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| (Mark      One)                                  |                                                                                                    |
|-------------------------------------------------------|---------------------------------------------------------------------------------------------------------|
| þ                                                | Annual      Report pursuant to Section 13 or 15(d) of the Securities Exchange Act      of 1934     |
|                                                  |                                                                                                    |
| for      the fiscal year ended December 31, 2009 |
|                                                  |                                                                                                    |
| o                                                     | Transition      report pursuant to Section 13 or 15(d) of the Securities Exchange Act      of 1934 |
|                                                  |                                                                                                    |
| for      the transition period from _______ to_______ |

|   |  Golf Trust of      America, Inc.                       |   |
|--------|-------------------------------------------------------------------|--------|
|   |  (Exact name of registrant as      specified in its charter) |   |

| Maryland                                            |   | 33-0724736                                   |
|-----------------------------------------------------|--------|----------------------------------------------|
| (State      or Other Jurisdiction of Incorporation) |   | (I.R.S.      Employer Identification Number) |

| 10      North Adger’s WharfCharleston,      SC 29401 |   | (843) 723-4653           |
|------------------------------------------------------------|--------|-------------------------------|
| (Address      of principal executive offices) (Zip Code)   |   |  (Telephone      number) |

| Title      of each class                     |       | Name      of each exchange on which registered |
|----------------------------------------------|--------------------------------|------------------------------------------------|
| Common      Stock, par value $0.01 per share |                           | NYSE      Amex                                 |
| Preferred      Stock Purchase Rights         |                           | NYSE      Amex                                 |

| Large accelerated filer                                                            | o | Accelerated      filer          | o      |
|-----------------------------------------------------------------------------------------|---|--------------------------------------|--------|
| Non-accelerated      filer (Do      not check if a smaller reporting      company) | o | Smaller      reporting company  | þ |

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|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   Page |
|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|
|                                         | Part I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |             |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |             |
| Item      1.                            | Business                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  1          |
| Item      1A.                           | Risk      Factors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  2          |
| Item      1B.                                | Unresolved      Staff Comments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  3          |
| Item      2.                            | Properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  4          |
| Item      3.                                 | Legal      Proceedings                                                                                                                                        |  4          |
| Item      4.                                 | Submission      of Matters To a Vote of Security Holders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  4          |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |             |
|                                         | Part      II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |             |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |             |
| Item      5.                            | Market For Registrant’s      Common Equity, Related Stockholder Matters and IssuerPurchases of Equity      Securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  5          |
| Item      6.                                 | Selected Financial      Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  5          |
| Item      7.                            | Management’s Discussion and      Analysis of Financial Condition and Results of Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  5          |
| Item      7A.                           | Quantitative      and Qualitative Disclosures About Market Risk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  11         |
| Item      8.                            | Financial      Statements and Supplementary Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  11         |
| Item      9.                                 | Changes In      and Disagreements With Accountants on Accounting and Financial      Disclosure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  11         |
| Item      9A.                                | Controls      and Procedures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  11         |
| Item      9B.                                | Other      Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  11         |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |             |
|                                         | Part III                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |             |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |             |
| Item 10.                                     | Directors,      Executive Officers and Corporate Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  12         |
| Item 11.                                     | Executive      Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  20         |
| Item 12.                                | Security Ownership of Certain      Beneficial Owners and Management and RelatedStockholder      Matters                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  24         |
| Item      13.                                | Certain      Relationships, Related Transactions and Director      Independence                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  26         |
| Item 14.                                     | Principal      Accounting Fees and Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  27         |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |             |
|                                         | Part IV                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |             |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |             |
| Item 15.                                     | Exhibits,      Financial Statement Schedules                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  28         |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |             |
| Signatures      And Powers Of Attorney  |  29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Exhibit Index                                |  31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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|                | Price      range ofcommon      shares |
|---------------------|---------------------------------------|
|                | High                                  |   | Low |
| 2008:               |                                  |   |   |
| First      Quarter  | 2.27                                  |   | 1.11 |
| Second      Quarter | 1.99                                  |   | 1.45 |
| Third      Quarter  | 1.87                                  |   | 1.35 |
| Fourth      Quarter | 1.50                                  |   |   .30 |
| 2009:               |                                  |   |   |
| First      Quarter  | 1.36                                  |   | 0.85 |
| Second      Quarter | 1.49                                  |   | 1.03 |
| Third      Quarter  | 1.85                                  |   | 1.21 |
| Fourth      Quarter | 2.87                                  |   |  1.68 |

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|                                                        |               | Period      January 1,      2009      to      January      22, 2009 |      |   |  Year      Ended December      31, 2008 |   |
|-------------------------------------------------------------|--------------------|--------------------------------------------------------------------------|-----------|--------|----------------------------------------------|--------|
| Revenues      from discontinued operations                  |               | $                                                                        | 148,829   |   |                                         | $      | 4,064,669 |   |
|                                                        |     |                                                                     |      |   |                                         |   |   |   |
| Income      (loss) from discontinued operations, net of tax |               | $                                                                        | (130,336  | )      |                                         | $      | (716,308 |  ) |
|                                                        |               |                                                                     |      |   |                                         |   |   |   |
| Gain      on sale of discontinued operations, net of tax    |               | $                                                                        | 1,158,414 |   |                                         | $      | — |   |

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| Name                   |   | Age    |   | Year First      Appointedor Elected      to      the Board |   | Position,      Principal Occupation,Business      Experience and Directorships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|------------------------|--------|--------|--------|----------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                   |   |   |   |                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Jan      H. Loeb       |   | 51     |   | 2006                                                                 |   | Mr.      Loeb has been an independent director under the rules of the NYSE Amex      since November 17, 2006 and Chairman of the Audit Committee since      October 10, 2007.  He is the Audit Committee’s financial      expert and also serves on the Nominating Committee. Mr. Loeb is currently      a portfolio manager for Leap Tide Capital Management, Inc., a position he      has held since February 2005.  From February 2004      through January 2005, Mr. Loeb was a portfolio manager for Chesapeake      Partners.  From January 2002 through December 2004,      Mr. Loeb was a Managing Director of Jefferies & Company, Inc., an      investment banking firm based in New York City.  From 1994      through 2001, Mr. Loeb was a Managing Director of Dresdner Kleinwort and      Wasserstein, Inc., an investment banking firm based in New York City,      which was formerly known as Wasserstein Perella & Co.,      Inc.  Mr. Loeb also serves on the board of directors of American      Pacific Corporation, a chemical and aerospace corporation, and TAT      Technologies, LTD, which provides services and products to the military      and commercial aerospace and ground defense industries.  He      serves on the boards of numerous charitable organizations.  Mr.      Loeb holds a Bachelor of Business Administration from Bernard M. Baruch      College.  |
|                   |   |   |   |                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Michael      C. Pearce |   | 48     |   | 2007                                                                 |   | Mr.      Pearce has been a director since September 17, 2007 and Chief      Executive Officer and President since November 8, 2007.  He      has been Chairman of the board of directors since December 17,      2007.  Mr. Pearce has been a private investor in various      companies since 2002, with emphasis in distressed securities of      publicly-traded entities.  From late 1999 through 2001, he      served as Chief Executive Officer of iEntertainment      Network.  From 1996 to 1998, he served as Senior Vice President      of Sales and Marketing of publicly-traded VocalTec Communications, later      returning in 1999 in a consulting capacity to its Chairman on matters      pertaining to strategic alternatives, business development and mergers and      acquisitions.  From 1983 to 1996, he was employed in various      technology industry management positions, including Senior Vice President      of Sales and Marketing at Ventana Communications, a subsidiary of Thomson      Corporation, Vice President of Sales at Librex Computer Systems, a      subsidiary of Nippon Steel, and National Sales Manager at Hyundai      Electronics America.  From 1979 to 1983, he attended Southern      Methodist University.  Mr. Pearce also serves on the boards of      directors of AVP, Inc. and Spatializer Audio Laboratories,      Inc.                                                    |

