On January 15, 2013, Goldfield Corp. and Branch Banking & Trust Company entered into a loan renewal of a $5,000,000 Loan Agreement entered into by the parties on August 26, 2005 and either modified or renewed on March 14, 2006, August 26, 2006, September 27, 2007, November 25, 2008, December 29, 2009, February 22, 2011, January 4, 2012, April 17, 2012, July 16, 2012, and again on September 17, 2012, which was due and payable in full on January 16, 2013. There were no borrowings outstanding under the Working Capital Loan as of January 15, 2013.

Pursuant to the loan renewal the Working Capital Loan will mature and all amounts due there under will be due and payable in full on January 16, 2014, unless extended by BB&T at its discretion. The Working Capital Loan provides the company with a line of credit to be used for working capital, capital expenditures and general corporate purposes. The company's wholly owned subsidiaries, Southeast Power Corporation, Bayswater Development Corporation and Pineapple House of Brevard Inc. agreed to guarantee the company's obligations under any and all notes, draft, debts, obligations and liabilities or agreements evidencing any such indebtedness, obligations or liability including all renewals, extensions and modifications thereof.

Pursuant to the loan renewal described above, until the Working Capital Loan matures, the company must make monthly payments of interest to BB&T in arrears at interest rates determined and upon the terms and conditions as set forth in the Loan Renewal. Advances under the Loan Renewal will bear interest at a rate per annum equal to One Month LIBOR plus 2.50%, which will be adjusted monthly and subject to a maximum rate of 24.00%. In addition, within the Working Capital Loan Financial Covenants Section V, the paragraph beginning Tangible Net Worth was deleted and replaced to modify the minimum tangible net worth threshold.

The minimum tangible net worth threshold was $12.5 million, plus annual increases of 50% of the positive net income for each fiscal year commencing with the fiscal year ended December 31, 2012, and was changed to $18.0 million, beginning with the Company's fiscal year ending December 31, 2012. All of the terms of the Working Capital Loan and related.