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Share Name | Share Symbol | Market | Type |
---|---|---|---|
P G I Incorporated (CE) | USOTC:PGAI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0002 | 0.00 | 01:00:00 |
Commission File
Number
|
1-6471
|
FLORIDA
|
59-0867335
|
(State or other jurisdiction
of incorporation)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated
filer
|
☐
(Do not check if a smaller reporting
company)
|
Smaller reporting company
|
☒
|
|
|
Emerging
growth company
|
☐
|
Quarter End
Date
|
|
Price
|
|
Volume
|
9/30/17
|
|
$.000005
|
|
1,985
|
3/31/17
|
|
$.000008
|
|
1,245
|
12/31/16
|
|
$.000001
|
|
67,980
|
9/30/16
|
|
$.0001
|
|
123
|
6/30/16
|
|
$.0001(high)
|
|
1,000
|
6/30/16
|
|
$.000001(low)
|
|
1,500
|
|
June 23, 2016
|
June 23, 2016
|
Remaining
|
|
Principal
|
Interest
|
Accrued
|
|
Payment
|
Payment
|
Interest
|
|
($ in
thousands)
|
||
Credit
agreements - first mortgage note
|
$
500
|
$
470
|
$
-
|
payable-related
party
|
|
|
|
|
|
|
|
Collateralized
convertible debentures
|
|
|
|
payable-related
party
|
1,500
|
5,455
|
52,915
|
|
$
2,000
|
$
5,925
|
$
52,915
|
|
December 31,
2017
|
December 31,
2016
|
|
($ in
thousands)
|
|
Original
face value
|
$
1,034
|
$
1,034
|
Outstanding
debenture principal balance
|
447
|
447
|
Face
value of debentures surrendered
|
-
|
-
|
Accrued
and unpaid interest balance
|
846
|
817
|
Debenture
reserve account balance
|
41
|
41
|
|
|
|
Increase
|
|
2017
|
2016
|
(Decrease)
|
|
|
($ in
thousands)
|
|
COSTS,
EXPENSES AND OTHER
|
|
|
|
Cost
of real estate sales
|
$
-
|
$
747
|
$
(747
)
|
Interest
expense
|
1,360
|
1,324
|
36
|
Interest
expense -related party
|
-
|
3,832
|
(3,832
)
|
Taxes
and assessments
|
5
|
6
|
(1
)
|
Consulting
and accounting-
|
|
|
|
related
party
|
37
|
38
|
(1
)
|
Legal
and professional
|
27
|
83
|
(56
)
|
General
and administrative
|
95
|
87
|
8
|
|
$
1,524
|
$
6,117
|
$
(4,593
)
|
|
2017
|
2016
|
Increase
(Decrease)
|
|
($ in
thousands)
|
||
Cash
|
$
159
|
$
958
|
$
(799
)
|
Receivables-related
party
|
573
|
-
|
573
|
Land
inventory
|
14
|
14
|
-
|
Other
assets
|
42
|
42
|
-
|
|
$
788
|
$
1,014
|
$
(226
)
|
|
|
|
Increase
|
|
2017
|
2016
|
(Decrease)
|
|
($ in
thousands)
|
||
Accounts
payable and accrued expenses
|
$
209
|
$
230
|
$
(21
)
|
Accrued
real estate taxes
|
4
|
4
|
-
|
Accrued
interest
|
28,250
|
26,889
|
1,361
|
Accrued
interest-related party
|
52,915
|
52,915
|
-
|
Notes
payable
|
1,198
|
1,198
|
-
|
Convertible
subordianted debentures payable
|
8,472
|
8,472
|
-
|
|
$
91,048
|
$
89,708
|
$
1,340
|
|
|
|
Increase
|
|
2017
|
2016
|
(Decrease)
|
|
($ in
thousands)
|
||
Convertible
subordinated debentures
|
$
25,032
|
$
23,743
|
$
1,289
|
Other
|
3,218
|
3,146
|
72
|
|
$
28,250
|
$
26,889
|
$
1,361
|
PGI INCORPORATED AND SUBSIDIARIES
|
||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
||||||||||
December 31, 2017 and 2016
|
||||||||||
($ in thousands, except share data)
|
ASSETS
|
|
LIABILITIES
|
||||
|
2017
|
2016
|
|
|
2017
|
2016
|
Cash
|
$
159
|
$
958
|
|
Accounts
payable and
|
|
|
|
|
|
|
accrued
expenses (Note 6)
|
$
209
|
$
230
|
Receivables-related
party
|
573
|
-
|
|
|
|
|
(Note
14)
|
|
|
|
Accrued
real estate taxes
|
4
|
4
|
Land
Inventory (Note 4)
|
14
|
14
|
|
(Note
6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued
Interest:
|
|
|
Other
assets (Note 5)
|
42
|
42
|
|
Subordinated
convertible
|
|
|
|
|
|
|
debentures
(Note 8)
|
25,032
|
23,743
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
debentures-
|
