**U. S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K/A**

(Amendment No. 1)

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: December 31, 2008

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to _________

Commission file number: 33-5902

**CITY CAPITAL CORPORATION**

(Name of small business issuer in its charter)

   

| Nevada

 

33-5902

 

22-2774460

*(State or Other Jurisdiction of Incorporation)*

 

*(Commission File Number)*

 

*(I.R.S. Employer  Identification No.)*

2000 Mallory Lane, Suite 130-301, Franklin, Tennessee

 

37067

*(Address of Principal Executive Offices*

 

*(Zip Code)*

Issuer's Telephone Number:(877) 367-1463

Securities registered under Section 12(b) of the Act: None

Securities registered under Section 12(g) of the Act: Common Stock, $.001 par value

Check whether the issuer is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.£

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

Yes T  No£

Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.£

1

Indicate by check mark whether the registrant is a shell company (as defined by rule 12b-2 of the Exchange Act). Yes£   No T

State issuer's revenues for its most recent fiscal year: $233,003

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of a specified date within the past 60 days. As of March 31, 2009, the aggregate market value of shares held by non-affiliates (based on the close price on that date of $0.002) was approximately $121,467.

State the number of shares outstanding of each of the issuer's classes of common equity, as of the last practicable date: 78,330,044 shares of common stock as confirmed by the Company's transfer agent on March 31, 2009.

Transitional Small Business Disclosure Format (check one): Yes£   No T

**EXPLANATORY NOTE**

The purpose of this amendment to the Form 10-K for the year ending December 31, 2008 is to modify Note 15: Related Party Transactions in Item 8, Financial Statements and Supplementary Data.  The Company entered into consulting agreements with two marketing companies which are indirectly owned by the Company’s board of director, Waldo E. Brantley III.  As of December 31, 2008, the Company has paid approximately $178,600 to the two companies.  Note 15 has been amended to clarify the related party transaction.  

2

**PART IV**

**ITEM 15.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES.**

The following documents are being filed as a part of this report on Form 10-K: 

(a) 

Audited financial statements as of and for the year ended December 31, 2008, and for the year ended December 31, 2007; and

(b) 

Those exhibits required by Item 601 of Regulation S-K (included or incorporated by reference in this document are set forth in the Exhibit Index).

**SIGNATURES**

 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**City Capital Corporation**

Dated: September 3, 2009

By: /s/  Ephren W. Taylor II

Ephren W. Taylor II,

Chief Executive Officer

(Principal executive, financial and

accounting officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons onbehalf of the Company and in the capacities and on the dates indicated:

Signature

Title

Date

 

 

 

/s/ Ephren W. Taylor II

Chief Executive Officer/Director

September 3, 2009

Ephren W. Taylor II             

(Principal executive, financial 

and accounting officer)

 

 

 

 

/s/ Waldo Emerson Brantley III  

President/Director 

September 3, 2009

Waldo Emerson Brantley III

 

 

 

 

 

/s/ Don Ricardo McCarthy

Director

September 3, 2009

Don Ricardo McCarthy

 

 

3

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and

Stockholders of City Capital Corporation

We have audited the accompanying consolidated balance sheets of City Capital Corporation as of December 31, 2008 and 2007, and the related consolidated statements of operations, stockholders' deficit, and cash flows for the years then ended. These financial statements are the responsibility of the company's management.  Our responsibility is to express an opinion on these financial statements based on our audits.  We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control over financial reporting. Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial positions of City Capital Corporation as of December 31, 2008 and 2007, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2, the Company's ability to continue in the normal course of business is dependent upon the success of future operations.

The Company has recurring losses, substantial accumulated deficit and negative cash flows from operations. Management's plans regarding these matters are also described in Note 2. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ Spector, Wong & Davidian, LLP

Pasadena, California

March 27, 2009

4

**CITY CAPITAL CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

 

 

**December 31,**

**ASSETS**

 

**2008**

 

**2007**

Current Assets

 

 

 

 

       Cash

$

   213,988 

$

   45,499 

       Restricted cash – security deposits

 

-- 

 

13,728 

       Accounts receivable

 

-- 

 

8,743 

       Prepaids 

 

3,462 

 

-- 

       Note receivable

 

18,000 

 

-- 

       Note receivable- related party

 

1,924,731 

 

2,131,780 

       Other receivable

 

40,000 

 

-- 

       House inventory

 

100,094 

 

-- 

       Assets held for sale, net of liabilities of $373,838

 

53,807 

 

-- 

       Other assets

 

15,862 

 

3,719 

Total Current Assets

 

2,369,944 

 

2,203,469 

 

 

 

 

 

        Investment in unconsolidated investee

 

106,817 

 

-- 

        Fixed asset, net of accumulated depreciation of

 

 

 

 

             $0 and $1,375, respectively

 

5,000 

 

163,625 

        Intangible assets, net of accumulated amortization

 

 

 

 

             of $0 and $32,113, respectively

 

-- 

 

44,502 

        Goodwill

 

-- 

 

148,146 

        Domain names 

 

50,000 

 

-- 

               Total Assets

$

  2,531,761 

$

  2,559,742 

 

 

 

 

 

**LIABILITIES AND SHAREHOLDERS’ DEFICIT**

 

 

 

 

Current Liabilities

 

 

 

 

       Accounts payable and accrued expenses

$

83,148 

$ 

311,371 

       Security deposits

 

-- 

 

10,695 

       Accrued consulting-related party

 

95,694 

 

195,694 

       Unsecured liability

 

616,249 

 

604,582 

       Notes payable including accrued interest

 

 

 

 

          of $139,085 and $590,374

 

3,757,556 

 

1,980,008 

       Convertible debentures including accrued 

 

 

 

 

          interest of $56,835 and $5,700, respectively

 

161,835 

 

35,700 

       Debt derivative

 

104,956 

 

150,269 

               Total Current Liabilities

 

4,839,438 

 

3,288,319 

 

 

 

 

 

       Long term notes payable

 

20,000 

 

-- 

       Convertible debentures including accrued interest 

 

 

 

 

   of $0 and $41,160, respectively

 

-- 

 

116,160 

Total Liabilities

 

4,839,438 

 

3,404,479 

 

 

 

 

 

Commitment and contingencies

 

-- 

 

-- 

Minority interest

 

-- 

 

-- 

 

 

 

 

 

5

**CITY CAPITAL CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

**(continued)**

 

 

**December 31,**

 

 

**2008**

 

**2007**

Stockholders’ Deficit

 

 

 

 

    Common stock, $0.001 par value; authorized 235,000,000

 

 

 

 

      shares; issued and outstanding 4,597,473 and

 

 

 

 

       2,524,252 shares, respectively(1)

 

4,597 

 

2,524 

    Additional paid-in capital

 

9,839,920 

 

8,690,453 

    Accumulated deficit

 

(12,152,194)

 

(9,549,737)

    Stock subscription payable 

 

-- 

 

12,023 

Total Stockholders’ Deficit

 

(2,307,677)

 

(844,737)

Total Liabilities and Stockholders’ Deficit

$ 

2,531,761 

$ 

2,559,742 

(1)  Adjusted for a 1 for 25 reverse split of the common stock effective on December 12, 2007.

See accompanying notes to these consolidated financial statements 

6

**CITY CAPITAL CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

 

**December 31,**

Revenues:

 

**2008**

 

**2007**

Commission revenue

 $

121,737 

$ 

7,705  

Home sale revenue

 

81,292 

 

-- 

Other revenue

 

29,974 

 

120,083 

 

 

233,003 

 

127,788 

Cost of revenues:

 

 

 

 

Cost of home sales

 

72,264 

 

-- 

 

 

 

 

 

Gross profit

 

160,739 

 

127,788 

 

 

 

 

 

Operating, general and administrative expenses:

 

 

 

 

Compensation expense

 

1,035,117 

 

349,042 

Consulting expense

 

726,387 

 

4,221,559 

Other operating, general and administrative expenses

 

1,293,571 

 

1,471,911 

 

 

3,055,075 

 

6,042,512 

 

 

 

 

 

Operating loss

 

(2,894,336)

 

(5,914,724)

 

 

 

 

 

Non-operating expense (income):

 

 

 

 

Interest expenses (net of interest income)

 

487,337 

 

1,017,813 

Loss on investment in unconsolidated investee

 

23,183 

 

563,560 

Loss on investment in subsidiary

 

-- -

 

64,170 

Gain on debt extinguishment

 

(879,632)

 

(459,440)

Change in fair value of debt derivative

 

(45,313)

 

7,710 

Other expense (income)

 

175 

 

-- 

 

 

(414,250)

 

1,193,813 

 

 

 

 

 

Net loss before income tax provision (benefit)

 

(2,480,086)

 

(7,108,537)

Income tax provision (benefit)

 

-- 

 

-- -

Net loss after tax provision (benefit) and before    

 

 

 

 

    discontinued operations

 

(2,480,086)

 

(7,108,537)

 

 

 

 

 

(Loss) gain from discontinued operations

 

(122,371)

 

72,177 

 

 

 

 

 

 Net loss 

$

 (2,602,457)

$

 (7,036,360)

 

 

 

 

 

Basic and dilutive (loss) income per common share:

 

 

 

 

    Before discontinued operations

$

(0.59)

$

(5.63)

    Discontinued operations

$

(0.03)

$

0.06 

    Net loss per share

$

(0.62)

$

(5.57)

 

 

 

 

 

Weighted average number of common shares(1)

 

4,187,799 

 

1,262,247 

(1)  Adjusted for a 1 for 25 reverse split of the common stock effective on December 12, 2007.

