On April 25, 2007, the Company and Myriad-Tunica entered into a contract for the sale and purchase of land (the “Contract”). The Contract provides that the Company shall purchase approximately 500 plus acres of land for a total purchase price of $25 million in cash (or certified check) and 6.5 million shares of the Company’s restricted common stock; the holders of any such common stock to be issued shall be subject to further contractual lockups as provided therein. The cash and shares shall be paid to the sellers at the closing which is to take place on or about August 1, 2007, subject to the provisions stated therein. In addition, the Company shall pay to the sellers an aggregate of 2% of the “Gross Gaming Revenue” derived from any and all gaming or gambling activities conducted on the Company’s gaming site. However, if within five years from the opening of the first casino the Company has not opened a second casino, then beginning on the fifth anniversary of the opening of the first casino, the Company shall begin paying as percentage rent as amount equal to 4% of the Gross Gaming Revenues. These payments are required to be made for a period of 22 years and thereafter will reduce back to 2% for an additional five years in order to ensure that certain members of the sellers family will obtain the equivalent of 2% for a full 27 years for two properties. A non-refundable deposit totaling $105,000 has been paid in conjunction with this agreement. An additional non-refundable deposit of $60,000 was paid during the six month period June 30, 2007 in conjunction with a second agreement to purchase land.
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