Document:

Exhibit 10.2

                                PROMISSORY NOTE
                                ----------------

Note  Amount  $1,680,778                               Date:  January  29,  2007

PROMISE  TO PAY: Challenger Powerboats, Inc., ("Borrower"), whose address is 300
---------------
Westlink  Dr.,  Washington,  MO  63090,  promises  to  pay  to the order of Mike
Bullinger,  Chuck  Crary, Howard Dahl, Tom Shorma, and Bill Schlossman, or their
assigns  (Noteholders),  in  lawful  money  of the United States of America, the
principal  amount  of  $1,680,778,  together  with  interest  at a fixed rate of
interest  at  eight  percent  (8%)  per  annum.

PAYMENT:  Borrower  will  pay this loan in accordance with the following payment
-------
schedule:

     The  first  payment shall be due on February 28, 2007 and continuing on the
same day of each month thereafter until July 28, 2008, according to the attached
amortization  table,  at  which time the entire unpaid principal balance and all
accrued  interest  shall  be  due and payable.  Buyer shall have full prepayment
privileges  at  any  time  without prepayment penalty.  Interest on this Note is
computed  daily  on the basis of a 365-day year, for each day all or any part of
the  principal  balance  hereof  shall  remain  outstanding.  Borrower  will pay
Noteholders  to  a  lockbox  maintained  at State Bank of Fargo or at such other
place  as  Noteholders may designate in writing.  Payments will be applied first
to  collection  costs,  attorney's  fees, protective advances, insurance, taxes,
expenses and late charges then to accrued unpaid interest and finally principal.
Payments  not  received  within 15 days of due date shall be considered late and
shall  be  subject  to  a  late  charge  based  on  the  rate  of  1%  per month

DEFAULT:  Borrower  will  be  in  default  if  any  of  the  following  happens:
-------

     a.     Borrower  fails  to  make  any  payment  when  due;

     b.     Borrower  fails  to perform promptly at the time and strictly in the
manner  provided  in  this  Promissory  Note  or  any  agreement related to this
Promissory  Note;

     c.        A  receiver  is  appointed  for  any part of Borrower's property,
Borrower  makes an assignment for the benefit of creditors, or any proceeding is
commenced  either  by  Borrower  or  against  Borrower  under  any bankruptcy or
insolvency  laws  including but not limited to a voluntary or involuntary filing
under  11  USC  Sec.  101,  et  seq.;
                            --------

     d.     A  receiver  is appointed for any part of such guarantor's property,
such  guarantor  makes  an  assignment  for  the  benefit  of  creditors, or any
proceeding  is  commenced either by any such guarantor or against such guarantor
under any bankruptcy or insolvency laws including but not limited to a voluntary
or  involuntary  filing  under  11  USC  Sec.  101,  et  seq.;
                                                     --------

     e.     Borrower fails to perform or observe any other covenant contained in
the  Purchase  Agreement  of even date herewith, or any other agreement given by
Borrower  to  Noteholders  in  connection  with  the  obligations;

     f.     Borrower  ceases  all  IMAR  business  operations  in  Fargo,  North
Dakota  within  eighteen  (18)  months  from  January  29,  2007.

NOTEHOLDERS  RIGHTS  UPON  DEFAULT:  Upon  default,  Noteholders may declare the
----------------------------------
entire  unpaid  principal  balance  on  this  Note  and  all  accrued  interest
-----
immediately  due,  after  30  days  notice.  This  Note  has  been  accepted  by
-----
Noteholders  in  the  State  of  North  Dakota.  If there is a lawsuit, Borrower
-----
agrees, upon Noteholder's request to submit to the jurisdiction of the Courts of
-----
Cass  County,  State  of  North  Dakota.  This  Note  shall  be  governed by and
construed  in  accordance  with  the  laws  of  the  State  of  North  Dakota.

COLLATERAL:  This  Note  is  secured  by the Dutchess Private Equities Fund, Ltd
----------
guaranty  of  even  date  and a security interest in the Assets set forth in the
---
Purchase  Agreement between IMAR Group, LLC and Borrower dated January 29, 2007.
---

GENERAL  PROVISIONS: Noteholders may delay or forego enforcing any of its rights
-------------------
or remedies under this Note without waiving them.  Borrower and any other person
who  signs,  guarantees  or  endorses  this  Note, to the extent allowed by law,
waives  presentment,  demand  for payment, protest and notice of dishonor.  Upon
any  change  in the terms of this Note, and unless otherwise expressly stated in
writing,  no  party  who  signs  this  Note,  whether  as  maker,  guarantor,
accommodation  maker  or  endorser,  shall  be released from liability. All such
parties agree that Noteholders may renew, extend or modify this loan, or release
any party or guarantor or collateral, or impair, fail to realize upon or perfect
Noteholder's  security  interest  in  the  collateral; and take any other action
deemed  necessary  by  Noteholders  without  the consent of or notice to anyone.

TIME:  Time  is  of  the essence of this Note and each of the provisions hereof.
----

BORROWER:

Challenger  Powerboats,  Inc.

