x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
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TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Commission File Number | 1-6471 |
FLORIDA | 59-0867335 |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
Part No.
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Item No.
|
Description
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Page | |||
I
|
1
|
Business
|
||||
General |
3
|
|||||
Most Recent Developments | 3 | |||||
1A
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Risk Factors | 4 | ||||
1B
|
Unresolved Staff Comments | 4 | ||||
2
|
Properties
|
4
|
||||
3
|
Legal Proceedings
|
4
|
||||
4
|
Mine Safety Disclosures
|
4
|
||||
II
|
5
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 5 | |||
6
|
Selected Financial Data | 5 | ||||
7 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
5 | ||||
|
||||||
7A
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Quantitative and Qualitative Disclosures About Market Risk | 13 | ||||
8
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Financial Statements and Supplementary Data
|
14
|
||||
9
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 30 | ||||
9A
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Controls and Procedures
|
30
|
||||
9B
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Other Information
|
31
|
||||
III
|
10
|
Directors, Executive Officers, and Corporate Governance | 32 | |||
11
|
Executive Compensation
|
33
|
||||
12
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 33 | ||||
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13 | Certain Relationships and Related Transactions, and Director Independence | 34 | |||
|
|
|||||
14
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Principal Accountant Fees and Services
|
37
|
||||
IV
|
15
|
Exhibits and Financial Statement Schedules |
38
|
|||
Signatures
|
39 | |||||
Exhibit Index
|
40 |
12/31/2015
|
||||||||
Principal
|
Unpaid
|
|||||||
Amount Due
|
Interest
|
|||||||
($ in thousands)
|
||||||||
6.5% Subordinated debentures due June 1, 1991
|
$ | 447 | $ | 788 | ||||
6% Subordinated debentures due May 1, 1992
|
8,025 | 21,696 | ||||||
$ | 8,472 | $ | 22,484 |
2015
|
2014
|
|||||||
Taxes and Assessments
|
$ | 9,000 | $ | 9,000 | ||||
Consulting and Accounting-related party
|
37,000 | 38,000 | ||||||
Legal and Professional
|
9,000 | 12,000 | ||||||
General and Administrative
|
79,000 | 163,000 |
2015
|
2014
|
|||||||
($ in thousands)
|
||||||||
Interest Expense
|
$ | 8,542 | $ | 7,619 |
Increase
|
||||||||||||
2015
|
2014
|
(Decrease)
|
||||||||||
($ in thousands)
|
||||||||||||
Cash and cash equivalents
|
$ | 1 | $ | 1 | $ | - | ||||||
Restricted cash
|
5 | 5 | - | |||||||||
Receivables-related party
|
178 | 332 | (154 | ) | ||||||||
Land and improvements/inventories
|
639 | 639 | - | |||||||||
Other assets
|
44 | 51 | (7 | ) | ||||||||
$ | 867 | $ | 1,028 | $ | (161 | ) |
Increase
|
||||||||||||
2015
|
2014
|
(Decrease)
|
||||||||||
($ in thousands)
|
||||||||||||
Accounts payable and accrued expenses
|
$ | 202 | $ | 229 | $ | (27 | ) | |||||
Accrued real estate taxes
|
8 | 8 | - | |||||||||
Accrued interest
|
25,565 | 24,409 | 1,156 | |||||||||
Accrued interest-related party
|
55,008 | 47,759 | 7,249 | |||||||||
Credit agreements - primary lender
|
||||||||||||
related party | 500 | 500 | - | |||||||||
Notes payable
|