 

 

See accompanying notes to these consolidated financial statements

7

**CITY CAPITAL CORPORATION**

**CONSOLIDATED STATEMENT OF SHAREHOLDERS’ DEFICIT**

 

**Common Stock**

**Shares****(1)   Amount**
**Additional**

**Paid In**

**Capital**

**Stock**

**Subscribed**

**(net)**

**Accumulated**

**Deficit**

**Uncategorized**

**Depreciation**

**of Portfolio**

**Company**

**Total**

Balance, December 31, 2006

701,818 

$     702 

$  1,955,596 

$    (619,889)

$    (1,652,280)

$       (166,007)

$   (481,878)

 

 

 

 

 

 

 

 

Stock issued for cash 

39,250 

39 

127,161 

-- 

-- 

-- 

127,200 

 

 

 

 

 

 

 

 

Stock issued for services 

905,182 

905 

3,238,613 

-- 

-- 

-- 

3,239,518 

 

 

 

 

 

 

 

 

Stock for debt and accrued interest 

41,264 

41 

129,522 

-- 

-- 

-- 

129,563 

 

 

 

 

 

 

 

 

Stock dividend 

51,630 

53 

745,981 

-- 

(746,034)

-- 

-- 

 

 

 

 

 

 

 

 

Consolidation of Previous investment 

    Company under BDC 

-- 

-- 

-- 

-- 

(115,063)

-- 

(115,063)

 

 

 

 

 

 

 

 

 Release of shares related to debt extinguishment 

775,108 

774 

2,481,090 

631,912 

-- 

-- 

3,113,776 

 

 

 

 

 

 

 

 

Stock donation 

10,000 

10 

12,490 

-- 

-- 

-- 

12,500 

 

 

 

 

 

 

 

 

Sale of portfolio company  

-- 

-- 

-- 

-- 

-- 

166,007 

166,007 

8

**CITY****CAPITAL CORPORATION**

**CONSOLIDATED STATEMENT OF SHAREHOLDERS’ DEFICIT**

**(continued)**

 

**Common Stock**

**Shares****(1)   Amount**
**Additional**

**Paid In**

**Capital**

**Stock**

**Subscribed**

**(net)**

**Accumulated**

**Deficit**

**Uncategorized**

** Depreciation**

**of Portfolio**

**Company**

**Total**

Net Loss, December 31, 2007

-- 

-- 

-- 

-- 

(7,036,360)

-- 

(7,036,360)

 

 

 

 

 

 

 

 

Balance, December 31, 2007

2,524,252 

2,524 

8,690,453 

12,023 

(9,549,737)

-- 

(844,737)

 

 

 

 

 

 

 

 

Stock issued for services 

1,634,599 

1,634 

587,883 

-- 

-- 

-- 

589,517 

 

 

 

 

 

 

 

 

Stock for debt and accrued interest 

50,000 

50 

49,950 

-- 

-- 

-- 

50,000 

 

 

 

 

 

 

 

 

 Stock issued for officer compensation 

384,615 

385 

499,615 

-- 

-- 

-- 

500,000 

 

 

 

 

 

 

 

 

 Release of subscribed stock 

4,007 

4 

12,019 

(12,023)

-- 

-- 

-- 

 

 

 

 

 

 

 

 

Net Loss, December 31, 2008

-- 

-- 

-- 

-- 

(2,602,457)

-- 

(2,602,457)

 

 

 

 

 

 

 

 

Balance, December 31, 2008 

4,597,473 

$   4,597 

$9,839,920 

$            -- 

$(12,152,194)

$                  -- 

$(2,307,677)

(1)  Adjusted for a 1 for 25 reverse split of the common stock effective on December 12, 2007.

 

 

See accompanying notes to these consolidated financial statements

9

**CITY CAPITAL CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

 

**December 31,**

 

**2008**

 

**2007**

**Cash from operating activities**

 

 

 

 

 

Net loss 

$ 

(2,602,457)

 

$ 

(7,036,360)

Adjustments to reconcile net income (loss) to net cash used by operating activities:

 

 

 

 

 

Depreciation and amortization expense

 

42,037 

 

 

33,488 

Stock issued for services

 

589,517 

 

 

3,239,518 

Stock issued for debt and accrued interest

 

50,000 

 

 

-- 

Stock issued for officer compensation

 

500,000 

 

 

-- 

Gain on extinguishment of debt

 

(879,632)

 

 

(483,933)

Gain on discontinued operations

 

-- 

 

 

(92,054)

Loss on disposition of investment subsidiary

 

-- 

 

 

64,170 

Donation of stock

 

-- 

 

 

12,500 

Interest income

 

-- 

 

 

(1,700)

Fair value of derivatives

 

(45,313)

 

 

7,710 

Changes in operating assets and liabilities 

 

 

 

 

 

Restricted cash – security deposits

 

4,713 

 

 

(13,728)

Accounts receivable

 

1,005 

 

 

(3,695)

Notes receivables

 

(18,000)

 

 

-- 

Notes receivables – related party

 

(37,317)

 

 

(1,035,598)

Prepaid

 

(3,932)

 

 

-- 

Inventory homes for sale

 

(100,094)

 

 

-- 

Other asset

 

(12,142)

 

 

(271)

Accounts payable and accrued expenses

 

(27,359)

 

 

28,730 

Security deposits

 

(2,391)

 

 

(2,120)

Consulting payable –related party

 

-- 

 

 

54,806 

Unsecured liability

 

35,000 

 

 

604,582 

Accrued interest

 

144,379 

 

 

640,238 

Net cash used in operating activities

 

(2,361,986)

 

 

(3,983,717)

 

 

 

 

 

 

**Cash from investing activities**

 

 

 

 

 

   Domain names

 

(50,000)

 

 

-- 

   Purchase of equipment

 

(5,000)

 

 

-- 

   Cash in assets held for sale

 

(2,252)

 

 

-- 

   Investment in unconsolidated investee

 

(106,817)

 

 

-- 

   Payment for the discontinued operations

 

-- 

 

 

(211,571)

   Cash acquired in acquisition

 

-- 

 

 

23,560 

Net cash used in investing activities

 

(164,069)

 

 

(188,011)

 

 

 

 

 

 

 

 

 

 

 

 

10

**CITY CAPITAL CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(continued)**

 

**December 31,**

 

 

**2008**

 

 

**2007**

**Cash from financing activities**

 

 

 

 

 

Proceeds from common stock for cash

 

-- 

 

 

127,200 

Proceeds from gain on extinguishments of debt

 

-- 

 

 

174,492 

Proceeds-notes payable

 

2,786,721 

 

 

4,633,865 

Payments-notes payable

 

(92,177)

 

 

(730,356)

Net cash provided by financing activities

 

2,694,544 

 

 

4,205,201 

 

 

 

 

 

 

Increase in cash 

 

168,489 

 

 

33,473 

 Cash at beginning of period

 

45,499 

 

 

12,026 

 

 

 

 

 

 

Cash at end of period

$

213,988 

 

$

45,499 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

Cash paid for interest

$

217,209 

 

$

30,353 

Cash paid for income tax

$

-- 

 

$

-- 

 

 

 

 

 

 

Supplemental Disclosure of Non-cash Investing and 

 

 

 

 

 

Financing Information

 

 

 

 

 

 

 

 

 

 

 

Note receivable and interest income exchanged

  for accounts payable and debt

$

136,460 

 

$

45,988 

Note receivable in exchange for renovation

  expenses for St. Clair Superior Apartment, inc.

$

107,906 

 

$

-- 

Redevelopment houses acquired through

  note receivable – related party 

$

-- 

 

$

214,663 

Notes receivable - related party acquired through note payable

$

-- 

 

$

1,123,414 

Conversion of notes payable, debentures

   and accrued interest to common stock

$

-- 

 

$

129,563 

Stock dividend

$

-- 

 

$

746,035 

Unsecured liability converted to notes payable

$

40,000 

 

$

-- 

Accrued consulting-related party converted to a note payable

$

100,000 

 

$

-- 

Reclassification of investment portfolio companies

   and prepaid expense to land and retained earnings

$

-- 

 

$

1,089,803 

Stock subscription payable

$

(12,023)

 

 

12,023 

Acquisition of St. Clair Superior Apartment, Inc.

   for assumption of debt

$

-- 

 

$

420,818 

Consolidation of previous investment company

$

 

 

$

    115,063

Reclassification of assets and liabilities of St Clair Superior

 

   

 

 

 

     Apartment, Inc. to assets held for sale, net

$

         53,807

 

$

-

Notes payable agreement effective December

 

 

 

 

 

    2008, but not paid till January 2009

$

40,000

 

$

-

 

 

See accompanying notes to these consolidated financial statements

11

**CITY CAPITAL CORPORATION**

**NOTES TO FINANCIAL STATEMENTS**

**DECEMBER 31, 2008 AND 2007**

**NOTE 1:  HISTORY OF OPERATIONS**

**Basis of Presentation and Organization.**

City Capital Corporation (“Company”) was incorporated on July 24, 1984, in Nevada as Diversified Ventures, Ltd.  From 1984 through November 3, 2003 the Company went through various name changes and business ventures.  On November 3, 2003 the Company changed its name from Justwebit.com, Inc. to Synthetic Turf Corporation, to reflect the change in core business that was anticipated at the time.  On December 4, 2006, the Company changed its name to City Capital Corporation.  Effective January 3, 2007, the Company withdrew its status as a business development company with the Securities and Exchange Commission.  Currently City Capital Corporation manages diverse assets and holdings including real estate developments, self-enrichment companies, and the buying, selling and drilling of oil and gas properties. As the Company is at the initial stages of many of its projects in the real estate, self-enrichment, and oil and gas industries, all segments of business are important in the overall make up of the Company. These financial statements have been presented in accordance with the rules governing a smaller reporting company for both the periods ended December 31, 2008 and December 31, 2007.

