breach of
          any  of the representations and warranties of Seller contained herein.

     2.1.9 Seller  has  not  and  will  not  license,  assign, sell or otherwise
          transfer or grant any rights in the Assets and Technology to any third
          party  and  shall  not  use  or otherwise commercialize the Assets and
          Technology  to  develop, market, or distribute a product that competes
          with  Buyer  or  any  other  subsidiary  of  Challenger.  Seller  will
          indemnify  and  hold Buyer harmless against any and all losses, costs,
          or  liabilities  that  may  arise  as  a  result of a claim that would
          constitute  a  material  breach  of Seller's warranties or obligations
          under  this  Agreement. Notwithstanding the foregoing indemnification,
          and  not in derogation of it, Seller may elect to defend or to settle,
          at  its  sole  discretion  and  expense,  any  claim that would alter,
          diminish,  or  otherwise  affect  Seller's  rights  in  the Assets and
          Technology.

3.     Consideration
       -------------

3.1.     In consideration for this Agreement, Buyer shall pay Overbye a total of
$670,000  in  U.S.  dollars by wire transfer or company check in accordance with
the terms and conditions set forth in the Promissory Note of even date herewith.

The  payments in this Section 3.1 represent the total cash consideration for the
Buyer's purchase of the Assets and Technology and other rights provided to Buyer
by  Seller  under  this  Agreement,  including any and all amounts due under the
Technology,  Transfer,  License  and  Royalty Agreement by and between Gekko and
IMAR,  a  copy  of  which  has  been  attached hereto as Exhibit C (the "Royalty
Agreement"),  and  under  the Executive Employment Agreement entered into by and
between  Mark  Overbye  and  IMAR  Group, LLC, a copy of which has been attached
hereto  as  Exhibit  F  (the  "Terminated  Employment  Agreement").

The  parties further agree that $435,000 of the amount set forth in this Section
3 represents the Buyer's purchase of the Assets and Technology from Seller.  The
parties  believe  that  this  amount fairly and accurately values the Assets and
Technology.  The  remaining cash portion is being paid to Seller as compensation
for  wages,  royalties,  commissions  or  any  other  amounts  due  to  Overbye,
personally,  or Seller, under the Royalty Agreement or the Terminated Employment
Agreement.

3.2.     In  consideration  for  this Agreement, Buyer further agrees to provide
the  following  to  Overbye:

     3.2.1. Within  10  business  days  following  closing,  and  after transfer
          and  delivery  of  the  Assets  and  Technology, the Buyer shall issue
          625,000  shares  of  Challenger's  restricted common stock to Overbye.
          Resale of the shares is governed by a Leak-Out Agreement between Buyer
          and  Overbye.

     3.2.2. In addition,  at  closing,  Overbye  shall  receive  a  warrant  for
          the  purchase of 125,000 shares of Challenger Powerboat's common stock
          at  the strike price of $0.15 which shall vest two years from the date
          of  this  Agreement.  Resale of the warrants is governed by a Leak-Out
          Agreement  between Buyer and Overbye. The terms concerning the warrant
          are  set  forth  in  the  Common  Stock  Purchase Warrant of even date
          herewith.

     3.2.3. In addition,  at  closing,  Overbye  shall  receive  a  warrant  for
          the  purchase of 125,000 shares of Challenger Powerboat's common stock
          at  the strike price of $0.20 which shall vest two years from the date
          of  this  Agreement.  Resale of the warrants is governed by a Leak-Out
          Agreement  between Buyer and Overbye. The terms concerning the warrant
          are  set  forth  in  the  Common  Stock  Purchase Warrant of even date
          herewith.

     3.3. In addition,  at  closing,  Buyer  will  enter  into  a  two-year
          Employment  Agreement  with  Overbye,  as  set forth in Exhibit E (the
          "Employment  Agreement"). This Agreement is entered into by Buyer upon
          the  condition  that  the  Terminated  Employment  Agreement, has been
          cancelled.

     3.4. In consideration  for  the  receipt  and  enjoyment  of  the
          consideration set forth in Section 3.1, Seller and Overbye waive their
          right  to receive any additional compensation from IMAR or Challenger,
          regardless  of  whether  such  amounts  are past due, under either the
          Royalty Agreement and/or under the Terminated Employment Agreement, or
          under  any  other  agreements  between  the  parties.

