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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.)
|
Title
of each class
|
Trading
Symbol(s)
|
Name of
each exchange on which registered
|
None
|
Inapplicable
|
Inapplicable
|
|
|
Form
10 - Q
Page
No.
|
|
||
|
||
|
||
|
||
|
||
|
|
|
PGI
INCORPORATED AND SUBSIDIARIES
|
||
C
ONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
|
||
($ in
thousands, except share and per share data)
|
||
|
|
|
|
March 31,
|
December 31,
|
|
2019
|
2018
|
|
(Unaudited)
|
|
ASSETS
|
|
|
Cash
|
$
419
|
$
526
|
Land
inventory
|
14
|
14
|
Restricted
sinking fund
|
13
|
13
|
|
$
446
|
$
553
|
LIABILITIES
|
|
|
Accounts
payable and accrued expenses
|
$
175
|
$
230
|
Accrued
real estate taxes
|
1
|
-
|
Accrued
interest:
|
|
|
Subordinated
convertible debentures payable
|
26,072
|
25,744
|
Convertible
debentures payable-related party
|
52,915
|
52,915
|
Notes
payable
|
3,321
|
3,299
|
Credit
agreements:
|
|
|
Notes
payable
|
1,198
|
1,198
|
Subordinated
convertible debentures payable
|
8,163
|
8,163
|
|
91,845
|
91,549
|
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
plus unpaid cumulative dividends of $15,315)
|
2,000
|
2,000
|
Common
stock, par value $.10 per share;
|
|
|
authorized
25,000,000 shares; 5,317,758
|
|
|
shares
issued and outstanding
|
532
|
532
|
Paid-in
capital
|
13,498
|
13,498
|
Accumulated
deficit
|
(107,429
)
|
(107,026
)
|
|
(91,399
)
|
(90,996
)
|
|
$
446
|
$
553
|
PGI
INCORPORATED AND SUBSIDIARIES
|
||
C
ONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
||
($
in thousands, except per share data)
|
||
(Unaudited)
|
||
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
March 31,
|
|
2019
|
2018
|
REVENUES
|
|
|
Interest
income
|
$
1
|
$
1
|
Interest
income-related party
|
-
|
4
|
|
1
|
5
|
COSTS
AND EXPENSES
|
|
|
Interest
|
350
|
345
|
Forgiveness
of debt and interest
|
-
|
(332
)
|
Taxes
and assessments
|
1
|
1
|
Consulting
and accounting-
|
|
|
related
party
|
9
|
9
|
Legal
and professional
|
29
|
4
|
General
and administrative
|
15
|
21
|
|
404
|
48
|
NET
LOSS
|
(403
)
|
(43
)
|
|
|
|
NET
LOSS PER SHARE(*)
|
|
|
AVAILABLE
TO COMMON
|
|
|
STOCKHOLDERS-Basic
and diluted
|
$
(0.11
)
|
$
(0.04
)
|
|
|
|
*Considers the effect of dividends on preferred stock for the three
months ended
|
||
March
31, 2019 and 2018.
|
|
|
PGI
INCORPORATED AND SUBSIDIARIES
|
||
C
ONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
||
($ in
thousands)
|
||
(Unaudited)
|
||
|
Three Months Ended
|
|
|
March 31,
|
March 31,
|
|
2019
|
2018
|
|
|
|
Net
cash used in operating activities
|
$
(107
)
|
$
(36
)
|
Cash
Flows from investing activities:
|
|
|
Payments
received on notes receivable-related party
|
-
|
560
|
Net
cash provided by investing activities
|
-
|
560
|
|
|
|
Net
change in cash
|
(107
)
|
524
|
|
|
|
Cash
at beginning of period
|
526
|
159
|
|
|
|
Cash
at end of period
|
$
419
|
$
683
|
|
March 31,
|
December 31,
|
|
2019
|
2018
|
|
($ in thousands)
|
|
Fully
improved land
|
$
14
|
$
14
|
|
March 31,
|
December 31,
|
|
2019
|
2018
|
|
($ in thousands)
|
|
Accounts
payable
|
$
11
|
$
18
|
Accrued
audit & professional
|
9
|
43
|
Accrued
legal
|
-
|
14
|
Accrued
consulting fees-related party
|
1
|
1
|
Accrued
debenture fees
|
153
|
153
|
Accrued
miscellaneous
|
1
|
1
|
|
$
175
|
$
230
|
|
|
|
Accrued
real estate taxes consisted of:
|
|
|
Current
real estate taxes
|
$
1
|
$
-
|
|
March 31,
|
December 31,
|
|
2019
|
2018
|
|
($ in
thousands)
|
|
Notes
payable - $1,176,000 bearing
|
|
|
interest
at prime plus 2%,
the
remainder non-interest bearing,
|
|
|
all
past due
|
$
1,198
|
$
1,198
|
|
|
|
Subordinated
convertible debentures payable:
|
|
|
At
6.5% interest; due June 1991
|
138
|
138
|
At
6% interest; due May 1992
|
8,025
|
8,025
|
|
8,163
|
8,163
|
|
$
9,361
|
$
9,361
|
|
March 31,
|
December 31,
|
Increase
|
|
2019
|
2018
|
(Decrease)
|
|
|
($ in
thousands)
|
|
Cash
|
$
419
|
$
526
|
$
(107
)
|
Land
inventory
|
14
|
14
|
-
|
Restricted
sinking fund
|
13
|
13
|
-
|
|
$
446
|
$
553
|
$
(107
)
|
|
March 31,
|
December 31,
|
Increase
|
|
2019
|
2018
|
(Decrease)
|
|
|
($ in
thousands)
|
|
Accounts
payable and accrued expenses
|
$
175
|
$
230
|
$
(55
)
|
Accrued
real estate taxes
|
1
|
-
|
1
|
Accrued
interest
|
82,308
|
81,958
|
350
|
Credit
agreements:
|
|
|
|
Notes
payable
|
1,198
|
1,198
|
-
|
Subordinated
convertible
|
|
|
|
debentures
payable
|
8,163
|
8,163
|
-
|
|
|
|
|
|
$
91,845
|
$
91,549
|
$
296
|
|
PGI INCORPORATED
(Registrant)
|
|
|
|
|
|
|
Date:
May 15, 2019
|
By:
|
/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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