Replies to post #88499 on Hartcourt Companies (fka HRCT)

[lucky5ive]

Bar if your still interested in the "loans to sales agents"..
I e-mailed Hartcourt just yesterday to clarify the loans in question..They responded in less than one day and their response follows...Seems the two profitable subs of Hartcourt have hired a sales force..(I like the last sentence, "realize more revenue in the FUTURE)....Go Hartcourt...

Hi.XXX
Thanks for your continual support.

The two profitable subsidiaries provided loans to a few sales agents to promote the training course and bachelor diploma. The sales agents are committed to expanding training institutions in China, recruiting more students to be trained by the two subsidiaries. The reason for loans is to increase the market share in education field and realize more revenue in the future.
1.
Loan to sales agent, interest free, secured and amount due February 28, 2010--Beijing yanyuan loaned to agent for promotion on February 20 2009.
$175,492

2.
Loan to sales agent, interest free, secured and amount due January 15, 2010--Beijing yanyuan loaned to agent for promotion on Jan 10 2009.
$175,492

3.
Loan to sales agent, interest free, secured and amount due February 15, 2010—China Arts & Science Academy loaned to agent for promotion on Jan 15 2009.
$190,119

4.
Loan to sales agent, interest free, secured and amount due April 31, 2009---Beijing yanyuan loaned to agent for promotion on Oct 31 2008.
$131,619

5.
Loan to sales agent, interest free, secured and amount due May 31, 2009---Beijing yanyuan loaned to agent for promotion on Nov 31 2008.
$124,307


Total
$797,029

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

It is not relevant with the $800,000.( I had asked if they used the $800,000 private investments for these loans.)

Best Regards

Hartcourt Company Inc.