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Note 9. Subsequent Event
6 Months Ended
Jun. 30, 2016
Notes  
Note 9. Subsequent Event

Note 9.   Subsequent Event

 

In third quarter of 2016, the Chairman of the Board of Directors loaned $75,000 to a wholly owned subsidiary of the Company, Mississippi Gaming Corporation. The proceeds of the loan were earmarked for payment of real estate taxes due on the Diamondhead, Mississippi property for the year ended 2015, which were delinquent. The loan may be expanded with additional funds up to $100,000 and will carry an interest rate of 14% per annum. The loan and interest due thereon will be secured by a lien on the Diamondhead, Mississippi property.

 

The Company also intends to secure previous advances totaling $47,500 and interest due thereon (as discussed in Note 5 above), with a lien on the Company's Mississippi property.