0001654954-18-012322.txt : 20181109 0001654954-18-012322.hdr.sgml : 20181109 20181109163128 ACCESSION NUMBER: 0001654954-18-012322 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181109 DATE AS OF CHANGE: 20181109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PGI INC CENTRAL INDEX KEY: 0000081157 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 590867335 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06471 FILM NUMBER: 181173509 BUSINESS ADDRESS: STREET 1: 212 SOUTH CENTRAL STREET 2: SUITE 100 CITY: ST LOUIS STATE: MO ZIP: 63105 BUSINESS PHONE: 3145128650 MAIL ADDRESS: STREET 1: 212 SOUTH CENTRAL STREET 2: SUITE 100 CITY: ST LOUIS STATE: MO ZIP: 63105 FORMER COMPANY: FORMER CONFORMED NAME: PUNTA GORDA ISLES INC DATE OF NAME CHANGE: 19900403 10-Q 1 pgai_10q.htm QUARTERLY REPORT Blueprint
 

 FORM 10- Q
 U.S SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
(Mark One)
 
 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2018
 
 
☐ TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________________ to _____________________
 
Commission File Number 1-6471 
 
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)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes X  No 
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes X  No _______
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer___________ Accelerated filer__________      Non-accelerated filer____________ Smaller reporting company X
(Do not check if a smaller reporting company) Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No X
 
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: As of November 9, 2018, there were 5,317,758 shares of the registrant’s common stock, $.10 par value per share, outstanding.
 

 
 
 
PGI INCORPORATED AND SUBSIDIARIES
Form 10 – Q
For the Quarter Ended September 30, 2018
 
Table of Contents
 
 
 
  Page No.
PART I
FINANCIAL INFORMATION
 
    Item 1.
Financial Statements
 
   
Condensed Consolidated Statements of Financial Position September 30, 2018 (Unaudited) and December 31, 2017
 3

Condensed Consolidated Statements of Operations (Unaudited) Three and Nine Months Ended September 30, 2018 and 2017
 4
 
Condensed Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, 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
 13
    Item 3.
Quantitative and Qualitative Disclosures About Market Risk
19
    Item 4.
Controls and Procedures
          19
PART II
OTHER INFORMATION
 
    Item 1.
Legal Proceedings
 20
    Item 1A.
Risk Factors
20
    Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 20
    Item 3.
Defaults Upon Senior Securities
 20
    Item 4.
Mine Safety Disclosures
 20
    Item 5.
Other Information
 20
    Item 6.
Exhibits
 20
SIGNATURE
 
 21
EXHIBIT INDEX
 
22
 
 
 
 
 
 
 
 
 
 
 
PART I  FINANCIAL INFORMATION
Item 1. Financial Statements
 
PGI INCORPORATED AND SUBSIDIARIES
 
 
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 
 
($ in thousands, except share and per share data)
 
 
 
 
 
 
 
 
 
 
September 30,
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
 
(Unaudited)
 
 
 
 
ASSETS
 
 
 
 
 
 
Cash
 $607 
 $159 
Receivables-related party
  - 
  573 
Land inventory
  14 
  14 
Restricted sinking fund
  13 
  41 
Other assets
  1 
  1 
 
 $635 
 $788 
LIABILITIES
    
    
Accounts payable and accrued expenses
 $253 
 $209 
Accrued real estate taxes
  3 
  4 
Accrued interest:
    
    
Subordinated convertible debentures payable
  25,417 
  25,032 
Convertible debentures payable-related party
  52,915 
  52,915 
Notes payable
  3,278 
  3,218 
Credit agreements:
    
    
Notes payable
  1,198 
  1,198 
Subordinated convertible debentures payable
  8,163 
  8,472 
 
  91,227 
  91,048 
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 $14,995)
  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
  (106,622)
  (106,290)
 
  (90,592)
  (90,260)
 
 $635 
 $788 
 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
 
 
3
 
 
Part I  Financial Information (Continued)
 
 
PGI INCORPORATED AND SUBSIDIARIES
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
($ in thousands, except per share data)
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
Nine Months Ended
 
 
 
September 30,
 
 
September 30,
 
 
September 30,
 
 
September 30,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
REVENUES
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 $- 
 $1 
 $2 
 $2 
Interest income-related party
  - 
  6 
  4 
  7 
 
  - 
  7 
  6 
  9 
COSTS AND EXPENSES
    
    
    
    
Interest
  347 
  341 
  1,039 
  1,016 
Forgiveness of debt
    
    
    
    
and interest
  (432)
  - 
  (875)
  - 
Taxes and assessments
  1 
  2 
  4 
  4 
Consulting and accounting-
    
    
    
    
related party
  9 
  9 
  27 
  28 
Legal and professional
  41 
  2 
  69 
  27 
General and administrative
  33 
  19 
  74 
  65 
 
  (1)
  373 
  338 
  1,140 
Net Income (Loss)
  1 
  (366)
  (332)
  (1,131)
before income taxes
    
    
    
    
Income tax expense
  - 
  - 
  - 
  (57)
NET INCOME (LOSS)
 $1 
 $(366)
 $(332)
 $(1,188)
 
    
    
    
    
NET LOSS PER SHARE(*)
    
    
    
    
AVAILABLE TO COMMON
    
    
    
    
STOCKHOLDERS-Basic and diluted
 $(0.03)
 $(0.10)
 $(0.15)
 $(0.31)
 
    
    
    
    
*Considers the effect of dividends on preferred stock for the three and nine months ended September 30, 2018 and 2017.
    
    
    
    
 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
 
 
 
4
 
Part I  Financial Information (Continued)
 
 
PGI INCORPORATED AND SUBSIDIARIES
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
($ in thousands)
 
 
(Unaudited)
 
 
 
Nine Months Ended
 
 
 
September 30,
 
 
September 30,
 
 
 
2018
 
 
2017
 
 
 
 
 
 
 
 
Net cash used in operating activities
 $(112)
 $(232)
Cash Flows from investing activities:
    
    
Investment in notes receivable-related party
  - 
  (560)
Payments received on notes receivable-related party
  560 
  - 
Net cash provided by (used in) investing activities
  560 
  (560)
 
    
    
Net change in cash
  448 
  (792)
 
    
    
Cash at beginning of period
  159 
  958 
 
    
    
Cash at end of period
 $607 
 $166 
 
 
See accompanying notes to Condensed Consolidated Financial Statements (unaudited).
 
 
5
 
 
PGI INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
 
(1) Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements of PGI Incorporated (“PGI”) and its subsidiaries (the “Company”) have been prepared in accordance with the instructions to Form 10 - Q and therefore do not include all disclosures necessary for fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. The Company's independent registered public accounting firm included an explanatory paragraph regarding the Company's ability to continue as a going concern in their opinion on the Company's consolidated financial statements for the year ended December 31, 2017.
 
The Company was founded in 1958, and up until the mid 1990’s was in the business of building and selling homes, developing and selling home sites and selling undeveloped or partially developed tracts of land. Over approximately the last 25 years, the Company’s business focus and emphasis changed substantially as it has concentrated its sales and marketing efforts almost exclusively on the disposition of its remaining real estate.
 