The Company’s subsidiaries include Goshen Energy, Inc. (“Goshen”), a Nevada corporation organized on August 10, 2006, that engages in the buying, selling, and drilling of oil and gas; the St. Clair Superior Apartment, Inc. (“St. Clair Superior”), an Ohio corporation organized February 23, 2000, that is an operating apartment complex; a 33% interest and managing member in The Millionaire Lifestyle Group, LLC (“Millionaire”), a Missouri limited liability company, organized August 21, 2008, a web based initiative that provides self-help mentoring and training seminars; a 40% interest in The Male Room, LLC (“The Male Room”), a New York limited liability company, organized on March 9, 2005, that provides salon services to males, and a 100% interest in Nitty Gritty LLC (“Nitty Gritty”), a Missouri limited liability company organized on October 6, 2008, that provides a subscription based online forum, social network, and training network where members learn “All Things Internet Marketing” (during 2008, this subsidiary was dormant).  

 

The consolidated financial statements include the accounts of the Company and its subsidiaries.  All significant intercompany transactions and accounts have been eliminated in consolidation.

**NOTE 2:  GOING CONCERN**

The Company has not generated any significant revenue during the years ended December 31, 2008 and 2007 and has funded its operation primarily through the issuance of debt and equity. Accordingly, the Company’s ability to accomplish its business strategy and to ultimately achieve profitable operations is dependent upon its ability to obtain additional debt or equity financing. During 2009, the Company will continue to aggressively market its credit investor program, and invest in profitable assets like those stated in Note 20. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. 

**NOTE 3:  SIGNIFICANT ACCOUNTING POLICIES**

**Estimates.**

The preparation of these financial statements in conformity with generally accepted accounting principals requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.  On an on-going basis, the Company evaluates these estimates, including those related to revenue recognition and concentration of credit risk.  The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.  Actual results may differ from these estimates under different assumptions or conditions.

**Cash and Equivalents.**

For the Statements of Cash Flows, all highly liquid investments with maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of December 31, 2008 and 2007.

12

**Concentrations.**

The Company maintains cash balances at highly rated financial institutions throughout the United States. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of December 31, 2008, the Company had one bank account in excess of $250,000.  The Company has not experienced any losses in such account. 

**Accounts Receivable.**

Accounts receivable relate to rental income of the Company’s subsidiary, St. Clair Superior, and are evaluated each accounting period for collectability. Due to the commitment to sell a majority of the Company’s ownership rights in St. Clair Superior, the Company has presented this asset in assets held for sale.

**Inventory - Homes For Sale.**

Finished redevelopment house inventories are stated at the lower of accumulated cost or net realizable value. Inventories under development or held for development are stated at accumulated cost, unless certain facts indicate such cost would not be recovered from the cash flows generated by future disposition. In this instance, such inventories are measured at fair value.

Sold units are expensed on a specific identification basis.  Under the specific identification basis, cost of sales includes the rehabilitation cost of the home, closing costs and commissions.

**Property and Buildings.**

Property and equipment is stated at cost and is depreciated over the estimated useful lives of the related assets using the straight-line method. Estimated service lives of property and a building is 27.5 years. Due to the commitment to sell a majority of the Company’s ownership rights in St. Clair Superior, the Company has presented this asset in assets held for sale.

**Goodwill and Intangibles.**

Goodwill represents the excess of purchase price over tangible and other intangible assets acquired less liabilities assumed arising from business acquisitions. The remaining useful life of the intangible asset is evaluated annually for impairment.  In 2008, the Company’s annual goodwill impairment test did not identify an impairment of goodwill. 

Due to the commitment to sell a majority of the Company’s ownership rights in St. Clair Superior, the Company has presented this asset in assets held for sale.

**Impairment of Long-Lived Assets.**

In accordance with Statement of Financial Accounting Standards (“SFAS”) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” the Company records valuation adjustments on land inventory and related communities under development when events and circumstances indicate that they may be impaired and when the cash flows estimated to be generated by those assets are less than their carrying amounts.  The Company did not record valuation adjustments on land inventory as of December 31, 2008 as no triggering event or impairment had occurred.  In 2008, the Company’s annual impairment test did not identify an impairment of long-lived assets. Due to the commitment to sell a majority of the Company’s ownership rights in the subsidiary in which its major long-lived asset resides, the Company has presented this asset in assets held for sale.

**Fair Value of Financial Instruments.**

The carrying amounts for the Company’s cash, accounts payable, accrued liabilities and notes payable approximate fair value due to the short-term maturity of these instruments.

**Derivatives.**

The Company occasionally issues financial instruments that contain an embedded instrument, such as a conversion feature. At inception, the Company assesses whether the economic characteristics of the embedded derivative instrument are clearly and closely related to the economic characteristics of the financial instrument (host contract), whether the financial instrument that embodies both the embedded derivative instrument and the host contract is currently measured at fair value with changes in fair value reported in earnings, and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument.  

13

If the embedded derivative instrument is determined not to be clearly and closely related to the host contract, is not currently measured at fair value with changes in fair value reported in earnings, and would qualifies as a derivative instrument, the embedded derivative instrument is recorded apart from the host contract and carried at fair value with changes recorded in current-period earnings.  As of December 31, 2008 and 2007, the Company determined that the conversion feature of its convertible debentures qualified for this treatment.  The change in the fair value of debt derivative as reported in the Company’s Statements of Operations was $45,313 and $7,710 as of December 31, 2008 and 2007, respectively.

**Debt Modification.**

It at any time the Company is not able to pay back outstanding debt upon the maturity date, the Company actively works with the note holder to modify the terms of the agreement.  All modifications to debt are evaluated for debt extinguishment in accordance with Financial Accounts Standards Board (“FASB”) Emerging Issues Task Force (“EITF”) No. 96-19, “Debtor’s Accounting for a Modification or Exchange of Debt Instrument.”  During the year ended 2008, no modified debt instruments met the qualifications for recognition as an extraordinary gain or loss.

**Stock Based Compensation.**

Shares of the Company’s common stock were issued for services.  These issuances are valued at the fair market value of the services provided and the number of shares issued is determined based upon what the price of the common stock is on the date of each respective transaction.  For those transactions without a fair market value in the service contract, the Company values the shares issued for services at the fair market value of its common stock on the date the total number of shares is known.

**Revenue Recognition.**

Revenue for the Company is generated primarily from the commissions earned through the credit-investor relations’ program and rent revenue from the St. Clair Superior.  The Company assists buyers in finding properties for purchase from partnering lenders. Revenue from commissions is recognized and earned upon the closing of escrow, at which time the Company receives a percentage of the proceeds.

Rental revenue from the St. Clair Superior is recognized and earned as it becomes receivable according to the provisions of the lease. Security deposits are taken into income in accordance with the lease contract in the event of default by the tenant. As of December 31, 2008, all rental revenues have been presented as part of discontinued operations due to the commitment to sell a majority of the Company’s ownership rights in the subsidiary.

Home inventory revenue and related profit are recognized at the time of the closing of the sale, when title to and possession of the property are transferred to the buyer.  Buyers are required to obtain independent financing for purchase of the Company’s real estate properties.

All revenues that are not generated through real estate renovation and sales or rental revenue are classified as other revenue and recognized when the earning process is complete.  The earning process is complete when there is existence of an arrangement, delivery has occurred or services rendered, the price is fixed or determinable and the collectability of the revenue is reasonable. 

**Income Taxes.**

Income taxes are provided for using the liability method of accounting in accordance with SFAS No. 109, “Accounting for Income Taxes,” and clarified by FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109.”  A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. 

**Loss Per Share.**

Net loss per share is calculated in accordance with SFAS No. 128, “Earnings Per Share.”  The weighted-average number of common shares outstanding during each period is used to compute basic loss per share. Diluted loss per share is computed using the weighted averaged number of shares and dilutive potential common shares outstanding. Potentially dilutive common shares consist of employee stock options and stock issuable upon conversion of convertible debentures, and are excluded from the diluted earnings per share computation in periods where the Company has incurred a net loss.

14

**Fair Value Accounting.**

In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements.”  SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements.  The provisions of SFAS No. 157 were adopted January 1, 2008.  In February 2008, the FASB staff issued Staff Position (“SP”) No. 157-2, “Effective Date of FASB Statement No. 157.”  SP No. 157-2 delayed the effective date of SFAS No. 157 for non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually).  The provisions of SP No. 157-2 are effective for the Company’s fiscal year beginning January 1, 2009.

SFAS No. 157 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under SFAS No. 157 are described below:

Level 1   Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2   Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

Level 3   Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

In February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities.”  SFAS No. 159 permits entities to choose to measure many financial instruments and certain other items at fair value, with the objective of improving financial reporting by mitigating volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. The provisions of SFAS No. 159 were adopted January 1, 2008. The Company did not elect the Fair Value Option for any of its financial assets or liabilities, and therefore, the adoption of SFAS No. 159 had no impact on the Company’s consolidated financial position, results of operations or cash flows.

**Investment in Unconsolidated Investee.**

For fiscal years beginning after November 15, 2007, entities in which a reporting entity does not have a controlling financial interest (and therefore are not consolidated) but in which the reporting entity exerts significant influence (generally defined as owning a voting interest of 20% to 50%, or a partnership interest greater than 3%) may be accounted for either under Accounting Principles Board (“APB”) Opinion No. 18, “The Equity Method of Accounting for Investments in Common Stock” or SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities,” which was issued by the FASB in February 2007. The Company has not elected to adopt SFAS No. 159.  Instead, the Company continues to account for its investments in The Male Room under the equity method of accounting and records its share of income as a component in its consolidated statement of operations.

