VACANT LAND DEPOSIT

12 Months Ended

Dec. 31, 2013

Banking and Thrift [Abstract]

VACANT LAND DEPOSIT

NOTE 4: VACANT LAND DEPOSIT

On October 28, 2013, the Company entered into a Vacant Land Contract (the “Agreement”) with an unrelated third party to acquire approximately 2,200 acres of land in South Florida. The purchase price of the land is $13,350,000, payable $250,000 no later than October 28, 2013, $750,000 no later than February 18, 2014 and the balance of $12,350,000 in cash at closing, which shall occur on or before March 10, 2014. On October 28, 2013, the Company paid the initial $250,000 refundable deposit. The Company’s obligation to close on the purchase of the land under the Agreement is subject to customary closing conditions in real property transactions in Florida, as well as its completion of certain inspections and investigations no later than February 18, 2014 (the “Feasibility Study Period”). During the Feasibility Study Period, the Company will conduct such assessments, tests, analysis, surveys and investigations as it deems appropriate. The Company may terminate the Agreement without cost or expense at any time within the Feasibility Study Period if the property is not acceptable to the Company.  On February 18, 2014, the feasibility study period was not extended and the Company did not pay $750,000, therefore, the Company terminated the contract and will receive a refund of the $250,000 deposit (See Note 11).