1,198 | 1,198 | - | |||||||||
Convertible subordianted debentures payable
|
8,472 | 8,552 | (80 | ) | ||||||||
Convertible debentures payable -
|
||||||||||||
related party | 1,500 | 1,500 | - | |||||||||
$ | 92,453 | $ | 84,155 | $ | 8,298 |
Increase
|
||||||||||||
2015
|
2014
|
(Decrease)
|
||||||||||
($ in thousands)
|
||||||||||||
Primary lender-related party
|
$ | 450 | $ | 408 | $ | 42 | ||||||
Debentures
|
22,484 | 21,389 | 1,095 | |||||||||
Debentures-related party
|
54,558 | 47,351 | 7,207 | |||||||||
Other
|
3,081 | 3,020 | 61 | |||||||||
$ | 80,573 | $ | 72,168 | $ | 8,405 |
ASSETS
|
LIABILITIES
|
|||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||
Cash and cash equivalents
|
$ |
1,000
|
$ |
$ 1,000
|
Accounts payable and accrued expenses (Note 6)
|
$ | $ 202,000 | $ | $ 229,000 | |||||||||
|
||||||||||||||||||
Restricted cash (Note 3)
|
5,000
|
5,000
|
Accrued real estate taxes (Note 6) | 8,000 | 8,000 | |||||||||||||
Receivables-related party (Note 14)
|
178,000
|
332,000
|
Accrued Interest:
|
|||||||||||||||
Primary lender-related party (Note 7) | 450,000 | 408,000 | ||||||||||||||||
Land and improvement inventories (Note 4)
|
639,000
|
639,000
|
||||||||||||||||
Other assets (Note 5)
|
44,000
|
51,000
|
Subordinated convertible debentures (Note 8)
|
22,484,000 | 21,389,000 | |||||||||||||
|
||||||||||||||||||
Convertible debentures-related party (Note 9)
|
54,558,000
|
47,351,000
|
||||||||||||||||
Other (Note 7)
|
3,081,000
|
3,020,000
|
||||||||||||||||
Credit Agreements (Note 7):
|
||||||||||||||||||
Primary lender-related party
|
500,000
|
500,000
|
||||||||||||||||
Notes payable
|
1,198,000
|
1,198,000
|
||||||||||||||||
Subordinated convertible debentures payable (Note 8)
|
8,472,000
|
8,552,000
|
||||||||||||||||
Convertible debentures payable-related party (Note 9)
|
1,500,000
|
1,500,000
|
||||||||||||||||
92,453,000
|
84,155,000
|
|||||||||||||||||
Commitments and Contingencies (Note 13)
|
||||||||||||||||||
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 $8,000,000 and cumulative dividends) (Note 11)
|
2,000,000
|
2,000,000
|
||||||||||||||||
Common stock, par value $.10 per share; authorized 25,000,000 shares; 5,317,758 shares issued and outstanding (Note 11)
|
532,000
|
532,000
|
||||||||||||||||
Paid-in capital
|
13,498,000
|
13,498,000
|
||||||||||||||||
Accumulated deficit
|
(107,616,000
|
) |
(99,157,000
|
) | ||||||||||||||
(91,586,000
|
) |
(83,127,000
|
) | |||||||||||||||
$ |
867,000
|
$ |
$1,028,000
|
$ |
$ 867,000
|
$ |
$1,028,000
|
2015
|
2014
|
|||||||
Revenues:
|
||||||||
Interest income-related party (Note 2)
|
$ | 8,000 | $ | 12,000 | ||||
Other Income
|
- | 4,000 | ||||||
8,000 | 16,000 | |||||||
Costs and expenses:
|
||||||||
Interest
|
1,293,000 | 1,297,000 | ||||||
Forgiveness of debt and interest
|
(209,000 | ) | (1,313,000 | ) | ||||
Interest-related party
|
7,249,000 | 6,322,000 | ||||||
Taxes and assessments
|
9,000 | 9,000 | ||||||
Consulting and accounting-related party
|
37,000 | 38,000 | ||||||
Legal and professional
|
9,000 | 12,000 | ||||||
General and administrative
|
79,000 | 163,000 | ||||||
8,467,000 | 6,528,000 | |||||||
Net Loss
|
$ | (8,459,000 | ) | $ | (6,512,000 | ) | ||
Loss Per Share Available to Common Stockholders-
|
$ | (1.71 | ) | $ | (1.34 | ) | ||
Basic and Diluted (Note 16)
|
2015
|
2014
|
|||||||
Cash flows from operating activites:
|
||||||||
Cash received from operations:
|
