UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB


(Mark One)

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

                           For the quarterly period ended  June 30, 2006
                                                           ---------------------


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

                           For the transition period from _________ to _________

                           Commission file number  000-50675
                                                   -----------------------------

                             GIFT LIQUIDATORS, INC.
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter

           Oklahoma                                        73-0731559
--------------------------------------------------------------------------------
  (State or other jurisdiction                           (IRS Employer
of incorporation or organization)                      Identification No.)

        270 Laurel Street, 1st Floor Office, Hartford, Connecticut 06105
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (860) 246-7672
--------------------------------------------------------------------------------
                           (Issuer's telephone number)


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 [X] No [ ]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).                                  Yes [ ] No [X]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: As of August 21, 2006, the issuer had
118,537 shares of common stock issued and outstanding.

Transitional Small Business Disclosure Format (Check one):        Yes [ ] No [X]

<PAGE>

                             GIFT LIQUIDATORS, INC.

                         QUARTERLY REPORT ON FORM 10-QSB
                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2006


                                      INDEX
                                      -----
<TABLE>
<CAPTION>
                                                                                                    Page No.
                                                                                                    --------
PART I - FINANCIAL INFORMATION

<S>                                                                                                      <C>
Item 1.    Financial Statements........................................................................  3

           Condensed Consolidated Balance Sheet as of June 30, 2006 (Unaudited)........................  3

           Condensed Consolidated Statements of Operations and Accumulated Deficit for
                the Three and Six Months ended June 30, 2006 and 2005 (Unaudited)......................  4

           Condensed Consolidated Statements of Cash Flows for the Six Months ended
                June 30, 2006 and 2005 (Unaudited).....................................................  5

           Notes to Condensed Consolidated Financial Statements........................................  6

Item 2.    Management's Discussion and Analysis or Plan of Operation................................... 20

Item 3.    Controls and Procedures..................................................................... 27


PART II - OTHER INFORMATION

Item 1.    Legal Proceedings........................................................................... 29

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds................................. 29

Item 3.    Defaults Upon Senior Securities............................................................. 29

Item 4.    Submission of Matters to a Vote of Security Holders......................................... 29

Item 5.    Other Information........................................................................... 30

Item 6.    Exhibits.................................................................................... 31


SIGNATURES............................................................................................. 32
</TABLE>

<PAGE>

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEET
                                  JUNE 30, 2006
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                     ASSETS
<S>                                                                                          <C>
Real Estate:
Land                                                                                         $    811,402
Buildings and Improvements                                                                      5,154,110
                                                                                             ------------
                                                                                                5,965,512
Less:  accumulated depreciation and amortization                                                1,065,599
                                                                                             ------------
                                                                                                4,899,913

Cash and cash equivalents                                                                       1,389,602
Accounts receivable-tenants, net of allowance for doubtful accounts of $65,751                     13,434
Deferred financing costs, net of accumulated amortization of $7,156                               170,366
Escrow account                                                                                     89,107
Investments in trading securities                                                               1,954,624
Other assets                                                                                       14,683
                                                                                             ------------
                                                                                             $  8,531,729
                                                                                             ============
                      LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities:
Mortgage notes payable                                                                       $  8,179,627
Promissory notes payable-related party                                                          2,610,006
Margin loans payable                                                                              758,653
Security deposits                                                                                  90,015
Accounts payable and accrued expenses                                                             269,345
Due to officer/director                                                                           128,100
Derivative liability                                                                            1,374,000
                                                                                             ------------
                                                                                               13,409,746
                                                                                             ------------

Commitments and contingencies

Stockholders' Deficit:

Convertible preferred stock, par value $0.01, 1,000,000 shares authorized, 11,000 issued
     and outstanding. Aggregate liquidation preference of $10,010 ($0.91 per share)                   110
Common stock, par value $0.01, 24,000,000 shares authorized, 118,537 issued
     and outstanding                                                                                1,185
Additional paid-in capital                                                                      1,174,000
Accumulated deficit                                                                            (6,053,312)
                                                                                             ------------
                                                                                               (4,878,017)
                                                                                             ------------
                                                                                             $  8,531,729
                                                                                             ============
</TABLE>

  The accompanying notes are an integral part of these condensed consolidated
                             financial statements.

                                       3
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                           For the                               For the
                                                      Three Months Ended                     Six Months Ended
                                                      ------------------                     ----------------
                                                  June 30,            June 30,           June 30,          June 30,
                                                   2006                2005               2006              2005
                                               -------------       -------------      -------------      -------------
<S>                                            <C>                 <C>                <C>                <C>
Rental Revenue                                 $   371,246         $   424,207        $   772,464        $   841,621
                                               -----------         -----------        -----------        -----------
Operating expenses:

   Property operating costs                        203,040             150,792            479,782            410,388

   General and administrative expenses             187,329             207,326            451,673            331,831

   Depreciation and amortization                    37,851              39,457             75,702             78,914

   Management fee-related party                     14,850              16,968             31,019             33,665
                                               -----------         -----------        -----------        -----------
Total operating expenses                           443,070             414,543          1,038,176            854,798
                                               -----------         -----------        -----------        -----------
Operating income (loss)                            (71,824)              9,664           (265,712)           (13,177)
                                               -----------         -----------        -----------        -----------
Non operating income (expense):

   Interest expense                               (162,742)            (90,931)          (292,150)          (174,831)

   Other income                                     32,482                  --             38,915                 --

   Realized loss on investments                    (10,028)                 --            (10,028)                --

   Net unrealized gains on investments             180,800                  --            180,800                 --

   Gain on derivative liability                       --                    --             30,000                 --
                                               -----------         -----------        -----------        -----------
Total non operating income (expense)                40,512             (90,931)           (52,463)                --
                                               -----------         -----------        -----------        -----------
Net loss                                       $   (31,312)        $   (81,267)          (318,175)       $  (188,008)
                                               ===========         ===========                           ===========

Accumulated deficit - beginning of period                                              (5,735,137)
                                                                                      -----------
Accumulated deficit - end of period                                                   $(6,053,312)
                                                                                      ===========

Loss per share - basic and diluted             $     (0.26)        $     (0.69)       $     (2.68)       $     (1.59)
                                               ===========         ===========        ===========        ===========
Weighted average common shares
  outstanding - basic and diluted                  118,537             118,537            118,537            118,537
                                               ===========         ===========        ===========        ===========
</TABLE>

  The accompanying notes are an integral part of these condensed consolidated
                             financial statements.

                                       4
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                           For the Six Months Ended
                                                                           -------------------------
                                                                            June 30,          June 30,
                                                                              2006              2005
                                                                           ----------         ---------
<S>                                                                      <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss                                                                 $   (318,175)     $   (188,008)
Adjustments to reconcile net loss to net cash
     provided by operating activities:
          Depreciation and amortization                                        75,702            78,914
          Provision for doubtful accounts                                      55,436                --
          Gain on derivative liability                                        (30,000)               --
          Write-off of related party receivable                                32,182           331,831
          Realized loss on sale of investments                                 10,028                --
          Net unrealized holding gains on investments                        (180,800)               --

Changes in operating assets and liabilities:
         Accounts receivable - tenants                                        (27,985)           45,634
         Escrow                                                                10,583           (11,049)
         Due to/from related party                                            (32,182)         (331,831)
         Other assets                                                         173,106            (3,962)
         Security deposits                                                      8,211            97,244
         Accounts payable and accrued expenses                                 91,647                --
                                                                         ------------      ------------

              Net cash (used in) provided by operating activities            (132,247)           18,773

CASH FLOWS FROM INVESTING ACTIVITIES
         Purchase of investments                                          (10,950,205)               --
         Proceeds from sale of investments                                  9,166,354                --
                                                                         ------------      ------------

              Net cash used in investing activities                        (1,783,851)               --
                                                                         ------------      ------------

CASH FLOWS FROM FINANCING ACTIVITIES
         Proceeds from margin loans payable                                   758,653                --
         Proceeds from officer/director                                        10,892                --
         Repayments to officer/director                                      (325,000)               --
         Repayment of mortgage notes payable                                  (44,374)          (33,356)
                                                                         ------------      ------------

              Net cash provided by (used in) financing activities             400,171           (33,356)
                                                                         ------------      ------------
Decrease in cash and cash equivalents                                      (1,515,927)          (14,583)

Cash and cash equivalents - beginning of period                             2,905,529            25,681
                                                                         ------------      ------------

Cash and cash equivalents - end of period                                $  1,389,602      $     11,098
                                                                         ============      ============

Cash paid during the period during the period for interest               $    192,339      $    174,831
                                                                         ============      ============

Non-cash transactions

Contributions of capital for waived liquidated damages related
     to derivative liability                                             $  1,174,000      $         --
                                                                         ============      ============

</TABLE>

  The accompanying notes are an integral part of these condensed consolidated
                             financial statements.

