Andalusian Resorts and Spas, Inc. (OTCPK:ARSP) executed a letter of intent to acquire The Mona Lisa Hotel and Casino from Thomas E. Lustgraaf for $10 million on April 5, 2014. The purchase price is payable at closing. The completion of the acquisition is subject to, among other things, the completion of due diligence satisfactory. The Due Diligence Period shall be 30 to 45 days from the date of the definitive agreement. The closing will take place when shares in Andalusian trade at a minimum of $1.10 per share for a consecutive ten day period. Thomas E. Lustgraaf of Lustgraaf Law Office acted as legal advisor for Mona Lisa.

Andalusian Resorts and Spas, Inc. (OTCPK:ARSP) cancelled the acquisition of The Mona Lisa Hotel and Casino from Thomas E. Lustgraaf on April 5, 2015.