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| Name                           |   | Age    |   | Year First      Appointedor Elected      to      the Board |   | Position,      Principal Occupation,Business      Experience and Directorships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------------------------------|--------|--------|--------|----------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Jonathan M. Couchman |   | 40     |   | 2007                                                                 |   | Mr.      Couchman has been an independent director under the rules of the NYSE Amex      since December 14, 2007. Mr. Couchman serves on the Audit, Nominating      and Compensation Committees. He is the Managing Member of Couchman Capital      LLC, which is the investment manager of Couchman Investments LP and      Couchman International Ltd., private partnerships established in      2001.  Couchman Capital LLC is also the general partner of      Couchman Partners LP, a private investment partnership established in      2001.  In addition, Mr. Couchman is the President of Couchman      Advisors, Inc., a management advisory company.  Mr. Couchman      currently serves as Chief Executive Officer and Chairman of the board of      directors of Footstar Inc., formerly a national footwear      retailer.  He has held the position of Chairman of the board      since February 2006 and was appointed Chief Executive Officer in      January 2009.   He is a member of the CFA Institute      and the New York Society of Security Analysts and holds a Bachelor of      Science in Finance from the California State University at      Chico.                                                                                  |
|                           |   |   |   |                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Jay A. Gottlieb      |   | 65     |   | 2007                                                                 |   | Mr.      Gottlieb has been an independent director under the rules of the NYSE Amex      since December 14, 2007 and Chairman of the Compensation Committee      since December 17, 2007.  He also serves on the Audit      Committee.  He has been a private investor in various companies      since 1998.  He is involved in analysis and investment in      undervalued special situations and shell corporations.  He      presently owns between 5% and 22% of 10 public companies and is a member      of the board of directors of Spatializer Audio Laboratories, Inc. and      Reliability, Inc.  From 1992 to 1998 he was the editor of an      investment service that analyzed and published extensive data on companies      planning initial public offerings.  From 1977 to 1991      Mr. Gottlieb was the President and Chairman of the board of The      Computer Factory, Inc., a NYSE listed nationwide organization involved in      retail and direct sales, servicing and leasing of personal      computers.  From 1969 to 1988 he was President of National      Corporate Sciences, Inc., a registered investment advisory      service.  Mr. Gottlieb holds a Bachelor of Arts from New York      University.  |
|                           |   |   |   |                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| William Vlahos            |   | 44     |   | 2007                                                                 |   | Mr.      Vlahos has been a member of the board of directors since December 14,      2007.  He is an independent director under the rules of the NYSE      Amex, and serves as Chairman of the Nominating Committee and a member of      the Compensation Committee.  He is the portfolio manager and      managing director of Odyssey Value Advisors, LLC.  Odyssey Value      Advisors is a San Francisco based hedge fund investing in "deep value"      securities, special situations and other portfolio positions believed to      be trading at significant discount to intrinsic value.  He is a      past president and past board member of The Guardsmen, a San Francisco      based non-profit serving at-risk children and a past board member of the      Koret Family House serving critically ill children.  He holds a      Bachelor of Arts from the University of California, Los      Angeles.                                                                                                                                                                                                                                                                                                                                                               |

|                        |   |   |   |    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----------------------------|--------|--------|--------|---------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Tracy S. Clifford |   | 41     |   | — |   | On      January 18, 2008, Ms. Clifford was appointed our Chief Financial      Officer.  Previously, Ms. Clifford served as our Principal      Accounting Officer since February 5, 2007, and as our Corporate Secretary      since February 20, 2007.  Ms. Clifford had been our Controller      since September 1999.  Before joining GTA, Ms. Clifford      served as a Director of Finance (February 1999 to September 1999) and      Manager of Accounting and Financial Reporting (May 1995 to February 1999)      at United Healthcare of Georgia in Atlanta.  From June 1993 to      May 1995, Ms. Clifford served as Manager of Accounting (January 1994 to      May 1995) and Senior Accountant (June 1993 to January 1994) at North      Broward Hospital District in Fort Lauderdale, Florida.  Ms.      Clifford began her career at Deloitte & Touche in Miami, Florida,      where she was an auditor primarily for clients in the healthcare industry      from September 1991 to June 1993. Ms. Clifford holds a Bachelor of Science      degree in Accounting from the College of Charleston and a Master’s degree      in Business Administration with a concentration in finance from Georgia      State University.  Ms. Clifford is a member of the South      Carolina Association of CPAs and the American Institute of CPAs and serves      as an adjunct faculty member in the School of Business and Economics at      the College of Charleston. |

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|   | · | The      appointment, compensation, retention, evaluation and oversight of the work      of the Company’s independent registered public accounting      firm. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reviewing      the experience and qualifications of the senior members and lead partner      of the independent registered public accounting  firm. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reviewing,      evaluating and approving the annual engagement proposal of the independent      registered public accounting firm. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      pre-approval of all auditing services and all non-audit services permitted      to be performed by the independent registered public accounting      firm. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Determining      the independence of the Company’s independent registered public accounting      firm. |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | Reviewing      any audit problems or difficulties the independent registered public      accountants may encounter in the course of their audit    work. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reviewing      all proposed “related person” transactions for potential      conflict-of-interest situations (see “Related Person Transaction Approval      Policy” below). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reviewing      and discussing with management and the Company’s independent registered      public accounting firm annual audited financial statements, quarterly      financial statements, material accounting principles applied in financial      reporting and any other release of financial  information. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reviewing      and discussing with management the Company’s policies with respect to risk      assessment and risk management. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reviewing      the integrity, adequacy and effectiveness of Golf Trust’s accounting and      financial controls, both internal and external, with the assistance of      management and the Company’s independent registered public accounting      firm. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Discuss      with the Chief Executive Officer and Chief Financial Officer of the      Company the processes involved in, and any material required as a result      of, their Annual Report on Form 10-K and Quarterly Report on      Form 10-Q certifications regarding the operation of the internal      controls of the Company. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reviewing      reports from management and the independent registered public accountants      relating to the status of compliance with laws, regulations and internal      procedures. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Approving      and monitoring the Company’s compliance with the Company’s Code of      Business Conduct and Ethics, which covers the conduct and ethical behavior      of the directors, officers and employees of, and consultants and      contractors to, the Company and its  subsidiaries. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Establishing      procedures for the receipt, retention and treatment, on a confidential      basis, of complaints received by theCompany. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | An      understanding of accounting principles generally accepted in the United      States and financial statements; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | The      ability to assess the general application of those principles in      connection with the accounting for estimates, accruals and      reserves; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Experience      preparing, auditing, analyzing or evaluating financial statements that      present a breadth and level of complexity of accounting issues that are      generally comparable to the breadth and complexity of issues that can      reasonably be expected to be raised by the Company’s consolidated      financial statements, or experience actively supervising one or more      persons engaged in such activities; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | An      understanding of internal control over financial reporting;      and |
|--------|--------|------------------------------------------------------------------------------|

|   | · | An      understanding of audit committeefunctions. |
|--------|--------|----------------------------------------------------|

|   | · | Education      and experience as a principal financial officer, principal accounting      officer, controller, public accountant or auditor or experience in one or      more positions that involve the performance of similar      functions; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Experience      actively supervising a principal financial officer, principal accounting      officer, controller, public accountant, auditor or person performing      similar functions; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Experience      overseeing or assessing the performance of companies or public accountants      with respect to the preparation, auditing or evaluation of financial      statements; or |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Other      relevant experience. |
|--------|--------|---------------------------------|

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|   | · | Reviewing      the compensation practices and policies of the Company to ensure they      provide appropriate motivation for corporate performance and increased      stockholder value. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      approval (or recommendation, where stockholder approval is required) of      any adoption, amendment or termination of compensation programs and      plans. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Overseeing      the administration of the Company’s compensation programs and plans,      including the determination of the directors and employees who are to      receive awards and the terms of thoseawards. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      periodic survey of compensation practices of comparable      companies. |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | The      annual review and approval of compensation and benefits to directors and      senior executives. |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | The      review and approval of compensatory agreements and    benefits. |
|--------|--------|--------------------------------------------------------------------------|

|   | · | The      review and approval of the Company’s policies and procedures with respect      to expense accounts andperquisites. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      review and approval of annual corporate goals and objectives for the      Company’s Chief Executive Officer. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | · | The      review of the performance of the Company’s Chief Executive Officer with      regard to such goals and objectives with the independent members of the      Board of Directors and communication of the evaluation of the Board of      Directors to the Company’s Chief Executive  Officer. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      review and recommendation to the Board of Directors of the “Compensation      Discussion and Analysis” to be included, as applicable, in the Company’s      Annual Report on Form 10-K, annual proxy statement or any information      statement. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Composition      of the “Compensation Committee Report” to be included in the Company’s      annual proxy statement. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Analyzing      and making recommendations to the Board of Directors regarding the      directors’ and officers’ indemnification and insurance      matters. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Conducting an annual performance evaluation of the Compensation      Committee. |
|--------|--------|---------------------------------------------------------------------------------|

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|   | · | Establishing      criteria for selecting newdirectors. |
|--------|--------|--------------------------------------------------------|