                                       5
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 1 - NATURE OF OPERATIONS, ORGANIZATION AND FINANCIAL STATEMENT PRESENTATION

Company Background

Gift Liquidators, Inc. and its predecessor companies were originally
incorporated in 1963 as Dorsett Educational Systems, Inc. ("Dorsett"). From 1963
through the mid-1980's, Dorsett was in the business of developing and marketing
educational material. During that same period, the stock of the Dorsett was
publicly traded.

In 1990, Dorsett acquired, in a stock for stock exchange, a privately owned
business that developed, marketed and distributed a diverse line of gift and
novelty products, and changed its name to Laid Back Enterprises, Inc. ("Laid
Back"). From that date, until December 2002, Laid Back continued its
development, marketing and distribution of gift products, seasonal retailing and
closeout liquidation of gift products.

On December 20, 2002, Laid Back's shareholders voted to split-off its gift
inventory liquidation business from its gift design and merchandising business.
Pursuant to a Split-Off Agreement, dated December 20, 2002 (the "Split-Off
Agreement"), Laid Back distributed its gift design and merchandising business to
Max Colclasure and Ronald Hurt in exchange for a substantial portion of the
shares of Laid Back owned by Mr. Colclasure and Mr. Hurt. The shareholders also
voted to approve a change of name from Laid Back to Gift Liquidators, Inc.

Prior to the split-off, Mr. Colclasure and Mr. Hurt owned 64.72% and 6.42% of
the stock of Laid Back, respectively. Minority shareholders owned the remaining
outstanding stock. Subsequently, Mr. Colclasure and Mr. Hurt acquired all of the
remaining outstanding stock of the gift design and merchandising business,
thereafter known as Laid Back, and Mr. Colclasure acquired 25.78% of the gift
inventory liquidation business now known as Gift Liquidators, Inc. (hereinafter,
the "Company"), with the remaining shareholders owning 74.22% of the Company.

Pursuant to the Split-Off Agreement, on December 20, 2002, all of the assets,
liabilities and operations were transferred to Laid Back, except for gift
liquidation inventory valued at $400,019, which was retained by the Company. In
addition, all employees of the Company became employees of Laid Back. Since, the
Company had no employees, it entered into an Administrative Services Agreement
with Laid Back, dated December 20, 2002 (the "Administrative Services
Agreement"), to share administrative functions and personnel. The administrative
services, for which the Company reimbursed Laid Back, included sales, marketing,
accounting and customer service. In addition, the Company entered into a Tax
Sharing Agreement with Laid Back, dated December 20, 2002 (the "Tax Sharing
Agreement"), pursuant to which the Company shared certain tax responsibilities
with Laid Back.

During the third quarter of 2005, the Company's management determined that it
would no longer pursue its interests in the gift liquidation business.

                                       6
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 1 - NATURE OF OPERATIONS, ORGANIZATION AND FINANCIAL STATEMENT PRESENTATION
(Continued)

Recent Developments

As of September 28, 2005 (the "Closing Date"), the Company entered into a
Preferred Stock Purchase Agreement with David Mladen, pursuant to which Mr.
Mladen purchased 11,000 shares of the Company's Series A Convertible Preferred
Stock, $0.01 par value per share ("Series A Preferred Stock"), for an aggregate
purchase price of $10,000 (the "Preferred Stock Purchase Transaction"). Prior to
the amendment to the Company's Certificate of Designation of Series A
Convertible Preferred Stock described in Note 10, each share of the Company's
Series A Preferred Stock was convertible at any time, at the holder's option,
into 5 shares of the Company's common stock, $0.01 par value per share ("Common
Stock"), subject to adjustment for stock dividends, stock splits,
reclassifications, and similar events.

In addition, as of the Closing Date, two of the Company's former stockholders,
including Mr. Colclasure, a former officer and director of the Company, sold an
aggregate of 33,761 shares of the Company's Common Stock to Mr. Mladen, which
amount represented 28.6% of the Company's issued and outstanding Common Stock
(the "Common Stock Purchase Transaction").

Further, as of the Closing Date, the Company's existing officers and directors
resigned, and Mr. Mladen was appointed as the Company's sole officer and
director.

As a result of the Preferred Stock Purchase Transaction and the Common Stock
Purchase Transaction as of the closing date, Mr. Mladen owned and/or controlled
approximately 51% of the Company's voting power. By virtue of (i) the percentage
of the Company's Common Stock Mr. Mladen acquired, (ii) the number of shares of
Common Stock Mr. Mladen would receive upon conversion of the shares of Preferred
Stock he purchased, (iii) the resignation of all of the Company's officers and
directors, and (iv) the appointment of Mr. Mladen as the Company's sole officer
and director, there was deemed to have been a "change in control" of the Company
as of the Closing Date.

As of the Closing Date, the Company:

     o    terminated its Administrative Services Agreement with Laid Back;

     o    terminated its Tax Sharing Agreement with Laid Back; and

     o    entered into an Asset Sale Agreement with Laid Back (the "Asset Sale
          Agreement").

Pursuant to the Asset Sale Agreement, effective as of the Closing Date, the
Company sold all of its non cash assets, including certain inventory, to Laid
Back, in exchange for the cancellation of the Company's indebtedness to Laid
Back in the aggregate amount of $50,485. As a result of the above transactions,
the Company became a "shell company", as defined by Securities Act Rule 405 and
Exchange Act Rule 12b-2 as a company other than an asset-backed issuer, with (a)
no or nominal operations, and (b) either (i) no or nominal assets; (ii) assets
consisting solely of cash and cash equivalents; or (iii) assets consisting of
any amount of cash and cash equivalents and other nominal assets.

                                       7
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 1 - NATURE OF OPERATIONS, ORGANIZATION AND FINANCIAL STATEMENT PRESENTATION
(Continued)

Merger

Eternal Enterprise, Inc. ("Eternal") was incorporated in the State of
Connecticut on June 18, 1997. Eternal is in the business of acquiring,
developing, holding for investment, operating and selling residential real
estate properties in the United States. Eternal owns the following residential
real estate properties (collectively, the "Properties"):

     o    154-60A Collins Street, Hartford, CT;
     o    21 Evergreen Avenue, Hartford, CT;
     o    243 & 255 Laurel Street, Hartford, CT;
     o    252 Laurel Street, Hartford CT;
     o    270 Laurel Street, Hartford, CT;
     o    360 Laurel Street, Hartford, CT;
     o    117-141 S. Marshall Street, Hartford, CT; and
     o    56 Webster Street, Hartford, CT.

Prior to the Reverse Merger, described below, Mr. Mladen, the Company's majority
stockholder and sole officer and director, was also the majority stockholder and
the sole officer and director of Eternal. The other stockholders of Eternal were
(i) Mr. Mladen's daughter, (ii) Mr. Mladen's son-in-law, (iii) Mr. Mladen's son,
and (iv) Mr. Mladen's daughter-in-law (collectively, with Mr. Mladen, the
"Pre-Acquisition Eternal Stockholders").

In October 2005, the Company formed eight limited partnerships as wholly-owned
Delaware subsidiaries of the Company (the "Limited Partnerships"), as follows:

     o    Excellency Investment Realty Trust I, L.P.;
     o    Excellency Investment Realty Trust II, L.P.;
     o    Excellency Investment Realty Trust III, L.P.;
     o    Excellency Investment Realty Trust IV, L.P.;
     o    Excellency Investment Realty Trust V, L.P.;
     o    Excellency Investment Realty Trust VI, L.P.;
     o    Excellency Investment Realty Trust VII, L.P.; and
     o    Excellency Investment Realty Trust VIII, L.P.

On November 4, 2005, the Pre-Acquisition Eternal Stockholders exchanged, in the
aggregate, 100% of the issued and outstanding shares of Common Stock of Eternal
for (i) limited partnership interests representing 20% of the total partnership
interests in each of the Limited Partnerships, and (ii) unsecured promissory
notes payable to the Pre-Acquisition Eternal Stockholders in the aggregate
principal amount of $2,610,006 (the "LP Notes"), pursuant to Contribution
Agreements between the Pre-Acquisition Eternal Stockholders and the Limited
Partnerships (the "Reverse Merger"). As a result, Eternal is now 100% owned, in
the aggregate, by the Limited Partnerships.

                                       8
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 1 - NATURE OF OPERATIONS, ORGANIZATION AND FINANCIAL STATEMENT PRESENTATION
(Continued)

In consideration of the Company's ownership of 80% of the total partnership
interests of each of the Limited Partnerships that now own 100% of Eternal, the
Company agreed to assume the LP Notes.

The partnership interests of the Limited Partnerships were exchanged for shares
of common stock of Eternal based upon the ratio by which the value of each
Property bears to the aggregate value of all of the Properties.

Pursuant to the Partnership Agreements of the Limited Partnerships (the
"Partnership Agreements"), among other things, the Company:

     o    is the general partner of each of the Limited Partnerships; and

     o    has the right to compel the limited partners (i.e., the
          Pre-Acquisition Eternal Stockholders) to exchange 100% of their
          limited partnership interests for shares of Common Stock of the
          Company.

