Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On November 16, 2020, the Board of Directors voted to secure certain amounts due to Deborah Vitale, who serves as President, Chief Executive Officer, Secretary, Treasurer and a Director of the Company and its subsidiaries, with a lien for $2,000,000 on the Company's Diamondhead, Mississippi property in consideration for salary, rent and expenses accrued, but unpaid. As previously reported, Ms. Vitale holds earlier liens placed on the Diamondhead Property for amounts accrued, but unpaid. On November 16, 2020, the Company also voted to secure directors' fees for the period 2013 through 2020 owed to nine current or former directors of the Company, with a lien for $658,750 on the Company's Diamondhead, Mississippi property. The foregoing liens will bring liens placed on the Diamondhead Property to approximately $8 million dollars.

© Edgar Online, source Glimpses