|   | · | Considering      and recruiting candidates to fill new positions on the Board of Directors,      including any candidate recommended by the stockholders. Conducting      appropriate inquiries to establish a candidate’s compliance with the      qualification requirements established by the Nominating      Committee. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Conducting      appropriate inquiries to establish a candidate’s compliance with the      qualification requirements established by the Nominating      Committee. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      assessment of the performance, contributions and qualifications of      individual directors, including those directors slated for      re-election. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      recommendation of director nominees for approval by the Board of      Directors. |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | · | The      evaluation of the performance of the Board of Directors as a whole and of      the Nominating Committee at leastannually. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reviewing      and making recommendations to the Board of Directors with respect to any      proposal properly presented by a stockholder for inclusion in the      Company’s annual proxy statement (which may be referred to any other      committee of the Board of Directors as appropriate in light of the subject      matter of the proposal). |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Director      nominees should have a reputation for integrity, honesty and adherence to      high ethical standards. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | · | Director      nominees should have experience and the ability to exercise sound judgment      in matters that relate to the current and long-term objectives of the      Company and should be willing and able to contribute positively to the      decision-making process of theCompany. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Director      nominees should have a commitment to understand the Company and its      industry and to regularly attend and participate in meetings of the Board      and its committees. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Director      nominees should have the interest and ability to understand and consider      the sometimes conflicting interests of the various constituencies of the      Company, which include stockholders, employees, customers, governmental      units, creditors and the general public, while acting in the interests of      the Company’s stockholders. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Director      nominees should not have, nor appear to have, a conflict of interest that      would impair the director nominee’s ability to represent the interests of      the Company’s stockholders and to fulfill the responsibilities of a      director. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A      majority of the Board of Directors will be independent under the rules of      the NYSE Amex. |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | Each      of the Audit, Compensation and Nominating Committees of the Board of      Directors will be comprised entirely of independent    directors. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | At      least one member of the Audit Committee will have the experience,      education and other qualifications necessary to qualify as an “audit      committee financial expert” as defined by the rules of the Securities and      Exchange Commission. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Name      and Principal Position                                                           |   | Year |   | Salary($) |    |   | Bonus($)(3) |   |           | Stock      Awards($) |   |   | Option      Awards($) |   |   | All      Other Compensation($) |    |   | Total($) |   |
|--------------------------------------------------------------------------------------------|--------|------|--------|-----------|---------|--------|-------------|--------|----------------|----------------------|--------|--------|-----------------------|--------|--------|--------------------------------|---------|--------|----------|--------|
| Michael      C. Pearce(1)                                                                  |   | 2009 |   | $         | 180,000 |   |        | $      | –– |                 |   | $      | ––        |   |   | $                              | 104,526 |   |     | $      | 22,005 |   |   | $ | 306,531 |   |
| Chief      Executive Officer, President & Chairman      of the Board of Directors |   | 2008 |   |      | 180,000 |   |        |   | –– |                 |   |   | ––        |   |   |                           | 91,777  |   |     |   | 20,049 |   |   |   | 291,826 |   |
| Tracy      S. Clifford(2)                                                                  |   | 2009 |   |      | 112,747 |   |        |   | 7,100          |                 |   |   | ––        |   |   |                           | 15,532  |   |     |   | 16,418 |   |   |   | 151,797 |   |
| Chief      Financial Officer & Secretary                                          |   | 2008 |   |      | 112,747 |   |        |   | 5,000          |                 |   |   | ––        |   |   |                           | 13,400  |   |     |   | 14,471 |   |   |   | 145,618 |   |

|  (1) | Mr. Pearce      was appointed Chief Executive Officer and President effective      November 8, 2007. His annual salary is $180,000. Included in his All      Other Compensation for 2009 and 2008 are annual health and life insurance      premiums and reimbursements of  $17,205 and $15,249,      respectively, and the car allowance of $4,800 for each of  the      years 2009 and 2008. On February 27, 2009 and on December 14, 2007,      he received awards of 85,000 and 275,000 stock options, respectively, for      which $104,526 and $91,777 of expense was recognized for 2009 and 2008,      respectively. See further discussion of these options below under the      caption Outstanding Equity Awards at Fiscal  Year-End. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Tracy      S. Clifford, our former Controller, was appointed Principal Accounting      Officer on February 6, 2007, Secretary on February 20, 2007, and      Chief Financial Officer on December 17, 2007.  Included in      Ms. Clifford’s All Other Compensation are annual health and life      insurance premiums of $16,418 and $14,471 for the years ended      December 31, 2009 and 2008, respectively. On February 27, 2009 and on      January 18, 2008, Ms. Clifford received awards of 10,000 and 50,000 stock      options, respectively, for which $15,532 and $13,400 of expense was      recognized for 2009 and 2008, respectively. See further discussion of      these options below under the caption Outstanding Equity Awards at Fiscal      Year-End. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Bonuses      are discretionary and are not calculated or paid according to a formula or      specific time frame or schedule. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      annual base salary of $180,000, adjusted annually based on merit and to      account for changes in cost ofliving; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|

|   | · | the      right to participate in all of our employee benefit programs for which our      senior executive employees are generally  eligible; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | automatic      vesting of all unvested stock options upon termination of his employment      without cause (as defined in the agreement), upon death or disability, or      in the event of a change in control of GTA (as defined in the      agreement); |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | reimbursement      for all reasonable business expenses incurred in the course of performing      his duties; |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

|   | · | in      the event of his termination without cause, or his resignation as a result      of a material breach of GTA's obligations under the agreement, a      diminution in his duties or in connection with a change in control,      payment of 50% of his annual base salary, payable immediately in a lump      sum or over the course of six months at his election, and continued      employee benefits for six months;and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      nondisclosure of certain confidential information regarding our      business. |
|--------|--------|-----------------------------------------------------------------------------------------|

----

----

| Name                                                                                       |   | Number      of SecuritiesUnderlying      UnexercisedOptions      (#) Exercisable      (1) |                 |   | Number      of SecuritiesUnderlying      UnexercisedOptions      (#)Unexercisable |   |         | OptionExercisePrice      ($) |   | OptionExpirationDate |
|--------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|----------------------|--------|-----------------------------------------------------------------------------------|--------|--------------|------------------------------|--------|----------------------|
| Michael      C. Pearce                                                                     |   |                                                                                      | 91,667               |   |                                                                              |   | —      |                         |   |                 | 2.10  |   |  12/24/11 |
| Chief      Executive Officer, President & Chairman of the Board of      Directors |   |                                                                                      | 91,667               |   |                                                                              |   | —      |                         |   |                 | 2.10 |   |  12/24/12 |
|                                                                                       |   |                                                                                      |  –– |   |                                                                              |   | 91,666  |                         |   |                 |  2.10 |   |  12/24/13 |
|                                                                                       |   |                                                                                      | ––       |   |                                                                              |   | 28,334       |                         |   |                 | 1.10 |   |   2/27/13 |
|                                                                                       |   |                                                                                      | —              |   |                                                                              |   | 28,333       |                         |   |                 | 1.10 |   |   2/27/14 |
|                                                                                       |   |                                                                                      | ––       |   |                                                                              |   | 28,333       |                         |   |                 | 1.10 |   |   2/27/15 |
|                                                                                       |   |                                                                                      |                 |   |                                                                              |   |         |                         |   |                 |   |   |   |
| Tracy      S. Clifford                                                                     |   |                                                                                      | 16,667               |   |                                                                              |   |         |                         |   |                 | 1.90 |   |   1/18/12 |
| Chief      Financial Officer & Secretary                                          |   |                                                                                      | ––       |   |                                                                              |   | 16,667       |                         |   |                 | 1.90 |   |   1/18/13 |
|                                                                                       |   |                                                                                      | ––       |   |                                                                              |   | 16,666       |                         |   |                 | 1.90 |   |   1/18/14 |
|                                                                                       |   |                                                                                      | ––       |   |                                                                              |   | 3,333        |                         |   |                 | 1.10 |   |   2/27/13 |
|                                                                                       |   |                                                                                      | ––       |   |                                                                              |   | 3,333        |                         |   |                 | 1.10 |   |   2/27/14 |
|                                                                                       |   |                                                                                      | —              |   |                                                                              |   | 3,334        |                         |   |                 | 1.10 |   |   2/27/15 |

| (1) | Each      of these awards of stock options vest ratably over three years and have a      contractual term of three years from the vesting date. All unvested      options will automatically vest upon a termination without cause, death or      disability, change of control of the Company or other similar fundamental      corporate transaction. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name      and Principal Position                                        |   | FeesEarnedor      Paidin      Cash($) |    |   | StockAwards($) |   |    | OptionAwards($) |   |   | Non-EquityIncentive      PlanCompensation($) |   |   | Change      inPension      Value andNonqualifiedDeferredCompensationEarnings($) |    |   | All      OtherCompensation($) |   |    | Total($) |   |
|-------------------------------------------------------------------------|--------|---------------------------------------|---------|--------|----------------|--------|---------|-----------------|--------|--------|----------------------------------------------|--------|--------|---------------------------------------------------------------------------------|---------|--------|-------------------------------|--------|---------|----------|--------|
| Jan      H. Loeb, Director                                              |   | $                                     | 8,500   |   |           | $      | — |            |   | $      | 15,881                                       |   |   | $                                                                               | — |   |                          | $      | — |     |   |   |   |   | $ | 24,381 |   |
| Michael      C. Pearce, Chairman,      Director, President      and CEO |   |                                  | — |   |           |   | — |            |   |   | —                                      |   |   |                                                                            | — |   |                          |   | — |     |   |  $ | — |   |   |   | — |   |
| William      Vlahos, Director                                           |   |                                  | 7,750   |   |           |   |    |            |   |   | 10,690                                       |   |   |                                                                            |    |   |                          |   |    |     |   |   |   |   |   |   | 18,440 |   |
| Jay      Gottlieb, Director                                             |   |                                  | 8,750   |   |           |   |    |            |   |   | 15,881                                       |   |   |                                                                            |    |   |                          |   |    |     |   |   |   |   |   |   | 24,631 |   |
| Jonathan      M. Couchman, Director                                     |   |                                  | 8,750   |   |           |   | — |            |   |   | 15,881                                       |   |   |                                                                            | — |   |                          |   | — |     |   |   | — |   |   |   | 24,631 |   |

|   | · | 5,000      vested shares at $17.94 issued on February 6, 2000 and which expired      subsequent to year-end on  February 5, 2010;      and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 5,000      vested shares at $7.85 issued on February 6, 2001 and expiring on      February 5, 2011 |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