Because (i) the Pre-Acquisition Eternal Stockholders obtained a majority of the
shares of common stock of the combined entity after the combination, (ii) the
Pre-Acquisition Eternal Stockholders obtained the ability to elect and appoint a
voting majority of the governing board of the combined entity, and (iii)
Eternal's officer and director replaced the Company's officers and directors of
the combined entity, the transaction was treated as a reverse merger with
Eternal as the accounting acquirer of the Company. The accompanying consolidated
financial statements of the Company reflect the historical results of operations
of Eternal, and the consolidated results of operations subsequent to the
acquisition date of November 4, 2005. Eternal, as the accounting acquirer of the
"shell company", did not record goodwill or any other intangible asset as a
result of this Reverse Merger.

The Company's financial statements as of and for the six months ended June 30,
2005, have been restated to give retroactive effect to the Reverse Merger.

On May 10, 2006, the Company formed a new wholly-owned subsidiary, Excellency
Investment Realty Trust, Inc., in the State of Maryland. The Articles of
Incorporation of Excellency Investment Realty Trust authorized 25,000,000 shares
of capital stock, of which 24,000,000 shares were authorized as common stock,
$0.01 par value per share, and 1,000,000 were authorized as preferred stock,
$0.01 par value per share. As of the date hereof, 1,000 shares of common stock
of Excellency Investment Realty Trust are issued and outstanding and held of
record by the Company. Of the preferred stock, Excellency Investment Realty
Trust has 11,000 shares designated as Series A convertible preferred stock, and
20,000 shares as Series B preferred stock. Currently none of the shares of
Excellency Investment Realty Trust's Series A convertible preferred stock or
Series B preferred stock are outstanding.

                                       9
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include
the accounts of Gift Liquidators, Inc., its controlled subsidiaries comprised of
certain Limited Partnerships (see Note 1), Eternal Enterprise, Inc. (wholly
owned in the aggregate by the Limited Partnerships), and Excellency Investment
Realty Trust, Inc. (collectively referred to as the "Company"). As noted above,
the historical financial statements as presented reflect the operations of
Eternal as a result of the Reverse Merger. The Company records minority interest
for the non-owned portions of consolidated subsidiaries, however, these
subsidiaries have not generated any income to warrant the recording of such
minority interests through June 30, 2006. All significant inter-company
transactions and accounts have been eliminated in the consolidated financial
statements.

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the
United States of America and the rules and regulations of the Securities and
Exchange Commission (the "SEC") for interim financial reporting. Certain
information and footnote disclosures normally included in the Company's annual
financial statements have been condensed or omitted. In the Company's opinion,
the unaudited interim financial statements and accompanying notes reflect all
adjustments consisting of normal and recurring adjustments that are necessary
for a fair presentation of its financial position and operating results for the
interim periods ended June 30, 2006 and 2005. The results of operations for such
periods are not necessarily indicative of the results that may be expected for
the full year or any future period.

Because the Company is engaged in the rental and sale of real estate, the
operating cycle may extend beyond one year. Accordingly, following the usual
practice of the real estate industry, the accompanying condensed consolidated
balance sheet is unclassified.

The preparation of the Company's condensed consolidated financial statements in
conformity with accounting principles generally accepted in the United States of
America requires management to make estimates, judgments and assumptions that
affect the reported amounts of assets and liabilities, disclosure of contingent
assets and liabilities at the date of the condensed consolidated financial
statements and the reported amount of revenues and expenses during the reporting
period. 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.

These unaudited condensed consolidated financial statements should be read in
conjunction with the consolidated financial statements and related notes
included in the Company's Annual Report on Form 10-KSB for the year ended
December 31, 2005. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with accounting
principles generally accepted in the United States have been condensed or
omitted pursuant to such rules and regulations.

                                       10
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Real Estate

Real estate is stated at cost. The Company's real estate has been pledged as
security for various mortgage notes payable.

Depreciation

Buildings are depreciated using the straight line method over an estimated
useful life of 40 years. Building improvements are depreciated using the
straight line method over their estimated service lives, as determined by
management, generally between 5 and 15 years. Depreciation and amortization
expense for the three and six months ended June 30, 2006 and 2005 was $34,273,
$33,685, $68,546, and $67,370, respectively.

Cash and Cash Equivalents

All highly liquid investments with an original maturities of three months or
less are considered to be cash equivalents. The Company maintains its cash
accounts with various financial institutions.

Cash balances are insured by the Federal Deposit Insurance Corporation up to
$100,000. As of June 30, 2006, the uninsured portion of cash balances held at
such financial institutions was $1,277,239.

Investments in Securities

The Company accounts for its investments in securities in accordance with
Statement of Financial Accounting Standards No. 115, "Accounting for Certain
Investments in Debt and Equity Securities." Management determines the
appropriate classification of its investments in marketable securities at the
time of purchase and reevaluates such determination at each balance sheet date.
Securities that are bought and held principally for the purpose of selling them
in the near term are classified as trading securities. Debt securities for which
the Company does not have the intent or ability to hold to maturity and equity
securities not classified as trading securities are classified as
available-for-sale. The cost of investments sold is determined on the specific
identification or the first-in, first-out method. Trading securities are
reported at fair value with unrealized gains and losses recognized in earnings
(see Note 5), and available-for-sale securities are also reported at fair value
but unrealized gains and losses are shown in the caption "unrealized gains
(losses) on shares available-for-sale" included in stockholders' equity.
Management determines fair value of its investments based on quoted market
prices at each balance sheet date.

Derivative Liabilities

The Company accounts for the registration rights agreements as a separate
freestanding instrument and accounts for the liquidated damages provision as a
derivative liability in accordance with SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities." Accordingly the liability is recorded at
estimated fair value based on an estimate of the probability and costs of cash
penalties being incurred and is revalued at each balance sheet date with changes
in value recorded as other non operating income or expense (see Note 8).

                                       11
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Deferred Financing Costs

Deferred financing costs include fees and costs to obtain the Company's
mortgages and other notes payable. These costs are amortized over the terms of
the respective loans. Amortization expense for the three and six months ended
June 30, 2006 and 2005 was $3,578, $5,772, $7,156, and $11,544, respectively.

Revenue Recognition

Leases entered into between tenants and the Company for the rental of apartment
units are generally year to year and are renewable upon consent of both parties
on an annual or monthly basis. The Company also offers shorter term leases.
Rental income is earned on a straight-line basis over the terms of the lease.
Advance receipts of rental income are deferred and classified as liabilities.

Loss Per Share

Loss per share is calculated based on the common stock equivalents for the
weighted average number of common shares outstanding during the period. The
common stock equivalents for the Company's preferred stock were not included in
the computation of diluted loss per share because to do so would have been
antidilutive.

Income Taxes

The Company accounts for income taxes following the asset and liability method
in accordance with SFAS No. 109, "Accounting for Income Taxes." Under such
method, deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases. The Company's income tax returns are prepared on the cash basis of
accounting. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years that the asset is
expected to be recovered or the liability settled. The types of deferred tax
assets are book versus tax depreciation and net operating losses.

In assessing the need for a valuation allowance, the Company estimates future
taxable income, considering the feasibility of ongoing tax planning strategies
and the realizability of tax loss carryforwards. Valuation allowances related to
deferred tax assets can be impacted by changes to tax laws, changes to statutory
tax rates and future taxable income levels. In the event the Company was to
determine that it would not be able to realize all or a portion of its deferred
tax assets in the future, it would increase the recorded valuation allowance
through a charge to income in the period in which the determination is made.
Conversely, if the Company were to determine that it would be able to realize
its deferred tax assets in the future in excess of the net carrying amount, it
would decrease the recorded valuation allowance through an increase to income in
the period in which that determination is made.

As of June 30, 2006, the Company has concluded that it is more likely than not
that the Company will not realize any deferred tax assets and has provided a
valuation allowance against the entire balance.

                                       12
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Comprehensive Income and Loss

SFAS No. 130, "Accounting for Comprehensive Income," establishes standards for
reporting and disclosure of comprehensive income and its components (including
revenues, expenses, gains and losses) in a full set of general-purpose financial
statements. The items of other comprehensive income that are typically required
to be disclosed are foreign currency items, minimum pension liability
adjustments and unrealized gains and losses on certain investments in debt and
equity securities that are accounted for as available-for-sale-securities.

Recent Accounting Pronouncements and Interpretations

In December 2004, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 123 (revised 2004), "Share-Based Payment". SFAS 123 requires companies to
recognize in the statement of operations the grant-date fair value of stock
options and other equity-based compensation. That cost will be recognized over
the period during which an employee is required to provide service in exchange
for the award, usually the vesting period. Subsequent changes in fair value
during the requisite service period, measured at each reporting date, will be
recognized as compensation cost over that period. SFAS 123 is effective in the
first period beginning after June 15, 2005. The Company adopted SFAS 123 in
2006. The adoption of SFAS 123 did not have an impact on the Company's financial
position and results of operations.