|
|
|
|
|
|
related
party (Note 9)
|
52,915
|
52,915
|
|
|
|
|
|
|
|
|
|
|
|
Other
(Note 7)
|
3,218
|
3,146
|
|
|
|
|
|
|
|
|
|
|
|
Credit
Agreements:
|
|
|
|
|
|
|
Notes
payable (Note 7)
|
1,198
|
1,198
|
|
|
|
|
Subordinated
convertible
|
|
|
|
|
|
|
debentures
payable (Note 8)
|
8,472
|
8,472
|
|
|
|
|
|
|
|
|
|
|
|
|
91,048
|
89,708
|
|
|
|
|
Commitments
and
|
|
|
|
|
|
|
Contingencies
(Note 13)
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' DEFICIENCY
|
|||
|
|
|
|
Preferred
stock, par value
|
|
|
|
|
|
|
$1.00
per share; authorized
|
|
|
|
|
|
|
5,000,000
shares; 2,000,000
|
|
|
|
|
|
|
Class
A cumulative
|
|
|
|
|
|
|
convertible
shares issued
|
|
|
|
|
|
|
and
outstanding; (liquidation
|
|
|
|
|
|
|
preference
of $8,000,000
|
|
|
|
|
|
|
and
cumulative dividends)
|
|
|
|
|
|
|
(Note
11)
|
2,000
|
2,000
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock, par value
|
|
|
|
|
|
|
$.10
per share; authorized
|
|
|
|
|
|
|
25,000,000
shares; 5,317,758
|
|
|
|
|
|
|
shares
issued and outstanding
|
|
|
|
|
|
|
(Note
11)
|
532
|
532
|
|
|
|
|
Paid-in
capital
|
13,498
|
13,498
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
deficit
|
(106,290
)
|
(104,724
)
|
|
|
|
|
|
(90,260
)
|
(88,694
)
|
|
$
788
|
$
1,014
|
|
|
$
788
|
$
1,014
|
PGI
INCORPORATED AND SUBSIDIARIES
|
|||||||
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' DEFICIENCY
|
|||||||
Years
ended December 31, 2017 and 2016
|
|||||||
($ in
thousands, except share data)
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Real
estate sales
|
$
-
|
$
9,005
|
Cost
of real estate sales
|
-
|
747
|
Gross
profit margin
|
$
-
|
$
8,258
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Fully
improved land
|
14
|
14
|
|
$
14
|
$
14
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Deposit
with Trustee of 6.5%
|
|
|
debentures
|
$
41
|
$
41
|
Deferred
charges
|
1
|
1
|
|
$
42
|
$
42
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Current
accrued real estate taxes
|
$
4
|
$
4
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
6.5%,
due June, 1991
|
$
447
|
$
447
|
6%,
due May, 1992
|
8,025
|
8,025
|
|
$
8,472
|
$
8,472
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Original
face value
|
$
1,034
|
$
1,034
|
Outstanding
debenture principal balance
|
447
|
447
|
Accrued
and unpaid interest balance
|
846
|
817
|
Debenture
reserve account balance
|
41
|
41
|
|
June 23, 2016
|
June 23, 2016
|
Remaining
|
|
Principal
|
Interest
|
Accrued
|
|
Payment
|
Payment
|
Interest
|
|
($ in
thousands)
|
||
Credit
agreements - first mortgage note
|
$
500
|
$
470
|
$
-
|
payable-related
party
|
|
|
|
|
|
|
|
Collateralized
convertible debentures
|
|
|
|
payable-related
party
|
1,500
|
5,455
|
52,915
|
|
$
2,000
|
$
5,925
|
$
52,915
|
|
June 23, 2016
|
June 23, 2016
|
Remaining
|
|
Principal
|
Interest
|
Accrued
|
|
Payment
|
Payment
|
Interest
|
|
($ in
thousands)
|
||
Credit
agreements - first mortgage note
|
$
500
|
$
470
|
$
-
|
payable-related
party
|
|
|
|
|
|
|
|
Collateralized
convertible debentures
|
|
|
|
payable-related
party
|
1,500
|
5,455
|
52,915
|
|
$
2,000
|
$
5,925
|
$
52,915
|
|
2017
|
2016
|
||
|
($ in
thousands)
|
|||
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
Amount
|
Value
|
Amount
|
Value
|
Cash
|
$
159
|
$
159
|
$
958
|
$
958
|
Receivables
|
573
|
573
|
-
|
-
|
Accounts
payable
|
15
|
15
|
26
|
26
|
Debt
|
9,670
|
-
|
9,670
|
-
|
Name and
Age
|
|
Position with
Company and Business Experience During the Last Five
Years
|
|
|
|
Laurence A.
