Real Estate Inventories

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Real Estate Inventories

NOTE 2 – REAL ESTATE INVENTORIES

At September 30, 2011 and December 31, 2010, real estate inventories, consisting of 65 undeveloped plots of land and a 27 acre commercial parcel of land primarily in Jackson and Washington, Florida, consisted of the following:

Location	Subdivision	2011		2010
Jackson County, FL	Compass Lake	$	418,500	$	544,000
Washington County, FL	Sunny Hills		41,000		82,000
Jackson County, FL	Commercial		175,500		175,500
Flagler County, FL	Flagler County		300		2,500
		$	635,300	$	804,000

The Company evaluated the carrying value of the properties as of September 30, 2011. For the nine months ended September 30, 2011 and 2010, the Company recorded an impairment loss on the properties of $168,700 and $0, respectively. The properties are currently not being developed.