||||||||
Interest received-related party
|
$ | 8,000 | $ | 12,000 | ||||
Other income
|
- | 4,000 | ||||||
8,000 | 16,000 | |||||||
Cash expended for operations:
|
||||||||
Taxes and assessments
|
9,000 | 9,000 | ||||||
Consulting and accounting-related party
|
38,000 | 39,000 | ||||||
Legal and professional
|
44,000 | 17,000 | ||||||
General and administrative
|
71,000 | 59,000 | ||||||
162,000 | 124,000 | |||||||
Net cash flows used in operating activites
|
(154,000 | ) | (108,000 | ) | ||||
Cash flows from investing activities:
|
||||||||
Net repayments of notes receivable-related party
|
154,000 | 108,000 | ||||||
Net cash flows provided by investing activities
|
154,000 | 108,000 | ||||||
Net change in cash and cash equivalents
|
- | - | ||||||
Cash and cash equivalents at beginning of year
|
1,000 | 1,000 | ||||||
Cash and cash equivalents at end of year
|
$ | 1,000 | $ | 1,000 |
2015
|
2014
|
|||||||
Reconciliation of net loss to net cash used in operating activities:
|
||||||||
Net loss
|
$ | (8,459,000 | ) | $ | (6,512,000 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activites:
|
||||||||
Forgiveness of debt and interest
|
(209,000 | ) | (1,313,000 | ) | ||||
(Increase) decrease in assets:
|
||||||||
Deposit with Trustee of 6 1/2% debentures
|
- | 89,000 | ||||||
Increase (decrease) in liabilities:
|
||||||||
Accounts payable and accrued expenses
|
(27,000 | ) | 10,000 | |||||
Accrued interest
|
1,293,000 | 1,296,000 | ||||||
Accrued interest-related party
|
7,248,000 | 6,322,000 | ||||||
Net cash flows used in operating activities
|
$ | (154,000 | ) | $ | (108,000 | ) |
Preferred Stock
|
Common Stock
|
Accumulated
|
||||||||||||||||||||||
Shares
|
Par Value
|
Shares
|
Par Value
|
Paid-in Capital
|
Deficit
|
|||||||||||||||||||
Balances at 1/1/14
|
2,000,000 | $ | 2,000,000 | 5,317,758 | $ | 532,000 | $ | 13,498,000 | $ | (92,645,000 | ) | |||||||||||||
Net Loss
|
- | - | - | - | - | (6,512,000 | ) | |||||||||||||||||
Balances at 12/31/14
|
2,000,000 | 2,000,000 | 5,317,758 | 532,000 | 13,498,000 | (99,157,000 | ) | |||||||||||||||||
Net Loss
|
- | - | - | - | - | (8,459,000 | ) | |||||||||||||||||
Balances at 12/31/15
|
2,000,000 | $ | 2,000,000 | 5,317,758 | $ | 532,000 | $ | 13,498,000 | $ | (107,616,000 | ) |
2015
|
2014
|
|||||||
Unimproved land
|
$ | 625,000 | $ | 625,000 | ||||
Fully improved land
|
14,000 | 14,000 | ||||||
$ | 639,000 | $ | 639,000 |
2015
|
2014
|
|||||||
Deposit with Trustee of 6 1/2%
|
||||||||
debentures
|
$ | 41,000 | $ | 48,000 | ||||
Prepaid expenses
|
2,000 | 2,000 | ||||||
Deferred charges
|
1,000 | 1,000 | ||||||
$ | 44,000 | $ | 51,000 |
2015
|
2014
|
|||||||
Accounts payable
|
$ | 7,000 | $ | 6,000 | ||||
Accrued audit/tax expense
|
40,000 | 38,000 | ||||||
Accrued consulting fees-related party
|
1,000 | 1,000 | ||||||
Environmental remediation obligations | 25,000 | 64,000 | ||||||
Accrued debenture fees
|
128,000 | 119,000 | ||||||
Accrued miscellaneous
|
1,000 | 1,000 | ||||||
$ | 202,000 | $ | 229,000 |
2015
|
2014
|
|||||||
Current accrued real estate taxes
|
$ | 8,000 | $ | 8,000 |
2015
|
2014
|
|||||||
Credit agreements-
|
||||||||
Primary lender (PGIP-related party), at prime plus 5%, due June 1, 1997
|
$ | 500,000 | $ | 500,000 | ||||
Notes Payable-
|
||||||||
At prime plus 2%, due October 1, 1984
|
176,000 | 176,000 | ||||||
At prime plus 2%, due October 1, 1987
|
1,000,000 | 1,000,000 | ||||||