4.     Employment  Arrangements
       ------------------------

Seller  does  not  have  any  obligation,  contingent  or  otherwise,  under any
employment  agreement,  collective  bargaining  or  other  labor  agreement, any
agreement  containing  severance  or  termination  pay  arrangements,  deferred
compensation  agreement,  retainer  or  consulting  arrangements,  pension  or
retirement  plan, bonus or profit-sharing plan, stock option or purchase plan or
other  employee  contract  or  non-terminable  (whether with or without penalty)
arrangement,  group  life, health, medical or hospitalization insurance, plan or
program  or  other  employee or fringe benefit plan, including vacation plans or
programs  and  sick  leave  plans  or  programs.

5.     Seller's  Employees  and  Other  Business  Relations
       ----------------------------------------------------

Except  as  otherwise  set  forth  herein and in the Employment Agreement, Buyer
shall  have  no  obligation  to employ any particular present employee of Seller
after  the  closing  of  this Agreement, but Seller will use its best efforts to
persuade  such employees of Seller as Buyer may designate to become employees of
Buyer  after  the  Closing  Date.  Seller will use its best efforts prior to the
Closing  Date to preserve its business organization intact, to keep available to
Buyer  the  services  of  its  present  employees, and to preserve for Buyer the
present  relations between Seller and its suppliers, customers and other persons
having business relations with it, it being understood that, except as otherwise
in  this Agreement provided, Buyer shall have no obligation to continue any such
relation  with  suppliers,  customers  or  other  persons.

7.     Tax  Matters
       ------------

     All sales, use, or other taxes or other fees payable in connection with the
transfer  of  the  Assets  and  Technology  shall  be  borne  by  Seller.

Seller  has  filed  in accordance with applicable law all federal, state, county
and  local  personal  property  tax  returns  which  are  required  to  be filed
concerning  the  Assets  and  Technology.  As  of  the  closing  date,  no  tax
liabilities have been assessed or proposed which remain unpaid.  Seller has paid
all  taxes  which  have  become due and has paid all taxes due as of the closing
date.

8.     Confidential  Information
       -------------------------

     Seller  shall not disclose information concerning the Assets or Technology,
or  any  nonpublic  information  concerning  the  Buyer  to  any person or other
business  entity  nor  use  such  information  for  any  purpose  other  than in
accordance  with  this  Agreement.

9.     Brokers  and  Finders
       ---------------------
Seller  and  Buyer represent to each other that no person or persons assisted in
or  brought about the negotiation of this Agreement in the capacity of broker or
agent or finder.  Seller agrees to indemnify and hold harmless Buyer against any
claims asserted against Buyer for brokerage or agent's or finder's commission or
compensation  in  respect  of the transactions contemplated by this Agreement by
any  persons  purporting  to act on behalf of Seller.  Buyer agrees to indemnify
and  hold  harmless  Seller  against  any  claims  asserted  against  Seller for
brokerage  or  agent's or finder's commissions or compensation in respect of the
transactions  contemplated  by this Agreement by any person purporting to act on
behalf  of  Buyer.

10.     No  Governmental  Authorizations  or  Approvals  Required
        ---------------------------------------------------------
No  authorization  or  approval  of,  or  filing  with, any governmental agency,
authority  or  other  body will be required in connection with the execution and
delivery  of this Agreement or the consummation of the transactions contemplated
hereby.

11.     General
        -------

     11.1. The parties  agree  that  the  following  individuals shall represent
          them  in  any discussions related to this Agreement. All contacts with
          any  employee  of  the  other  party will be through these principals.
          Whenever  notice  is  required,  it  shall  be  made  to the following
          addresses:

     For  Seller:     Mark  Overbye
                      587  Vista  Ridge
                      Shakopee,  MN  55379

     Copy  to:        Jeffrey  R.  Ansel
                      Winthrop  &  Weinstine,  P.A.
                      225  South  Sixth  Street,  Suite  3500
                      Minneapolis,  Minnesota  55402-4629
                      P  612-604-6503
                      F  612-604-6800

     For  Buyer:      Laurie  A.  Phillips
                      Challenger  Powerboats,  Inc.
                      300  Westlink  Dr.
                      Washington,  MO  63090
                      P  (636)  390-9000
                      F  (636)  390-2556

     Copy  to:        Mr.  Michael  Novielli
                      1110  Rt.  55,  Suite  206
                      LaGrangeville,  NY  12540
                      P  (845)  575-6770
                      F  (845)  575-6772

     11.2. Except  as  may  be  agreed  between  the  parties  or  to the extent
          required by law, no press release or public announcement shall be made
          concerning  this  Agreement.