**Reclassifications.**

Revenue during the prior period has been reclassified on the Statements of Operations to conform to the current core line of business during 2008. Additionally, the Company reclassified revenues and cost of revenues to discontinued operations related to City Capital Rehabilitation, discontinued in 2007, and St. Clair Superior, in connection with the Company’s commitment to sell a majority of the Company’s ownership rights of the subsidiary in the first quarter of 2009.

**Recent Accounting Pronouncements.**

In December 2007, the FASB issued SFAS No. 141 (R), “Business Combinations (revised 2007)”.  SFAS No. 141 (R) applies the acquisition method of accounting for business combinations established in SFAS No. 141 to all acquisitions where the acquirer gains a controlling interest, regardless of whether consideration was exchanged.  Consistent with SFAS No. 141, SFAS No. 141 (R) requires the acquirer to fair value the assets and liabilities of the acquiree and record goodwill on bargain purchases, with the main difference the application to all acquisitions where control is achieved.  SFAS No. 141 (R) is effective for financial statements issued for fiscal years beginning after December 15, 2008 and will be adopted by the Company in the first quarter of fiscal year 2009. 

15

In December 2007, the FASB issued SFAS No. 160, “Non-Controlling Interests in Consolidated Financial Statements-an Amendment of Accounting Research Bulletin (“ARB”) No. 51.”  SFAS No. 160 requires companies with non-controlling interests to disclose such interests clearly as a portion of equity but separate from the parent's equity.  The non-controlling interest's portion of net income must also be clearly presented on the Income Statement.  SFAS No. 160 is effective for financial statements issued for fiscal years beginning after December 15, 2008 and will be adopted by the Company in the first quarter of 2009.  The Company does not expect that the adoption of SFAS 160 will have a material impact on its financial condition or results of operation.

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities,” an amendment of SFAS No. 133.  SFAS No. 161 applies to all derivative instruments and non-derivative instruments that are designated and qualify as hedging instruments pursuant to paragraphs 37 and 42 of SFAS No. 133 and related hedged items accounted for under SFAS No. 133.  SFAS No. 161 requires entities to provide greater transparency through additional disclosures about how and why an entity uses derivative instruments, how derivative instruments and related hedged items are accounted for under SFAS No. 133 and its related interpretations, and how derivative instruments and related hedged items affect an entity’s financial position, results of operations, and cash flows.  SFAS No. 161 is effective as of the beginning of an entity’s first fiscal year that begins after November 15, 2008. The Company does not expect that the adoption of SFAS No. 161 will have a material impact on its financial condition or results of operation. 

In May 2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted Accounting Principles.” SFAS No. 162 identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements of non-governmental entities that are presented in conformity with generally accepted accounting principles in the United States of America.  SFAS No. 162 will be effective 60 days after the Securities and Exchange Commission approves the Public Company Accounting Oversight Board’s amendments to AU Section 411.  The Company does not anticipate the adoption of SFAS No. 162 will have an impact on its financial statements.

In May 2008, the FASB issued SFAS No. 163, “Accounting for Financial Guarantee Insurance Contracts - an interpretation of FASB Statement No. 60.”  SFAS No. 163 requires that an insurance enterprise recognize a claim liability prior to an event of default (insured event) when there is evidence that credit deterioration has occurred in an insured financial obligation.  This Statement also clarifies how SFAS No. 60 applies to financial guarantee insurance contracts, including the recognition and measurement to be used to account for premium revenue and claim liabilities. Those clarifications will increase comparability in financial reporting of financial guarantee insurance contracts by insurance enterprises. This Statement requires expanded disclosures about financial guarantee insurance contracts. The accounting and disclosure requirements of the Statement will improve the quality of information provided to users of financial statements.  SFAS No. 163 will be effective for financial statements issued for fiscal years beginning after December 15, 2008.  The Company does not expect the adoption of SFAS No. 163 will have a material impact on its financial condition or results of operation.

In June 2008, the FASB issued EITF No. 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities.”  EITF No. 03-6-1 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting, and therefore need to be included in the computation of earnings per share under the two-class method as described in SFAS No. 128, “Earnings per Share.”  EITF No. 03-6-1 is effective for financial statements issued for fiscal years beginning on or after December 15, 2008 and earlier adoption is prohibited.  The Company is required to adopt EITF No. 03-6-1 in the first quarter of 2009 and is currently evaluating the impact that EITF No. 03-6-1 will have on its financial statements.

**NOTE 4:  NOTES AND OTHER RECEIVABLE**

As of December 31, 2008 the Company holds a note receivable from Amorocorp with an outstanding balance of $1,924,731. The President of the Company is also the President and a shareholder of the debtor. The Company’s President has agreed to apply any accrued unpaid officer compensation received from City Capital Corporation to this receivable at each quarter period end.

This note receivable decreased in 2008 from 2007 by $207,049 due to the following components:

Balance at December 31, 2007

$            2,131,780 

Single note payable paid on behalf of  AmoroCorp by the Company

55,065 

Reduction of note due to unpaid officer   compensation

(136,460)

Reduction of note due to renovation costs for St. Clair Superior paid by AmoroCorp

(107,906)

Reduction of note due to payments by AmoroCorp

(17,748)

Balance at December 31, 2008

$            1,924,731 

16

Additionally, the Company holds two notes receivables for two unrelated parties of $10,000 and $8,000.  

 

December 31,  2008 

Note receivable to a third party, principal and interest of 12% due in one lump sum 

      in August 2009.

$                       10,000 

Note receivable to a third party, interest of 10% payable semi annually, 

     and principal due in one lump sum in October 2009.

8,000 

Balance at December 31, 2008

$                       18,000 

On December 20, 2008, the Company entered into a new debt agreement for $40,000 with a third party.  Due to the funds not being received until January 2009, the Company has presented this as an other receivable at December 31, 2008.  

**NOTE 5.  INVENTORY - HOMES FOR SALE**

The Company purchased three redevelopment houses in the Kansas City, Missouri real estate market during the third quarter of 2008.  In October 2008 one property was sold and recognized as home sales on the Company’s consolidated statement of operations.  The Company plans to sell the remaining properties during 2009.

**NOTE 6.  SALE OF SUBSIDIARY**

In January 2009 the Company entered into a stock purchase agreement to transfer 80% of its interest in its subsidiary, St. Clair Superior Apartment Inc. to a third party.  Because of the Company’s commitment to sell a majority of its interest in the subsidiary, assets and liabilities have been presented as assets held for sale.  Subsequent to the sale, the Company will continue to hold a 20% non-controlling interest in the subsidiary and will record its investment under the equity method. Additionally, revenues and expenses have been presented as a loss on discontinued operations in the consolidated statements of operations of $122,371 and $19,877 as of December 31, 2008 and December 31, 2007.  The sale of this subsidiary was finalized on January 30, 2009.  

During the fourth quarter of 2008, a related party paid $107,906 in renovation costs to St. Clair Superior in exchange of a reduction of its existing note receivable-related party with the Company.  The renovation costs were recorded as a decrease to notes receivable-related party as of December 31, 2008.

The following assets and liabilities have been present as assets held for sale, net as of December 31, 2008.

 

December 31, 2008

Cash

$                      2,252 

Restricted cash- security deposits

9,015 

Rental receivable

7,738 

Prepaids

471 

Fixed asset, net

252,933 

Intangible asset, net

7,090 

Goodwill

148,146 

Accounts payable and accrued expenses

(50,433)

Security deposits

(8,304)

Notes payable

(315,101)

 

 

Balance at December 31, 2008

$                   53,807 

**NOTE 7:  FIXED ASSETS**

On October 1, 2007, the Company was granted St. Clair Superior, an apartment building in Cleveland, Ohio, for no cash consideration as the seller was unable to fund the property.  The property was recorded at its gross carrying value of $165,000 and is depreciated using the straight-line method over the useful life of 27.5 years. As of December 31, 2008 the building and associated accumulated depreciation has been presented as assets held for sale due to the commitment to sell the majority of the Company’s ownership rights in the subsidiary. 

Additionally, the Company purchased equipment worth $5,000 for its subsidiary company, Goshen.  As of December 31, 2008 the equipment has not been put into production and no depreciation has been expensed.  

17

Fixed assets and accumulated depreciation consists of the following: 

 

Years Ended December 31,

 

2008

 

2007

Equipment

$            5,000 

 

$                 -- 

Building

-- 

 

165,000 

 

5,000 

 

165,000 

Accumulated depreciation

-- 

 

(1,375)

Net book value of   fixed assets

 $           5,000 

 

$      163,625 

**NOTE 8:  GOODWILL AND INTANGIBLES**

In 2007, goodwill and intangible assets were assumed with the acquisition of the St. Clair Superior. The purchase price allocation at fair market values included values assigned to intangible assets and a portion allocated to goodwill. The provisions of SFAS No. 142, “Goodwill and Other Intangible Assets,” require the completion of an annual impairment test with any impairment recognized in current earnings.  No impairment was found as of December 31, 2008.  

Included within the purchase of the St. Clair Superior were lease contracts with existing tenants.  The Company has included the present value of lease contracts in its intangible assets and are amortizing them over the remaining life of the underlying lease.

At December 31, 2008, goodwill and intangible assets have been presented as assets held for sale due to the commitment to sell a majority of the ownership rights in the subsidiary.

The Company’s intangible assets consisted of the following: 

 

Years Ended December 31,

 

2008 

 

, 2007 

Intangible assets, lease contracts

$                 -- 

 

$         76,615 

Domain names

50,000 

 

-- 

 

50,000 

 

76,615 

Accumulated depreciation

-- 

 

(32,113)

Net book value of intangible assets

$         50,000 

 

$        44,502 

On October 1, 2008, the Company purchased domain names from a third party for $50,000.  The domain features an online subscription based forum, social network, and marketing training for members.  As of December 31, 2008, the domain names had no impairment.  The Company expects to generate revenues on the asset through its subsidiary, Nitty Gritty, starting in 2009.  