In December 2005, the FASB issued SFAS No. 155, "Accounting for Certain Hybrid
Financial Instruments - an amendment to FASB Statements No. 133 and 140" and in
May 2005, the FASB issued SFAS No. 154 "Accounting and Error Corrections - a
replacement of APB Opinion No. 20 and FASB Statement No. 3." The Company is not
significantly impacted by these statements and does not expect their
implementation to have a material impact on the Company's consolidated financial
statements.

NOTE 3 - FINANCINGS

Promissory Notes Payable - Related Party

As of November 4, 2005 (the "Loan Date"), the Pre-Acquisition Eternal
Stockholders exchanged, in the aggregate, 100% of the issued and outstanding
shares of common stock of Eternal, for (i) limited partnership interests
representing 20% of the total partnership interests in each of the Limited
Partnerships, and (ii) unsecured promissory notes payable to the Pre-Acquisition
Eternal Stockholders in the aggregate principal amount of $2,610,006 (the "LP
Notes"), pursuant to Contribution Agreements between the Pre-Acquisition Eternal
Stockholders and the Limited Partnerships. In consideration for the Company's
ownership of 80% of the total partnership interests of each of the Limited
Partnerships, the Company agreed to assume the LP Notes.

                                       13
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 3 - FINANCINGS (Continued)

The interest rate on the LP Notes is 7% per annum. The entire balance of
principal and interest of the LP Notes is due and payable on November 4, 2010.
The LP Notes may be prepaid without penalty. All payments shall be applied first
toward the payment of interest and the balance towards the reduction of
principal. As of June 30, 2006, no payments have been made.

NOTE 4 - ESCROW ACCOUNT

As of June 30, 2006, the Company maintained an escrow account with Astoria
Federal Mortgage Corp. in the amount of $89,107 for the payment of real estate
taxes and property insurance.

NOTE 5 - INVESTMENTS IN TRADING SECURITIES

The Company's investments are comprised of equity securities of publicly traded
companies. At June 30, 2006, the investments had an aggregate cost of $1,769,650
and an aggregate market value of $1,954,450, which resulted in a net unrealized
gain of $180,800.

NOTE 6 - LOANS PAYABLE

Margin Loan

In June 2006, the Company entered into a margin loan agreement with RCM Prime, a
brokerage firm. The margin loan is secured by the assets held by the Company in
its brokerage account with RCM Prime. The margin loan bears interest at the
Federal funds rate plus 0.125% (5.375% as of June 30, 2006). As of June 30,
2006, $758,653 had been drawn down under this margin loan.

Mortgage

On December 27, 2005, the Company borrowed an aggregate of $8,224,000 from
Astoria Federal Mortgage Corp. ("Astoria"), in connection with the refinancing
of the Properties, evidenced by eight notes payable (the "Mortgage Notes"). The
initial interest rate on the Mortgage Notes, of 5.625%, will remain in effect
for eighty four (84) months. Thereafter, the Mortgage Notes bear interest at a
rate equal to the five (5) year "Fixed Rate Advance" as determined by the
Federal Home Bank of New York, plus two and one half percent (2.5%), rounded to
the nearest one-eighth of one percent (0.125%) and the interest rate will be
adjusted every sixty (60) months. The loans are repayable in monthly
installments of principal and interest (which totals $47,343) due on the first
day of each month, commencing February 1, 2006. The principal and interest
payments are based on a 360 month amortization. The Mortgage Notes mature on
January 1, 2018, at which time the entire unpaid principal balance, plus accrued
interest thereon, shall be due.

The Mortgage Notes are secured against by each respective Property. David
Mladen, the Company's majority stockholder, and sole officer and director, has
guaranteed up to 5% of the outstanding balance of the principal with interest
for the life of the loan. The Company incurred approximately $178,000 of
deferred financing costs related to these loans, which will be amortized over
the life of the mortgage notes payable (twelve years). There was no amortization
expense for the year ended December 31, 2005.

                                       14
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 6 - LOANS PAYABLE (Continued)

The principal balance at December 31, 2005, as reported by the Company on Form
10-KSB, was $8,224,000. Future annual maturities of the mortgage notes payable
as of that date were as follows:

          Fiscal Year        Amount
          -----------        ------
             2006          $   99,011
             2007             113,982
             2008             120,561
             2009             127,521
             2010             134,881
          Thereafter        7,628,044
                           ----------
                           $8,224,000
                           ==========

NOTE 7 - RELATED PARTY TRANSACTIONS

Property Management

The Properties are managed by White Knight Management, LLC ("White Knight"), a
related party owned and controlled by David Mladen, the Company's majority
stockholder and sole officer and director. Pursuant to an oral agreement between
the parties, White Knight collects rent on behalf of the Company and pays the
Company's operating expenses. As of June 30, 2006, White Knight owed the Company
$32,182. However, the Company has written off such amounts from White Knight as
the Company has determined the amounts are not collectable.

Management fees were $31,019 and $33,665 for the six months ended June 30, 2006
and 2005, respectively. The Properties are managed pursuant to an oral
agreement, which provides for management fees of approximately 4% of revenues.
The Company discontinued this arrangement with White Knight effective July 1,
2006.

Due to Officer/Director

At various times in 2003, 2004, and 2005, David Mladen, the Company's majority
stockholder and sole officer and director, made unsecured loans to Eternal
Enterprise, Inc., in the aggregate amount of approximately $400,000 with an
interest rate of 6% per annum (the "Mladen Loans") due on or before May 10,
2010. In February 2006, the Company paid $325,000 to Mr. Mladen as partial
repayment of the Mladen Loans, including accrued interest.

                                       15
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 8 - STOCKHOLDERS' DEFICIT

Liquidated Damages

In connection with David Mladen's purchase of 11,000 shares of the Company's
Series A Preferred Stock (the "Preferred Stock"), the Company entered into a
Registration Rights Agreement with Mr. Mladen (the "Registration Rights
Agreement"), pursuant to which the Company agreed to prepare and, on or prior to
the sixtieth (60th) day following the date of such purchase, file with the
Securities and Exchange Commission ("SEC") a Resale Registration Statement on
Form SB-2 (the "Resale Registration Statement"), to register all of the shares
of the Company's Common Stock underlying the Preferred Stock (the "Conversion
Shares"). Further, pursuant to the Registration Rights Agreement, the Company is
required to use best efforts to (a) have the SEC declare the Resale Registration
Statement effective within ninety (90) days after filing the Resale Registration
Statement with the SEC (or one hundred and twenty (120) days in the event any
comments on the Registration Statement are received from the SEC), and (b)
maintain the effectiveness of the Resale Registration Statement until all such
common shares have been sold or may be sold without volume restrictions pursuant
to Rule 144(k) of the Securities Act of 1933, as amended.

If the Company (i) fails to file the Resale Registration Statement, or (ii)
fails to have the Registration Statement declared effective within the required
period, or (iii) if effectiveness is not maintained, the Registration Rights
Agreement requires the Company to make payments to Mr. Mladen in an aggregate
amount equal to two percent (2%) per month of $9,000,000 (assuming the sale of
$9,000,000 of the aggregate fair market value of the Conversion Shares)
("Outstanding Principal Amount"), multiplied by the number of months (prorated
for partial months) until the failure is cured. As of the date hereof, the
Resale Registration Statements has not been filed. As of June 30, 2006, Mr.
Mladen has agreed to waive $1,174,000 of liquidated damages due to him, and such
amount has been reflected as a contribution of capital as of that date.

The Company accounts for the Registration Rights Agreement as a separate
freestanding instrument and accounts for the liquidated damages provision as a
derivative liability in accordance with to SFAS 133. Accordingly, the liability
is recorded at estimated fair value based on an estimate of the probability and
costs of cash penalties being incurred and is revalued at each balance sheet
date, with changes in value recorded as non-operating income (expense). As of
June 30, 2006, the liability amounted to $1,374,000, and is included on the
balance sheet as a derivative liability.

Series B Preferred Stock

On March 10, 2006, the Company's board of directors approved the designation of
a series of 20,000 shares of Preferred Stock of the Company, $0.01 par value per
share. On March 13, 2006, the Company filed a Certificate of Designation of
Series B Preferred Stock (the "Series B Certificate of Designation") with the
Secretary of State of the State of Oklahoma. Pursuant to the Series B
Certificate of Designation, holders of the Company's Series B Preferred Stock:

                                       16
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 8 - STOCKHOLDERS' DEFICIT (Continued)

     o    shall be entitled to cast one hundred (100) votes per share of Series
          B Preferred Stock upon all matters submitted to a vote of the holders
          of the Company's Common Stock;

     o    shall not be entitled to receive dividends when and as declared, out
          of the Company's net profits;

     o    shall not be entitled to a liquidation preference in the event of any
          liquidation, dissolution or winding up of the Company; and

     o    shall not be entitled to convert their shares of Series B Preferred
          Stock into shares of the Company's Common Stock.

In addition, the shares of Series B Preferred Stock:

     o    shall not be redeemable by the Company;

     o    shall rank junior to all other series of the Company's Preferred Stock
          as to the distributions of assets, unless the terms of any such series
          shall provide otherwise;

     o    shall be not be reissued after they are reacquired by the Company by
          reason of repurchase or otherwise, and all such reacquired shares
          shall be returned to the status of undesignated shares of the
          Company's Preferred Stock; and

     o    shall be adjusted in the event of stock splits, stock combinations,
          mergers, reorganizations, or other such events.