The Company’s major efforts and activities have been, and continue to be, to sell assets of the Company, to repay its indebtedness, and to pay the ordinary on-going costs of operation of the Company. The potential values of the land parcels held for sale have been difficult to assess. While the Company will seek to realize full market value for each remaining asset, the amounts realized may be at substantial variance from its present financial statement carrying value. Certain of these assets may be of so little value and marketability that the Company may elect not to pay the real estate taxes on selected parcels, which may eventually result in a defacto liquidation of such property by subjecting such property to a tax sale. In management’s judgement, the remaining assets will be insufficient to satisfy much, if any, of the outstanding indebtedness and there will be no recoveries by the shareholders. Consequently, there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.
 
Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K annual report for 2017 filed with the Securities and Exchange Commission.
 
The condensed consolidated statement of financial position of the Company as of December 31, 2017 has been derived from the audited consolidated statement of financial position as of that date.
 
 
6
 
 
PGI INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (continued)
 
The Company remains in default under the indentures governing its unsecured subordinated debentures. (See Management's Discussion and Analysis of Financial Condition and Results of Operations and Notes 7, 8, and 9 to the Company's consolidated financial statements for the year ended December 31, 2017, as contained in the Company's Annual Report on Form 10 - K).
 
All adjustments (consisting of only normal recurring accruals) necessary for fair presentation of financial position, results of operations and cash flows have been made. The results for the three and nine months ended September 30, 2018 are not necessarily indicative of operations to be expected for the fiscal year ending December 31, 2018 or any other interim period.
 
(2) Per Share Data
 
Basic per share amounts are computed by dividing net income (loss), after deducting current period dividends on the Company's preferred stock, by the weighted average number of common shares outstanding during the period. The weighted average number of common shares outstanding for the three and nine months ended September 30, 2018 and 2017 was 5,317,758.
 
Diluted per share amounts are computed by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding, after adjusting for the estimated effect of the assumed conversion of all cumulative convertible preferred stock and outstanding convertible debentures, if dilutive, into shares of common stock. For the three and nine months ended September 30, 2018 and 2017, the assumed conversion of all outstanding convertible preferred stock and collateralized convertible debentures would have been anti-dilutive.
 
 
7
 
 
PGI INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (continued)
 
The following is a summary of the calculations used in computing basic and diluted income (loss) per share for the three and nine months ended September 30, 2018 and 2017.
 
 
 
Three Months Ended
 
 
Nine Months Ended
 
 
 
September 30,
 
 
September 30,
 
 
September 30,
 
 
September 30,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
 
 
($ in thousands, except share and per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss)
 $1 
 $(366)
 $(332)
 $(1,188)
 
    
    
    
    
Preferred dividends
  (160)
  (160)
  (480)
  (480)
 
    
    
    
    
Loss Available to
 $(159)
 $(526)
 $(812)
 $(1,668)
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
 $(0.03)
 $(0.10)
 $(0.15)
 $(0.31)
 
 
8
 
 
PGI INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (continued)
 
(3) Statement of Cash Flows
 
The Financial Accounting Standards Board Accounting Standards Codification Topic No. 230, “Statement of Cash Flows”, requires a statement of cash flows as part of a full set of financial statements. For quarterly reporting purposes, the Company has elected to condense the reporting of its net cash flows. There were no payments of interest for the nine month periods ended September 30, 2018 and 2017.
 
(4) Receivables
 
Receivables consisted of:
 
 
September 30,
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
 
($ in thousands)
 
Note receivable-related party
 $- 
 $560 
Interest receivable-related party
  - 
  13 
 
 $- 
 $573 
 
(5) Land Inventory
 
Land inventory consisted of
 
 
September 30,
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
 
($ in thousands)
 
Fully improved land
 $14 
 $14 
 
 
9
 
 
PGI INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (continued)
 
(6) Accounts Payable and Accrued Expenses
 
Accounts payable and accrued expenses consisted of:
 
 
 
September 30,
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
 
($ in thousands)
 
Accounts payable
 $57 
 $15 
Accrued audit & professional
  43 
  47 
Accrued consulting fees-related party
  1 
  1 
Accrued debenture fees
  151 
  145 
Accrued miscellaneous
  1 
  1 
 
 $253 
 $209 
 
    
    
Accrued real estate taxes consisted of:
    
    
Current real estate taxes
 $3 
 $4 
 
(7) Credit Agreements: Notes Payable and Subordinated Convertible Debentures Payable
 
Credit agreements consisted of the following:
 
 
September 30,
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
 
($ 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 
  447 
    At 6% interest; due May 1992
  8,025 
  8,025 
 
  8,163 
  8,472 
 
 $9,361 
 $9,670 
 
The Trustee of the 6.5% subordinated convertible debentures, which matured in June 1991, with an original face amount of $1,034,000, provided notice of final distribution to holders of such debentures on September 2, 2014. In connection with such final distribution, the Trustee maintains a debenture reserve fund with a balance of $13,000 and $41,000 as of September 30, 2018 and December 31, 2017, respectively, available for final distribution of $92 per $1,000 in face amount to holders of such debentures who surrender their respective debenture certificates.
 
 
10
 
 
PGI INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (continued)
 
The 6.5% Subordinated convertible debenture balances for the nine months ended September 30, 2018 and year ended December 31, 2017 are as follows:
 
 
 
September 30,
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
 
($ in thousands)
 
 
 
 
 
 
 
 
Outstanding debenture principal balance
 $138 
 $447 
Face value of debentures surrendered
  22 
  - 
Face value of debentures escheated
  287 
  - 
Accrued and unpaid interest balance
  268 
  846 
Debenture reserve account balance
  13 
  41 
Debenture reserve funds utilized
    
    
  in payment of final distribution
  2 
  - 
Debenture reserve funds utilized
    
    
  in escheatment to states of debenture holders
  26 
  - 
Forgiveness of debt
  281 
  - 
Forgiveness of interest
  594 
  - 
 
During the nine month period ended September 30, 2018, $28,000 of the debenture reserve funds were utilized with $2,000 disbursed in final distribution to debenture holders and $26,000 disbursed in escheatment to states of respective debenture holders as debentures with a face amount of $22,000 were surrendered by debenture holders and $287,000 in face amount of debentures were effectively surrendered with the escheatment of respective funds to the states of debenture holders. Accordingly, the Company has recognized $281,000 in forgiveness of debt during the nine months ended September 30, 2018. In addition, accrued interest of $594,000 on such debentures that are considered surrendered was recorded as forgiveness of interest expense during the nine months ended September 30, 2018. There were no debentures surrendered or escheated in 2017.
 
As of September 30, 2018, the outstanding principal balance on such 6.5% subordinated convertible debentures that were not surrendered by the respective holders, or escheated by the Trustee to the states of residence of the respective holders, equals $138,000 plus accrued and unpaid interest of $268,000. The outstanding principal balance on such respective debentures as of December 31, 2017 was $447,000 plus accrued and unpaid interest of $846,000.
 
If and when such remaining debentures are surrendered to the Trustee, or escheated to the states of residence of the respective debenture holders, the applicable portion of such principal and accrued interest will be recorded as debt and accrued interest forgiveness. As the Company has consistently stated in prior filings, the Company believes that any potential claims by the respective debenture holders on such 6.5% subordinated convertible debentures would be barred under the applicable statutes of limitations.
 