**NOTE 9:  INVESTMENT IN UNCONSOLIDATED INVESTEE**

In October 2008, the Company purchased a 40% interest in The Male Room for $125,000. The Male Room is a New York based salon that specializes in male spa services.  During the fourth quarter of 2008, The Male Room reported a loss of $57,959, of which the Company recorded $23,183 as a reduction of investment in unconsolidated investee at December 31, 2008.

 

December 31, 2008 

Purchase price for 40% ownership

$                   125,000 

Capital contributed

5,000 

40% net loss for the fourth quarter of 2008

         (23,183)

 

 

Investment in unconsolidated investee

$                   106,817 

**NOTE 10:  UNSECURED LIABILITY**

In April 2007, the Company entered into an agreement with an independent third party (“Client 1”) to provide consulting services to invest funds of Client 1 in real estate related ventures.  As compensation for this service the Company is paid 20% of the gross proceeds received each month by Client 1 as a result of service performed by the Company until the client received gross proceeds of $100,000.  After the Client 1 has received gross proceeds of $100,000 the Company fee increases to 80% of the gross proceeds received each month by Client 1.  As of December 31, 2008, the Company has received $500,000 from Client 1 and have accounted for this an unsecured liability.  The Company has not yet invested those funds in real estate projects that have generated profit.  In the first quarter of 2008, the Company and the client verbally agreed to a quarterly return on the investment of $25,000.  As of December 31, 2008, interest of $75,000 has been returned to Client 1.  The Company has accrued interest of $16,667 as of December 31, 2008.

18

In May 2007, the Company entered into an agreement with a different independent third party (“Client 2”) to provide consulting services to invest funds of Client 2 in real estate related ventures.  As compensation for this service, the Company is paid $5,000 per month over six years. As of December 31, 2007, the Company has received $49,582 from Client 2 for investment purposes and have accounted for this an unsecured liability.  The Company has not yet invested those funds in real estate projects that have generated profit.

In addition, on January 1, 2008, $40,000 of the Company's unsecured liability was converted to notes payable with the execution of promissory notes.  See Note 11.

**NOTE 11:  NOTES PAYABLE**

The Company’s notes payable as of December 31, 2008 consist of the following:

 

 

December 31,

2008

December 31,

2007

24%

Note payable to Newport Financial, principal and interest due January 2, 2001.(1)  As of the time of this filing the debt has not been paid off.  Management is currently attempting to renegotiate this piece of debt.

$                     --

$        792,883

 

 

 

 

0%

Two notes payable, principal and interest due on demand.

               57,242

            57,242

 

 

 

 

12%

Note payable to an individual, principal and interest due on demand.(1)

                       --

            89,949

 

 

 

 

28%

Note payable to Trust Me I, LLC, principal due the first quarter of 2009.  Interest payable semiannually.  Maturity date was amended from the first quarter of 2008 to the first quarter of 2009.

             543,783

          532,133

 

 

 

 

12%

Note payable to an individual, principal due in one lump sum in the second quarter of 2009.  Interest payable quarterly.

               32,348

            32,338

 

 

 

 

16%

Note payable to Lucian Group, principal due in the third quarter of 2009.  Interest payable quarterly.

               84,576

            73,345

 

 

 

 

10%

Note payable acquired in the acquisition of St. Clair Superior Apartments, Inc.(2)

                       --

          361,785

 

 

 

 

10%

Note payable to an individual, principal and interest due in one lump sum in the first quarter of 2009.  The maturity date was amended from the fourth quarter of 2008 to the fourth quarter of 2009.

               40,333

            40,333

 

 

 

 

30%

Note payable to an individual, principal and interest due in one lump sum in the second quarter of 2009.  The maturity date was amended from the fourth quarter of 2008 to the second quarter of 2009.

               60,016

                    --

 

 

 

 

10%

Three notes payable to individuals, principal and interest due in the second quarter of 2009.  The maturity date was amended in the second quarter of 2008 to the second quarter of 2009. 

             179,709

                    --

 

 

 

 

12%

Note payable to an individual, principal and interest due in one lump sum in the first quarter of 2009. As of the date of this filing the debt has not been paid off.  Management is currently attempting to renegotiate this debt. 

               93,600

                    --

 

 

 

 

19

10%

Four notes payable to individuals, principal and interest due in one lump sum in the first quarter of 2009.  Only one piece of debt of $18,301 principal and interest outstanding has been paid off as of the date of this filing.  Management is currently attempting to renegotiate the other three pieces of debt.

             205,359

                    --

 

 

 

 

5%

Note payable to an individual, principal and interest due in one lump sum in the second quarter of 2009.

               20,723

                    --

 

 

 

 

10%

Eleven notes payable to individuals, principal and interest due in one lump sum in the second quarter of 2009.

             754,206

                    --

 

 

 

 

20%

Note payable to an individual principal and interest due in one lump sum in the second quarter of 2009.(3)

               40,000

                    --

 

 

 

 

8%

Note payable to individuals, principal and interest paid monthly, due the second quarter of 2009.

             100,908

                    --

 

 

 

 

10%

Note payable to individual, principal due in the second quarter of 2009 with interest payable semi-annually.

             163,536

                    --

 

 

 

 

10%

Three notes payable to individuals, principal due in the third quarter of 2009 with interest payments monthly.

137,226

                    --

 

 

 

 

10%

Eight notes payable to individuals, principal and interest due in one lump sum in the third quarter of 2009.

387,600

 

 

 

 

 

10%

Twenty-seven notes payable to individuals, principal and interest due in one lump sum in the fourth quarter of 2009.

             865,391

                    --

 

Short term notes payable

          3,757,556

       1,980,008

 

 

 

 

10%

Note payable to an individual, principal and interest due in one lump sum in the fourth quarter of 2009.  The maturity date was amended in the first quarter of 2009 to be due the first quarter of 2010.

               20,000

                    --

 

 

 

 

 

Total notes payable

$             3,777,556

$        1,980,008

(1)  See Note 12.

(2)  Liabilities have been presented as assets held for sale, net due to the Company’s commitment to sell a majority of the Company’s ownership rights in the subsidiary. See Note 6.

(3)  See Note 4.

**NOTE 12.  GAIN ON EXTINGUISHMENT OF DEBT AND DISCONTINUED OPERATIONS**

Prior to operating as Jestwebit.com, the Company incurred expenses that remain unpaid.  Under the Nevada Revised Statues 11.190, the Company must consider these expenses as written contracts for which it is liable for a period of six years from the last transaction.  The last unpaid transaction was recognized prior to 2003.  As of December 31, 2008, the Company’s promise to pay was deemed expired by the statute of limitations and was written off.  The expiration resulted in a decrease ($101,392) that consists primarily of marking expense ($17,000), telephone ($11,000), legal ($15,000), contract labor ($8,000), consulting ($25,000), and accounting ($16,000)

20

On December 10, 1999, the Company (then known as JustWebIt.com, Inc.) executed a promissory note in favor of Newport Federal Financial, a California corporation (“Newport”), in the original principal amount of $250,000.  The note held a 12% annual interest rate with a maturity date of (a) January 3, 2001, or (b) the date when the Company “receives its next funding either from the proceeds of another loan or from the sale of the Company's capital stock.”  At January 3, 2001 the Company failed to make the payments in a timely fashion, and as a result, the default interest rate of 24% per annum went into effect.  In accordance with the promissory note, all amendments must be in writing.  The Company verbally agreed with Newport to amend the maturity date to July of 2001, however no such amendment was ever created.  As of May 22, 2008, the note had principal and interest due of $809,684.  In the second quarter of 2008, the Company made a good faith effort to contact Newport, to no avail. The California Secretary of State shows that the corporation is still active; however there is no indication that it is still actively in business.

In accordance with the California statute of limitations law, the Company's promise to pay has expired and was written off, resulting in an $809,684 gain on extinguishment of debt as of June 30, 2008.

On March 31, 2008, the Company successfully entered into a modified agreement with a debt holder as noted in Note. 11.  Three promissory notes plus interest of $89,949 and consulting fees of $100,000 totaling $189,949 were extinguished and renegotiated to a new note of $120,000. The modification, effective April 10, 2008, carries terms of one year at 8% interest with an initial payment of $2,000 and thereafter monthly payments of $2,000 through November 2008. Payments of $10,000 will be made through March 2009, and a balloon payment in April 2009.  The modification resulted in a gain on extinguishment of debt of $69,949.  As of December 31, 2008 the Company has paid $26,000 and is current with all payments.

On August 13, 2007 the Company entered into a several agreements wherein it assigned its obligations under eighteen promissory notes to the Lucian Group, a New York corporation. The promissory notes had an aggregate principal amount of approximately $4,478,000 and assignment was consented to by all promissory note holders. Consenting promissory note holders were issued shares of common stock in the Company at the rate of one share for each dollar of principal assigned, a total of 4,477,891 shares pre-split (179,116 post split) of which 4,377,703 pre-split (175,108 post split) were issued in November 2007. In consideration of the assumption of the promissory note liabilities, the Company assigned and transferred to the Lucian Group, its 100% ownership interests in three limited liability companies. The limited liability companies are: ECC Vine Street Real Estate Acquisitions, LLC, a Missouri limited liability company; City Capital Rehabilitation, LLC, a Missouri limited liability company; and The Hough Initiative, LLC, an Ohio limited liability company. The Company issued 600,000 shares (post split) of its common stock to the Lucian Group upon closing of the agreements. The shares to the Lucian Group were issued in November 2007. The net assets of ECC Vineland and City Capital Rehab and all stock authorized for issuance less $150,000 in cash were applied to the extinguishment of debt resulting in a gain of $459,440 as of December 31, 2007.

