Credit Card Cash Advances

3 Months Ended

Jun. 30, 2011

Credit Card Cash Advances

Credit Card Cash Advances

4.      Credit Card Cash Advances

The Issuer, through its Landrush Realty Corporation subsidiary unit, has cash advances from a credit card outstanding at December 31, 2000 of $38,418.  These advances bear interest at 19.8% per annum as of December 31, 2000.  As of December 31, 2000, the Issuer discontinued active use and/or further cash advances from said credit card as a funding source. However, said credit card balance outstanding shall continue to accrue annual interest payable at 19.8 per annum. For the period ended December 31, 2003, interest payable on the credit card principal balance outstanding was $26,322.

On November 22, 2004, the Issuer’s principal officer reached agreement with credit card provider to restructure the annual interest rate charge, charged on the annual outstanding card balance, from 19.8% per annum to 5% per annum and convert the repayment term of said current outstanding credit card balance to a 10 year term with a maturity date of November 22, 2014.  Per the terms of the agreement, the Issuer many repay the full outstanding credit card balance, with accrued interest, at any time prior to the maturity date of November 22, 2014.  As of its period ended December 31, 2004, the Issuer re-classified and recorded the existing outstanding credit card balance, with accrued interest payable, as a long term liability of the Issuer. Total Credit Card loan Principal and Accrued Interest Due as of the period ended the period ended June 30, 2011 is: $91,096.

5.0% Credit Card Loan; due November 22, 2014; payable in full at maturity with accrued interest.			$	38,418
Credit Card; Interest Payable for the Period ended December 31, 2010.	$	4,338
Credit Card; Accrued Interest Payable through the Period ended December 31, 2010.				52,678
Total Principal and Accrued Interest Due - as of the period ended June 30, 2011.			$	91,096