| Name      of Beneficial Owner                                     |   | Number      of sharesof      Common Stock |      |   | Percentageof      Class(9) |   |
|-------------------------------------------------------------------|--------|-------------------------------------------|-----------|--------|----------------------------|--------|
| Jonathan      M. Couchman(1)                                      |   |                                      | 366,400   |   |                       |   | 4.98 | % |
| Tracy      S. Clifford(2)                                         |   |                                      | 36,667    |   |                       |   | * |   |
| Jay      A. Gottlieb(3)                                           |   |                                      | 645,750   |   |                       |   | 8.78 | % |
| Jan      H. Loeb(4)                                               |   |                                      | 884,100   |   |                       |   | 12.02 | % |
| Merrill      Lynch, Pierce, Fenner & Smith, Inc.(5) |   |                                      | 370,000   |   |                       |   | 5.06 | % |
| William      Vlahos/Odyssey Value Advisors, LLC(6)                |   |                                      | 1,233,182 |   |                       |   | 16.79 | % |
| Michael      C. Pearce(7)                                         |   |                                      | 211,668   |   |                       |   | 2.81 | % |
| Directors      and officers as a group (9 persons)(8)             |   |                                      | 3,377,767 |   |                       |   | 43.80 | % |

| * | Less      than 1% |
|---|-------------------|

| (1) | Beneficial      ownership includes options to purchase 40,000 shares of our common stock      which have vested and are exercisable as of February 22, 2010 or will      become exercisable within 60 days from that date. All of these options      were in the money as of February 22, 2010. Beneficial ownership excludes      options to purchase (i) 13,334 shares of our common stock which vest on      January 23, 2011 and (ii) 26,666 shares of our common stock which      vest ratably over the next two years beginning on March 4, 2011. The      vesting of these options accelerates upon change of    control. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Beneficial      ownership includes options to purchase 36,667 shares of our common stock,      of which all have vested and are exercisable as of February 22, 2010 or      will become exercisable within 60 days from that date.  All of      these options were in the money as of February 22, 2010. Beneficial      ownership excludes options to purchase (i) 16,666 shares of our common      stock which vest on January 18, 2011 and (ii) 6,667 shares of our      common stock which vest on ratably over the next two years beginning on      February 27, 2011.  The vesting of these options      accelerates upon change of control. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes      100,000 shares held in trust for the benefit of Mr. Gottlieb's      children. Mr. Gottlieb's business address is 27 Misty Brook Lane, New      Fairfield, CT 06812. Mr. Gottlieb reports that he has sole power to      vote or to direct the vote of 605,750 shares and sole power to dispose or      to direct the disposition of 605,750. Information about Mr. Gottlieb      is included in reliance on the Schedule 13D filed with the SEC on      February 13, 2008. Beneficial ownership includes options to purchase      40,000 shares of our common stock which have vested and are exercisable as      of February 22, 2010 or will become exercisable within 60 days from that      date.  All of these options were in the money as of February 22,      2010. Beneficial ownership excludes options to purchase (i) 13,333 shares      of our common stock which vest on January 23, 2011 and (ii) 26,667 shares      of our common stock which vest ratably over the next two years beginning      on March 4, 2011. The vesting of these options accelerates upon      change of control. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (4) | Mr. Loeb's      business address is 10451 Mill Run Circle, Owings Mills, Maryland 21117.      Mr. Loeb reports that he has sole power to vote or to direct the vote      of 806,100 shares, shared power to vote or to direct the vote of 38,000      shares, sole power to dispose or to direct the disposition of 806,100      shares and shared power to dispose or to direct the disposition of 38,000      shares. Information about Mr. Loeb is included in reliance on the      Schedule 13D/A filed with the SEC on October 13, 2006.      Beneficial ownership includes options to purchase 40,000 shares of our      common stock which have vested and are exercisable as of February 22, 2010      or will become exercisable within 60 days from that date.  All      of      these options were in the money as of February 22, 2010.      Beneficial ownership excludes options to purchase 13,334 shares of our      common stock which vest on January 23, 2011 and (ii) 26,667 shares of      our common stock which vest ratably over the next two years beginning on      March 4, 2011. The vesting of these options accelerates upon change      of control. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Merrill      Lynch, Pierce, Fenner & Smith, Inc.'s address is 4 World      Financial Center, New York, NY 10080. Information about Merrill Lynch,      Pierce, Fenner & Smith, Inc. is included in reliance on the      Schedule 13G filed with the SEC on February 13,      2006. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Includes      474,800 shares of common stock which are directly owned by      Mr. Vlahos. In addition, Mr. Vlahos is the General Partner of      Odyssey Value Advisors, LLC, and therefore beneficially owns the      731,715 shares of common stock owned directly by Odyssey Value      Advisors, LLC. Odyssey Value Advisors, LLC's address is 601      Montgomery Street, San Francisco, California 94111. Information about      Odyssey Value Advisors, LLC is included in reliance on the      Schedule 13D/A filed with the SEC on January 27, 2009.      Beneficial ownership includes options to purchase 26,667 shares of our      common stock which have vested and are exercisable as of February 22, 2010      or will become exercisable within 60 days from that date. All of these options were in the money as of February 22,      2010. Beneficial ownership excludes options to      purchase 13,333 shares of our common stock which vest on January 23,      2011. The vesting of these options accelerates upon change of      control. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Beneficial      ownership includes options to purchase 211,668 shares of our common stock      which have vested and are exercisable as of February 22, 2010 or will      become exercisable within 60 days from that date.  Of      these options, 28,334 were in the money as of  February 22,      2010.  Beneficial ownership excludes options to purchase      (i) 91,666 shares of our common stock which vest on December 14, 2010      and (ii) 56,666 shares of our common stock which vest ratably over the      next two years beginning February 27, 2011. The vesting of these      options accelerates upon change ofcontrol. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Beneficial      ownership includes options to purchase 395,002 shares of our common stock      which have vested and are exercisable as of February 22, 2010 or will      become exercisable within 60 days from that date. Of      these options, 211,668 were in the money at February 22,      2010. Beneficial ownership excludes options to purchase      304,998 shares of our common stock which vest according to the following      schedule: (i) 91,666 on December 14, 2010, (ii) 16,666 on      January 18, 2011 (iii) 53,332 on January 23, 2011, (iv) 31,666      on February 27, 2011 and 2012 and (v) 40,001 on March 4, 2011      and 2012. The vesting of these options accelerates upon change of      control. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Based      on 7,317,163 common shares outstanding. In accordance with the rules of      the Securities and Exchange Commission, each person's percentage      interest is calculated by dividing such person's beneficially owned common      shares by the sum of the total number of common shares outstanding plus      the number of currently unissued common shares such person has the right      to acquire (including upon exercise of vested options and upon conversion      of preferred stock) within 60 days of February 22, 2010. Beneficial      ownership excludes options issued to former Board members to purchase      20,000 shares of our common stock which all have vested and are      exercisable. None      of these options was in the money as of February 17,      2010. These options will expire, if not exercised, on      February 5, 2011. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Securities      Authorized for Issuance under Equity Compensation  Plans |
|--------------------------------------------------------------------------|

|   | · | the      aggregate number of shares of our common stock subject to outstanding      stock options; |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   | · | the      weighted average exercise price of those outstanding stock options;      and |
|--------|--------|---------------------------------------------------------------------------------------|

|   | · | the      number of shares that remain available for future option      grants. |
|--------|--------|--------------------------------------------------------------------------------|

| Plan      Category                                              |   | Number      ofsecurities      tobe      issued uponexerciseof      outstandingoptions,warrantsand      rights |    |   | Weighted      averageexercise      price ofoutstandingoptions,warrants      andrights |   |    | Number      ofsecuritiesremainingavailable      forfuture      issuanceunder      equitycompensationplans      (excludingsecurities      reflectedin      column (a)) |   |
|-----------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|---------|--------|---------------------------------------------------------------------------------------|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                            |   | (a)                                                                                                           |    |   | (b)                                                                                   |   |    | (c)                                                                                                                                                                   |   |
| Equity      compensation plans approved by security holders     |   |                                                                                                          | 740,000 |   |                                                                                  | $      | 2.30    |                                                                                                                                                                  |   |   | 19,968 |   |
| Equity      compensation plans not approved by security holders |   |                                                                                                          | — |   |                                                                                  |   | — |                                                                                                                                                                  |   |   | — |   |
| Total                                                           |   |                                                                                                          | 740,000 |   |                                                                                  | $      | 2.30    |                                                                                                                                                                  |   |   | 19,968 |   |