St. Clair Superior incurred a gain on extinguishment of debt of $24,493 as of December 31, 2007.  This has been re-classified to discontinued operations as a result of the Company’s commitment to sell a majority of the Company’s ownership rights in the subsidiary (see Note 6).

**NOTE 13:  CONVERTIBLE NOTES**

The Company has certain outstanding convertible notes bearing an annual interest rate of 9.5% and a maturity of three years.  The notes contain a convertible feature allowing the holder to convert their debt and accrued interest at any time over the life of the instrument based on the thirty day average closing price prior to conversion.  Due to the moving conversion price of the Company’s convertible debt, the Company has bifurcated the conversion feature from the host debt instrument in accordance with EITF No. 00-19, “Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company's Own Stock,” accounted for these conversion features as derivative instruments, and valued these conversion features using the Black Scholes valuation model.  Inputs to the Black Scholes model are included in the table below.  The value of the derivative instruments are $104,956 and $150,269 as of December 31, 2008 and 2007, respectively.

 

2008 

 

2007 

Expected volatility

661.15%

 

400.74%

Expected dividends

$            -- 

 

$             -- 

Expected term (in years)

1 

 

3-5 

Risk free rate  

37%

 

3.07%-3.45%

As of December 31, 2007 the amount of the convertible notes outstanding totals $105,000 plus accrued interest of $56,835, all of which is short term.   

21

**NOTE 14:  INCOME TAXES**

During the year ended December 31, 2007, the Company adopted FASB Interpretation (“FIN”) No. 48, “Accounting for Uncertainty in Income Taxes,” which supplements SFAS No. 109, “Accounting for Income Taxes,” by defining the confidence level that a tax position must meet in order to be recognized in the financial statements.  The Interpretation requires that the tax effects of a position be recognized only if it is “more-likely-than-not” to be sustained based solely on its technical merits as of the reporting date.  The more-likely-than-not threshold represents a positive assertion by management that a company is entitled to the economic benefits of a tax position.  If a tax position is not considered more-likely-than-not to be sustained based solely on its technical merits no benefits of the tax position are to be recognized.  Moreover, the more-likely-than-not threshold must continue to be met in each reporting period to support continued recognition of a benefit.  With the adoption of FIN No. 48, companies are required to adjust their financial statements to reflect only those tax positions that are more-likely-than-not to be sustained.  Any necessary adjustment would be recorded directly to retained earnings and reported as a change in accounting principle.

The components of the Company’s deferred tax asset as of December 31, 2008 and 2007 are as follows:

 

 

 

 

2008

 

2007

Net operating loss carry forward

$   7,747,000 

 

$   6,836,000 

Valuation allowance

(7,747,000)

 

(6,836,000)

 

 

 

 

 

 

 

Net deferred tax asset

$                -- 

 

$                -- 

A reconciliation of income taxes computed at the statutory rate to the income tax amount recorded is as follows:

 

 

 

 

2008 

 

2007 

Tax at statutory rate (35%)

$        911,000 

 

$   2,463,000 

Increase in valuation allowance

(911,000)

 

(2,463,000)

 

 

 

 

 

 

 

Net deferred tax asset

$                  -- 

 

$                -- 

Upon adoption of FIN No. 48, the Company had no gross unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. At December 31, 2008, the amount of gross unrecognized tax benefits before valuation allowances and the amount that would favorably affect the effective income tax rate in future periods after valuation allowances were $0. These amounts consider the guidance in FIN No. 48-1, “Definition of Settlement in FASB Interpretation No. 48.”  The Company has not accrued any additional interest or penalties as a result of the adoption of FIN No. 48.

No tax benefit has been reported in connection with the net operating loss carry forwards in the consolidated financial statements as the Company believes it is more likely than not that the net operating loss carry forwards will expire unused. Accordingly, the potential tax benefits of the net operating loss carry forwards are offset by a valuation allowance of the same amount. Net operating losses carry forwards start to expire in 2028.

The Company files income tax returns in the United States federal jurisdiction and certain states in the United States.  With a few exceptions, the Company is no longer subject to U.S. federal or state income tax examination by tax authorities on tax returns filed before January 31, 2005. The Company is current with all filings and will file its U.S. federal return for the year ended December 31, 2008 upon the issuance of this filing. No tax returns are currently under examination by any tax authorities.  The Company has not accrued any additional interest or penalties as a result of the adoption of FIN No. 48 or the delinquency of its outstanding tax returns as the Company has incurred net losses in those periods still outstanding.

**NOTE 15:  RELATED PARTY TRANSACTIONS**

 As of December 31, 2008, the Company holds a note receivable from Amorocorp with an outstanding balance of $1,924,731.  The President of the Company is also the President and a shareholder of the debtor.  See Note 4.

In October 2004, the Company entered into an employment contract with Gary Borglund, former President and the CEO of the Company. Under the terms of the agreement Mr. Borglund was paid a base amount of $80,000 per annum plus certain incentives as approved by the Board of Directors of the Company. The Contract was terminate as of December 31, 2006. As of December 31, 2008 the Company had an outstanding balance due to Mr. Borglund of $95,694 that is included in accrued consulting.

22

On January 1, 2008, the President of the Company entered into an employment agreement with the Company.  Under the terms of the agreement the President is to be paid a base amount of $500,000 per annum paid in monthly installments of $41,667.  Additionally, an annual bonus of the Company's common stock of $500,000 valued on the effective renewal date of the agreement, one percent of any net operating income generated by the Company, and one percent of any funds raised and received by the Company based on the fundraising and marketing efforts of the President.  During 2008, the President received $537,117 in bonuses.

The Company's President has agreed to apply any accrued unpaid officer compensation received from City Capital Corporation to the related party receivable stated in Note 4.

On June 5, 2008, the Company entered into a consulting services agreement with Web3Direct, Inc., a Florida corporation.  100% of the outstanding shares of common stock of WEB3Direct, Inc. is held by Sadiq Family Limited Partnership, a Nevada partnership in which, the Company’s Executive Vice President and a director, owns a 5% interest and his wife, Anne Banas, owns a 95% interest.  However, Mr. Brantley is the general partner of this partnership and controls the voting power and the investment power over the assets of this company.  

Under this agreement, Web3Direct, Inc. is providing to the Company all necessary services required in connection with providing marketing and business growth consulting services.  Under the terms of this agreement, which covers services commenced on January 1, 2008, Web3Direct, Inc. is being paid a fixed monthly retainer of $10,000 for the 12 months ended December 31, 2008.  Payment of the retainer was in the form of restricted shares of the Company’s common stock (valued based on the closing price of this common stock on June 5, 2008 of $0.20 per share).  The retainer is payable on the first of each calendar month in advance (with the retainer for the period of January 1, 2008 through June 30, 2008 due upon the execution of this agreement).  For the year ended December 31, 2008, the Company has paid Web3Direct approximately $124,600.  

On June 5, 2008, the Company entered into an agreement with REIAssure, Inc., a Florida corporation.  Under this agreement REIAssure agreed to provide sales services for the Company, working with leads provided by the Company and its affiliates, as well as other sources, to create qualified clients which are able to purchase properties provided by the Company.   All services under this agreement were concluded prior to December 31, 2008.  REIAssure is controlled by Mr. Brantley.  For the year ended December 31, 2008, the Company has paid REIAssure approximately $54,000.  

**NOTE 16: STOCKHOLDER’S EQUITY**

The authorized common stock of the Company consists of 235,000,000 shares of common stock with par value of $0.001.  The authorized preferred stock of the Company consists of 15,000,000 shares of preferred stock, designated as Series A, with a par value of $0.001.  As of December 31, 2008, the Company had no outstanding shares of preferred stock.

For the year ended December 31, 2008, the Company issued common stock as follows:

(a)  662,933 free trading shares for services valued at $125,418 ($0.189 per share).

(b)  971,666 restricted shares for services valued at $464,099 ($0.478 per share).

(c)  50,000 restricted shares for interest expense valued at $50,000 ($1.00 per share).

(d)  384,615 restricted shares of executive compensation valued at $500,000 (contract value) in accordance with the President’s employment agreement dated January 1, 2008.  

(e)  4,007 restricted shares for stock payable of $12,023 ($3.00 per share).

Effective on December 12, 2007, the Company affected a 1 for 25 reverse stock split of its common stock.  All prior period shares information has been restated for this event.

**NOTE 17:  OTHER REVENUE**

Other revenue consisted of the following as of December 31, 2008 and 2007.

 

2008 

 

2007 

Goshen royalties

$                      -- 

 

$                37,704 

Speaking engagements

27,374 

 

55,379 

Book sales

2,600 

 

-- 

Revenues from investors

-- 

 

27,000 

Total other revenue

$             29,974 

 

$              120,083 

23

During 2007, the Company’s subsidiary, Goshen Energy Inc., received a total of $37,704 in royalties from a gas line that was leased out to a third party.  The contract with the third party was terminated in the third quarter of 2007.  No additional revenue has been generated subsequent to September 30, 2007.  

Throughout 2007 and 2008, the Company’s President contracted with a third party to organize and hold speaking engagements to potential investors about the Company’s credit investor program. The contract was terminated in the second quarter of 2008.  As of December 31, 2007 and June 30, 2008 revenue of $27,374 and $55,379 has been earned and recorded as other revenue.  Additionally, the Company had revenue of $2,600 in 2008 related to sales of a book written by its President.

In 2007, the Company’s business consisted of receiving monies from investors and re-investing the money into real estate investments.  Revenues of $27,000 were received in connection with the monies received for investments.  