So long as any shares of Series B Preferred Stock remain issued and outstanding,
the Company shall not, without the consent of the holders of a majority of the
shares of Series B Preferred Stock then outstanding:

     o    amend, alter or repeal any provision of the Company's Certificate of
          Incorporation (including the Certificate of Designation), or Bylaws;

     o    authorize, or increase the authorized amount of any additional class
          or series of stock; or

     o    effect any reclassification of the Series B Preferred Stock.

The Series B Certificate of Designation may be amended by vote of both the
Company's Board of Directors and the holders of a majority of the outstanding
shares of Series B Preferred Stock.

As of June 30, 2006, no shares of the Company's Series B Preferred Stock were
issued or outstanding.

                                       17
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 9 - CONTINGENCIES

Going Concern

The Company has suffered recurring losses from operations and has
a net stockholders' deficit of $4,878,017, all of which raise
substantial doubt about the Company's ability to continue as a going concern.
Management plans to raise capital through a combination of debt and equity
financings and to manage cash flows carefully. However, the Company has no
assurance that sufficient cash flow will be generated in the future to meet its
operating requirements.

Periodic Filings

Under a 2005 rule change, OTC Bulletin Board ("OTCBB") issuers that are cited
for filing delinquency three times in a 24-month period and those removed for
failure to file two times in a 24-month period will be ineligible for quotation
by an NASD member. Following removal under this new rule, an issuer's securities
would again become eligible for quotation on the OTCBB when the issuer has filed
periodic reports for one year in a timely manner.

The Company has been late in two of its periodic filings with the Securities and
Exchange Commission ("SEC") during 2006. Accordingly, the Company may be
ineligible for quotation by an NASD member if it is delinquent one more time in
its periodic filings with the SEC during the applicable 24-month period.

NOTE 10 - SUBSEQUENT EVENTS

Amendment to Certificate of Designation of Series A Preferred Stock

On July 12, 2006, the Company filed an Amended and Restated Certificate of
Designation of Series A Convertible Preferred Stock (the "Amended Certificate")
with the Secretary of State of the State of Oklahoma. Pursuant to the Amended
Certificate, each share of the Company's Series A convertible preferred stock is
now convertible into one hundred forty-three (143) shares of its common stock.
In addition, since the Company's Series A preferred convertible preferred stock
and common stock vote together as one class, with the holder of each share of
Series A convertible preferred stock entitled to the number of votes equal to
the number of shares of common stock into which such shares of Series A
convertible preferred stock are convertible, the holders of the Company's Series
A convertible preferred stock are now entitled to an aggregate of 1,573,000
votes. As a result, David Mladen, the President and sole director of the
Company, now controls approximately 95% of its voting power.

Amendment and Restatement of Articles of Incorporation of Excellency Investment
Realty Trust, Inc.

On July 17, 2006, Excellency Investment Realty Trust filed Articles of Amendment
and Restatement to its Articles of Incorporation, to, among other things: (a)
increase its number of authorized shares of capital stock to 201,000,000, of
which 200,000,000 shares are authorized as common stock and 1,000,000 as
preferred stock; and (b) increase the number of shares of common stock into
which each share of Series A convertible preferred stock is convertible to one
hundred forty-three (143).

                                       18
<PAGE>

                     GIFT LIQUIDATORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

NOTE 10 - SUBSEQUENT EVENTS (Continued)

Reincorporation by Merger in Maryland

On July 19, 2006, David Mladen, the Company's sole officer and director, and
holder of securities representing a majority of the Company's voting power,
signed a written consent approving the Company's reincorporation in the State of
Maryland by merger into its wholly-owned subsidiary, Excellency Investment
Realty Trust, Inc. At the effective time of the reincorporation by merger, one
share of Excellency Investment Realty Trust, Inc. common stock will be exchanged
for each share of the Company's common stock held as of the record date. In
addition, one share of Excellency Investment Realty Trust, Inc. Series A
convertible preferred stock will be exchanged for each share of the Company's
Series A convertible preferred stock held as of the record date.

As a result of the reincorporation my merger, among other things:

     o    The surviving entity will be known as Excellency Investment Realty
          Trust, Inc.;

     o    The title to all of the Company's' property will be vested in the
          surviving entity, Excellency Investment Realty Trust;

     o    Excellency Investment Realty Trust will have all of the liabilities of
          the Company;

     o    The capitalization of Excellency Investment Realty Trust will be the
          same as the Company's capitalization immediately prior to the merger,
          except that the surviving entity will be authorized to issue up to
          200,000,000 million shares of common stock;

     o    Corporate actions of the surviving entity will be governed by the
          Maryland Corporations and Associations Law and by Excellency
          Investment Realty Trust's Articles of Amendment and Restatement of
          Articles of Incorporation and bylaws; and

     o    David Mladen will continue to serve as the sole officer and director
          of Excellency Investment Realty Trust.

The reincorporation by merger will be effective as soon as practicable, but in
no event sooner than twenty (20) days from the date of mailing of the Definitive
Information Statement to the stockholders of the Company. In practice, the
soonest the transaction can take effect is on or about September 10, 2006.

                                       19
<PAGE>

Item 2.  Management's Discussion and Analysis or Plan of Operation.

The financial and business analysis below provides information which we believe
is relevant to an assessment and understanding of our financial condition and
results of operations. You should read the following discussion of our financial
condition and results of operations in conjunction with the Notes to the
Financial Statements in Item 1 of this Quarterly Report on Form 10-QSB, and our
Annual Report on Form 10-KSB for the year ended December 31, 2005 (the "Annual
Report"). In addition to historical information, this discussion contains
statements that may be deemed to be "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The words "believes",
"estimates", "expects" and "anticipates" and other similar expressions that are
predictions of or indicate future events and trends and which do not relate
solely to historical matters identify forward-looking statements. Such
forward-looking statements are subject to risks and uncertainties, which could
cause actual results, performance, or achievements of ours to differ materially
from anticipated future results, performance or achievements expressed or
implied by such forward-looking statements. Factors that might cause such
differences include, but are not limited to, the following:

     o    Anticipated capital expenditures for replacements and building
          improvements all reflect our best estimates and are subject to
          uncertainties arising from changing economic conditions (such as the
          cost of labor and construction materials), competition and local
          government regulation;

     o    Sources of capital or labor and materials required for maintenance,
          repair, capital expenditure or development are more expensive than
          anticipated;

     o    Occupancy levels and market rents may be adversely affected by
          national and local economic and market conditions including, without
          limitation, new construction of multifamily housing, slow employment
          growth, availability of low interest mortgages for single-family home
          buyers and the potential for geopolitical instability, all of which
          are beyond our control;

     o    Our inability to derive sufficient revenues from our operations, or
          obtain financing when needed, would have a material adverse effect on
          our company, requiring us to curtail or cease operations; and

     o    Additional factors as discussed in Item 1 of our Annual Report, under
          the heading of "Risk Factors."

Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. We undertake no obligation
to publicly release any revisions to these forward-looking statements, which may
be made to reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.

Overview

On September 4, 1963, we were incorporated in the State of Oklahoma as Dorsett
Educational Systems, Inc. On December 20, 2002, we changed our name to Gift
Liquidators, Inc. Since that time, and prior to the sale of all of our gift and
novelty inventory in September 2005, our core business involved the wholesale
distribution of a diverse line of gift and novelty products acquired in
closeouts from gift developers and distributors.

                                       20
<PAGE>

As of September 28, 2005 (the "Closing Date"), we entered into a Preferred Stock
Purchase Agreement with David Mladen (the "Preferred Stock Purchase Agreement"),
pursuant to which Mr. Mladen purchased 11,000 shares of our Series A Convertible
Preferred Stock, $0.01 par value per share ("Series A Preferred Stock"), for an
aggregate purchase price of $10,000 (the "Preferred Stock Purchase
Transaction"). As of the Closing Date, each share of our Series A Preferred
Stock was convertible at any time, at the holder's option, into 5 shares of our
common stock, $0.01 par value per share ("Common Stock"), subject to adjustment
for stock dividends, stock splits, reclassifications, and similar events.

Further, as of the Closing Date, two of our former stockholders, one of whom was
an officer and director of ours, sold an aggregate of 33,761 shares of our
Common Stock to Mr. Mladen, which amount represented 28.6% of our issued and
outstanding Common Stock (the "Common Stock Purchase Transaction").

In addition, as of the Closing Date, our existing officers and directors
resigned, and Mr. David Mladen was appointed as our sole officer and director.

As a result of the Preferred Stock Purchase Transaction and the Common Stock
Purchase Transaction, Mr. Mladen owned and/or controlled 51% of our voting
power. By virtue of (i) the percentage of our Common Stock Mr. Mladen acquired,
(ii) the number of shares of Common Stock Mr. Mladen would receive upon
conversion of the shares of our Preferred Stock he purchased, (c) the
resignation of all of our officers and directors, and (d) the appointment of Mr.
Mladen as our sole officer and director, there was deemed to have been a "change
in control" of our company as of the Closing Date.

