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NOTE D - LONG-TERM DEBTOn March 30, 2004 the Company and certain subsidiaries entered into a $6,000,000 loan credit facility evidenced by a Promissory Note in the original principal balance of $6,000,000, with interest at the rate of 6% per annum, due on December 31, 2008, with conversion rights for common stock of the Company with Stanford Venture Capital Holdings, Inc. ("SVCH"). The promissory loan is secured by (i) a second mortgage on real estate located in Polk County, Florida, (ii) a second mortgage on real estate located in Polk County, Florida, (iii) all of its issued and outstanding capital stock of American Leisure Marketing & Technology,
Inc.(iv) a pledge from Castlechart Limited of all of its issued and outstanding capital stock of Caribbean Leisure Marketing Limited, a subsidiary of AMLH. In connection with the promissory note, the Company issued warrants for 600,000 and 1,350,000 shares of AMLH's common stock at exercise prices of $.001 and $2.96 per share, respectively, expiring on December 31, 2008. The note is convertible into the Common Stock of the Company at a conversion price based on that number of shares of the Company's common stock calculated by dividing the amount due
under the Credit Facility by $15.00. As of march 31, 2004, there is $4,572,457 outstanding on the credit facility.
In March 2003, AMLH entered into an unsecured promissory note for $5,000,000 due in February 2009 bearing interest at LIBOR + 1% per annum. This note is to be serviced on an interest only basis every six months in arrears, until it reaches maturity.
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