**NOTE 18:  CONTINGENCIES AND LEGAL PROCEEDINGS**

(a)

In January 2004, the Company was advised that the parties with whom the Company negotiated a settlement and disposition of its former turf installation business are dissatisfied with the results of the settlement transaction and have not returned to the Company, for cancellation, the 4,000 restricted shares of the Company’s common stock, adjusted for the stock split, as required by the settlement agreement, notwithstanding the performance by the Company of the obligations imposed on the Company by the settlement agreement.  Accordingly, the Company does not believe, based on its assessment, that it is necessary to make any provisions in its financial statements for any possible adverse result. As of December 31, 2008 the shares have not been returned to the Company.  

(b)

On July 28, 2007, the Company was named as a defendant is a lawsuit filed in the United States District Court for the Eastern District of Pennsylvania, Philadelphia Division:The Granite Companies v. City Capital Corporation.  The Granite Companies and the Company entered into an agreement to purchase the membership interests of The Granite Companies and continue to operate the entity, together with an agreement to honor certain outstanding liabilities. After the agreement was signed, the Company commenced its due diligence and became aware that the statements and representations made by representatives of The Granite Companies were materially false.  As a result, immediately thereafter, the Company, through counsel, sent a letter terminating the agreement and requesting the return of certain funds: The Company had previously provided The Granite Companies a $150,000.00 deposit and paid approximately $30,000.00 for the continued operations of The Granite Companies

The complaint alleges that the Company breached its contractual obligation and also should be found liable for fraud relating to the transaction. $1,238,719, together with punitive damages and any other relief deemed appropriate by the Court are being sought.  The Company has filed a motion to dismiss the complaint and several other pre-discovery motions have been filed.

There was a mediation scheduled before a United States District Court Judge on March 19,2009.  The case did not settle.

Management believes the Company has meritorious claims and defenses to the claims of The Granite Companies and ultimately will prevail on the merits.  However, this matter remains in the early stages of litigation and there can be no assurance as to the outcome of the lawsuit.  Litigation is subject to inherent uncertainties, and unfavorable rulings could occur.  Were unfavorable rulings to occur, there exists the possibility of a material adverse impact of money damages on the Company’s financial condition, results of operations, or liquidity of the period in which the ruling occurs, or future periods.

(c)

On December 8, 2008, the Company was named in an action entitledEscalada v. City Capital Corporation, et. al., filed in the United States District Court for the District of Kansas.  This action purports to be a case where the Company, among other defendants, is accused of violating the federal securities laws, together with the securities laws of the State of Kansas. These alleged violations occurred when Mr. Taylor was apparently as a representative of a company or companies other than the Company. The allegations indicate that Mr. Taylor induced the Escaladas to enter into a series of investment transactions, which resulted in some undefined loss.  It is unclear as to the involvement, if any, of the Company. The Escaladas allege that their damage is approximately $150,000; it is unclear how that amount has been calculated.

On February 20,2009, all of the defendants, including the Company, filed a Motion for Change of Venue, to Dismiss, or in the Alternative, For a More Definite Statement. On March 15,2009, the Escaladas filed their response to the Motion. The defendants, including the Company, have filed a reply.  The Company was dismissed from this action on April 15, 2009.

24

**NOTE 19: SEGMENT INFORMATION**

The Company’s operating segments are strategic business units that offer different products and services.  Operating segments of the Company are real estate, self-enrichment, and oil and gas.  The real estate segment consists of the Company’s credit investor program, and renovated home inventory; self-enrichment consists of the subsidiaries Millionaire and Nitty Gritty; and the oil and gas segment consists of Goshen Energy Inc.  In accordance with SFAS No. 131, “Disclosures about Segments of an Enterprise and Related Information,” only the real estate and self-enrichment segments qualify as reportable segments and those subsidiaries that have been fully consolidated in the Company’s financial statements.  The oil and gas segment has been classified as “all other” in this footnote and all equity investments have been excluded.  During 2007 the Company did not have multiple reportable segments.

**Real Estate.**

The Company began aggressively marketing its credit investment program in May 2008 with a long-term contract with satellite radio provider XM Radio.  The program assists buyers in finding properties for purchase from partnering lenders. This is the first extended contract for promoting the program since May of 2007. These activities are expected to significantly increase the existing credit-investor client base, which directly affects the potential volume of properties the Company can develop. The Company has begun to purchase new real estate assets in the Kansas City real estate market in the third quarter of 2008.  The credit-investor program is a key element in these community development strategies.

**Self Enrichment.**

On August 21, 2008, the Company organized Millionaire, a Missouri limited liability company that offers a web based initiative that provides self-help mentoring and training seminars.  During 2008, the Company has actively marketed this subsidiary.

On October 6, 2008, the Company organized Nitty Gritty, a Missouri limited liability company that provides a subscription based online forum, social network, and training network where members learn “All Things Internet Marketing.”  During 2008, the subsidiary was dormant; however the website is scheduled to be re-launched in May 2009. 

**Other.**

The Company’s subsidiary, Goshen Energy Inc., does business in the oil and gas industry.  Throughout 2008 Goshen had virtually no activity and did not meet the criteria for a reportable segment during 2008.  When Goshen produces revenues and has increased activity, oil and gas will be a reportable segment for the Company.  Activity for Goshen has been presented as “all other” in this footnote.  

The accounting policies of the segments are the same as those described in the summary of significant accounting policies above. The Company evaluates performance based on profit or loss from operations before income taxes not including nonrecurring gains and losses.

**Gross Profit.**

Revenues for the real estate segment of the Company for the year ended December 31, 2008 were $203,029.  Revenues consisted of the sale of one redevelopment home in the fourth quarter of 2008, and the sale of 16 properties through the credit investor program.  Increased revenues from the credit investor program and sale of redevelopment homes will be contingent on the Company being able to find investors and buyers of real estate and purchasing properties at below market rate.  Accordingly, all customers are significant in the real estate segment. Sales were offset by cost of goods sold of $72,264 for the year ended 2008. 

There were no revenues for the self-enrichment segment during 2008.

**Operating, General, and Administrative Expenses.**

For the year ended 2008 the real estate segment of the Company incurred an operating loss of $237,878. Operating expenses consisted of compensation expense ($103,512), consulting ($119,477), market and investor relations ($59,348), and general and administrative expense ($86,307). 

During the year ended 2008, the self-enrichment segment incurred an operating loss of $113,182 due to compensation expense ($51,756), marketing and investor relations ($32,888), and other and general administrative expenses ($28,538).  

25

**Assets.**

Total assets for the real estate segment was $100,094 for the year ended 2008.  This consisted of $100,094 of home inventory that will be redeveloped and sold during 2009. 

Total assets for the self-enrichment segment was $50,000 for the year ended 2008.  This consists of domain names in association with Nitty Gritty that provides a subscription based online forum.  There has been no impairment as of December 31, 2008.  

**Liabilities.**

Total liabilities for the real estate segment for the year ended 2008 consisted of $9,522 of accounts payable. 

Additionally, the Company’s subsidiary Goshen held an unsecured liability plus accrued interest of $310,305.

December 31, 2008

 

Real Estate

 

Self Enrichment

 

All Other

 

Total Segments

    Gross profit from external customers

$

      130,765 

$

                -- 

$

            --        

$

    130,765

Compensation expense

 

(103,512)

 

       (51,756) 

 

   (10,351) 

 

    (165,619) 

Consulting expense

 

(119,477)

 

                  -- 

 

              -- 

 

    (119,477) 

Market and investor relation expense

 

(59,348)

 

       (32,888) 

 

     (4,758) 

 

      (96,993) 

Selling, general, and administrative expenses

 

(86,307)

 

       (28,538) 

 

     (5,850) 

 

    (120,694) 

Non-operating expenses (income)

 

-- 

 

                  -- 

 

   (55,305) 

 

      (55,305) 

   Segment operating income (loss)

before taxes and discontinued operations

$

    (237,879)

$

   (113,182) 

$

 (76,264) 

$

 (427,325) 

 

 

 

 

 

 

 

 

 

Reconciliation

 

 

 

 

 

 

 

 

Total gross profit for reportable segments

$

      130,765 

 

 

 

 

 

 

All other gross profit

 

29,974 

 

 

 

 

 

 

Intersegment revenues

 

-- 

 

 

 

 

 

 

   Total consolidated reportable segment gross profit

$

      160,739 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit or Loss

 

 

 

 

 

 

 

 

Total profit or loss from reportable segments

$

       (351,061)

 

 

 

 

 

 

All other profit or loss

 

(76,264)

 

 

 

 

 

 

Intersegment profits

 

-- 

 

 

 

 

 

 

Unallocated amounts:

 

-- 

 

 

 

 

 

 

Corporate expenses

 

(2,052,762)

 

 

 

 

 

 

    Net income (loss) before taxes

$

 (2,480,087)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Total assets for real estate segment

$

      100,095 

 

 

 

 

 

 

Total assets for self enrichment segment

 

50,000 

 

 

 

 

 

 

Corporate assets

 

2,376,666 

 

 

 

 

 

 

All other unallocated amounts

 

5,000 

 

 

 

 

 

 

     Consolidated total

$

   2,531,761 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable real estate segment

$

         9,524 

 

 

 

 

 

 

Accounts payable self enrichment segment

 

-- 

 

 

 

 

 

 

Notes payable & accrued interest

   real estate segment

 

-- 

 

 

 

 

 

 

Notes payable & accrued interest

   self enrichment segment

 

 

 

 

 

 

 

 

Unsecured liability and accrued interest

   of other unallocated  amounts

 

        310,305 

 

 

 

 

 

 

Notes payable & accrued interest of

   other unallocated amounts

 

            5,000 

 

 

 

 

 

 

Corporate liabilities

 

     4,514,609 

 

 

 

 

 

 

            Consolidated total

$

     4,839,438 

 

 

 

 

 

 

26

**NOTE 20:  SUBSEQUENT EVENTS**

Subsequent to December 31, 2008, the Company issued the following shares of stock:

On January 12, 2009, the Company issued 71,428,571 shares of restricted common stock for officer compensation valued at $500,000 (contract value) at $0.007 per share in accordance with the President’s employment agreement dated January 1, 2008. 