At the time of the Preferred Stock Purchase Transaction and the Common Stock
Purchase Transaction, Mr. Mladen was also the majority stockholder and the sole
officer and director of Eternal Enterprise, Inc., a Connecticut Corporation
("Eternal"), which owns the following residential real estate properties
(collectively, the "Properties") in Hartford, Connecticut:

     o    154-60A Collins Street, Hartford, CT;
     o    21 Evergreen Avenue, Hartford, CT;
     o    243 & 255 Laurel Street, Hartford, CT;
     o    252 Laurel Street, Hartford CT;
     o    270 Laurel Street, Hartford, CT;
     o    360 Laurel Street, Hartford, CT;
     o    117-141 S. Marshall Street, Hartford, CT; and
     o    56 Webster Street, Hartford, CT.

Mr. Mladen entered into the Preferred Stock Purchase Transaction and the Common
Stock Purchase Transaction with the specific intention of taking control of our
company, and, subsequently, combining it with Eternal.

In connection with the aforementioned transactions, and the corresponding
decision by Mr. Mladen to have our company exit the gift liquidation business,
effective as of the Closing Date, we:

     o    entered into an Asset Sale Agreement with Laid Back Enterprises, Inc.
          ("Laid Back"), a company owned and controlled by two of our former
          officer and directors, pursuant to which Laid Back purchased all of
          our non-cash assets, including all of our inventory in exchange for
          the cancellation of our indebtedness to Laid Back in the aggregate
          amount of $50,485;

                                       21
<PAGE>

     o    terminated our Administrative Services Agreement with Laid Back, dated
          December 20, 2002, pursuant to which we had been receiving certain
          personnel, sales, marketing, accounting and other administrative
          services from Laid Back; and

     o    terminated our Tax Sharing Agreement with Laid Back, dated December
          20, 2002 pursuant to which we had been sharing certain tax
          responsibilities with Laid Back.

Between October 26, 2005 and October 31, 2005, we formed eight limited
partnerships as wholly-owned Delaware subsidiaries of the Company (the "Limited
Partnerships"). At the time of formation, the Company owned 100% of the
partnership interests of each of the Limited Partnerships.

As of November 4, 2005, the pre-acquisition stockholders of Eternal (the
"Pre-Acquisition Eternal Stockholders") exchanged, in the aggregate, 100% of the
issued and outstanding shares of common stock of Eternal, for (i) limited
partnership interests representing 20% of the total partnership interests of
each of the Limited Partnerships, and (b) promissory notes in the aggregate
principal amount of $2,610,006 (the "LP Notes"), pursuant to Contribution
Agreements between the Pre-Acquisition Eternal Stockholders and the Limited
Partnerships (the "Eternal Acquisition"). As a result, the shares of common
stock of Eternal are now 100% owned, in the aggregate, by the Limited
Partnerships.

In consideration of our ownership of 80% of the total partnership interests of
each of the Limited Partnerships that now own 100% of Eternal, we agreed to
assume the LP Notes. The interest rate on the LP Notes is 7% per annum. The
entire balance of principal and interest of the LP Notes is due and payable on
November 4, 2010. The LP Notes may be prepaid without penalty. All payments
shall be applied first toward the payment of interest and the balance towards
the reduction of principal.

The partnership interests of the Limited Partnerships were exchanged for shares
of common stock of Eternal based upon the ratio which the value of each Property
bears to the aggregate value of all of the Properties.

Pursuant to the Partnership Agreements of the Limited Partnerships (the
"Partnership Agreements"), among other things, the Company:

     o    is the general partner of each of the Limited Partnerships; and

     o    has the right to compel the limited partners (i.e., the
          Pre-Acquisition Eternal Stockholders) to exchange 100% of their
          limited partnership interests for shares of common stock of the
          Company.

Since, at the effective time of the Eternal Acquisition (and the Preferred Stock
Purchase Transaction and the Common Stock Purchase Transaction, consummated in
anticipation thereof): (i) the Pre-Acquisition Eternal Stockholders obtained a
majority of the shares of common stock of the combined entity after the
combination, (ii) Pre-Acquisition Eternal Stockholders obtained the ability to
elect and appoint a voting majority of the governing board of the combined
entity, and (iii) Eternal's officers and directors replaced ours as officers and
directors of the combined entity, the Eternal Acquisition was treated as a
reverse merger with Eternal as the accounting acquirer for financial reporting
purposes.

                                       22
<PAGE>

Related Party Transactions

The Properties are managed by White Knight Management, LLC, a party owned and
controlled by David Mladen, the Company's majority stockholder and sole officer
and director. The Properties are managed pursuant to oral agreements which
provide for management fees of approximately 4% of revenues. Management fees
were $14,850, 16,968 for the three months ended March 31, 2006 and 2005,
respectively, and $31,019 and $33,665 for the six month ended June 30, 2006 and
2005, respectively. The Company discontinued this arrangement with White Knight
effective July 1, 2006.

Trends and Uncertainties

We are not aware of any material trends or uncertainties, favorable or
unfavorable, other than national economic conditions affecting real estate
generally, that may be reasonably anticipated to have a material impact on
either capital resources or the revenues or income to be derived from the
acquisition and operation of the Properties, other than those identified below.

Increasing Demand For Rental Apartments
---------------------------------------

Based on certain demographic trends, in particular, the growth of the "Echo
Boomer" generation, we believe we are well-positioned to continue achieving our
objectives. While there is no guarantee that individuals making up this group
will choose renting versus ownership, we believe the increase in this age group
will have a positive demand for the number of rental households. Echo Boomers
are now entering into the age group having the greatest propensity to rent. The
number of individuals between the ages of 18-39 is expected to grow
significantly over the next 20 years.

Strong Demand Due To Interest Rate Environment
----------------------------------------------

The 40-year historic lows reached on mortgage interest rates in recent years
provided some individuals with the opportunity to purchase homes at similar
costs to renting, particularly when utilizing short-term variable mortgages.
However, with the more recent increases in interest rates, this attractive
alternative may have faded for some and the apartment sector is in a position to
reap the benefits. If a higher interest rate environment continues, then the
number of individuals purchasing homes will typically decline. As rental
apartments directly compete with the single-family home and condominium sectors
of the economy, the demand on new and existing rental apartment communities may
rise when demand for purchasing homes falls. We believe this will be beneficial
for apartment owners as it should translate into greater demand, higher
occupancy rates, fewer concessions needed to attract renters, and therefore
increased profitability of our Properties.

Increased Income And Dividends Due To Healthy U.S. Economy
----------------------------------------------------------

Generally, healthy employment in a particular market area enables apartment
owners to increase rents charged to tenants. As employment across the locations
in which we own apartment buildings continues to improve and stabilize,
apartment owners in these locations should be able to increase rents ahead of
expenses, which should increase the revenue we receive from our apartment
buildings. As a result, the amount of cash available for distribution to our
stockholders should increase. However, our actual results of operations and,
accordingly, cash available for dividends, will be affected by a number of
factors, including the revenue we receive from our Properties, our operating
expenses, our debt obligations, interest expense, the ability of our residents
to meet their obligations, and unanticipated expenditures.

                                       23
<PAGE>

Liquidity and Capital Resources

We have suffered recurring losses from operations and have a net stockholders'
deficit of $4,878,017, all of which raise substantial doubt about our ability to
continue as a going concern. Management plans to raise capital through a
combination of debt and equity financings and to manage cash flows carefully.
However, we have no assurance that sufficient cash flow will be generated in the
future to meet our operating requirements.

We expect that the rental income we receive from tenants of our Properties will
be our primary source of funds going forward. In order to acquire additional
apartment properties, and, if necessary, to fund our operations, we may
determine to take out additional loans from financial institutions or raise
funds from one or a combination of debt offerings and equity offerings.

Our cash and cash equivalents balance was $1,389,602 at June 30, 2006. All cash
and cash equivalents are held in money market or checking accounts.

Mortgage Notes Payable to Astoria Federal Mortgage Corp.

As a result of the Eternal Acquisition, we are the owner of eight Properties,
all in the metropolitan Hartford, Connecticut area.

As of December 27, 2005, we borrowed an aggregate of $8,224,000 from Astoria
Federal Mortgage Corp., in connection with the refinancing of the Properties,
evidenced by eight notes payable (the "Mortgage Notes"). The initial interest
rate on the Mortgage Notes, of 5.625%, will remain in effect for 84 months.
Thereafter, the Mortgage Notes bear interest at a rate equal to the five (5)
year "Fixed Rate Advance" as determined by the Federal Home Bank of New York,
plus 2.500%, rounded to the nearest one-eighth of one percent (0.125%) and
adjusted every sixty (60) months. The loans are repayable in monthly
installments of principal and interest, due on the first day of each month,
commencing February 1, 2006. The principal and interest payments are based on a
360 month amortization. The Mortgage Notes mature on January 1, 2018, at which
time the entire unpaid principal balance, plus accrued interest thereon, shall
be payable. The Mortgage Notes are secured against each respective Property.
David Mladen, our majority stockholder, and sole officer and director, has
guaranteed up to 5% of the outstanding balance of the principal with interest
for the life of the loan.

