On September 24, 2007, Credit One Financial, Inc. (the "Company") entered into a Project Agreement with Tin Loon Trading Company ("Tin Loon"). Tin Loon is a company registered in Hong Kong, China, and is primarily engaged in the business of graphite trading. Pursuant to the agreement, the Company agrees to advance $100,000 (the "Advance") to Tin Loon. The proceeds of the Advance will be used exclusively at Tin Loon as working capital for its graphite trading business.
The Advance is not in the nature of a loan to any party or a direct ownership interest in Tin Loon. Instead, the Advance constitutes consideration for the rights to receive 60%, or $3,000, whatever is larger, on quarterly basis, of the net profits from Tin Loon's business activities financed by the Advance (the "Net Profits "). In the event there is an operating loss, or the Net Profits is less than $3,000 for a quarter, Tin Loon will pay the Company the minimum payment of $3,000 for a quarter.
Under the agreement, the Advance will be fully returned to the Company, with any accrued Net Profits, within 30 days upon Tin Loon's receipt of return notice from the Company.
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