REAL ESTATE ACTIVITY	3 Months Ended
Jun. 30, 2011
REAL ESTATE ACTIVITY
REAL ESTATE ACTIVITY	NOTE 2. REAL ESTATE ACTIVITY The Company purchased land on December 31, 2010 through its subsidiary, ART Westwood FL, Inc. Effective March 31, 2011 ART Westwood FL, Inc. changed its name to Kelly Lot Development, Inc. The Company owns various parcels of undeveloped land consisting of approximately 7.53 acres of Kelly Lot Land located in Farmers Branch, TX approximately 6.916 acres of Vineyard Land located in Grapevine, TX and approximately 5.618 acres of Nashville Land located in Nashville, TN. On April 1, 2011 the Company purchased Seminary West Land at 3.028 acres located in Fort Worth, Texas and Travis Ranch Land at 6.796 acres located in Kaufman County, Texas from a related party. On May 2, 2011 the Company entered into a $500,000 secured loan agreement with Adams Realty. The loan is collateralized by 3.028 acres of Seminary West Land located in Fort Worth, Texas, 6.796 acres of Travis Ranch Land located in Kaufman County, Texas and 6.916 acres of Vineyard Land located in Grapevine, Texas. During the first quarter of 2011 the Company invested in various real estate projects that are under development. The investments include payments to related parties for costs incurred by them and direct payments to third parties. The development costs include architectural fees, feasibility studies, legal fees and other such costs. None of these projects have reached the stage where land has been acquired and construction has begun. Subsequently it was determined that FEPI will not be developing these projects and on May 31, 2011 these projects with a combined cost of $1,013,324 were transferred back to a related party.

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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