Liquidated Damages

In connection with David Mladen's purchase of 11,000 shares of our Series A
Preferred Stock (the "Preferred Stock"), we entered into a Registration Rights
Agreement with Mr. Mladen (the "Registration Rights Agreement"), pursuant to
which we agreed to prepare, and, on or prior to the sixtieth (60th) day
following the date of such purchase, file with the Securities and Exchange
Commission a Resale Registration Statement on Form SB-2 (the "Resale
Registration Statement"), to register all of the shares of our Common Stock
underlying the Preferred Stock (the "Conversion Shares"). Further, pursuant to
the Registration Rights Agreement, we are required to use best efforts to (a)
have the SEC declare the Resale Registration Statement effective within ninety
(90) days after filing the Resale Registration Statement with the SEC (or one
hundred and twenty (120) days if we receive any comments on the Registration
Statement from the SEC), and (b) maintain the effectiveness of the Resale
Registration Statement until all such common shares have been sold or may be
sold without volume restrictions pursuant to Rule 144(k) of the Securities Act
of 1933, as amended.

If we (i) fail to file the Resale Registration Statement, or (ii) fail to have
the Registration Statement declared effective within the required period, or
(iii) if effectiveness is not maintained, the Registration Rights Agreement
requires us to make payments to Mr. Mladen in an aggregate amount equal to two
percent (2%) per month of $9,000,000 (assuming the sale of $9,000,000 of the
aggregate fair market value of the Conversion Shares) ("Outstanding Principal
Amount"), multiplied by the number of months (prorated for partial months) until
the failure is cured. As of June 30, 2006, the Resale Registration Statement had
not been filed. As of the date hereof, the Resale Registration Statements has
still not been filed. As of June 30, 2006, Mr. Mladen has agreed to waive
approximately $1,174,000 of Liquidated Damages due to him, and such amount has
been reflected as a capital contribution as of that date.

                                       24
<PAGE>

We account for the Registration Rights Agreement as a separate freestanding
instrument and account for the liquidated damages provision as a derivative
liability subject to SFAS 133. Accordingly, the liability is recorded at
estimated fair value based on an estimate of the probability and costs of cash
penalties being incurred and is revalued at each balance sheet date, with
changes in value recorded as non-operating income or expense. As of June 30,
2006, the liability amounted to approximately $1,374,000, and is included on the
balance sheet as a derivative liability.

Results of Operations

As of June 30, 2006, we owned interests in eight (8) residential real estate
properties consisting of 273 units. The table below lists the location of our
Properties, the number and type of units in each Property, the range of rents,
and the vacancies of these Properties as of June 30, 2006.

Details on the properties are as follows:

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
                                     Number and
Location                           Type of Units              Rent Range        Vacancies
-----------------------------------------------------------------------------------------
<S>                            <C>                            <C>                   <C>
154-60A Collins Street         41 units:                                            3
Hartford, CT                   3 three-bedroom                $750
                               1 one-and a-half-bedroom       $650
                               37 one-bedroom                 $600
-----------------------------------------------------------------------------------------
21 Evergreen Avenue            24 units:                                            1
Hartford, CT                   18 one-bedroom                 $625 - $650
                               6 studios                      $500 - $550
-----------------------------------------------------------------------------------------
243 & 255 Laurel Street        34 units:                                            2
Hartford, CT                   4 two-bedroom                  $725 - $775
                               30 one-bedroom                 $600 - $625
-----------------------------------------------------------------------------------------
252 Laurel Street              21 units:                                            0
Hartford, CT                   2 two-bedroom                  $750
                               16 one-bedroom                 $625
                               3 studios                      $450 - $475
-----------------------------------------------------------------------------------------
270 Laurel Street              77 units:                                            3
Hartford, CT                   1 two-bedroom                  $825
                               3 one-bedroom                  $650
                               73 studios                     $500 - $550
-----------------------------------------------------------------------------------------
360 Laurel Street              18 units:                                            1
Hartford, CT                   3 two-bedroom                  $650 - $700
                               15 one-bedroom                 $600 - $625
-----------------------------------------------------------------------------------------
117-141 S. Marshall Street     42 units:                                            5
Hartford, CT                   36 two bedroom                 $700 - $725
                               6 one-bedroom                  $600 - $625
-----------------------------------------------------------------------------------------
56 Webster Street              16 units:                                            0
Hartford, CT                   10 one-bedroom                 $500
                               6 studios                      $400
-----------------------------------------------------------------------------------------
</TABLE>

                                       25
<PAGE>

Comparison of Operations for the Three-Month Period Ended June 30, 2006 to the
Three-Month Period Ended June 30, 2005

The following summarizes changes in our operations for the three-month periods
ended June 30, 2006 and 2005. Our net loss for the three-month period ended June
30, 2006, was $31,312. For the three-month period ended June 30, 2005, we had a
net loss of $81,267. The primary reason for this decrease in our net loss was
unrealized gains on investments during 2006, which are partially offset by the
increase in professional fees incurred in connection with the Eternal
Acquisition and related regulatory filings.

Rental Revenue

Revenues decreased approximately $52,961, from $424,207 in the three-month
period ended June 30, 2005 to $371,246 in the three-month period ended June 30,
2006, or approximately 12.5%, as a result of decreased occupancy rates.

Property Operating Costs

Property operating costs increased approximately $52,248, from $150,792 in the
three-month period ended June 30, 2005 to $203,040 in the three-month period
ended June 30, 2006, or approximately 34.6%. The increase was primarily related
to increased costs for heat and other utilities.

General and Administrative

General and administrative expense decreased approximately $19,997, from
$207,326 in the three-month period ended June 30, 2005 to $187,329 in the
three-month period ended June 30, 2006, or approximately 9.6%. The decrease was
due to increased professional fees incurred in connection with the Eternal
Acquisition and related regulatory filings, offset by the reduction in the
reserve of the related party receivable with White Knight Management, LLC.

Interest Expense

Interest expense increased approximately $71,811, from $90,931 in the
three-month period ended June 30, 2005 to $162,742 in the three-month period
ended June 30, 2006, or 79.0%. The increase was primarily related to interest on
the promissory notes and the increased borrowings under the mortgage notes
payable.

Comparison of Operations for the Six-Month Period Ended June 30, 2006 to the
Six-Month Period Ended June 30, 2005

The following summarizes changes in our operations for the six-month periods
ended June 30, 2006 and 2005. Our net loss for the six-month period ended June
30, 2006, was $318,175. For the three-month period ended June 30, 2005, we had a
net loss of $188,008. The primary reason for this increase in our net loss, was
the increase in professional fees incurred in connection with the Eternal
Acquisition and related regulatory filings.

Rental Revenue

Revenues decreased approximately $69,156, from $841,621 in the six-month period
ended June 30, 2005 to $772,464 in the six-month period ended June 30, 2006, or
approximately 8.2%, as a result of decreased occupancy rates.

                                       26
<PAGE>

Property Operating Costs

Property operating costs increased approximately $69,394, from $410,388 in the
six-month period ended June 30, 2005 to $479,782 in the six-month period ended
June 30, 2006, or approximately 16.9%. The increase was primarily related to
increased costs for heat and other utilities.

General and Administrative

General and administrative expense increased approximately $119,843, from
$331,831 in the six-month period ended June 30, 2005 to $451,673 in the
six-month period ended June 30, 2006, or approximately 36.1%. The decrease was
due to increased professional fees incurred in connection with the Eternal
Acquisition and related regulatory filings, offset by the reduction in the
reserve of the related party receivable with White Knight Management, LLC.

Interest Expense

Interest expense increased approximately $117,319 from $174,831 in the six-month
period ended June 30, 2005 to $292,150 in the three-month period ended June 30,
2006, or 67.1%. The increase was primarily related to interest on the
promissory notes and the increased borrowings under the mortgage notes payable.

Off Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to
have a current or future effect on our financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that are material to investors.

Critical Accounting Policies

The discussion included in our Annual Report on Form 10-KSB for the year ended
December 31, 2005, under the subheading "Critical Accounting Policies and
Estimates", is still considered current and applicable.


Item 3.  Controls and Procedures.

The term "disclosure controls and procedures" is defined in Rules 13a-15(e) and
15d-15(e) of the Securities Exchange Act of 1934, or the Exchange Act. This term
refers to the controls and procedures of a company that are designed to ensure
that information required to be disclosed by a company in the reports that it
files or submits under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified by the Securities and Exchange
Commission. The Sarbanes-Oxley Act also requires documentation of internal
control procedures, remediation as needed, and periodic testing of the controls.
These requirements are expected to apply to smaller public companies such as
ours, beginning in 2007.

