Hartcourt Companies (fka HRCT)

[bar1080]

hrct financials are always good for a laugh


" NOTE 5 LOANS TO SALES AGENTS

Company advanced loans to agents to market their courses to the students. As at February 28, 2009, these loans comprised of the following:

1. Loan to sales agent, interest free, secured and amount due February 28, 2010 $175,492
2. Loan to sales agent, interest free, secured and amount due January 15, 2010 $175,492
3. Loan to sales agent, interest free, secured and amount due February 15, 2010 $190,119
4. Loan to sales agent, interest free, secured and amount due April 31, 2009 $131,619
5. Loan to sales agent, interest free, secured and amount due May 31, 2009 $124,307

Total
$797,029

All loans are secured by pledge of building license owned by the agents.