     11.3. Each party  shall  bear  its  own  expense  and  costs with regard to
          all  activities  relating  to  this  Agreement.

     11.4. This Agreement  shall  be  construed  in  accordance with the laws of
          the  State of Missouri. Any dispute arising under this Agreement shall
          be settled by the parties in a court of competent jurisdiction located
          in  St.  Louis  County,  Missouri.

     11.5 This Agreement  is  intended  to  grant  full  and  complete  legal
          rights,  title  and  interest  to  Seller.

     11.6 If at any  time,  a  party  shall  waive its rights arising out of any
          breach of the other party's duties, such waiver shall not be construed
          as  a  continuing  waiver  of  that  party's  rights  respecting other
          breaches  of  the  same  or  other  provisions  of  this  Agreement.

     11.7. Both parties  agree  that  this  Agreement  is  the  complete  and
          exclusive  statement  of  agreement between the parties and supersedes
          all  prior  agreements,  whether  oral or written, with respect to the
          subject  matter  hereof.  This  Agreement  may  only  be  amended  or
          superseded  by  a  writing  signed  by  both  parties.

     11.8. The parties  agree  that  the  effective  date  of  this agreement is
          January  1,  2007  for  operational,  tax  and  accounting  treatment.

                                      - 1 -
<PAGE>

ACCEPTED  AND  AGREED  TO:
                                   IMAR  Group,  LLC
                                   Challenger  Powerboats,  Inc.

                                   _________________________
                                   Laurie  A.  Phillips
                                   President  &  CEO

                                   DATE:  __________________

                                   _________________________
                                   Mark  Overbye,  personally

                                   DATE:  __________________

                                   Gekko  Sports  Corporation

                                   _________________________
                                   By:   Mark  Overbye
                                   Title:   __________________

                                   DATE:   ___________________

                                      - 2 -
<PAGE>

<TABLE>
EXHIBIT A
<CAPTION>
<S>                                                                                          <C>

Description of Gekko Technology

                                                                                             PURCHASE
ASSET                                                                                          PRICE
-----                                                                                        --------
BOAT MOLDS
----------
Revo7.1 stringer mold, gas tank door mold, back seat mold, 2ea. Hull molds, Deck mold         $85,000

Revo 6.7 stringer mold, Hull mold, Deck mold, 2 ea. Back seat molds                           $58,000

Revo 6.7 hull, deck and liner plugs                                                           $29,000

GTR 22  trunk mold, Bow ring, Hull mold                                                       $24,000

GTX 22  Deck mold, Hull mold                                                                  $45,000

GTO 22  Bow ring, Hull mold, Deck mold, Engine cover mold (used for all in-line Gekko)        $50,000

GTS 20  Hull mold, Deck mold, Deck Plug                                                       $59,000

REGISTERED TRADEMARKS
Gekko                                                                                         $75,000

OTHER TRADEMARKS
GTS 20, GTO 22, GTR 22, REVO 6.7, REVO 6.7i, REVO 7.1                                         $     0

COPYRIGHTS
USPTO #DVH0066                                                                                $     0

INTERNET DOMAIN NAME AND CONTENT
 www.gekkosports.com                                                                          $10,000
</TABLE>

                                      - 3 -
<PAGE>

                                    EXHIBIT B

                                Existing Licenses
                                -----------------

Technology  Transfer,  License and Royalty Agreement by and between Gekko Sports
Corporation  and  IMAR  Group,  LLC   (attached)

                                      - 4 -
<PAGE>

                                    EXHIBIT C

               Technology Transfer, License and Royalty Agreement
               --------------------------------------------------

Attached

                                      - 5 -
<PAGE>

                                    EXHIBIT D

                                 Issued Patents
                                 --------------

                               Patent Applications
                               -------------------

                                      - 6 -
<PAGE>

                                    EXHIBIT E

Employment Agreement by and between Challenger Powerboats, Inc. and Mark Overbye
--------------------------------------------------------------------------------

Attached

                                      - 7 -
<PAGE>

                                    EXHIBIT F

 Executive Employment Agreement by and between IMAR Group, LLC and Mark Overbye
 ------------------------------------------------------------------------------

Attached

                                      - 8 -
<PAGE>
                                    EXHIBIT G

                               Security Agreement
                               ------------------

Attached

                                      - 9 -
<PAGE>

                                    EXHIBIT H

                                 Promissory Note
                                 ---------------

Attached

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]