----

|                       |   | 2009   |    |   | 2008   |   |
|----------------------------|--------|--------|---------|--------|--------|--------|
| Audit      Fees(1)         |   | $      | 45,993  |   |   | $      | 93,973 |   |
| Audit-Related      Fees(2) |   |   | 34,949  |   |   |   | 10,000 |   |
| Tax      Fees(3)           |   |   | 19,750  |   |   |   | 40,505 |   |
| All      Other Fees        |   |   | — |   |   |   | — |   |
| Total                      |   | $      | 100,692 |   |   | $      | 144,478 |   |

| (1) | “Audit      Fees” represent fees for professional services rendered by Cherry, Bekaert      & Holland, L.L.P for fiscal years 2009 and 2008 for the audit of our      annual consolidated financial statements included in our Annual Reports on      Form 10-K for those respective fiscal years, the review of financial      statements included in our Quarterly Reports on Form 10-Q for those      respective years and any services normally provided by these firms in      connection with statutory and regulatory filings or      engagements. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | “Audit-Related      Fees” represent fees for assurance and related services by Cherry, Bekaert      & Holland, L.L.P. for fiscal years 2009 and 2008 that are reasonably      related to the performance of the audit or review of our consolidated      financial statements for those respective fiscal years and are not      reported under “Audit Fees.” These fees consisted primarily of accounting      consultations relating to the preparation and filing of our definitive      proxy statement for the merger with Pernix Therapeutics,    Inc. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | “Tax      Fees” represent fees for professional services rendered by Cherry, Bekaert      & Holland, L.L.P. for fiscal years 2009 and 2008 for tax compliance,      tax advice and tax planning. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                               | Page   |
|--------------------------------------------------------------------------------------------------------------------|--------|
| Financial      Statements of Golf Trust of America, Inc.                                                      |   |
| Report      of Independent Registered Public Accounting Firm                                                       | F-2    |
| Consolidated      Balance Sheets as of December 31, 2009 and 2008                                             | F-3    |
| Consolidated      Statements of Operations for the Years Ended December 31, 2009 and      2008                | F-4    |
| Consolidated      Statement of Stockholders’ Equity for the Years Ended December 31,      2009 and 2008 | F-5    |
| Consolidated      Statements of Cash Flows for the Years Ended December 31, 2009 and      2008                | F-6    |
| Notes      to Consolidated Financial Statements                                                                    | F-7    |

----

----

|                                                                                                                                       |   | December 31, |       |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|
|                                                                                                                                       |   | 2009              |       |   | 2008 |   |
| ASSETS                                                                                                                                     |   |              |       |   |   |   |
| Current      Assets:                                                                                                                       |   |              |       |   |   |   |
| Cash      and cash equivalents                                                                                                             |   | $                 | 6,714,406  |   |   | $ | 8,001,878 |   |
| Receivables—net                                                                                                                      |   |              | —    |   |   |   | 11,209 |   |
| Other      current assets                                                                                                                  |   |              | 27,636     |   |   |   | 33,566 |   |
| Note      receivable – current portion                                                                                               |   |              | 133,333    |   |   |   | — |   |
| Current      assets of discontinued operations                                                                                             |   |              | —    |   |   |   | 516,531 |   |
| Total      current assets                                                                                                                  |   |              | 6,875,375  |   |   |   | 8,563,184 |   |
| Note      receivable—long-term portion                                                                                               |   |              | 120,334    |   |   |   | 228,936 |   |
| Property      and equipment, net                                                                                                           |   |              | 964,916    |   |   |   | 1,047,668 |   |
| Non-current      assets of discontinued operations                                                                                         |   |              | —    |   |   |   | 3,910,357 |   |
| Total      assets                                                                                                                          |   | $                 | 7,960,625  |   |   | $ | 13,750,145 |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                                                                                            |   |              |       |   |   |   |   |   |
| Current      Liabilities:                                                                                                                  |   |              |       |   |   |   |   |   |
| Accounts      payable                                                                                                                      |   | $                 | 85,876     |   |   | $ | 32,940 |   |
| Accrued      expenses and other liabilities                                                                                                |   |              | 62,479     |   |   |   | 60,276 |   |
| Current      liabilities of discontinued operations                                                                                        |   |              | —    |   |   |   | 4,696,312 |   |
| Total      current liabilities                                                                                                             |   |              | 148,355    |   |   |   | 4,789,528 |   |
| Non-current      liabilities of discontinued operations                                                                                    |   |              | —    |   |   |   | 805,433 |   |
| Total      liabilities                                                                                                                     |   |              | 148,355    |   |   |   | 5,594,961 |   |
| Commitments      and Contingencies                                                                                                         |   |              |       |   |   |   |   |   |
| 9.25%      Cumulative Convertible Redeemable Preferred stock, $.01 par      value,10,000,000      shares authorized, no shares outstanding |   |              | —    |   |   |   | — |   |
| STOCKHOLDERS’      EQUITY                                                                                                            |   |              |       |   |   |   |   |   |
| Common      stock, $.01 par value, 90,000,000 shares authorized, 7,317,163 issued and      outstanding                                     |   |              | 73,172     |   |   |   | 73,172 |   |
| Additional      paid-in capital                                                                                                            |   |              | 8,981,810  |   |   |   | 8,803,418 |   |
| Accumulated      deficit                                                                                                                   |   |              | (1,242,712 | ) |   |   | (721,406 | ) |
| Total      stockholders’ equity                                                                                                      |   |              | 7,812,270  |   |   |   | 8,155,184 |   |
| Total      liabilities and stockholders’ equity                                                                                      |   | $                 | 7,960,625  |   |   | $ | 13,750,145 |   |

----

|                                                                         |   | For      the years ended December 31, |       |
|------------------------------------------------------------------------------|--------|---------------------------------------|------------|
|                                                                         |   | 2009                                  |       |   | 2008 |   |
| Revenues                                                                     |   |                                  |       |   |   |   |
| Total      revenues                                                          |   | $                                     | —    |   |   | $ | — |   |
|                                                                         |   |                                  |       |   |   |   |   |   |
| Expenses                                                                     |   |                                  |       |   |   |   |   |   |
| Depreciation      and amortization                                           |   |                                  | 3,612      |   |   |   | 2,675 |   |
| Impairment      loss                                                         |   |                                  | 80,000     |   |   |   | — |   |
| General      and administrative                                              |   |                                  | 1,562,052  |   |   |   | 1,641,290 |   |
| Total      expenses                                                          |   |                                  | 1,645,664  |   |   |   | 1,643,965 |   |
| Operating      loss                                                          |   |                                  | (1,645,664 | ) |   |   | (1,643,965 | ) |
| Other income      (expense)                                                  |   |                                  |       |   |   |   |   |   |
| Other      income                                                            |   |                                  | —    |   |   |   | 1,641,176 |   |
| Other      expenses                                                          |   |                                  | —    |   |   |   | (6,300 | ) |
| Interest      income                                                         |   |                                  | 98,656     |   |   |   | 192,416 |   |
| Interest      expense                                                        |   |                                  | (2,376     | ) |   |   | (4,870 | ) |
| Other      income, net                                                       |   |                                  | 96,280     |   |   |   | 1,822,422 |   |
| Income      (loss) from continuing operations before income tax    provision |   |                                  | (1,549,384 | ) |   |   | 178,457 |   |
| Income      tax provision                                                    |   |                                  | —    |   |   |   | — |   |
| Income      (loss) from continuing operations, net of tax                    |   |                                  | (1,549,384 | ) |   |   | 178,457 |   |
|                                                                         |   |                                  |       |   |   |   |   |   |
| Loss      from discontinued operations, net of tax                           |   |                                  | (130,336   | ) |   |   | (716,308 | ) |
| Gain      on sale of discontinued operations, net of tax                     |   |                                  | 1,158,414  |   |   |   | — |   |
| Income      (loss) from discontinued operations, net of tax                  |   |                                  | 1,028,078  |   |   |   | (716,308 | ) |
|                                                                         |   |                                  |       |   |   |   |   |   |
| Net      loss                                                                |   | $                                     | (521,306   | ) |   | $ | (537,851 | ) |
| Basic      and diluted earnings (loss) per share                             |   |                                  |       |   |   |   |   |   |
| From      continuing operations                                              |   | $                                     | (.21       | ) |   | $ | .02 |   |
| From      discontinued operations                                            |   | $                                     | .14        |   |   | $ | (.09 | ) |
| Net      loss                                                                |   | $                                     | (.07       | ) |   | $ | (.07 | ) |
| Weighted      average number of shares—basic and diluted               |   |                                  | 7,317,163  |   |   |   | 7,317,163 |   |

----

|                                   |   | Number      of      SharesIssued |      |   | Common      Stock |    |    | Additional      Paid-in      Capital |   |    | AccumulatedDeficit |   |   | Total      Stockholders’      Equity |       |
|----------------------------------------|--------|----------------------------------|-----------|--------|-------------------|---------|---------|--------------------------------------|--------|---------|--------------------|--------|--------|--------------------------------------------|------------|
| Balance      at December 31, 2007 |   |                             | 7,317,163 |   |              |  $ | 73,172  |                                 |   |  $ | 8,658,171          |   |   |  $                                    | (183,555   | ) |   | $  | 8,547,788 |   |
| Stock-based      compensation          |   |                             | —   |   |              |    | — |                                 |   |    | 145,247            |   |   |                                       | —    |   |   |   | 145,247 |   |
| Net      loss for the year             |   |                             | —   |   |              |    | — |                                 |   |    | —            |   |   |                                       | (537,851   | ) |   |   | (537,851 | )  |
| Balance      at December 31, 2008 |   |                             | 7,317,163 |   |              |    | 73,172  |                                 |   |    | 8,803,418          |   |   |                                       | (721,406   | ) |   |   | 8,155,184 | ) |
| Stock-based      compensation          |   |                             | —   |   |              |    | — |                                 |   |    | 178,392            |   |   |                                       | —    |   |   |   | 178,392 |   |
| Net      loss for the year             |   |                             | —   |   |              |    | — |                                 |   |    | —            |   |   |                                       | (521,306   | ) |   |   | (521,306 | ) |
| Balance      at December 31, 2009 |   |                             | 7,317,163 |   |              | $       | 73,172  |                                 |   | $       | 8,981,810          |   |   | $                                          | (1,242,712 | ) |   | $ | 7,812,270 |   |