On February 6, 2009, the Company issued 2,000,000 shares of restricted common stock for services valued at $20,000 ($0.01 per share).

On February 17, 2009, the Company issued 300,000 shares of restricted common stock for services valued at $60,000 ($0.20 per share).

On April 6, 2009, the Company issued 250,000 shares of restricted common stock for services valued at $12,500 ($0.05 per share).

 

On April 15, 2009, the Company issued 300,000 shares of restricted common stock for services valued at $15,000 ($0.05 per share).

Subsequent to December 31, 2008, the Company entered into a stock purchase agreement to sell 80% of it interest in it subsidiary, St. Clair Superior, to a third party for a value of $350,000.  Per the agreement, the Company issued 400 of the 500 authorized common stock in the subsidiary to the third party.  The Company will continue to hold a 20% non-controlling interest in the subsidiary and will record its investment in accordance with the equity method going forward.  The sale was finalized on January 30, 2009.

During the first quarter of 2009 the Company has increased its leveraged investments and holdings by creating four limited liability companies; City Juice Systems KS, LLC (“City Juice”), a Kansas limited liability company that engages in purchasing companies in the food and beverage arena; City Capital Petroleum, LLC (“City Petroleum”), a New York limited liability company that engages in purchasing companies in the oil industry; City Laundry Services, LLC, a Missouri limited liability company that engages in purchasing companies in the laundry arena; and City Beauty Systems, LLC, a Missouri limited liability company that engages in the health and beauty arena.  Each subsidiary is responsible for acquiring like companies with plans of operations that are similar to that of the acquiring subsidiary at a significant discount to market.  It is the intention of the Company to have the subsidiaries assists their acquired companies in turning a profit.  Subsequent to the turnaround, the Company will either sell or retain the acquisitions’ for cash flow as it sees fit.  

In February 2009, the Company purchased its first acquisition under City Juice, located in the Kansas City area.  City Juice is currently in negotiations and serious discussions to acquire more companies in the food and beverage area in the Midwest.

City Capital is the managing partner of City Laundry, which is intended to be jointly owned by several of the other partner entities. The Company’s laundromats will operate under the name City Laundry, while the dry cleaners will operate as Express Cleaners.  In February 2009 the Company completed the first acquisition for this commercial laundry subsidiary, the acquisition of a 2,000 sq. ft./30-machine laundromat with annual revenues of approximately $108,000. Additionally, the Company purchased their second commercial laundry subsidiary located in the Kansas City area in March 2009.  City Laundry is currently in negotiations and serious discussions to acquire more Laundromats and dry cleaners in the Midwest.

In the first quarter of 2009, the Company acquired a 2.18% equity stake, and management role in NY Liquidation Group, LLC.  This firm recently acquired a chain of eBay drop off retail stores in the New York City area.  NY Liquidation had gross revenues in excess of $500,000 in 2008.  City Capital will earn a management fee as part of the Company’s professional management services.  

27

**EXHIBIT INDEX**

Number

                  

       Description

3.1     

Articles of Incorporation, dated July 17, 1984 (incorporated by reference to Exhibit 3.1 of the Form 10-KSB filed on April 13, 2001).

3.2

Articles of Amendment to the Articles of Incorporation, dated February 20, 1987 (incorporated by reference to Exhibit 3.2 of the Form 10-KSB filed on April 13, 2001).    

3.3

Certificate of Amendment of Articles of Incorporation, dated March 28, 1994 (incorporated by reference to Exhibit 3.3 of the Form 10-KSB filed on April 13, 2001).

3.4

Certificate of Amendment of Articles of Incorporation, dated October 31, 1996 (incorporated by reference to Exhibit 3.4 of the Form 10-KSB filed on April 13, 2001).

3.5

Certificate of Amendment to Articles of Incorporation, dated August 17, 1999 (incorporated by reference to Exhibit 3.5 of the Form 10-KSB filed on April 13, 2001).

3.6

Certificate of Amendment to Articles of Incorporation, dated April 12, 2002 (incorporated by reference to Exhibit 3.6 of the Form 10-KSB filed on April 15, 2003).

3.7

Certificate of Amendment to Articles of Incorporation, dated November 6, 2002 (incorporated by reference to Exhibit 3.7 of the Form 10-KSB filed on April 15, 2003).

3.8

Certificate of Amendment to Articles of Incorporation, dated August 4, 2004 (incorporated by reference to Exhibit 3.8 of the Form 10-KSB filed on April 25, 2005).

3.9

Certificate of Amendment to Articles of Incorporation, dated December 10, 2004 (incorporated by reference to Exhibit 3.9 of the Form 10-KSB filed on April 25, 2005).

3.10

Certificate of Amendment to Articles of Incorporation, dated December 10, 2004 (incorporated by reference to Exhibit 3.10 of the Form 10-KSB filed on April 25, 2005).

3.11

Bylaws, dated December 10, 2004 (incorporated by reference to Exhibit 3.11 of the Form 10-KSB filed on May 1, 2008).

4

Amended And Restated Employees And Consultants Retainer Stock Plan  (Amendment No. 4), dated February 28, 2007 (incorporated by reference to Exhibit 4 of the Form S-8 filed on March 29, 2007).

10.1

Exchange Agreement between the Company and Ephren Capital Corporation, dated April 19, 2006 (incorporated by reference to Exhibit 10.1 of the Form 8-K filed on April 25, 2006).

10.2 

Investment Agreement between the Company and The Lucian Group Inc., dated October 30, 2006 (incorporated by reference to Exhibit 10.1 of the Form 8-K filed on November 13, 2006).

10.3

Stock Purchase Agreement between the Company and Montreal Beneficial, Inc., dated April 9, 2007 (incorporated by reference to Exhibit 10.1 of the Form 10-QSB filed on May 21, 2007).

10.4

Limited Liability Company Interest Purchase Agreement between the Company and Granite Companies LLC, dated May 1, 2007 (incorporated by reference to Exhibit 10.2 of the Form 10-QSB filed on May 21, 2007).

10.5

Management Agreement between the Company and Cimino Development, LLC, dated  May 1, 2007 (incorporated by reference to Exhibit 10.7 of the Form 10-KSB filed on May 1, 2008).

10.6

Employment Agreement between the Company and Ephren Taylor, Jr., dated January 1, 2008 (incorporated by reference to Exhibit 10.8 of the Form 10-Q filed on May 20, 2008).

10.7

Asset Acquisition Agreement between the Company and InfoMind, Inc. dba Nitty Gritty Marketing, dated October 7, 2008 (incorporated by reference to Exhibit 10 of the Form 8-K filed on October 22, 2008).

10.8

Stock Purchase Agreement between the Company and a  purchaser, dated January 30, 2009 (incorporated by reference to the Form 8-K filed on April 1, 2009)

10.9

Consulting Services Agreement between the Company and Web3Direct, Inc. dated June 5, 2008 (incorporated by reference to Exhibit 10.1 of Form 8-K filed on September 3, 2009)

28

10.10

Agreement between the Company and REIAssure, Inc. dated June 5, 2008 (incorporated by reference to Exhibit 10.2 of Form 8-K filed on September 3, 2009)

14

Code of Business Conduct and Ethics, adopted by the Company’s board of directors (incorporated by reference to Exhibit 14 of the Form 10-KSB filed on April 25, 2005).

16.1

Letter on Change in Accountant, dated February 7, 2007 (incorporated by reference to Exhibit 16.1 of the Form 8-K filed on February 8, 2007).

16.2

Letter on Change in Accountant, dated May 14, 2007 (incorporated by reference to Exhibit 16.2 of the Form 8-K filed on May 29, 2007).

16.3

Letter on Change in Accountant, dated October 5, 2007 (incorporated by reference to Exhibit 16.3 of the Form 8-K filed on October 9, 2007).

17.1

Letter on Director Resignation of Gary Borglund, dated May 1, 2007 (incorporated by reference to Exhibit 17.1 of the Form 8-K filed on May 8, 2007).

17.2

Letter on Director Resignation of Richard Overdorff, dated May 1, 2007 (incorporated by reference to Exhibit 17.2 of the Form 8-K filed on May 8, 2007).

17.3

Letter on Director Resignation of Melissa Grimes, dated September 4, 2007 (incorporated by reference to Exhibit 17.3 of the Form 8-K filed on September 7, 2007).

17.4

Letter on Director Resignation of Phillip St. James, dated September 12, 2007 (incorporated by reference to Exhibit 17.4 of the Form 8-K filed on September 17, 2007).

21

Subsidiaries of the Registrant (incorporated by reference to Exhibit 21 of  Form 10K filed on May 20, 2009).

31

Rule 13a-14(a)/15d-14(a) Certification of Ephren W. Taylor II (filed herewith).

32

Section 1350 Certification of Ephren W. Taylor II (filed herewith).

99

Audit Committee Charter, dated April 19, 2005 (incorporated by reference to Exhibit 99 of the Form 10-KSB filed on April 25, 2005).

99.2

Press release issued by the Company, dated October 31, 2006 (incorporated by reference to Exhibit 10.2 of the Form 8-K filed on November 13, 2006).

99.3

Press release issued by the Company, dated April 23, 2007 (incorporated by reference to Exhibit 99.2 of the Form 8-K filed on April 23, 2007). 

29 |
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