Non-interest bearing, due August 1, 1993
|
22,000 | 22,000 | ||||||
$ | 1,698,000 | $ | 1,698,000 |
2015
|
2014
|
|||||||
6 1/2%, due June, 1991
|
$ | 447,000 | $ | 527,000 | ||||
6%, due May, 1992
|
8,025,000 | 8,025,000 | ||||||
$ | 8,472,000 | $ | 8,552,000 |
2015
|
2014
|
|||||||||||||||
($ in thousands)
|
||||||||||||||||
Percent of
|
Percent of
|
|||||||||||||||
Amount of tax
|
Pre-tax Loss
|
Amount of tax
|
Pre-tax Loss
|
|||||||||||||
Expected tax (credit)
|
$ | (2,876 | ) | -34.0 | % | $ | (2,214 | ) | -34.0 | % | ||||||
State income taxes, net of federal tax benefits
|
(338 | ) | -4.0 | % | (260 | ) | -4.0 | % | ||||||||
Decrease in environmental liability
|
15 | 0.0 | % | 3 | 0.0 | % | ||||||||||
Increase in valuation allowance
|
3,199 | 38.0 | % | 2,471 | 38.0 | % | ||||||||||
$ | - | - | $ | - | - |
2015
|
2014
|
|||||||
($ in thousands)
|
||||||||
Deferred tax asset:
|
||||||||
Net operating loss carryover
|
$ | 26,342 | $ | 23,127 | ||||
Adjustments to reduce land to net realizable value
|
12 | 12 | ||||||
Expenses capitalized under IRC 263(a)
|
56 | 56 | ||||||
Environmental liability
|
9 | 24 | ||||||
Valuation allowance
|
(26,247 | ) | (23,047 | ) | ||||
172 | 172 | |||||||
Deferred tax liability:
|
||||||||
Basis difference of land and improvement inventories
|
172 | 172 | ||||||
Net deferred tax asset
|
$ | - | $ | - |
1.
|
Maintain books of original entry;
|
2.
|
Prepare quarterly and annual SEC filings;
|
3.
|
Coordinate the annual audit;
|
4.
|
Assemble information for tax filing, review reports as prepared by tax accountants and file same;
|
5.
|
Track shareholder records through transfer agent;
|
6.
|
Maintain policies of insurance against property and liability exposure;
|
7.
|
Handle day-to-day accounting requirements
|
2015
|
2014
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Amount
|
Value
|
Amount
|
Value
|
|||||||||||||
Cash and restricted cash
|
$ | 6,000 | $ | 6,000 | $ | 6,000 | $ | 6,000 | ||||||||
Receivables
|
178,000 | 178,000 | 332,000 | 332,000 | ||||||||||||
Accounts payable
|
7,000 | 7,000 | 6,000 | 6,000 | ||||||||||||
Debt
|
11,670,000 | - | 11,750,000 | - |
2015
|
2014
|
|||||||
Numerator:
|
||||||||
Net Loss
|
$ | (8,459,000 | ) | $ | (6,512,000 | ) | ||
Preferred Dividends
|
(640,000 | ) | (640,000 | ) | ||||
Loss Available to Common Shareholders
|
$ | (9,099,000 | ) | $ | (7,152,000 | ) | ||
Denominator:
|
||||||||
Weighted average amount of shares outstanding
|
5,317,758 | 5,317,758 | ||||||
DILUTED
|
||||||||
Weighted average amount of shares outstanding
|
5,317,758 | 5,317,758 | ||||||
Dilutive effect of assumed conversion of
|
||||||||
Preferred Stock
|
- | - | ||||||
Dilutive common shares
|
5,317,758 | 5,317,758 | ||||||
Loss per share
|
||||||||
Basic
|
$ | (1.71 | ) | $ | (1.34 | ) | ||
Diluted
|
(1.71 | ) | (1.34 | ) |
Name and Age | Position with Company and Business Experience During the Last Five Years | |
Laurence A. Schiffer
(age 76)
|
Director of the Company since April 1987; President, Chief Executive Officer and Chief Financial Officer of the Company since February 1994; Vice Chairman of the Board since May 1987; President and Chief Executive Officer of Love Real Estate Company and Love Investment Company since 1973; Manager of PGIP since 1995; member of the Real Estate Board of Metropolitan St. Louis and the National Association of Real Estate Boards. | |
Andrew S. Love Jr.
