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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___________
|
Non-accelerated
filer____________
|
Accelerated
filer__________
|
Smaller reporting
company X
|
(Do not check if a
smaller reporting company)
|
Emerging growth
company __________
|
Title
of each class
|
Trading
Symbol(s)
|
Name of
each exchange on which registered
|
None
|
Inapplicable
|
Inapplicable
|
|
|
Form 10 -
Q
Page
No.
|
|
||
Item
1.
|
3
|
|
|
4
|
|
|
5
|
|
|
6
|
|
|
7
|
|
|
8
|
|
13
|
||
17
|
||
17
|
||
|
||
18
|
||
18
|
||
18
|
||
18
|
||
18
|
||
18
|
||
18
|
||
|
19
|
|
|
20
|
|
September
30,
|
December
31,
|
|
2020
|
2019
|
ASSETS
|
|
|
Cash
|
$94
|
$309
|
Land
inventory
|
14
|
14
|
Restricted
sinking fund
|
-
|
13
|
|
$108
|
$336
|
LIABILITIES
|
|
|
Accounts
payable and accrued expenses
|
$159
|
$169
|
Accrued
real estate taxes
|
3
|
-
|
Accrued
interest:
|
|
|
Subordinated
convertible debentures payable
|
27,797
|
27,070
|
Convertible
debentures payable-related party
|
52,790
|
52,915
|
Notes
payable
|
3,435
|
3,385
|
Credit
agreements:
|
|
|
Notes
payable
|
1,198
|
1,198
|
Subordinated
convertible debentures payable
|
8,025
|
8,163
|
|
93,407
|
92,900
|
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 $16,275)
|
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
|
(109,329)
|
(108,594)
|
|
(93,299)
|
(92,564)
|
|
$108
|
$336
|
|
Three Months
Ended
|
Nine Months
Ended
|
||
|
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|
2020
|
2019
|
2020
|
2019
|
REVENUES
|
|
|
|
|
Interest
income
|
$-
|
$-
|
$-
|
$1
|
Other
income
|
2
|
-
|
2
|
3
|
|
2
|
-
|
2
|
4
|
COSTS
AND EXPENSES
|
|
|
|
|
Interest
|
354
|
354
|
1,062
|
1,057
|
Forgiveness
of debt
|
|
|
|
|
and
interest
|
(410)
|
-
|
(410)
|
-
|
Taxes
and assessments
|
1
|
1
|
3
|
3
|
Consulting
and accounting-
|
|
|
|
|
related
party
|
8
|
9
|
26
|
27
|
Legal
and professional
|
1
|
16
|
36
|
63
|
General
and administrative
|
6
|
12
|
20
|
41
|
|
(40)
|
392
|
737
|
1,191
|
NET
INCOME (LOSS)
|
$42
|
$(392)
|
$(735)
|
$(1,187)
|
|
|
|
|
|
NET
LOSS PER SHARE(*)
|
|
|
|
|
AVAILABLE
TO COMMON
|
|
|
|
|
STOCKHOLDERS-Basic
and diluted
|
$(0.02)
|
$(0.10)
|
$(0.23)
|
$(0.31)
|
|
|
|
|
|
*Considers the effect of dividends on preferred stock for the three
and nine months ended
|
|
|||
September
30, 2020 and 2019.
|
|
|
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
September
30,
|
|
2020
|
2019
|
|
|
|
Net
cash used in operating activities
|
$(215)
|
$(190)
|
|
|
|
Net
change in cash
|
(215)
|
(190)
|
|
|
|
Cash
at beginning of period
|
309
|
526
|
|
|
|
Cash
at end of period
|
$94
|
$336
|
|
Preferred
Stock
|
Common Stock
|
|
|
|
||
|
Shares
|
Par
Value
|
Shares
|
Par
Value
|
Paid-in
Capital
|
Accumulated
Deficit
|
Total
|
|
|
|
|
|
|
|
|
Balances
at 6/30/20
|
2,000,000
|
$2,000
|
5,317,758
|
$532
|
$13,498
|
$(109,371)
|
$(93,341)
|
|
|
|
|
|
|
|
|
Net
Income (Loss)
|
-
|
-
|
-
|
-
|
-
|
42
|
42
|
Balances
at 9/30/20
|
2,000,000
|
$2,000
|
5,317,758
|
$532
|
$13,498
|
$(109,329)
|
$(93,299)
|
|
Preferred
Stock
|
Common
Stock
|
|
|
|
||
|
Shares
|
Par
Value
|
Shares
|
Par
Value
|
Paid-in
Capital
|
Accumulated
Deficit
|
Total
|
|
|
|
|
|
|
|
|
Balances
at 6/30/19
|
2,000,000
|
$2,000
|
5,317,758
|
$532
|
$13,498
|
$(107,821)
|
$(91,791)
|
|
|
|
|
|
|
|
|
Net
Income (Loss)
|
-
|
-
|
-
|
-
|
-
|
(392)
|
(392)
|
Balances
at 9/30/19
|
2,000,000
|
$2,000
|
5,317,758
|
$532
|
$13,498
|
$(108,213)
|
$(92,183)
|
|
Preferred
Stock
|
Common
Stock
|
|
|
|
||
|
Shares
|
Par
Value
|
Shares
|
Par
Value
|
Paid-in
Capital
|
Accumulated
Deficit
|
Total
|
|
|
|
|
|
|
|
|
Balances
at 1/1/20
|
2,000,000
|
$2,000
|
5,317,758
|
$532
|
$13,498
|
$(108,594)
|
$(92,564)
|
|
|
|
|
|
|
|
|
Net
Income (Loss)
|
-
|
-
|
-
|
-
|
-
|