----

|                                                                                                                                                                                                          |                     | For      the years ended December 31, |       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|---------------------------------------|------------|
|                                                                                                                                                                                                          |                     | 2009                                  |       |   | 2008 |   |
| CASH      FLOWS USED IN OPERATING ACTIVITIES                                                                                                                                                                  |      |                                  |       |   |   |   |
| Net      loss                                                                                                                                                                                                 |                     | $                                     | (521,306   | ) |   | $ | (537,851 | ) |
| Income      (loss) from discontinued operations                                                                                                                                                               |                     |                                  | 1,028,078  |   |   |   | (716,308 | ) |
| Income      (loss) from continuing operations                                                                                                                                                                 |                     |                                  | (1,549,384 | ) |   |   | 178,457 |   |
| Adjustments      to reconcile net income (loss) to net cash used in operating      activities:                                                                                                                |                     |                                  |       |   |   |   |   |   |
| Depreciation                                                                                                                                                                                                  |                     |                                  | 3,612      |   |   |   | 2,675 |   |
| Stock      based compensation charges                                                                                                                                                                         |                     |                                  | 178,392    |   |   |   | 145,247 |   |
| Gain      on legal settlement                                                                                                                                                                                 |                     |                                  | —    |   |   |   | (1,463,922 | ) |
| Non-cash      interest income                                                                                                                                                                                 |                     |                                  | (24,731    | ) |   |   | (30,689 | ) |
| Impairment      charge to fair value of land                                                                                                                                                                  |                     |                                  | 80,000     |   |   |   | — |   |
| Change      in:                                                                                                                                                                                               |                     |                                  |       |   |   |   |   |   |
| Receivables      and other assets                                                                                                                                                                             |                     |                                  | 11,209     |   |   |   | 37,025 |   |
| Prepaid      expenses                                                                                                                                                                                         |                     |                                  | 5,930      |   |   |   | (6,160 | ) |
| Accounts      payable and other liabilities                                                                                                                                                                   |                     |                                  | 58,140     |   |   |   | (416,088 | ) |
| Net      cash used in continuing operating activities                                                                                                                                                         |                     |                                  | (1,236,832 | ) |   |   | (1,553,455 | ) |
| Net      cash provided by discontinued operating activities including gain on sale      of approximately $1,158,000 and -0-, respectively                                                                     |                     |                                  | 14,325     |   |   |   | 81,844 |   |
| CASH      FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES                                                                                                                                                    |                     |                                  |       |   |   |   |   |   |
| Purchases      of equipment                                                                                                                                                                                   |                     |                                  | (860       | ) |   |   | (16,262 | ) |
| Proceeds      from escrow/restricted cash                                                                                                                                                                     |                     |                                  | —    |   |   |   | 2,000,000 |   |
| Decrease      in notes receivable                                                                                                                                                                             |                     |                                  | —    |   |   |   | 233,334 |   |
| Net      cash provided by(used in) continuing investing activities                                                                                                                                            |                     |                                  | (860       | ) |   |   | 2,217,072 |   |
| Net      cash provided by discontinued investing activities including net proceeds      from disposal of property and equipment of $4,100,000 (less certain      deductions of $64,105) and -0-, respectively |                     |                                  | 4,035,895  |   |   |   | (103,954 | ) |
| CASH      FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES                                                                                                                                                    |                     |                                  |       |   |   |   |   |   |
| Net      cash provided by continuing financing activities                                                                                                                                                     |                     |                                  | —    |   |   |   | — |   |
| Net      cash used in discontinued financing activities including principal      payments under credit agreement of $4,100,000 and -0-,      respectively                                                     |                     |                                  | (4,100,000 | ) |   |   | (38,184 | ) |
| Net      (decrease) increase in cash and cash equivalents                                                                                                                                                     |                     |                                  | (1,287,472 |  ) |   |   | 603,323 |   |
| Cash      and cash equivalents, beginning of year                                                                                                                                                             |                     |                                  | 8,001,878  |   |   |   | 7,398,555 |   |
| Cash      and cash equivalents, end of year                                                                                                                                                                   |                     | $                                     | 6,714,406  |   |   | $ | 8,001,878 |   |
| Supplemental      Disclosure of Cash Flow Information                                                                                                                                                         |                     |                                  |       |   |   |   |   |   |
| Interest      paid during the period                                                                                                                                                                          |                     | $                                     | 13,625     |   |   | $ | 301,848 |   |
| Non-cash      investing and financing activities:                                                                                                                                                             |                     |                                  |       |   |   |   |   |   |
| Gain      on legal settlement:                                                                                                                                                                                |                     |                                  |       |   |   |   |   |   |
| Note      receivable                                                                                                                                                                                          |                     | $                                     | —    |   |   | $ | 431,581 |   |
| Land      and value of timber                                                                                                                                                                                 |                     | $                                     | —    |   |   | $ | 1,032,341 |   |
|                                                                                                                                                                                                          |                     |                                  |       |   |   |   |   |   |

----

| Note      1. Organization, Termination of the Plan of      Liquidation and Alternative Business  Strategies |
|-------------------------------------------------------------------------------------------------------------|

----

| Note      2. Summary of Significant      Accounting Policies |
|--------------------------------------------------------------|

----

----

| Golf      course improvements          | 15 years        |
|----------------------------------------|----------------------|
| Buildings      and improvements        | 30 years        |
| Furniture,      fixtures and equipment | 3–8 years |

| Note      3.  Fair Value Measurement |
|-------------------------------------------|

----

|        Level 1— | Quoted      prices in active markets for identical assets or    liabilities. |
|----------------------------|------------------------------------------------------------------------------|

|        Level 2— | Observable      inputs other than Level 1 prices such as quoted prices for similar assets      or liabilities; quoted prices in markets that are not active; or other      inputs that are observable or can be corroborated by observable market      data for substantially the full term of the assets or      liabilities. |
|----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        Level 3— | Unobservable      inputs that are supported by little or no market activity and that are      significant to the fair value of the assets or liabilities. Level 3 assets      and liabilities include financial instruments whose value is determined      using pricing models, discounted cash flow methodologies, or similar      techniques, as well as instruments for which the determination of fair      value requires significant management judgment or    estimation. |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Note      4. Property and      Equipment |
|------------------------------------------|

|                                | December      31, |    |
|-------------------------------------|-------------------|---------|
|                                | 2009              |    |   | 2008 |   |
| Land                                | $                 | 952,342 |   |   | $ | 1,032,342 |   |
| Office      furniture and equipment |              | 18,921  |   |   |   | 18,061 |   |
|                                |              | 971,263 |   |   |   | 1,050,403 |   |
| Less      accumulated depreciation  |              | (6,347  | ) |   |   | (2,735 | ) |
|                                | $                 | 964,916 |   |   | $ | 1,047,668 |   |

| Note      5. Receivables |
|--------------------------|

----

|                                                                                |   | December 31,2008 |      |
|-------------------------------------------------------------------------------------|--------|-----------------------|-----------|
| Cash and cash equivalents                                            |   | $                     | 25,876    |   |
| Accounts      receivable                                                            |   |                  | 333,972   |   |
| Prepaid      expenses                                                               |   |                  | 30,978    |   |
| Inventory                                                                           |   |                  | 125,705   |   |
| Current      assets of discontinued operations                                      |   |                  | 516,531   |   |
|                                                                                |   |                  |      |   |
| Property      and equipment                                                         |   |                  | 4,581,308 |   |
| Accumulated      depreciation                                                       |   |                  | (670,951  | ) |
| Non-current      assets of discontinued operations                                  |   |                  | 3,910,357 |   |
|                                                                                |   |                  |      |   |
| Total      assets of discontinued operations                                        |   | $                     | 4,426,888 |   |
|                                                                                |   |                  |      |   |
| Accounts      payable                                                               |   | $                     | 139,406   |   |
| Accrued      expenses and other liabilities                                         |   |                  | 96,506    |   |
| Long-term      debt – current portion                                         |   |                  | 4,141,534 |   |
| Member      initiation fees and other deferred revenue – current    portion   |   |                  | 318,866   |   |
| Current      liabilities of discontinued operations                                 |   |                  | 4,696,312 |   |
|                                                                                |   |                  |      |   |
| Long-term      debt, net of current portion                                         |   |                  | 72,391    |   |
| Member      initiation fees and other deferred revenue, net of current      portion |   |                  | 733,042   |   |
| Non-current      liabilities of discontinued operations                             |   |                  | 805,433   |   |
|                                                                                |   |                  |      |   |
| Total      liabilities of discontinued operations                                   |   | $                     | 5,501,745 |   |

|                                                        |   | PeriodJanuary 1,      2009      to      January      22, 2009 |      |   |  Year      Ended December      31, 2008 |   |
|-------------------------------------------------------------|--------|--------------------------------------------------------------------|-----------|--------|----------------------------------------------|--------|
| Revenues      from discontinued operations                  |   | $                                                                  | 148,829   |   |                                         | $      | 4,064,669 |   |
|                                                        |   |                                                               |      |   |                                         |   |   |   |
| Income      (loss) from discontinued operations, net of tax |   | $                                                                  | (130,336  | )      |                                         | $      | (716,308 | ) |
|                                                        |   |                                                               |      |   |                                         |   |   |   |
| Gain      on sale of discontinued operations, net of tax    |   | $                                                                  | 1,158,414 |   |                                         | $      | — |   |