Schiffer
(age
78)
|
|
Director of the
Company since April 1987; President, Chief Executive Officer and
Chief Financial Officer of the Company since February 1994; Vice
Chairman of the Board since May 1987; President and Chief Executive
Officer of Love Real Estate Company and Love Investment Company
since 1973; Manager of PGIP since 1995; member of the Real Estate
Board of Metropolitan St. Louis and the National Association of
Real Estate Boards.
|
|
|
|
Andrew S.
Love
(age
74)
|
|
Director and
Chairman of the Company’s Board of Directors since May 1987;
Secretary since February 1994; Chairman of the Board of Love Real
Estate Company and Secretary of Love Investment Company since 1973;
Partner in St. Louis based law firm of Bryan, Cave, McPheeters
& McRoberts until 1991; Manager of PGIP since
1995.
|
|
|
|
Percent of
Total
|
Percent
of
|
|
|
Common
|
Preferred
|
Common
|
Preferred
|
Total Voting
|
Name(8)
|
Stock
|
Stock
|
Stock (1)
|
Stock
|
Power (1)
|
Estate
of Harold Vernon
|
998,777
(1)(2)
|
-
|
18.80
%
|
-
|
13.70
%
|
Mary
Anne Johns Trust
|
- (2)(3)
|
125,000
(3)
|
- (3)
|
6.30
%
|
5.00
%
|
Love
Investment Company
|
2,260,706
(4)
|
1,875,000
(4)
|
42.50
%
|
93.80
%
|
56.50
%
|
Andrew
S. Love
|
2,263,215
(5)
|
1,875,000
(5)
|
42.60
%
|
93.80
%
|
56.50
%
|
Laurence
A. Schiffer
|
2,263,215
(6)
|
1,875,000
(6)
|
42.60
%
|
93.80
%
|
56.50
%
|
All
executive officers and directors
|
|
|
|
|
|
as
a group (2 persons)
|
2,263,215
(7)
|
1,875,000
(7)
|
42.60
%
|
93.80
%
|
56.50
%
|
|
June 23, 2016
|
June 23, 2016
|
Remaining
|
|
Principal
|
Interest
|
Accrued
|
|
Payment
|
Payment
|
Interest
|
|
($ in
thousands)
|
||
Credit
agreements - first mortgage note
|
$
500
|
$
470
|
$
-
|
payable-related
party
|
|
|
|
|
|
|
|
Collateralized
convertible debentures
|
|
|
|
payable-related
party
|
1,500
|
5,455
|
52,915
|
|
$
2,000
|
$
5,925
|
$
52,915
|
|
PGI
INCORPORATED
(Registrant)
|
|
|
|
|
|
|
Date:
March 23,
2018
|
By:
|
/s/
Laurence A.
Schiffer
|
|
|
|
Laurence A.
Schiffer, President
(Duly
Authorized Officer and
Principal Executive
Officer)
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/
Andrew
S. Love
|
|
Chairman of the
Board
|
|
March 23,
2018
|
Andrew S.
Love
|
|
|
|
|
|
|
|
|
|
/s/
Laurence A.
Schiffer
|
|
Vice Chairman of
the Board,
|
|
March 23,
2018
|
Laurence A.
Schiffer
|
|
President, Principal Executive |
|
|
|
|
Officer, Principal
Financial
Officer, and
Principal Accounting
Officer
|
|
|
1 Year P G I (CE) Chart |
1 Month P G I (CE) Chart |
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