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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
|
|
|
|
Condensed
Consolidated Statements of Financial Position
March 31, 2018
(Unaudited) and December 31, 2017
|
3
|
|
|
Condensed
Consolidated Statements of Operations (Unaudited)
Three Months
Ended March 31, 2018 and 2017
|
4
|
|
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
Three Months
Ended March 31, 2018 and 2017
|
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
|
15
|
|
|
Item
4.
Controls and
Procedures
|
15
|
|
|
PART
II
OTHER
INFORMATION
|
|
|
|
Item
1.
Legal
Proceedings
|
16
|
|
|
Item
1A.
Risk
Factors
|
16
|
|
|
Item
2.
Unregistered
Sales of Equity Securities and Use of Proceeds
|
16
|
|
|
Item
3.
Defaults Upon
Senior Securities
|
16
|
|
|
Item
4.
Mine Safety
Disclosures
|
16
|
|
|
Item
5.
Other
Information
|
16
|
|
|
Item
6.
Exhibits
|
16
|
|
|
SIGNATURE
|
17
|
|
|
EXHIBIT
INDEX
|
18
|
|
March 31,
|
December 31,
|
|
2018
|
2017
|
|
($ in
thousands)
|
|
Note
receivable-related party
|
$
-
|
$
560
|
Interest
receivable-related party
|
-
|
13
|
|
$
-
|
$
573
|
|
March 31,
|
December 31,
|
|
2018
|
2017
|
|
($ in
thousands)
|
|
Fully
improved land
|
$
14
|
$
14
|
|
|
|
|
March 31,
|
December 31,
|
|
2018
|
2017
|
|
($ in
thousands)
|
|
Accounts
payable
|
$
3
|
$
15
|
Accrued
audit & professional
|
39
|
47
|
Accrued
legal
|
2
|
-
|
Accrued
consulting fees-related party
|
1
|
1
|
Accrued
debenture fees
|
147
|
145
|
Accrued
miscellaneous
|
1
|
1
|
|
$
193
|
$
209
|
|
|
|
Accrued
real estate taxes consisted of:
|
|
|
Current
real estate taxes
|
$
1
|
$
4
|
|
March 31,
|
December 31,
|
|
2018
|
2017
|
|
($ in
thousands)
|
|
Deferred
tax asset
|
|
|
Net
operating loss carryforward
|
$
17,042
|
$
16,948
|
Expenses
capitalized under IRC 263(a)
|
37
|
37
|
Tax
credits (AMT)
|
57
|
57
|
Valuation
allowance
|
(17,136
)
|
(17,042
)
|
Total
deferred tax asset
|
$
-
|
$
-
|
|
March 31,
|
December 31,
|
Increase
|
|
2018
|
2017
|
(Decrease)
|
|
|
($ in
thousands)
|
|
Cash
|
$
683
|
$
159
|
$
524
|
Receivables-related
party
|
-
|
573
|
(573
)
|
Land
and improvement inventories
|
14
|
14
|
-
|
Restricted
sinking fund
|
41
|
41
|
-
|
Other
assets
|
1
|
1
|
-
|
|
$
739
|
$
788
|
$
(49
)
|
|
March 31,
|
December 31,
|
Increase
|
|
2018
|
2017
|
(Decrease)
|
|
|
($ in
thousands)
|
|
Accounts
payable and accrued expenses
|
$
193
|
$
209
|
$
(16
)
|
Accrued
real estate taxes
|
1
|
4
|
(3
)
|
Accrued
interest
|
81,510
|
81,165
|
345
|
Credit
agreements:
|
|
|
-
|
Notes
payable
|
1,198
|
1,198
|
-
|
Subordinated
convertible
|
|
|
|
debentures
payable
|
8,472
|
8,472
|
-
|
|
|
|
|
|
$
91,374
|
$
91,048
|
$
326
|
|
PGI
INCORPORATED
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date:
May 11, 2018
|
By:
|
/s/
Laurence A.
Schiffer
|
|
|
|
Laurence A. Schiffer |
|
|
|
President |
|
|
|
(Duly Authorized Officer, Principal Executive Officer and Principal Financial Officer) |
|
2
|
|
Inapplicable.
|
|
|
|
3.(i)
|
|
Inapplicable.
|
|
|
|
|
Bylaws
of PGI Incorporated and all amendments thereto.
|
|
|
|
|
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.
|
|
|
|
|
Principal
Executive Officer certification pursuant to Rule 13a-14(a) or
15d-14(a) under the Securities Exchange Act of 1934, as
amended.
|
|
|
|
|
|
Principal
Financial Officer certification pursuant to Rule 13a-14(a) or
15d-14(a) under the Securities Exchange Act of 1934, as
amended.
|
|
|
|
|
|
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.*
|
1 Year P G I (CE) Chart |
1 Month P G I (CE) Chart |
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