 
11
 
 
PGI INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (continued)
 
(9) Income Taxes
 
Income tax expense of $57,000 was recognized during the nine month period ended September 30, 2017 for the estimated 2016 Alternative Minimum Tax on the 2016 gain on sales of real estate. At December 31, 2017, the Company had an operating loss carryforward of approximately $67,793,000 available to reduce future taxable income. These operating losses expire at various dates through 2036.
 
The following summarizes the temporary differences of the Company at September 30, 2018 and December 31, 2017 at the statutory rate:  
     
 
 
September 30,
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
 
($ in thousands)
 
Deferred tax asset
 
 
 
 
 
 
Net operating loss carryforward
 $17,031 
 $16,948 
Expenses capitalized under IRC 263(a)
  37 
  37 
Tax credits (AMT)
  57 
  57 
Valuation allowance
  (17,125)
  (17,042)
Total deferred tax asset
 $- 
 $- 
 
(10) Fair Value of Financial Instruments
 
The carrying amount of the Company’s financial instruments, other than debt, approximates fair value at September 30, 2018 and December 31, 2017 because of the short maturity of those instruments. It was not practicable to estimate the fair value of the Company’s notes payable and its convertible debentures because these debts are in default causing no basis for estimating value by reference to quoted market prices or current rates offered to the Company for debt of the same remaining maturities.
 
 
12
 
 
PGI INCORPORATED AND SUBSIDIARIES
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
 
Preliminary Note
 
The Company’s remaining land inventory consists of 6 single family lots, an approximate 7 acre parcel and some other minor parcels of real estate consisting of easements in Citrus County Florida, which are owned through its wholly-owned subsidiary, Sugarmill Woods, Inc. (“Sugarmill Woods”). In addition, Punta Gorda Isles Sales, Inc. (“PGIS”), a wholly-owned subsidiary of the Company, owns 12 parcels of real estate in Charlotte County, Florida, which total approximates 60 acres, but these parcels have limited value because of associated developmental constraints such as wetlands, easements, and/or other obstacles to development and sale.
 
The Trustee of the 6.5% subordinated convertible debentures, which matured in June, 1991, with an original face amount of $1,034,000, provided notice of final distribution to holders of such debentures on September 2, 2014. In connection with such final distribution, the Trustee maintains a debenture reserve fund with a balance of $13,000 and $41,000 as of September 30, 2018 and December 31, 2017, respectively, available for final distribution of $92 per $1,000 in face amount to holders of such debentures who surrender their respective debenture certificates.
 
During the nine month period ended September 30, 2018, $28,000 of the debenture reserve funds were utilized with $2,000 disbursed in final distribution to debenture holders and $26,000 disbursed in escheatment to states of respective debenture holders as debentures with a face amount of $22,000 were surrendered by debenture holders and $287,000 in face amount of debentures were effectively surrendered with the escheatment of respective funds to the states of debenture holders. Accordingly, the Company has recognized $281,000 in forgiveness of debt during the nine months ended September 30, 2018. In addition, accrued interest of $594,000 on such debentures that are considered surrendered was recorded as forgiveness of interest expense during the nine months ended September 30, 2018. There were no debentures surrendered or escheated in 2017.
 
As of September 30, 2018, the outstanding principal balance on such 6.5% subordinated convertible debentures that were not surrendered by the respective holders, or escheated by the Trustee to the states of residence of the respective holders, equals $138,000 plus accrued and unpaid interest of $268,000. If and when such remaining debentures are surrendered to the Trustee, or escheated to the states of residence of the respective debenture holders, the applicable portion of such principal and accrued interest will be recorded as debt and accrued interest forgiveness. As the Company has consistently stated in prior filings, the Company believes that any potential claims by the respective debenture holders on such 6.5% subordinated convertible debentures would be barred under the applicable statutes of limitations.
 
As of September 30, 2018, the Company remained in default under its subordinated convertible debentures and notes payable, as well as the accrued interest with respect to its collateralized convertible debentures.
 
 
13
 
 
PGI INCORPORATED AND SUBSIDIARIES
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
 
Results of Operations
 
There was no revenue for the three month period ended September 30, 2018. Revenue of $7,000 was realized for the three month period ended September 30, 2017. Interest income of $1,000 for the three month period ended September 30, 2017 represents interest earned on the Company’s money market account. Interest income of $6,000 for the three month period ended September 30, 2017 represents related party interest on the short-term note receivable with Love Investment Company (“LIC”), the Company’s primary preferred stock shareholder.

 
Expenses for the three month period ended September 30, 2018 decreased by $374,000 when compared to the same period in 2017 primarily due to recognition of $432,000 in forgiveness of debt and interest attributed to the 6.5% subordinated debentures which matured in June 1991, for which the final distribution of $92 per $1,000 in face amount was paid relating to debentures effectively surrendered in face amount of $152,000 with escheatment of the final distribution to the respective states of such debenture holders. Accrued interest in the amount of $294,000 on such escheated debentures was recorded as forgiveness of interest expense during the three months ended September 30, 2018, and the principal amount of $138,000 was recognized as forgiveness of debt in such period. Interest expense relating to the Company’s current outstanding debt, held by non-related parties, increased by $6,000 during the three month period ended September 30, 2018 compared to the same period in 2017, primarily as a result of interest compounding on past due balances.
 
Legal and professional expenses increased by $39,000 during the three months ended September 30, 2018 when compared to the same period in 2017. Legal expenses increased by $37,000 during the three months ended September 30, 2018 compared to the same period in 2017 primarily as a result of legal expenses incurred in connection with research on the effect of surrender of debentures escheated to the states of debenture holders. In addition, legal expenses increased by $2,000 when compared to the same period in 2017 as a result of legal expenses relating to a common ground transfer of title matter in Citrus County, Florida.
 
Taxes and assessments expense decreased by $1,000 during the three months ended September 30, 2018 when compared to the same period in 2017. General and administrative expenses during the three month period ended September 30, 2018 increased by $14,000 when compared to the same period in 2017 primarily as a result of increased fees relating to review of the Company’s Form 10Q and disclosure of the effect of surrender of debentures escheated to the states of debenture holders.
 
The Company realized net income of $1,000 for the three months ended September 30, 2018 compared to net loss of $366,000 for the three months ended September 30, 2017. After deducting preferred dividends, totaling $160,000 for the three month periods ended September 30, 2018 and 2017, with respect to the Class A Preferred Stock, a net loss per share (basic) of $(.03) and $(.10) was incurred for the three month periods ended September 30, 2018 and 2017, respectively. The total cumulative preferred dividends in arrears with respect to the Class A Preferred Stock through September 30, 2018 is $14,995,000.
 
Revenues for the nine months ended September 30, 2018 decreased by $3,000 when compared to the same period in 2017. Related party interest income decreased by $3,000 during the nine months ended September 30, 2018 for the comparable period in 2017. The related party interest income is the result of the Company’s investment in a $560,000 short term note with LIC, the Company’s primary preferred stock shareholder.
 
