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2. Revenues

12 Months Ended

Dec. 31, 2012

2.

Revenues:

Revenues for the years ended December 31, 2012 and 2011 included interest income from a short-term note receivable with Love Investment Company (“LIC”), an affiliate of L-PGI, the Company’s primary preferred stock shareholder.

There were no real estate sales in 2012. In the first quarter of 2011, the Company completed the sale of a single family lot at the price of $16,000. As of December 31, 2012 the Company owned six lots in Citrus County, Florida. The Company continues to be effected by a depressed real estate market in Citrus County, Florida.

- Definition

Disclosure of accounting policy for the timing and amount of revenue recognized on transfers of real estate, excluding retail land sales. The entity also may disclose its treatment of any unearned or deferred revenue that arises from the transaction.

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