Mike Lindell Media Corp (MLMC)

[wickw50]

4. NOTE PAYABLE

In July 2007, the Company resolved a claim outstanding for $791,994 due to a vendor by way of Stipulation and Agreement, whereby the parties have agreed to and have accepted a payment program which is scheduled over a 19 month period, commencing in August 2007 with the final payment due in February 2009. Each monthly payment comprising of both principal and interest totals $50,000, with the last payment totaling $11,102, at an annual interest rate of 18%.