 
14
 
 
PGI INCORPORATED AND SUBSIDIARIES
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
 
Expenses, including income tax expenses, for the nine months ended September 30, 2018 decreased by $859,000 when compared to the same period in 2017 primarily due to the $875,000 in forgiveness of debt and interest attributed to the 6.5% subordinated debentures which matured in June 1991, for which the final distribution of $92 per $1,000 in face amount was paid relating to debentures surrendered in face amount of $22,000 and $287,000 in face amount of debentures effectively surrendered with escheatment of final distribution to the respective states of such debenture holders. Interest expense relating to the Company’s current outstanding debt, held by non-related parties, increased by $23,000 during the nine month period ended September 30, 2018 compared to the same period in 2017, primarily as a result of interest compounding on past due balances.
 
Legal and professional expenses during the nine month period ended September 30, 2018 increased by $42,000 when compared to the same period in 2017. Legal expenses increased by $49,000 during the nine months ended September 30, 2018 compared to the same period in 2017 primarily as a result of legal expenses incurred in connection with reviewing and editing the Company’s Form 10K and in connection with research on the effect of surrender of debentures escheated to the states of debenture holders. Professional expenses decreased by $7,000 when compared to the same period in 2017 as a result expenses incurred during the period ended September 30, 2017 on a parcel in Citrus County requiring additional environmental remediation.
 
Consulting and accounting-related party expenses decreased by $1,000 during the nine month period ended September 30, 2018 when compared to the same period in 2017. A quarterly consulting fee is paid to Love Real Estate Company (“LREC”), an affiliate of LIC, of one-tenth of one percent of the carrying value of the Company’s assets which have decreased since the same period in 2017.
 
General and administrative expenses during the nine month period ended September 30, 2018 increased by $9,000 when compared to the same period in 2017 primarily as a result of increased fees relating to review of the Company’s Form 10Q and disclosure of the effect of surrender of debentures escheated to the states of debenture holders.
 
Income tax expense of $57,000 was recognized during the nine month period ended September 30, 2017 for the estimated 2016 Alternative Minimum Tax on the 2016 gain on sales of real estate.
 
The Company incurred a net loss of $332,000 during the nine month period ended September 30, 2018 compared to a net loss of $1,188,000 for the comparable period in 2017. After deducting preferred dividends, totaling $480,000 for the nine month periods ended September 30, 2018 and 2017, with respect to the Class A Preferred Stock, net loss per share of $(.15) and $(.31) was incurred for the nine month periods ended September 30, 2018 and 2017, respectively.
 
 
15
 
 
PGI INCORPORATED AND SUBSIDIARIES
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
 
Cash Flow Analysis
 
During the nine month period ended September 30, 2018, the Company’s net cash used in operating activities was $112,000 compared to $232,000 for the comparable period in 2017. Cash provided by investing activities during the nine month period ended September 30, 2018 consisted of note receivable proceeds received from LIC, the Company’s primary preferred shareholder. Cash used in investing activities during the nine month period ended September 30, 2017 consisted of a $560,000 short-term loan to LIC.
 
Analysis of Financial Condition
 
Total assets decreased by $153,000 at September 30, 2018 compared to total assets at December 31, 2017, reflecting the following changes:
 
 
 
September 30,
 
 
December 31,
 
 
Increase
 
 
 
2018
 
 
2017
 
 
(Decrease)
 
 
 
 
 
 
($ in thousands)
 
 
 
 
Cash
 $607 
 $159 
 $448 
Receivables-related party
  - 
  573 
  (573)
Land inventory
  14 
  14 
  - 
Restricted sinking fund
  13 
  41 
  (28)
Other assets
  1 
  1 
  - 
 
 $635 
 $788 
 $(153)
 
During the nine month period ended September 30, 2018, cash increased by $448,000 and receivables-related party decreased by $573,000 compared to December 31, 2017, primarily as a result of the note receivable proceeds received from LIC on March 7, 2018.
 
During the nine month period ended September 30, 2018, $28,000 of the 6.5% subordinated convertible debenture restricted sinking funds were utilized with $2,000 disbursed in final distribution to debenture holders and $26,000 disbursed in escheatment to states of respective debenture holders. There were no surrendered or escheated 6.5% subordinated convertible debentures for the year ended December 31, 2017.
 
 
16
 
 
PGI INCORPORATED AND SUBSIDIARIES
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
 
Liabilities were approximately $91,227,000 at September 30, 2018 compared to approximately $91,048,000 at December 31, 2017, reflecting the following changes which resulted in an increase of $179,000 of liabilities:
 
 
 
September 30,
 
 
December 31,
 
 
Increase
 
 
 
2018
 
 
2017
 
 
(Decrease)
 
 
 
 
 
 
($ in thousands)
 
 
 
 
Accounts payable and accrued expenses
 $253 
 $209 
 $44 
Accrued real estate taxes
  3 
  4 
  (1)
Accrued interest
  81,610 
  81,165 
  445 
Credit agreements:
    
    
    
Notes payable
  1,198 
  1,198 
  - 
Subordinated convertible
    
    
    
  debentures payable
  8,163 
  8,472 
  (309)
 
    
    
    
 
 $91,227 
 $91,048 
 $179 
 
During the nine month period ended September 30, 2018, the amount of accounts payable and accrued expenses increased by $44,000 primarily as a result of timing differences. Accrued real estate taxes decreased by $1,000 during the nine month period ended September 30, 2018 due to the payment of previously accrued taxes. Accrued interest during the nine month period ended September 30, 2018 increased by $445,000 as a result of $1,039,000 of interest expense for such period which was offset by accrued interest in the amount of $594,000 on the 6.5% subordinated convertible debentures that have been surrendered by debenture holders or effectively surrendered by escheatment of the respective debenture reserve funds and recorded as forgiveness of interest expense. During the nine month period ended September 30, 2018, the Company made no interest or principal payments on its outstanding notes payable and subordinated convertible debentures.
 
The Trustee of the 6.5% subordinated convertible debentures, which matured in June 1991, with an original face amount of $1,034,000, provided notice of a final distribution to holders of such debentures on September 2, 2014. During the nine months ended September 30, 2018, 6.5% subordinated with a face amount of $22,000 were surrendered by debenture holders and $287,000 in face amount of debentures were effectively surrendered with the escheatment of respective debenture reserve funds by the Trustee to the states of such debenture holders.
 
The Company remains in default on the entire principal amount plus interest (including certain sinking fund and interest payments with respect to the subordinated convertible debentures) of its subordinated convertible debentures and notes payable as well as the remaining accrued interest owed with respect to the collateralized convertible debentures.
 
 
17
 
 
PGI INCORPORATED AND SUBSIDIARIES
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)
 
The principal and accrued interest amounts due as of September 30, 2018 are as indicated in the following table:
 
 
 
September 30,
2018
 
 
 
Principal
 
 
Accrued
 
 
 
Amount Due
 
 
Interest
 
 
 
($ in thousands)
 
 
 
 
 
 
 
 
Subordinated convertible debentures:
 
 
 
 
 
 
At 6.5%, due June 1991
 $138 
 $268 
At 6%, due May 1992
  8,025 
  25,149 
 
 $8,163 
 $25,417 
Collateralized convertible debentures-related party:
    
    
At 14%, due July 8, 1997
 $- 
 $52,915 
 
    
    
Notes payable:
    
    
At prime plus 2%, all past due
 $1,176 
 $3,278 
Non-interest bearing
  22 
  - 
 
 $1,198 
 $3,278 
 
The Company does not have sufficient funds available (after payment of, or the reserving for the payment of, anticipated future operating expenses) to satisfy the principal or interest obligations on the above debentures and notes payable or any arrearage in preferred dividends.
 