----

| Note      7. Stock Options and Awards |
|---------------------------------------|

| Name      of Stock Option/Award Plans        |   | SharesIssued |    |   | SharesAvailable      To      Issue |   |
|----------------------------------------------|--------|--------------|---------|--------|------------------------------------|--------|
| 1997      Stock Incentive Plan               |   |         | 500,000 |   |                               |   | — |   |
| 1997      Non-employee Director’s Plan |   |         | 100,000 |   |                               |   | — |   |
| New      1997 Plan                           |   |         | 582,032 |   |                               |   |   17,968 |   |
| 1998      Plan                               |   |         | 498,000 |   |                               |   |     2,000 |   |
| 2007      Stock Option Plan                  |   |         | 700,000 |   |                               |   | — |   |

|                                          |   | Number ofoptions |    |   | Weightedaverage exerciseprice      ($) |   |    | Weighted      averageremaining      contractual term      (years) |   |   | Aggregateintrinsic Value($) |   |
|-----------------------------------------------|--------|-----------------------|---------|--------|---------------------------------------------|--------|---------|------------------------------------------------------------------------|--------|--------|----------------------------------|--------|
| Options      outstanding at December 31, 2007 |   |                  | 625,000 |   |                                        | $      | 12.83   |                                                                   |   |   |                             |   |   |   |
| Plus:      options granted                    |   |                  | 210,000 |   |                                        |   | 1.84    |                                                                   |   |   |                             |   |   |   |
| Less:      options exercised                  |   |                  | — |   |                                        |   | — |                                                                   |   |   |                             |   |   |   |
| Less:      options canceled or expired        |   |                  | 270,000 |   |                                        |   | 22.61   |                                                                   |   |   |                             |   |   |   |
| Options      outstanding at December 31, 2008 |   |                  | 565,000 |   |                                        |   | 4.08    |                                                                   |   |   |                             |   |   |   |
| Plus:      options granted                    |   |                  | 215,000 |   |                                        |   | 1.03    |                                                                   |   |   |                             |   |   |   |
| Less:      options exercised                  |   |                  | — |   |                                        |   | — |                                                                   |   |   |                             |   |   |   |
| Less:      options canceled or expired        |   |                  | (40,000 | )      |                                        |   | 20.63   |                                                                   |   |   |                             |   |   |   |
|                                          |   |                  |    |   |                                        |   |    |                                                                   |   |   |                             |   |   |   |
| Options      outstanding at December 31, 2009 |   |                  | 740,000 |   |                                        |   | 2.30    |                                                                   |   |   | 3.2                              |   |   | $ | 204,800 |   |
|                                          |   |                  |    |   |                                        |   |    |                                                                   |   |   |                             |   |   |   |   |   |
| Options      exercisable at December 31, 2009 |   |                  | 293,337 |   |                                        | $      | 3.51    |                                                                   |   |   | 2.3                              |   |   | $ | — |   |
|                                          |   |                  |    |   |                                        |   |    |                                                                   |   |   |                             |   |   |   |   |   |

----

|  Grant      Date |   | Number ofstock      options granted |    |   | Exercise      Price |   |   | Fair      Value of Common Stock on Date of Grant |   |   | Intrinsic      Value of Stock Options at Grant Date |   |
|-----------------------|--------|------------------------------------------|---------|--------|---------------------|--------|--------|--------------------------------------------------|--------|--------|-----------------------------------------------------|--------|
| 1/18/08               |   |                                     | 50,000  |   |                | $      | 1.90   |                                             |   | $      | 1.90                                                |   |   | $ | — |   |
| 1/23/08               |   |                                     | 160,000 |   |                |   | 1.82   |                                             |   |   | 1.82                                                |   |   |   | — |   |
| 2/27/09               |   |                                     | 95,000  |   |                |   | 1.10   |                                             |   |   | 1.10                                                |   |   |   | — |   |
| 3/4/09                |   |                                     | 120,000 |   |                |   | 0.97   |                                             |   |   | 0.97                                                |   |   |   | — |   |
|                  |   |                                     | 425,000 |   |                |   |   |                                             |   |   |                                                |   |   | $ | — |   |

|                         |   | For      the years ended December 31, |   |
|------------------------------|--------|---------------------------------------|--------|
|                         |   | 2009                                  |   |   | 2008 |   |
| Risk      free interest rate |   |                                  | 1.62   | % |   |   | 2.69 | % |
| Expected      average life   |   | 3.5 years                        |   |   | 4 years |   |
| Expected      volatility     |   |                                  | 67     | % |   |   | 54 | % |
| Expected      dividend yield |   |                                  | 0      | % |   |   | 0 | % |
| Forfeiture      rate         |   |                                  | 0      | % |   |   | 0 | % |

|                                   |   | Options      Outstanding                               |    |                                     |   | Options      Exercisable   |   |
|----------------------------------------|--------|--------------------------------------------------------|---------|------------------------------------------|--------|----------------------------|--------|
| Range of Exercise Price |   |             Shares  |    | AvgRemaining ContractualLife(years) |   | Average ExercisePrice |   |              Shares  |   | Price |   |
| $0.97                                  |   |                                                   | 120,000 |                                     |   | 4.2                        |   | $0.97 |   |   | — |   | $      — |   |
| $1.10                                  |   |                                                   | 95,000  |                                     |   | 4.2                        |   | 1.10 |   |   | — |   | — |   |
| $1.82                                  |   |                                                   | 160,000 |                                     |   | 3.1                        |   | 1.82 |   |   | 53,334 |   | 1.82 |   |
| $1.90                                  |   |                                                   | 50,000  |                                     |   | 3.1                        |   | 1.90 |   |   | 16,667 |   | 1.90 |   |
| $2.10                                  |   |                                                   | 275,000 |                                     |   | 3.0                        |   | 2.10 |   |   | 183,333 |   | 2.10 |   |
| $7.85                                  |   |                                                   | 20,000  |                                     |   | 1.1                        |   | 7.85 |   |   | 20,000 |   | 7.85 |   |
| $16–$19                          |   |                                                   | 20,000  |                                     |   | 0.1                        |   | 17.94 |   |   | 20,000 |   | 17.34 |   |
|                                   |   |                                                   | 740,000 |                                     |   |                       |   |   |   |   | 293,334 |   |   |   |

----

|                                                             |               | December 31, |        |
|------------------------------------------------------------------|--------------------|-------------------|-------------|
|                                                             |     | 2009              |        |   | 2008 |   |
| Differences      in the carrying value of property and equipment |               | $                 | 28,000      |   |     | $ | (262,000 | ) |
| Federal      and state net operating loss carryforwards          |               |              | 31,050,000  |   |   |   | 30,971,000 |   |
| Capital      loss carryover                                      |               |              | —     |   |   |   | 16,624,000 |   |
| Other      liabilities                                           |               |              | 14,000      |   |   |   | 338,000 |   |
| Other                                                            |               |              | —     |   |   |   | 8,000 |   |
| Sub-total                                                        |               |              | 31,092,000  |   |   |   | 47,679,000 |   |
| Valuation      Allowance                                         |               |              | (31,092,000 | ) |   |   | (47,679,000 | ) |
| Total      net deferred tax assets                               |               | $                 | —     |   |   | $ | — |   |

|     |   | 2009   |    |   | 2008   |   |
|----------|--------|--------|---------|--------|--------|--------|
| Current  |   | $      | — |   |   | $      | — |   |
| Deferred |   |   | — |   |   |   | — |   |
| Total    |   | $      | — |   |   | $      | — |   |

----

|                                                                                                                                                                          |   | 2009   |     |    | 2008   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|---------|--------|--------|
| Expected      taxes at statutory rates                                                                                                                                        |   |   | (34.0    | )%      |   |   | 34.0 | % |
| State      income tax benefit, net of federal income tax rate                                                                                                                 |   |   | 92.3     | %       |   |   | 6.1 | % |
| Expiration      of capital loss carryforwards                                                                                                                                 |   |   | 978.0    | %  |   |   | — |   |
| Incentive      stock options expense                                                                                                                                          |   |   | 3.9      | %       |   |   | 27.6 | % |
| Nondeductible      meals and entertainment expenses                                                                                                                           |   |   | 0.1      | %       |   |   | 1.5 | % |
| Nondeductible      expenses of pending merger...........................                                                                      |   |   | 8.7      | %       |   |   | — |   |
| Other........................................................................ |   |   | (3.6     | )%      |   |   | — |   |
| Change      in Valuation allowance                                                                                                                                            |   |   | (1,045.4 | )%      |   |   | (69.2 | )% |
| Total                                                                                                                                                                         |   |   | —  |    |   |   | — |   |

| Note      9. Other    Income |
|------------------------------|

| Note      10. Commitments and Contingencies |
|---------------------------------------------|

----

|                   | GOLF TRUST OF AMERICA,      INC. |                                       |
|------------------------|----------------------------------|--------------------------------------------|
|                   |                             |                                       |   |
| February      24, 2010 | By:                              | /s/ MICHAEL C. PEARCE                 |   |
|                   |                             | Michael      C. Pearce                     |   |
|                   |                             | President      and Chief Executive Officer |   |
|                   |                             |                                       |   |

|                   |   |                             |   |
|------------------------|--------|----------------------------------|--------|
| February      24, 2010 | By:    | /s/  TRACY S. CLIFFORD |   |
|                   |   | Tracy S. Clifford                |   |
|                   |   | Chief      Financial Officer     |   |
|                   |   |                             |   |