(735)
|
(735)
|
Balances
at 9/30/20
|
2,000,000
|
$2,000
|
5,317,758
|
$532
|
$13,498
|
$(109,329)
|
$(93,299)
|
|
Preferred
Stock
|
Common Stock
|
|
|
|
||
|
Shares
|
Par
Value
|
Shares
|
Par
Value
|
Paid-in
Capital
|
Accumulated
Deficit
|
Total
|
|
|
|
|
|
|
|
|
Balances
at 1/1/19
|
2,000,000
|
$2,000
|
5,317,758
|
$532
|
$13,498
|
$(107,026)
|
$(90,996)
|
|
|
|
|
|
|
|
|
Net
Income (Loss)
|
-
|
-
|
-
|
-
|
-
|
(1,187)
|
(1,187)
|
Balances
at 9/30/19
|
2,000,000
|
$2,000
|
5,317,758
|
$532
|
$13,498
|
$(108,213)
|
$(92,183)
|
|
Three Months
Ended
|
Nine Months
Ended
|
||
|
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|
2020
|
2019
|
2020
|
2019
|
|
($ in thousands, except share and per share
data)
|
|||
|
|
|
|
|
Net
Income (Loss)
|
$42
|
$(392)
|
$(735)
|
$(1,187)
|
|
|
|
|
|
Preferred
dividends
|
(160)
|
(160)
|
(480)
|
(480)
|
|
|
|
|
|
Loss
Available to
|
$(118)
|
$(552)
|
$(1,215)
|
$(1,667)
|
Common
shareholders
|
|
|
|
|
|
|
|
|
|
Basic
and Diluted
|
|
|
|
|
Weighted
Average Number
|
|
|
|
|
Of
Common Shares
|
|
|
|
|
Outstanding
|
5,317,758
|
5,317,758
|
5,317,758
|
5,317,758
|
|
|
|
|
|
Basic
and Diluted Loss
|
|
|
|
|
Per
Common Share
|
$(0.02)
|
$(0.10)
|
$(0.23)
|
$(0.31)
|
|
September
30,
|
December
31,
|
|
2020
|
2019
|
|
($ in
thousands)
|
|
Fully
improved land
|
$14
|
$14
|
|
September
30,
|
December
31,
|
|
2020
|
2019
|
|
($
in thousands)
|
|
Accounts
payable
|
$2
|
$-
|
Accrued
accounting review and
|
|
|
tax
preparation expense
|
3
|
13
|
Accrued
consulting fees-related party
|
-
|
1
|
Accrued
legal
|
-
|
1
|
Accrued
debenture fees
|
153
|
153
|
Accrued
miscellaneous
|
1
|
1
|
|
$159
|
$169
|
|
|
|
Accrued
real estate taxes consisted of:
|
|
|
Current
real estate taxes
|
$3
|
$-
|
|
September 30,
2020
|
December 31,
2019
|
|
($ in
thousands)
|
|
|
|
|
Outstanding
debenture principal balance
|
$-
|
$138
|
Face
value of debentures escheated
|
138
|
-
|
Debenture
reserve account balance
|
-
|
13
|
Debenture
reserve funds utilized
|
|
|
in
escheatment to states of debenture holders
|
13
|
-
|
Forgiveness
of debt
|
125
|
-
|
Forgiveness
of interest
|
285
|
-
|
|
September
30,
|
December
31,
|
|
2020
|
2019
|
|
($ in
thousands)
|
|
Deferred
tax asset
|
|
|
Net
operating loss carryforward
|
$17,708
|
$17,522
|
Expenses
capitalized under IRC 263(a)
|
37
|
37
|
Tax
credits (AMT)
|
57
|
57
|
Valuation
allowance
|
(17,802)
|
(17,616)
|
Total
deferred tax asset
|
-
|
-
|
|
(Decrease)
|
|
($ in
thousands)
|
Legal
and professional fees environmental remediation
|
$(15)
|
Legal
common title matters
|
(7)
|
Legal
Form 8K review
|
(4)
|
Legal
review filing of periodic reports
|
(1)
|
|
$(27)
|
|
September
30,
|
December
31,
|
|
|
2020
|
2019
|
(Decrease)
|
|
|
($ in thousands)
|
|
Cash
|
$94
|
$309
|
$(215)
|
Land
inventory
|
14
|
14
|
-
|
Restricted
sinking fund
|
-
|
13
|
(13)
|
|
$108
|
$336
|
$(228)
|
|
September
30,
|
December
31,
|
Increase
|
|
2020
|
2019
|
(Decrease)
|
|
($ in thousands)
|
||
Accounts
payable and accrued expenses
|
$159
|
$169
|
$(10)
|
Accrued
real estate taxes
|
3
|
-
|
3
|
Accrued
interest
|
84,022
|
83,370
|
652
|
Credit
agreements:
|
|
|
-
|
Notes
payable
|
1,198
|
1,198
|
-
|
Subordinated
convertible
|
|
|
|
debentures
payable
|
8,025
|
8,163
|
(138)
|
|
|
|
|
|
$93,407
|
$92,900
|
$507
|
|
PGI INCORPORATED
(Registrant)
|
|
|
|
|
|
|
Date: November 13,
2020
|
By:
|
/s/ Laurence A.
Schiffer
|
|
|
|
Laurence A.
Schiffer
|
|
|
|
President
(Duly
Authorized Officer, Principal Executive Officer and Principal
Financial Officer)
|
|
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.
|
|
|
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.
|
|
|
|
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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