The Company remains totally dependent upon the sale of parcels of its various remaining properties with respect to its ability to make any future debt service payments.
 
The Company’s independent registered public accounting firm included an explanatory paragraph regarding the Company’s ability to continue as a going concern in their opinion on the Company’s consolidated financial statements for the year ended December 31, 2017.
 
 
18
 
 
PGI INCORPORATED AND SUBSIDIARIES
 
Forward Looking Statements
 
The discussion set forth in this Item 2, as well as other portions of this Form 10-Q, may contain forward-looking statements. Such statements are based upon the information currently available to management of the Company and management’s perception thereof as of the date of the Form 10-Q. When used in this Form 10-Q, words such as “anticipates,” “estimates,” “believes,” “expects,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties. Actual results of the Company’s operations could materially differ from those forward-looking statements. The differences could be caused by a number of factors or combination of factors including, but not limited to: changes in the real estate market in Florida and the counties in which the Company owns any property; institution of legal action by the bondholders for collection of any amounts due under the subordinated convertible debentures (notwithstanding the Company’s belief that at least a portion of such actions might be barred under applicable statute of limitations); changes in management strategy; and other factors set forth in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time.
 
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk
 
Not applicable.
 
Item 4. Controls and Procedures
 
The Company has evaluated the effectiveness of the design and operation of its disclosure controls and procedures under the supervision and with the participation of its Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”). Based on this evaluation, the Company’s management, including the CEO and CFO, concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2018. There have been no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2018 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
 
 
19
 
 
PGI INCORPORATED AND SUBSIDIARIES
 
 
PART II OTHER INFORMATION
 
Item 1. Legal Proceedings
 
The Company, to its knowledge, currently is not a party to any material legal proceedings.
 
Item 1A. Risk Factors
 
Not applicable.
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
Not applicable.
 
Item 3. Defaults Upon Senior Securities
 
See discussion in Item 2 of Part I with respect to defaults under the Company's subordinated convertible debentures, collateralized convertible debentures and other indebtedness and with respect to cumulative preferred dividends in arrears, which discussions are incorporated herein by this reference.
 
Item 4. Mine Safety Disclosures
 
Not applicable.
 
Item 5. Other Information
 
Not applicable.
 
Item 6. Exhibits
 
Reference is made to the Exhibit Index hereof for a list of exhibits filed or furnished under this Item.
 
 
20
 
 
 PGI INCORPORATED AND SUBSIDIARIES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
PGI INCORPORATED
 (Registrant)
 
 
 
 
 
Date: November 9, 2018
By:  
/s/ Laurence A. Schiffer
 
 
 
Laurence A. Schiffer 
 
 
 
President
(Duly Authorized Officer, Principal Executive Officer and Principal Financial Officer)
 
 
 
    
 
 
21
 
 
PGI INCORPORATED AND SUBSIDIARIES
 
EXHIBIT INDEX
 
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.
 
 
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.*
*Furnished with this report
 
 
 
22
EX-31.I1 2 pgai_ex31i1.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 Blueprint
 
Exhibit 31(i).1
RULE 13a – 14(a)
CERTIFICATION
 
I, Laurence A. Schiffer, certify that;
 
1.
I have reviewed this quarterly report on Form 10-Q of PGI Incorporated;
 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
/s/Laurence A Schiffer                                                                                                                   November 9, 2018
Laurence A. Schiffer
Principal Executive Officer

EX-31.I2 3 pgai_ex31i2.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 Blueprint
 
Exhibit 32(i).2
 
 
RULE 13a – 14(a)
CERTIFICATION
 
I, Laurence A. Schiffer, certify that;
 
1.
I have reviewed this quarterly report on Form 10-K of PGI Incorporated;
 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
/s/ Laurence A. Schiffer                                                                                         November 9, 2018   
Laurence A. Schiffer
Principal Financial Officer
 
EX-32.1 4 pgai_ex321.htm CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Blueprint
 
Exhibit 32.1
 
 
 
CERTIFICATION PURSUANT TO
 
18 U.S.C. SECTION 1350 *
 
 
 
 
 
In connection with the Quarterly Report of PGI Incorporated (the “Company”) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Laurence A. Schiffer, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
 
 
 
 
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) , as applicable, of the Securities Exchange Act of 1934; and
 
 
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
 
 
 
 
                                                     
 
/s/ Laurence A. Schiffer                                                                                 November 9, 2018
Laurence A. Schiffer
Chief Executive Officer (Principal Executive Officer)                                     
 
 
 
 
 
*A signed original of this written statement has been provided to the Company and will be retained by the Company and will be furnished to the Securities and Exchange Commission or its staff upon request.
 

EX-32.2 5 pgai_ex322.htm CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Blueprint
 
Exhibit 32.2
 
 
 
CERTIFICATION PURSUANT TO
 
18 U.S.C. SECTION 1350*
 
 
 
 
 
In connection with the Quarterly Report of PGI Incorporated (the “Company”) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Laurence A. Schiffer, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
 
 
 
 
 
(1)
The Report fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
 
 
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
 
 
 
 
                                                              
/s/ Laurence A. Schiffer                                                                                 November 9, 2018
Laurence A. Schiffer
Chief Financial Officer (Principal Financial Officer) 
 
 
 
 
 
*A signed original of this written statement has been provided to the Company and will be retained by the Company and will be furnished to the Securities and Exchange Commission or its staff upon request.
 