By:  /s/ Laurie Phillips                    Date:  January 30, 2007
     -------------------                           ----------------
     Laurie  Phillips,  President  &  CEOExhibit 10.3

                                PROMISSORY NOTE
                                ----------------

Note  Amount  $1,151,500                               Date:  January  29,  2007

PROMISE  TO PAY: Challenger Powerboats, Inc., ("Borrower"), whose address is 300
---------------
Westlink  Dr.,Washington,  MO  63090,  promises  to  pay  to  the  order of Mike
Bullinger,  Chuck  Crary, Howard Dahl, Tom Shorma, and Bill Schlossman, or their
assigns  (Noteholders),  in  lawful  money  of the United States of America, the
principal  amount  of  $1,151,500,  together  with  interest  at a fixed rate of
interest  at  ten  percent  (10%)  per  annum.

PAYMENT:  Borrower  will  pay this loan in accordance with the following payment
-------
schedule:

     The  first  payment shall be due on February 28, 2007 and continuing on the
same day of each month thereafter until July 28, 2008, according to the attached
amortization  table,  at  which time the entire unpaid principal balance and all
accrued  interest  shall  be  due and payable.  Buyer shall have full prepayment
privileges  at  any  time  without prepayment penalty.  Interest on this Note is
computed  daily  on the basis of a 365-day year, for each day all or any part of
the  principal  balance  hereof  shall  remain  outstanding.  Borrower  will pay
Noteholders  at  Anderson  &  Bottrell  Trust Account, P.O. Box 10247, 4132 30th
Avenue SW, Suite 301, Fargo, ND  58103 or at such other place as Noteholders may
designate  in  writing.   Payments  will  be  applied first to collection costs,
attorney's  fees,  protective  advances,  insurance,  taxes,  expenses  and late
charges  accrued  unpaid  interest and finally principal.  Payments not received
within  15  days  of due date shall be considered late and shall be subject to a
late  charge  based  on  the  rate  of  1%  per  month.

DEFAULT:  Borrower  will  be  in  default  if  any  of  the  following  happens:
-------

     a.     Borrower  fails  to  make  any  payment  when  due;

     b.     Borrower  fails  to perform promptly at the time and strictly in the
manner  provided  in  this  Promissory  Note  or  any  agreement related to this
Promissory  Note;

     c.     A  receiver  is  appointed  for  any  part  of  Borrower's property,
Borrower  makes an assignment for the benefit of creditors, or any proceeding is
commenced  either  by  Borrower  or  against  Borrower  under  any bankruptcy or
insolvency  laws  including but not limited to a voluntary or involuntary filing
under  11  USC  Sec.  101,  et  seq.;
                            --------

     d.     A  receiver  is appointed for any part of such guarantor's property,
such  guarantor  makes  an  assignment  for  the  benefit  of  creditors, or any
proceeding  is  commenced either by any such guarantor or against such guarantor
under any bankruptcy or insolvency laws including but not limited to a voluntary
or  involuntary  filing  under  11  USC  Sec.  101,  et  seq.;
                                                     --------

     e.     Borrower fails to perform or observe any other covenant contained in
the  Purchase  Agreement  of even date herewith, or any other agreement given by
Borrower  to  Noteholders  in  connection  with  the  obligations;

     f.     Borrower  ceases all IMAR business operation in  Fargo, North Dakota
within  eighteen  (18)  months  from  January  29,  2007.

NOTEHOLDERS  RIGHTS  UPON  DEFAULT:  Upon  default,  Noteholders may declare the
----------------------------------
entire  unpaid  principal  balance  on  this  Note  and  all  accrued  interest
-----
immediately  due,  after  30  days  notice.  This  Note  has  been  accepted  by
-----
Noteholders  in  the  State  of  North  Dakota.  If there is a lawsuit, Borrower
-----
agrees, upon Noteholder's request to submit to the jurisdiction of the Courts of
-----
Cass  County,  State  of  North  Dakota.  This  Note  shall  be  governed by and
construed  in  accordance  with  the  laws  of  the  State  of  North  Dakota.

COLLATERAL:  This  Note  is  secured  by the security interest in the Assets set
----------
forth  in  the  Purchase  Agreement  between  IMAR Group, LLC and Borrower dated
---
January  29, 2007, and .the Dutchess Private Equities Fund, Ltd guaranty of even
---
date  up  to  the amount of $619,000.  The balance over and above $619,000 shall
not  be  secured  by  the  Dutchess  Private  Equities  Fund,  Ltd  guaranty.

GENERAL  PROVISIONS: Noteholders may delay or forego enforcing any of its rights
-------------------
or remedies under this Note without waiving them.  Borrower and any other person
who  signs,  guarantees  or  endorses  this  Note, to the extent allowed by law,
waives  presentment,  demand  for payment, protest and notice of dishonor.  Upon
any  change  in the terms of this Note, and unless otherwise expressly stated in
writing,  no  party  who  signs  this  Note,  whether  as  maker,  guarantor,
accommodation  maker  or  endorser,  shall  be released from liability. All such
parties agree that Noteholders may renew, extend or modify this loan, or release
any party or guarantor or collateral, or impair, fail to realize upon or perfect
Noteholder's  security  interest  in  the  collateral; and take any other action
deemed  necessary  by  Noteholders  without  the consent of or notice to anyone.

TIME:  Time  is  of  the essence of this Note and each of the provisions hereof.
----

BORROWER:

Challenger  Powerboats,  Inc.

By:  /s/ Laurie Phillips                    Date:  January 30, 2007
     -------------------                           ----------------
     Laurie  Phillips,  President  &  CEO

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"}]]