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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 |
PGI
INCORPORATED
|
(Exact
name of registrant as specified in its charter)
|
FLORIDA
|
59-0867335
|
(State
or other jurisdiction of incorporation)
|
(I.R.S.
Employer Identification No.)
|
212 SOUTH CENTRAL,
SUITE 304, ST. LOUIS, MISSOURI 63105
|
(Address
of principal executive offices)
|
|
(314)
512-8650
|
(Registrant’s
telephone number, including area code)
|
|
N/A
|
(Former
Name, Former Address and Former Fiscal year, if changed since last
report)
|
Large
accelerated filer___________
|
|
Accelerated
filer__________
|
Non-accelerated
filer____________
|
|
Smaller
reporting company
X
|
(Do not
check if a smaller reporting company)
|
|
Emerging growth
company _______
|
|
|
Form 10
- Q
Page No.
|
PART
I
|
FINANCIAL
INFORMATION
|
|
Item
1.
|
Financial
Statements
Condensed
Consolidated Statements of Financial Position
June 30, 2017
(Unaudited) and December 31, 2016
|
3
|
|
Condensed
Consolidated Statements of Operations (Unaudited)
Three
and Six Months Ended June 30, 2017 and 2016
|
4
|
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
Six
Months Ended June 30, 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
|
12
|
Item
3.
|
Quantitative and
Qualitative Disclosures About Market Risk
|
18
|
Item
4.
|
Controls and
Procedures
|
18
|
PART
II
|
OTHER
INFORMATION
|
|
Item
1.
|
Legal
Proceedings
|
19
|
Item
1A.
|
|
|
Item
2.
|
Unregistered Sales
of Equity Securities and Use of Proceeds
|
19
|
Item
3.
|
Defaults Upon
Senior Securities
|
19
|
Item
4.
|
Mine
Safety Disclosures
|
19
|
Item
5.
|
Other
Information
|
19
|
Item
6.
|
Exhibits
|
19
|
SIGNATURE
|
|
20
|
|
|
|
EXHIBIT
INDEX
|
|
2
1
|
|
Three Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
June 30,
|
June 30,
|
|
2017
|
2016
|
2017
|
2016
|
|
($ in thousands, except share and per
share data)
|
|||
|
|
|
|
|
Net
Income (Loss)
|
$
(373
)
|
$
6,030
|
$
(822
)
|
$
3,694
|
Preferred
dividends
|
(160
)
|
(160
)
|
(320
)
|
(320
)
|
Income
(Loss) Available to
|
|
|
|
|
Common
shareholders
|
$
(533
)
|
$
5,870
|
$
(1,142
)
|
$
3,374
|
|
|
|
|
|
Weighted
Average Number
|
|
|
|
|
Of
Common Shares
|
|
|
|
|
Outstanding
|
5,317,758
|
5,317,758
|
5,317,758
|
5,317,758
|
|
|
|
|
|
Weighted
Average Number
|
|
|
|
|
Of
Common Shares
|
|
|
|
|
Outstanding
(Diluted)
|
9,514,130
|
10,386,223
|
9,514,130
|
10,386,223
|
|
|
|
|
|
Basic
Income (Loss)
|
|
|
|
|
Per
Common Share
|
$
(0.10
)
|
$
1.10
|
$
(0.21
)
|
$
0.63
|
|
|
|
|
|
Diluted
Income (Loss)
|
|
|
|
|
Per
Common Share
|
$
(0.10
)
|
$
0.60
|
$
(0.21
)
|
$
0.39
|
|
June 30,
|
December 31,
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Fully
improved land
|
$
14
|
$
14
|
|
June 30,
|
December 31,
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Deposit
with Trustee of 6-1/2% debentures
|
$
41
|
$
41
|
Other
|
2
|
1
|
|
$
43
|
$
42
|
|
June 30,
|
December 31,
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Accounts
payable
|
$
1
|
$
26
|
Accrued
audit & professional
|
37
|
46
|
Accrued
consulting fees-related party
|
1
|
1
|
Environmental
remediation obligations
|
4
|
19
|
Accrued
debenture fees
|
140
|
137
|
Accrued
miscellaneous
|
1
|
1
|
|
$
184
|
$
230
|
|
|
|
Accrued
real estate taxes consisted of:
|
|
|
Current
real estate taxes
|
$
2
|
$
4
|
|
June 30,
|
December 31,
|
|
2017
|
2016
|
|
($ in
thousands)
|
|
Deferred
tax asset
|
|
|
Net
operating loss carryforward
|
$
25,552
|
$
25,240
|
Expenses
capitalized under IRC 263(a)
|
56
|
56
|
Environmental
liability
|
7
|
7
|
Valuation
allowance
|
(25,615
)
|
(25,303
)
|
Total
deferred tax asset
|
-
|
-
|
|
June 30,
|
December 31,
|
Increase
|
|
2017
|
2016
|
(Decrease)
|
|
($
in thousands)
|
||
Cash
|
$
245
|
$
958
|
$
(713
)
|
Receivables-related
party
|
500
|
-
|
500
|
Recoverable
income taxes
|
18
|
-
|
18
|
Land
and improvement inventories
|
14
|
14
|
-
|
Other
assets
|
43
|
42
|
1
|
|
$
820
|
$
1,014
|
$
(194
)
|
|
June 30,
|
December 31,
|
Increase
|
|
2017
|
2016
|
(Decrease)
|
|
($
in thousands)
|
||
Accounts
payable and accrued expenses
|
$
184
|
$
230
|
$
(46
)
|
Accrued
real estate taxes
|
2
|
4
|
(2
)
|
Accrued
interest
|
80,480
|
79,804
|
676
|
Credit
agreements:
|
|
|
-
|
Notes
payable
|
1,198
|
1,198
|
-
|
Subordinated
convertible
|
|
|
|
debentures payable
|
8,472
|
8,472
|
-
|
|
|
|
|
|
$
90,336
|
$
89,708
|
$
628
|
Date: August 14, 2017 |
|
/s/Laurence A. Schiffer |
|
|
|
Laurence A. Schiffer |
|
|
|
President
(Duly Authorized Officer, Principal Executive Officer and Principal Financial Officer) |
|
1 Year P G I (CE) Chart |
1 Month P G I (CE) Chart |
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