 
EX-101.INS 6 pgai-20180930.xml XBRL INSTANCE DOCUMENT 0000081157 2018-01-01 2018-09-30 0000081157 2017-12-31 0000081157 2016-12-31 0000081157 2018-09-30 0000081157 2017-01-01 2017-09-30 0000081157 2017-09-30 0000081157 2017-01-01 2017-12-31 0000081157 2018-07-01 2018-09-30 0000081157 2017-07-01 2017-09-30 0000081157 2018-11-09 iso4217:USD xbrli:shares iso4217:USD xbrli:shares PGI INC 0000081157 10-Q 2018-09-30 false --12-31 Yes Non-accelerated Filer Q3 2018 1.00 1.00 5000000 5000000 .10 .10 25000000 25000000 2000000 2000000 2000000 2000000 8000000 8000000 5317758 5317758 5317758 5317758 67793000 2036-12-31 16948000 17031000 37000 37000 57000 57000 17042000 17125000 0 0 447000 138000 0 22000 41000 13000 0 2000 281000 0 594000 0 1198000 1198000 447000 138000 8025000 8025000 8472000 8163000 9670000 9361000 15000 57000 47000 43000 1000 1000 145000 151000 1000 1000 209000 253000 4000 3000 14000 14000 560000 0 13000 0 573000 0 -332000 -1188000 1000 -366000 -812000 -1668000 -159000 -526000 -0.15 -0.31 -0.03 -0.10 788000 635000 1000 1000 41000 13000 14000 14000 573000 0 159000 958000 607000 166000 91048000 91227000 3218000 3278000 25032000 25417000 2000000 2000000 788000 635000 -90260000 -90592000 -106290000 -106622000 13498000 13498000 532000 532000 338000 1140000 -1000 373000 875000 0 432000 0 -332000 -1131000 1000 -366000 0 287000 0 26000 846000 268000 false true 5317758 14995000 6000 9000 0 7000 4000 7000 0 6000 2000 2000 0 1000 1039000 1016000 347000 341000 4000 4000 1000 2000 74000 65000 33000 19000 69000 27000 41000 2000 27000 28000 9000 9000 0 57000 0 0 -112000 -232000 560000 -560000 560000 0 0 560000 448000 -792000 <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The accompanying unaudited condensed consolidated financial statements of PGI Incorporated (&#8220;PGI&#8221;) and its subsidiaries (the &#8220;Company&#8221;) have been prepared in accordance with the instructions to Form 10 - Q and therefore do not include all disclosures necessary for fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. The Company's independent registered public accounting firm included an explanatory paragraph regarding the Company's ability to continue as a going concern in their opinion on the Company's consolidated financial statements for the year ended December 31, 2017.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Company was founded in 1958, and up until the mid 1990&#8217;s was in the business of building and selling homes, developing and selling home sites and selling undeveloped or partially developed tracts of land. Over approximately the last 25 years, the Company&#8217;s business focus and emphasis changed substantially as it has concentrated its sales and marketing efforts almost exclusively on the disposition of its remaining real estate.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Company&#8217;s major efforts and activities have been, and continue to be, to sell assets of the Company, to repay its indebtedness, and to pay the ordinary on-going costs of operation of the Company. The potential values of the land parcels held for sale have been difficult to assess. While the Company will seek to realize full market value for each remaining asset, the amounts realized may be at substantial variance from its present financial statement carrying value. Certain of these assets may be of so little value and marketability that the Company may elect not to pay the real estate taxes on selected parcels, which may eventually result in a defacto liquidation of such property by subjecting such property to a tax sale. In management&#8217;s judgement, the remaining assets will be insufficient to satisfy much, if any, of the outstanding indebtedness and there will be no recoveries by the shareholders. Consequently, there is substantial doubt about the Company&#8217;s ability to continue as a going concern within one year after the date that the financial statements are issued.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Certain information and note disclosures normally included in the Company&#8217;s annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company&#8217;s Form 10-K annual report for 2017 filed with the Securities and Exchange Commission.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The condensed consolidated statement of financial position of the Company as of December 31, 2017 has been derived from the audited consolidated statement of financial position as of that date.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Company remains in default under the indentures governing its unsecured subordinated debentures. 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Document and Entity Information - shares
9 Months Ended
Sep. 30, 2018
Nov. 09, 2018
Document And Entity Information    
Entity Registrant Name PGI INC  
Entity Central Index Key 0000081157  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Non-accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Common Stock, Shares Outstanding   5,317,758
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
ASSETS    
Cash $ 607 $ 159
Receivables-related party 0 573
Land inventory 14 14
Restricted sinking fund 13 41
Other assets 1 1
Total assets 635 788
LIABILITIES    
Accounts payable and accrued expenses 253 209
Accrued real estate taxes 3 4
Accrued interest:    
Subordinated convertible debentures payable 25,417 25,032
Convertible debentures payable - related party 52,915 52,915
Notes payable 3,278 3,218
Credit agreements:    
Notes payable 1,198 1,198
Subordinated convertible debentures payable 8,163 8,472
Total liabilities 91,227 91,048
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 $14,995) 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 (106,622) (106,290)
Total stockholders' deficit (90,592) (90,260)
Total liabilities and stockholders' deficit $ 635 $ 788
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
STOCKHOLDERS' DEFICIENCY    
Preferred stock, par value $ 1.00 $ 1.00
Preferred stock, authorized 5,000,000 5,000,000
Preferred stock - Class A cumulative convertible shares, issued 2,000,000 2,000,000
Preferred stock - Class A cumulative convertible shares, outstanding 2,000,000 2,000,000
Preferred stock, liquidation preference (excluding cumulative dividends) $ 8,000 $ 8,000
Preferred stock, unpaid dividends $ 14,995  
Common stock, par value $ .10 $ .10
Common stock, authorized 25,000,000 25,000,000
Common stock, issued 5,317,758 5,317,758
Common stock, outstanding 5,317,758 5,317,758
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUES        
Interest income $ 0 $ 1 $ 2 $ 2
Interest income - related party 0 6 4 7
Total Revenues 0 7 6 9
COSTS AND EXPENSES        
Interest 347 341 1,039 1,016
Forgiveness of debt and interest (432) 0 (875) 0
Taxes and assessments 1 2 4 4
Consulting and accounting - related party 9 9 27 28
Legal and professional 41 2 69 27
General and administrative 33 19 74 65
Total costs and expenses (1) 373 338 1,140
Net income (loss) before income taxes 1 (366) (332) (1,131)
Income tax expense 0 0 0 (57)
NET INCOME (LOSS) $ 1 $ (366) $ (332) $ (1,188)
NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS - BASIC AND DILUTED $ (0.03) $ (0.10) $ (0.15) $ (0.31)
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Statement of Cash Flows [Abstract]    
Net cash used in operating activities $ (112) $ (232)
Cash flows from investing activities:    
Investment in notes receivable - related party 0 (560)
Payments received on notes receivable-related party 560 0
Net cash provided by (used in) investing activities 560 (560)
Net change in cash 448 (792)
Cash at beginning of period 159 958
Cash at end of period $ 607 $ 166
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1. Basis of Presentation
9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of PGI Incorporated (“PGI”) and its subsidiaries (the “Company”) have been prepared in accordance with the instructions to Form 10 - Q and therefore do not include all disclosures necessary for fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. The Company's independent registered public accounting firm included an explanatory paragraph regarding the Company's ability to continue as a going concern in their opinion on the Company's consolidated financial statements for the year ended December 31, 2017.

 

The Company was founded in 1958, and up until the mid 1990’s was in the business of building and selling homes, developing and selling home sites and selling undeveloped or partially developed tracts of land. Over approximately the last 25 years, the Company’s business focus and emphasis changed substantially as it has concentrated its sales and marketing efforts almost exclusively on the disposition of its remaining real estate.

 

The Company’s major efforts and activities have been, and continue to be, to sell assets of the Company, to repay its indebtedness, and to pay the ordinary on-going costs of operation of the Company. The potential values of the land parcels held for sale have been difficult to assess. While the Company will seek to realize full market value for each remaining asset, the amounts realized may be at substantial variance from its present financial statement carrying value. Certain of these assets may be of so little value and marketability that the Company may elect not to pay the real estate taxes on selected parcels, which may eventually result in a defacto liquidation of such property by subjecting such property to a tax sale. In management’s judgement, the remaining assets will be insufficient to satisfy much, if any, of the outstanding indebtedness and there will be no recoveries by the shareholders. Consequently, there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.

