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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 |
FLORIDA
|
|
59-0867335
|
(State or other
jurisdiction of incorporation)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated
filer
|
☐
|
Accelerated
filer
|
☐
|
Non-accelerated
filer
|
☐
|
Smaller reporting
company
|
☑
|
Do not check if a
smaller reporting company)
|
Emerging growth
company
|
☐
|
|
|
|
Page
|
PART I
FINANCIAL INFORMATION
|
|
||
|
|
|
|
|
Item 1.
Financial Statements
|
3
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Financial Position
March
31, 2017 (Unaudited) and December 31, 2016
|
3
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations (Unaudited)
Three
Months Ended March 31, 2017 and 2016
|
4
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
Three
Months Ended March 31, 2017 and 2016
|
5
|
|
|
|
|
|
|
Notes to Condensed Consolidated Financial Statements
(Unaudited)
|
6
|
|
|
|
|
|
Item 2.
Management's Discussion and Analysis of
Financial Condition and Results of Operations
|
11
|
|
|
|
|
|
|
Item 3.
Quantitative and Qualitative Disclosures About Market
Risk
|
16
|
|
|
|
|
|
|
Item 4.
Controls and Procedures
|
16
|
|
|
|
|
|
PART II
OTHER INFORMATION
|
|
||
|
|
|
|
|
Item 1.
Legal Proceedings
|
17
|
|
|
|
|
|
|
Item 1A.
Risk Factors
|
17
|
|
|
|
|
|
|
Item 2.
Unregistered Sales of Equity Securities and Use of
Proceeds
|
17
|
|
|
|
|
|
|
Item 3.
Defaults Upon Senior Securities
|
17
|
|
|
|
|
|
|
Item 4.
Mine Safety Disclosures
|
17
|
|
|
|
|
|
|
Item 5.
Other Information
|
17
|
|
|
|
|
|
|
Item 6.
Exhibits
|
17
|
|
|
|
|
|
|
SIGNATURE
|
18
|
|
|
|
|
|
|
EXHIBIT INDEX
|
19
|
|
March 31,
|
December 31,
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Fully
improved land
|
$
14
|
$
14
|
|
March 31,
|
December 31,
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Deposit
with Trustee of 6-1/2% debentures
|
$
41
|
$
41
|
Deferred
charges
|
1
|
1
|
|
$
42
|
$
42
|
|
March 31,
|
December 31,
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Accounts
payable
|
$
30
|
$
26
|
Accrued
audit & professional
|
37
|
46
|
Accrued
consulting fees-related party
|
1
|
1
|
Environmental
remediation obligations
|
17
|
19
|
Accrued
debenture fees
|
139
|
137
|
Accrued
miscellaneous
|
1
|
1
|
|
$
225
|
$
230
|
|
|
|
Accrued
real estate taxes consisted of:
|
|
|
Current
real estate taxes
|
$
1
|
$
4
|
|
March 31,
|
December 31,
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Deferred
tax asset
|
|
|
Net
operating loss carryforward
|
$
25,411
|
$
25,240
|
Expenses
capitalized under IRC 263(a)
|
56
|
56
|
Environmental
liability
|
7
|
7
|
Valuation
allowance
|
(25,474
)
|
(25,303
)
|
Total
deferred tax asset
|
-
|
-
|
|
March 31,
|
December 31,
|
Increase
|
|
2017
|
2016
|
(Decrease)
|
|
|
($ in
thousands)
|
|
Cash
|
$
894
|
$
958
|
$
(64
)
|
Land
and improvement inventories
|
14
|
14
|
-
|
Other
assets
|
42
|
42
|
-
|
|
$
950
|
$
1,014
|
$
(64
)
|
|
March 31,
|
December 31,
|
Increase
|
|
2017
|
2016
|
(Decrease)
|
|
|
($ in
thousands)
|
|
Accounts
payable and accrued expenses
|
$
225
|
$
230
|
$
(5
)
|
Accrued
real estate taxes
|
1
|
4
|
(3
)
|
Accrued
income taxes
|
57
|
-
|
57
|
Accrued
interest
|
80,140
|
79,804
|
336
|
Credit
agreements:
|
|
|
-
|
Notes
payable
|
1,198
|
1,198
|
-
|
Subordinated
convertible
|
|
|
|
debentures payable
|
8,472
|
8,472
|
-
|
|
|
|
|
|
$
90,093
|
$
89,708
|
$
385
|
|
PGI
INCORPORATED
|
|
|
|
(Registrant) |
|
|
|
|
|
|
Date: May 15,
2017
|
By:
|
/s/
Laurence A.
Schiffer
|
|
|
|
Laurence A. Schiffer |
|
|
|
President |
|
|
|
(Duly Authorized Officer, Principal Executive Officer and Principal Financial Officer) |
|
Exhibit No.
|
|
Description
|
|
|
|
2
|
|
Inapplicable.
|
|
|
|
3.(i)
|
|
Inapplicable.
|
|
|
|
3.(ii)
|
|
Inapplicable.
|
|
|
|
4
|
|
Inapplicable.
|
|
|
|
10
|
|
Inapplicable.
|
|
|
|
11
|
|
Statement re: Computation of Per Share Earnings (Set forth in Note
2 of the Notes to Condensed Consolidated Financial Statements
(Unaudited) herein).
|
|
|
|
15
|
|
Inapplicable.
|
|
|
|
18
|
|
Inapplicable.
|
|
|
|
19
|
|
Inapplicable.
|
|
|
|
22
|
|
Inapplicable.
|
|
|
|
23
|
|
Inapplicable.
|
|
|
|
24.
|
|
Inapplicable.
|
|
|
|
31(i).1
|
|
Principal Executive Officer certification pursuant to Rule
13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934,
as amended.
|
|
|
|
31(i).2
|
|
Principal Financial Officer certification pursuant to Rule
13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934,
as amended.
|
|
|
|
32.1
|
|
Chief Executive Officer certification pursuant to 18 U.S.C. Section
1350.
|
|
|
|
32.2
|
|
Chief Financial Officer certification pursuant to 18 U.S.C. Section
1350.
|
|
|
|
95
|
|
Inapplicable.
|
|
|
|
99
|
|
Inapplicable.
|
|
|
|
100
|
|
Inapplicable.
|
|
|
|
101
|
|
Instance Document, Schema Document, Calculation Linkbase Document,
Labels Linkbase Document, Presentation Linkbase Document and
Definition Linkbase Document.*
|
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