PGI INCORPORATED LIQUIDITY AND CAPITAL RESOURCES
Effective
The Resolution approved the sale of the Company's last remaining parcel of value
to LIC, a
The Board accepted the LIC offer to purchase the respective seven-acre parcel
for a purchase price of
The Resolution further approves the proceeds of the sale of the Citrus County
Parcel to be paid in full settlement of the remaining aggregate balance of
accrued interest of the Convertible Secured Debentures of
For many years, the Company's independent accountants and management stated in
its
The Company has been administratively dissolved by the
The Company's remaining land inventory is available for tax sale. The remaining
landholdings consist of minor easements in
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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
The Company's historical financial statement indebtedness has included its 6%
subordinated convertible debentures which matured in May, 1992, with a remaining
face amount of
The Company has been party to an agreement relating to the 6% subordinated
convertible debentures, with Deutsch Bank Trust Company Americas (formerly known
as
RESULTS OF OPERATIONS Revenues
Revenues for the year ended
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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
The Company recognized forgiveness of debt and interest expense for the year
ended
Forgiveness Forgiveness
of Debt of Interest Total
($ in thousands)
Notes Payable (Note 6) $ 1,198 $ 3,593 $ 4,791
Subordinated convertible debentures (Note
7) 8,025 30,915 38,940
Convertible debentures related party (Note
8) - 52,510 52,510
Accrued expenses 154 - 154
Accrued real estate taxes 4 - 4
$ 9,381 $ 87,018 $ 96,399
Costs and Expenses
Costs and expenses for the year ended
Increase
2022 2021 (Decrease)
($ in thousands)
COSTS, EXPENSES AND OTHER
Cost of real estate sales $ 17 $ 15 $ 2
Interest expense 1,485 1,437 48
Taxes and assessments 4 5 (1 )
Consulting and accounting-related party 24 24 -
Legal and professional 3 1 2
General and administrative 24 24 -
$ 1,557 $ 1,506 $ 51 The cost of real estate sales for the year ended
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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
Interest expense accruing on the Company's outstanding debt held by non-related
parties, increased by
Taxes and assessments decreased by
Consulting and accounting expense was
Legal and professional expenses increased by
General and administrative expenses were
The Company realized net income of
FINANCIAL CONDITION
Total assets decreased by
Increase
2022 2021 (Decrease)
($ in thousands)
Cash $ 7 $ 58 $ (51 )
Land Inventory - 10 (10 )
$ 7 $ 68 $ (61 )
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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
Net cash used in operating activities was
Cash received from operations during the year ended
Cash expended for operations during the year ended
Increase
(Decrease)
($ in thousands)
Cost of real estate sales paid $ (3 )
Interest - related party paid 180
General and administrative paid (4 )
$ 173
The increase of
Liabilities were
Increase
2022 2021 (Decrease)
($ in thousands)
Accounts payable and accrued expenses
- 5 (5 )
Accrued interest - 33,024 (33,024 )
Accrued interest-related party - 52,740 (52,740 )
Notes payable - 1,198 (1,198 )
Convertible subordinated debentures payable - 8,025 (8,025 )
$ 7 $ 95,149 $ (95,142 )
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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
Accounts payable and accrued expenses decreased by
Accrued real estate taxes decreased by
Accrued interest decreased by$85,764,000 atDecember 31, 2022 compared toDecember 31, 2021 reflecting changes in the following accrued interest categories: Increase 2022 2021 (Decrease) ($ in thousands)
Convertible subordinated debentures $ -
- 3,512 (3,512 )
$ - $ 85,764 $ (85,764 ) Accrued interest decreased
The decrease in accrued interest of
The decrease of
The Company's stockholders' deficiency of
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Off-Balance Sheet Arrangements
The Company has no Off-Balance Sheet Arrangements.
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