----

| Signature                                      |   | Title                                                                      |   | Date                   |
|------------------------------------------------|--------|----------------------------------------------------------------------------|--------|------------------------|
|                                           |   |                                                                       |   |                   |
| /s/        Michael C.      Pearce    |   | President,      Chief Executive Officer and                                |   | February      24, 2010 |
| Michael      C. Pearce                         |   | Chairman      of the Board of Directors (principal      executive officer) |   |                   |
|                                           |   |                                                                       |   |                   |
| /s/        Tracy S.      Clifford    |   | Chief      Financial Officer and Secretary                                 |   | February      24, 2010 |
| Tracy      S. Clifford                         |   | (principal      financial officer)                                         |   |                   |
|                                           |   |                                                                       |   |                   |
| /s/        Jonathan M.      Couchman |   | Director                                                                   |   | February      24, 2010 |
| Jonathan      M. Couchman                      |   |                                                                       |   |                   |
|                                           |   |                                                                       |   |                   |
| /s/        Jay A.      Gottlieb      |   | Director                                                                   |   | February      24, 2010 |
| Jay      A. Gottlieb                           |   |                                                                       |   |                   |
|                                           |   |                                                                       |   |                   |
| /s/        Jan H.      Loeb          |   | Director                                                                   |   | February      24, 2010 |
| Jan      H. Loeb                               |   |                                                                       |   |                   |
|                                           |   |                                                                       |   |                   |
| /s/        William      Vlahos       |   | Director                                                                   |   | February      24, 2010 |
| William      Vlahos                            |   |                                                                       |   |                   |

----

| No.    |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1    |   | Plan      of Liquidation and Dissolution of Golf Trust of America, Inc., as      approved by stockholders on May 22, 2001 which was terminated by      stockholders on November 8, 2007 (previously filed as      Exhibit 2.1 to our company’s Current Report on Form 8-K, filed      May 30, 2001, and incorporated herein by  reference).                                                                                                                                                                      |
| 2.2    |   | Agreement      and Plan of Merger By and Among Golf Trust of America, Inc., GTA      Acquisition, LLC and Pernix Therapeutics, Inc. dated as of October 6, 2009      (incorporated by reference from Exhibit No. 10.6 to this Annual Report on      Form 10-K).                                                                                                                                                                                                                                                                                      |
| 3.1    |   | Articles      of Incorporation of Golf Trust of America, Inc., as currently in effect      (previously filed as Exhibit 3.1 to our company’s Current Report on      Form 8-K dated as of November 6, 2007 and incorporated herein by      reference).                                                                                                                                                                                                                                                                                     |
| 3.2    |   | Sixth      Amended and Restated Bylaws of Golf Trust of America, Inc., as      adopted on November 8, 2007 and as currently in effect (previously      filed as Exhibit 3.1 to our company’s Current Report on      Form 8-K, filed November 9, 2007 and incorporated herein by      reference).                                                                                                                                                                                                                      |
| 4.1    |   | Form of      Share Certificate for Golf Trust of America, Inc. Common Stock      (previously filed as Exhibit 4.3 to our company’s Current Report on      Form 8-K, filed August 30, 1999, and incorporated herein by      reference).                                                                                                                                                                                                                                                                                |
| 4.2    |   | Form of      Share Certificate for Golf Trust of America, Inc. Series A      Preferred Stock (previously filed as Exhibit 3.2 to our company’s      Current Report on Form 8-K, filed April 13, 1999, and      incorporated herein by reference).                                                                                                                                                                                                                                                                |
| 4.3    |   | Shareholder      Rights Agreement, by and between Golf Trust of America, Inc. and      ChaseMellon Shareholder Services, L.L.C., as rights agent, dated      August 24, 1999 (previously filed as Exhibit 4.1 to our      company’s Current Report on Form 8-K, filed August 30, 1999, and      incorporated herein by reference).                                                                                                                                                                                    |
| 4.4    |   | Resolutions      of the Board of Directors dated March 9, 2009 regarding the      inadvertent acquisition of common shares by Odyssey Value Advisors, LLC      and waiver of provisions of the Shareholder Rights    Agreement.                                                                                                                                                                                                                                                                                                                 |
| 10.1+  |   | First      Amended and Restated Employment Agreement between Golf Trust of      America, Inc. and Michael Pearce, dated as of April 26, 2009      (previously filed as Exhibit 10.1.2 to our company’s Quarterly Report      on Form 10-Q, filed on May 14, 2009, and incorporated herein by      reference).                                                                                                                                                                                                              |
| 10.2.1 |   | Amended      and Restated Loan Agreement, dated as of August 4, 2005, by and among      GTA—Stonehenge, LLC, as Borrower, Golf Trust of America, L.P.,      as Guarantor, and Textron Financial Corporation as the Lender (previously      filed as Exhibit 10.22.3 to our company’s Current Report on      Form 8-K, filed August 9, 2005, and incorporated herein by      reference).                                                                                                                    |
| 10.2.2 |   | Notice      of Future Advances, Note Mortgage, Security Agreement, and Fixture Filing,      dated as of August 4, 2005, from Golf Trust of America, L.P. in      favor of Textron Financial Corporation (previously filed as      Exhibit 10.22.4 to our company’s Current Report on Form 8-K,      filed August 9, 2005, and incorporated herein by      reference).                                                                                                                                                 |
| 10.3   |   | Golf      Trust of America, Inc. 2007 Stock Option Plan (previously filed as      Appendix A to our company’s definitive proxy statement dated and      filed on November 16, 2007, and incorporated herein by      reference).                                                                                                                                                                                                                                                                                                 |
| 10.4.1 |   | Settlement      Agreement by and among Larry D. Young, Danny L. Young, Kyle N. Young, The      Young Family Irrevocable Trust and The Legends Group, Ltd.      (collectively, the “Legends Plaintiffs”), and Golf Trust of      America, Inc., W. Bradley Blair, II, and Scott D. Peters      (collectively, the “GTA Defendants”) (previously filed as      Exhibit 10.1 to our company’s Current Report on Form 8-K filed      February 4, 2008 and incorporated herein by    reference).   |
| 10.4.2 |   | Confession      of Judgment by and among Larry D. Young, Danny L. Young, Kyle N. Young,      The Young Family Irrevocable Trust and The Legends Group, Ltd.      (collectively, the “Legends Plaintiffs”), and Golf Trust of      America, Inc., W. Bradley Blair, II, and Scott D. Peters      (collectively, the “GTA Defendants”) (previously filed as      Exhibit 10.2 to our company’s Current Report on Form 8-K filed      February 4, 2008 and incorporated herein by    reference). |

| 10.4.3 |   | Promissory      Note pursuant to the Settlement Agreement in the case captioned Larry D. Young, et al.,      Plaintiffs, v. BDO Seidman, LLP, et al., Defendants      (previously filed as Exhibit 10.3 to our company’s Current Report on      Form 8-K filed February 4, 2008 and incorporated herein by      reference). |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.5.1 |   | Purchase      and Sale Agreement by and among Golf Trust of America, L.P. and WCWW      Committee, LLC dated as of September 26, 2008 (previously filed as      Exhibit 10.1 to our company’s Current Report on Form 8-K filed      October 1, 2008 and incorporated herein by  reference).                                 |
| 10.5.2 |   | Consent      of J. Richard Marlow, MAI, SGA (previously filed as Exhibit 25.1 to      our company’s 2007 Annual Report on Form 10-K filed March 31,      2008 and incorporated herein by reference).                                                                                                                             |
| 10.6   |   | Agreement      and Plan of Merger By and Among Golf Trust of America, Inc., GTA      Acquisition, LLC and Pernix Therapeutics, Inc. dated as of October 6,      2009 (previously filed as Exhibit 10.1 to our Current Report on Form 8-K      filed on October 7, 2009, and incorporated herein by      reference).                              |
| 14.1   |   | Code      of Business Conduct and Ethics, adopted by the Board of Directors of Golf      Trust of America, Inc. on November 6, 2007 (previously filed as      Exhibit 14.1 to our company’s Current Report on Form 8-K, filed      November 9, 2007, and incorporated herein by    reference).                         |
| 23.1*  |   | Consent      of Cherry, Bekaert & Holland, L.L.P.                                                                                                                                                                                                                                                                                            |
| 24.1*  |   | Powers      of Attorney (included under the caption “Signatures and Powers of      Attorney”)                                                                                                                                                                                                                                             |
| 31.1*  |   | Certification      of Michael C. Pearce pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002.                                                                                                                                                                                                                                          |
| 31.2*  |   | Certification      of Tracy S. Clifford pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002.                                                                                                                                                                                                                                          |
| 32.1*  |   | Certifications      under Section 906 of the Sarbanes-Oxley Act of  2002.                                                                                                                                                                                                                                                                        |

| * | Filed      herewith |
|---|---------------------|

| † | Portions      of this exhibit have been omitted pursuant to a request for confidential      treatment. |
|---------|--------------------------------------------------------------------------------------------------------|

| + | Denotes      a management contract or compensatoryplan. |
|---|---------------------------------------------------------|

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