 

Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K annual report for 2017 filed with the Securities and Exchange Commission.

 

The condensed consolidated statement of financial position of the Company as of December 31, 2017 has been derived from the audited consolidated statement of financial position as of that date.

 

The Company remains in default under the indentures governing its unsecured subordinated debentures. (See Management's Discussion and Analysis of Financial Condition and Results of Operations and Notes 7, 8, and 9 to the Company's consolidated financial statements for the year ended December 31, 2017, as contained in the Company's Annual Report on Form 10 - K).

 

All adjustments (consisting of only normal recurring accruals) necessary for fair presentation of financial position, results of operations and cash flows have been made. The results for the three and nine months ended September 30, 2018 are not necessarily indicative of operations to be expected for the fiscal year ending December 31, 2018 or any other interim period.

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2. Per Share Data
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Per Share Data

Basic per share amounts are computed by dividing net income (loss), after deducting current period dividends on the Company's preferred stock, by the weighted average number of common shares outstanding during the period. The weighted average number of common shares outstanding for the three and nine months ended September 30, 2018 and 2017 was 5,317,758.

 

Diluted per share amounts are computed by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding, after adjusting for the estimated effect of the assumed conversion of all cumulative convertible preferred stock and outstanding convertible debentures, if dilutive, into shares of common stock. For the three and nine months ended September 30, 2018 and 2017, the assumed conversion of all outstanding convertible preferred stock and collateralized convertible debentures would have been anti-dilutive.

 

The following is a summary of the calculations used in computing basic and diluted income (loss) per share for the three and nine months ended September 30, 2018 and 2017.

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,     September 30,     September 30,  
    2018     2017     2018     2017  
    ($ in thousands, except share and per share data)  
                         
Net Income (Loss)   $ 1     $ (366 )   $ (332 )   $ (1,188 )
                                 
Preferred dividends     (160 )     (160 )     (480 )     (480 )
                                 
Loss Available to   $ (159 )   $ (526 )   $ (812 )   $ (1,668 )
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   $ (0.03 )   $ (0.10 )   $ (0.15 )   $ (0.31 )

 

 

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3. Statement of Cash Flows
9 Months Ended
Sep. 30, 2018
Statement of Cash Flows [Abstract]  
Statement of Cash Flows

The Financial Accounting Standards Board Accounting Standards Codification Topic No. 230, “Statement of Cash Flows”, requires a statement of cash flows as part of a full set of financial statements. For quarterly reporting purposes, the Company has elected to condense the reporting of its net cash flows. There were no payments of interest for the nine month periods ended September 30, 2018 and 2017.

 

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4. Receivables
9 Months Ended
Sep. 30, 2018
Accounts Receivable, Net [Abstract]  
Receivables

Receivables consisted of:

    September 30,     December 31,  
    2018     2017  
    ($ in thousands)  
Note receivable-related party   $ -     $ 560  
Interest receivable-related party     -       13  
    $ -     $ 573  

 

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5. Land Inventory
9 Months Ended
Sep. 30, 2018
Inventory Disclosure [Abstract]  
Land Inventory

Land inventory consisted of

    September 30,     December 31,  
    2018     2017  
    ($ in thousands)  
Fully improved land   $ 14     $ 14  
                 

 

 

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6. Accounts Payable and Accrued Expenses
9 Months Ended
Sep. 30, 2018
Accounts Payable and Accrued Liabilities, Fair Value Disclosure [Abstract]  
Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of:

 

    September 30,     December 31,  
    2018     2017  
    ($ in thousands)  
Accounts payable   $ 57     $ 15  
Accrued audit & professional     43       47  
Accrued consulting fees-related party     1       1  
Accrued debenture fees     151       145  
Accrued miscellaneous     1       1  
    $ 253     $ 209  
                 
Accrued real estate taxes consisted of:                
Current real estate taxes   $ 3     $ 4  

 

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7. Credit Agreements, Notes Payable, Subordinated and Convertible Debentures Payable
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Credit Agreements, Notes Payable, Subordinated and Convertible Debentures Payable

Credit agreements consisted of the following:

    September 30,     December 31,  
    2018     2017  
    ($ 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       447  
    At 6% interest; due May 1992     8,025       8,025  
      8,163       8,472  
    $ 9,361     $ 9,670  

 

The Trustee of the 6.5% subordinated convertible debentures, which matured in June 1991, with an original face amount of $1,034,000, provided notice of final distribution to holders of such debentures on September 2, 2014. In connection with such final distribution, the Trustee maintains a debenture reserve fund with a balance of $13,000 and $41,000 as of September 30, 2018 and December 31, 2017, respectively, available for final distribution of $92 per $1,000 in face amount to holders of such debentures who surrender their respective debenture certificates.

 

The 6.5% Subordinated convertible debenture balances for the nine months ended September 30, 2018 and year ended December 31, 2017 are as follows:

    September 30,     December 31,  
    2018     2017  
    ($ in thousands)  
             
Outstanding debenture principal balance   $ 138     $ 447  
Face value of debentures surrendered     22       -  
Face value of debentures escheated     287       -  
Accrued and unpaid interest balance     268       846  
Debenture reserve account balance     13       41  
Debenture reserve funds utilized                
  in payment of final distribution     2       -  
Debenture reserve funds utilized                
  in escheatment to states of debenture holders     26       -  
Forgiveness of debt     281       -  
Forgiveness of interest     594       -  

 

During the nine month period ended September 30, 2018, $28,000 of the debenture reserve funds were utilized with $2,000 disbursed in final distribution to debenture holders and $26,000 disbursed in escheatment to states of respective debenture holders as debentures with a face amount of $22,000 were surrendered by debenture holders and $287,000 in face amount of debentures were effectively surrendered with the escheatment of respective funds to the states of debenture holders. Accordingly, the Company has recognized $281,000 in forgiveness of debt during the nine months ended September 30, 2018. In addition, accrued interest of $594,000 on such debentures that are considered surrendered was recorded as forgiveness of interest expense during the nine months ended September 30, 2018. There were no debentures surrendered or escheated in 2017.

 

As of September 30, 2018, the outstanding principal balance on such 6.5% subordinated convertible debentures that were not surrendered by the respective holders, or escheated by the Trustee to the states of residence of the respective holders, equals $138,000 plus accrued and unpaid interest of $268,000. The outstanding principal balance on such respective debentures as of December 31, 2017 was $447,000 plus accrued and unpaid interest of $846,000.

 

If and when such remaining debentures are surrendered to the Trustee, or escheated to the states of residence of the respective debenture holders, the applicable portion of such principal and accrued interest will be recorded as debt and accrued interest forgiveness. As the Company has consistently stated in prior filings, the Company believes that any potential claims by the respective debenture holders on such 6.5% subordinated convertible debentures would be barred under the applicable statutes of limitations.

 

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. Income Taxes
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

Income tax expense of $57,000 was recognized during the nine month period ended September 30, 2017 for the estimated 2016 Alternative Minimum Tax on the 2016 gain on sales of real estate. At December 31, 2017, the Company had an operating loss carryforward of approximately $67,793,000 available to reduce future taxable income. These operating losses expire at various dates through 2036.