In connection with the audit of our consolidated financial statements for the
year ended December 31, 2005, our management, including our principal executive
officer and principal financial officer, has evaluated the effectiveness of
disclosure controls and procedures as of the end of the period covered by this
report. Based upon that evaluation, our principal executive officer and
principal financial officer discovered a lack of effectiveness in our disclosure
controls and procedures during the years ended December 31, 2005 and 2004, and
for the subsequent period through the date hereof.

                                       27
<PAGE>

Our management intends to engage in remediation efforts to address the material
weaknesses identified in our disclosure controls and procedures. These
remediation efforts will be designed to address the material weaknesses
identified by management and to improve and strengthen our overall control
environment. The Company plans to:

     o    Establish procedures to improve its review of related party
          transactions and processing of non-accounting documentation;

     o    Keep its books and records and bank accounts separate from related
          parties;

     o    Hire certain staff members including a Chief Financial Officer, or
          person performing similar functions, to help develop and implement
          controls to ensure timely and accurate completion of accounting and
          reporting tasks;

     o    Document and improve controls over routine and systematic
          transactions;

     o    Aggressively seek candidates for independent directorships; and

     o    Develop controls related to the initiation and processing of
          non-routine and non-systematic transactions including those resulting
          from the adoption and implementation of new accounting pronouncements.

Our management, including our principal executive officer and principal
financial officer, does not expect that disclosure controls or internal controls
over financial reporting will prevent all errors, even as the aforementioned
remediation measures are implemented and further improved to address all
deficiencies. The design of any system of controls is based in part upon certain
assumptions about the likelihood of future events, and there can be no assurance
that any design will succeed in achieving its stated goals under all potential
future conditions.

There were no changes to our internal control over financial reporting during
our last fiscal quarter that have materially affected, or are reasonably likely
to materially affect, our internal control over financial reporting.



                                       28
<PAGE>

                           PART II - OTHER INFORMATION


Item 1.  Legal Proceedings.

During the three-month period ended June 30, 2006, and subsequent period through
the date hereof, we were not a party to any pending legal proceedings. To the
knowledge of management, no federal, state or local governmental agency is
presently contemplating any proceeding against us. No director, executive
officer or affiliate of ours, or owner of record of more than 5% of our common
stock is a party adverse to us, or has a material interest adverse to us in any
legal proceeding.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

In the three-month period ended June 30, 2006, and subsequent period through the
date hereof, we did not issue any unregistered securities.

Item 3.  Defaults Upon Senior Securities.

In the three-month period ended June 30, 2006, and subsequent period through the
date hereof, we did not default upon any senior securities.

Item 4.  Submission of Matters to a Vote of Security Holders.

No matters were submitted to a vote of our security holders during the
three-month period ended June 30, 2006, or subsequent period through the date
hereof, except that, as of July 19, 2006, upon the recommendation of our board
of directors, David Mladen, our sole officer and director, and a holder of our
Common Stock and Series A Preferred Stock representing more than a majority of
our voting power, signed a written consent approving our reincorporation in the
State of Maryland by means of our merger with and into Excellency Investment
Realty Trust, Inc., our wholly-owned Maryland subsidiary.

Our merger with Excellency Investment Realty Trust, including our resulting
reincorporation, will become effective at the later to occur of our filing of a
Certificate of Ownership and Merger with the Secretary of State of the State of
Oklahoma, pursuant to Section 18-1082 of the Oklahoma General Corporations Act,
and Articles of Merger with the Maryland State Department of Assessments and
Taxation, pursuant to Section 3-107 of the Maryland Corporations and
Associations Law. We anticipate that the reincorporation by merger will become
effective as soon as practicable, but in no event sooner than twenty days after
our mailing of a Definitive Information Statement to our stockholders.

At the effective time of the merger, each share of our issued and outstanding
common stock will be converted into one share of Excellency Investment Realty
Trust's common stock and each share of our Series A Preferred Stock will be
converted into one share of Excellency Investment Realty Trust's Series A
Preferred Stock. As a result of this reincorporation by merger:

     o    The surviving entity will be known as Excellency Investment Realty
          Trust, Inc.;

     o    The title to all our property will be vested in the surviving entity,
          Excellency Investment Realty Trust;

                                       29
<PAGE>

     o    Excellency Investment Realty Trust will assume all of our liabilities;

     o    The capitalization of Excellency Investment Realty Trust will be the
          same as our capitalization immediately prior to the merger, except
          that the surviving entity will be authorized to issue up to
          200,000,000 million shares of common stock;

     o    Corporate actions of the surviving entity will be governed by the
          Maryland Corporations and Associations Law and by Excellency
          Investment Realty Trust's Articles of Amendment and Restatement of
          Articles of Incorporation and bylaws; and

     o    David Mladen, our sole officer and director will continue to serve as
          the sole officer and director of Excellency Investment Realty Trust.

While the reincorporation by merger will result in changes to our state of
incorporation and name, as well as the other changes listed above, it will not
result in any material changes to our business, management, assets, liabilities
or net worth.

Item 5.  Other Information.

On July 12, 2006, we filed an Amended and Restated Certificate of Designation of
Series A Convertible Preferred Stock (the "Amended Certificate") with the
Secretary of State of the State of Oklahoma. Pursuant to the Amended
Certificate, each share of our Series A Preferred Stock is now convertible into
one hundred forty-three (143) shares of our common stock. In addition, since our
Series A Preferred Stock and Common Stock vote together as one class, with the
holder of each share of Series A Preferred Stock entitled to the number of votes
equal to the number of shares of Common Stock into which such shares of Series A
Preferred Stock are convertible, the holders of our Series A Preferred Stock are
now entitled to an aggregate of 1,573,000 votes. As a result, David Mladen, our
sole officer and director, now controls approximately 95% of our voting power.



                                       30
<PAGE>

Item 6.  Exhibits.

  Exhibit No.                     Description of Exhibit
  -----------                     ----------------------

     2.1       Agreement and Plan of Merger between Gift Liquidators, Inc.
               and Excellency Investment Realty Trust, Inc., dated July 19,
               2006 (4)

     3.1       Articles of Amendment and Restatement of Articles of
               Incorporation of Excellency Investment Realty Trust, Inc.
               (4)

     3.2       Bylaws of Excellency Investment Realty Trust, Inc. (4)

     4.1       Amended and Restated Certificate of Designation of Series A
               Preferred Stock (1)

     10.1      Preferred Stock Purchase Agreement, between the Company and
               David Mladen, dated September 29, 2005 (2)

     10.2      Registration Rights Agreement, between the Company and David
               Mladen, dated September 29, 2005 (2)

     10.3      Asset Sale Agreement, between the Company and Laid Back
               Enterprises Inc., dated September 29, 2005 (2)

     10.4      Form of Contribution Agreement (3)

     10.5      Form of Limited Partnership Agreement (3)

     31.1      Certification pursuant to Section 13a-14(a) (4)

     32.1      Certification pursuant to Section 1350 (4)
____________________________


(1)    Incorporated by reference from our Current Report on Form 8-K, dated July
       18, 2006
(2)    Incorporated by reference from our Current Report on Form 8-K, dated
       September 29, 2005
(3)    Incorporated by reference from our amended Current Report on Form 8-K/A,
       dated November 4, 2005
(4)    Filed herewith




                                       31
<PAGE>

                                   SIGNATURES


         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                        GIFT LIQUIDATORS, INC.



Date: August 21, 2006                   By: /s/ David Mladen
     -----------------                     -------------------------------------
                                            David Mladen
                                            Chief Executive Officer and Director
                                            (Principal Executive, Financial and
                                            Accounting Officer and Authorized
                                            Signatory)



                                       32
<PAGE>

                                  EXHIBIT INDEX
                                  -------------

  Exhibit No.                     Description of Exhibit
  -----------                     ----------------------

     2.1       Agreement and Plan of Merger between Gift Liquidators, Inc.
               and Excellency Investment Realty Trust, Inc., dated July 19,
               2006 (4)

     3.1       Articles of Amendment and Restatement of Articles of
               Incorporation of Excellency Investment Realty Trust, Inc.
               (4)

     3.2       Bylaws of Excellency Investment Realty Trust, Inc. (4)

     4.1       Amended and Restated Certificate of Designation of Series A
               Preferred Stock (1)

     10.1      Preferred Stock Purchase Agreement, between the Company and
               David Mladen, dated September 29, 2005 (2)

     10.2      Registration Rights Agreement, between the Company and David
               Mladen, dated September 29, 2005 (2)

     10.3      Asset Sale Agreement, between the Company and Laid Back
               Enterprises Inc., dated September 29, 2005 (2)

     10.4      Form of Contribution Agreement (3)

     10.5      Form of Limited Partnership Agreement (3)

     31.1      Certification pursuant to Section 13a-14(a) (4)

     32.1      Certification pursuant to Section 1350 (4)
____________________________


(1)    Incorporated by reference from our Current Report on Form 8-K, dated July
       18, 2006
(2)    Incorporated by reference from our Current Report on Form 8-K, dated
       September 29, 2005
(3)    Incorporated by reference from our amended Current Report on Form 8-K/A,
       dated November 4, 2005
(4)    Filed herewith



                                       33