 

The following summarizes the temporary differences of the Company at September 30, 2018 and December 31, 2017 at the statutory rate:  

     

    September 30,     December 31,  
    2018     2017  
    ($ in thousands)  
Deferred tax asset            
Net operating loss carryforward   $ 17,031     $ 16,948  
Expenses capitalized under IRC 263(a)     37       37  
Tax credits (AMT)     57       57  
Valuation allowance     (17,125 )     (17,042 )
Total deferred tax asset   $ -     $ -  

 

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
9. Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Fair Value of Financial Instruments

The carrying amount of the Company’s financial instruments, other than debt, approximates fair value at September 30, 2018 and December 31, 2017 because of the short maturity of those instruments. It was not practicable to estimate the fair value of the Company’s notes payable and its convertible debentures because these debts are in default causing no basis for estimating value by reference to quoted market prices or current rates offered to the Company for debt of the same remaining maturities.

 

 

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
2. Per Share Data (Tables)
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Summary of the calculations used in computing basic and diluted loss per share
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,     September 30,     September 30,  
    2018     2017     2018     2017  
    ($ in thousands, except share and per share data)  
                         
Net Income (Loss)   $ 1     $ (366 )   $ (332 )   $ (1,188 )
                                 
Preferred dividends     (160 )     (160 )     (480 )     (480 )
                                 
Loss Available to   $ (159 )   $ (526 )   $ (812 )   $ (1,668 )
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   $ (0.03 )   $ (0.10 )   $ (0.15 )   $ (0.31 )
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. Receivables (Tables)
9 Months Ended
Sep. 30, 2018
Accounts Receivable, Net [Abstract]  
Net receivables
    September 30,     December 31,  
    2018     2017  
    ($ in thousands)  
Note receivable-related party   $ -     $ 560  
Interest receivable-related party     -       13  
    $ -     $ 573  
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
5. Land Inventory (Tables)
9 Months Ended
Sep. 30, 2018
Inventory Disclosure [Abstract]  
Land and improvement inventories
    September 30,     December 31,  
    2018     2017  
    ($ in thousands)  
Fully improved land   $ 14     $ 14  
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
6. Accounts Payable and Accrued Expenses (Tables)
9 Months Ended
Sep. 30, 2018
Accounts Payable and Accrued Liabilities, Fair Value Disclosure [Abstract]  
Accounts payable and accrued expenses
    September 30,     December 31,  
    2018     2017  
    ($ in thousands)  
Accounts payable   $ 57     $ 15  
Accrued audit & professional     43       47  
Accrued consulting fees-related party     1       1  
Accrued debenture fees     151       145  
Accrued miscellaneous     1       1  
    $ 253     $ 209  
                 
Accrued real estate taxes consisted of:                
Current real estate taxes   $ 3     $ 4  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
7. Credit Agreements, Notes Payable, Subordinated and Convertible Debentures Payable (Tables)
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Credit agreements with the Company
    September 30,     December 31,  
    2018     2017  
    ($ 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       447  
    At 6% interest; due May 1992     8,025       8,025  
      8,163       8,472  
    $ 9,361     $ 9,670  
6.5% Subordinated convertible debenture balances
    September 30,     December 31,  
    2018     2017  
    ($ in thousands)  
             
Outstanding debenture principal balance   $ 138     $ 447  
Face value of debentures surrendered     22       -  
Face value of debentures escheated     287       -  
Accrued and unpaid interest balance     268       846  
Debenture reserve account balance     13       41  
Debenture reserve funds utilized                
  in payment of final distribution     2       -  
Debenture reserve funds utilized                
  in escheatment to states of debenture holders     26       -  
Forgiveness of debt     281       -  
Forgiveness of interest     594       -  
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. Income Taxes (Tables)
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Summary of the temporary differences
    September 30,     December 31,  
    2018     2017  
    ($ in thousands)  
Deferred tax asset            
Net operating loss carryforward   $ 17,031     $ 16,948  
Expenses capitalized under IRC 263(a)     37       37  
Tax credits (AMT)     57       57  
Valuation allowance     (17,125 )     (17,042 )
Total deferred tax asset   $ -     $ -  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
2. Per Share Data (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Earnings Per Share [Abstract]        
Net loss $ 1 $ (366) $ (332) $ (1,188)
Preferred dividends (160) (160) (480) (480)
Loss available to common shareholders $ (159) $ (526) $ (812) $ (1,668)
Weighted average number of common shares outstanding - Basic and Diluted 5,317,758 5,317,758 5,317,758 5,317,758
Basic and diluted loss per common share $ (0.03) $ (0.10) $ (0.15) $ (0.31)
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
2. Per Share Data (Details Narrative) - shares
Sep. 30, 2018
Dec. 31, 2017
Earnings Per Share [Abstract]    
Common shares outstanding 5,317,758 5,317,758
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. Receivables (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Accounts Receivable, Net [Abstract]    
Note receivable - related party $ 0 $ 560
Interest receivable - related party 0 13
Receivables related party, total $ 0 $ 573
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
5. Land Inventory (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Inventory Disclosure [Abstract]    
Fully improved land $ 14 $ 14
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
6. Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Accounts payable and accrued expenses    
Accounts payable $ 57 $ 15
Accrued audit & professional 43 47
Accrued consulting fees - related party 1 1
Accrued debenture fees 151 145
Accrued miscellaneous 1 1
Total 253 209
Accrued real estate taxes consisted of:    
Current real estate taxes $ 3 $ 4
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
7. Credit Agreements, Notes Payable, Subordinated and Convertible Debentures Payable (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Debt Disclosure [Abstract]    
Notes payable - $1,176,000 bearing interest at prime plus 2%, the remainder non-interest bearing, all past due $ 1,198 $ 1,198
Subordinated debentures payable:    
At 6.5% interest; due June 1991 138 447
At 6% interest; due May 1992 8,025 8,025
Subordinated convertible debentures payable 8,163 8,472
Total $ 9,361 $ 9,670
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
7. Credit Agreements, Notes Payable, Subordinated and Convertible Debentures Payable (Details 1) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Debt Disclosure [Abstract]    
6.5% Debenture subordinated debt $ 138 $ 447
Face value of debentures surrendered 22 0
Face value of debentures escheated 287 0
Accrued interest 6.5% Debenture subordinated debt 268 846
Debenture reserve account balance 13 41
Debenture reserve funds utilized in payment of final distribution 2 0
Debenture reserve funds utilized in escheatment to states of debenture holders 26 0
Forgiveness of debt 281 0
Forgiveness of interest $ 594 $ 0
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. Income Taxes (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Deferred tax asset:    
Net operating loss carryforward $ 17,031 $ 16,948
Expenses capitalized under IRC 263(a) 37 37
Tax credits (AMT) 57 57
Valuation allowance (17,125) (17,042)
Total deferred tax asset $ 0 $ 0
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
8. Income Taxes (Details Narrative)
$ in Thousands
12 Months Ended
Dec. 31, 2017
USD ($)
Income Tax Disclosure [Abstract]  
Operating loss carryforward $ 67,793
Operating losses expire date Dec. 31, 2036
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