(age 72)
|
Director and Chairman of the Company’s Board of Directors since May 1987; Secretary since February 1994; Chairman of the Board of Love Real Estate Company and Secretary of Love Investment Company since 1973; Partner in St. Louis based law firm of Bryan, Cave, McPheeters & McRoberts until 1991; Manager of PGIP since 1995. |
Percent Total | Percent of Total | |||||||||||||||||||
Common | Preferred | Common | Preferred | Voting | ||||||||||||||||
Name(9) | Stock | Stock | Stock(1) | Stock | Power(1) | |||||||||||||||
Estate of Harold Vernon
|
998,777 | (2)(3) | - | 18.8 | % | - | 13.7 | % | ||||||||||||
Mary Anne Johns Trust
|
- | (4) | 125,000 | (4) | - | (4) | 6.3 | % | 5.0 | % | ||||||||||
Love-PGI Partners, L.P.(“L-PGI”)
|
2,260,706 | (5) | 1,875,000 | (5) | 42.5 | % | 93.8 | % | 56.5 | % | ||||||||||
Andrew S. Love, Jr.
|
2,263,215 | (6) | 1,875,000 | (6) | 42.6 | % | 93.8 | % | 56.5 | % | ||||||||||
Laurence A. Schiffer
|
2,263,215 | (7) | 1,875,000 | (7) | 42.6 | % | 93.8 | % | 56.5 | % | ||||||||||
All executive officers and directors as a group (2 persons)
|
2,263,215 | (8) | 1,875,000 | (8) | 42.6 | % | 93.8 | % | 56.5 | % |
1.
|
The above table does not include 2,595,356 shares that may be received upon conversion of the Company’s secured convertible debentures.
|
2.
|
The shares of Common Stock owned by the Estate of Mr. Vernon are currently in the possession of the Federal Deposit Insurance Corporation (“FDIC”) which is the receiver for First American Bank and Trust, Lake Worth, Florida (“First American”). First American previously made a loan to Mr. Vernon, which was secured by these shares. The loan is in default and the Company understands that the FDIC has the right, pursuant to a pledge agreement, to vote the shares at any annual or special meeting of shareholders.
|
3.
|
Information obtained from filings made with the Securities and Exchange Commission.
|
4.
|
Includes the beneficial ownership of shares of Common Stock which represent less than 5% of the outstanding shares of Common Stock; sole voting and investment power over 125,000 shares of Preferred Stock, which shares are held in the name of Mary Anne Johns, as Trustee of the Mary Anne Johns Declaration of Trust.
|
5.
|
The controlling general partner of L-PGI is Love Investment Company, a Missouri Corporation owned by Mr. Love, a Love trust and Mr. Schiffer. Messrs. Love and Schiffer serve as the executive officers and directors of Love Investment Company.
|
6.
|
These shares are the same shares owned by L-PGI together with the 2,509 shares of Common Stock owned by PGIP, LLC. Mr. Love is an indirect owner of L-PGI and PGIP, LLC. See Footnote 5 above and Item 13. “Certain Relationships and Related Transactions, and Director Independence” for more information. Accordingly, Mr. Love has shared voting and investment power over all of these shares.
|
7.
|
These shares are the same shares owned by L-PGI together with the 2,509 shares of Common Stock owned by PGIP, LLC. Mr. Schiffer is an indirect owner of L-PGI and PGIP, LLC. See Footnote 5 above and Item 13. “Certain Relationships and Related Transactions, and Director Independence” for more information. Accordingly, Mr. Schiffer has shared voting and investment power over all of these shares.
|
8.
|
These shares are the same shares reflected in Footnotes 5, 6 and 7. See Footnote 5 above and Item 13. “Certain Relationships and Related Transactions, and Director Independence” for more information.
|
9.
|
Addresses for beneficial owners are as follows:
|
Estate of Harold Vernon | Love-PGI Partners, L.P | Laurence A. Schiffer | |
3201 W. Rolling Hills Circle | 212 So. Central, Suite 304 | 212 So. Central, Suite 201 | |
Davie, FL 33328 | St. Louis, MO 63105 | St. Louis, MO 63105 | |
Mary Anne Johns | Andrew S. Love, Jr. | ||
One Woodland Drive | 212 So. Central, Suite 201 | ||
Punta Gorda, FL 33982 | St. Louis, MO 63105 |
1.
|
Maintain books of original entry;
|
2.
|
Prepare quarterly and annual SEC filings;
|
3.
|
Coordinate the annual audit;
|
4.
|
Assemble information for tax filing, review reports as prepared by tax accountants and file same;
|
5.
|
Track shareholder records through transfer agent;
|
6.
|
Maintain policies of insurance against property and liability exposure;
|
7.
|
Handle day-to-day accounting requirements; and
|
8.
|
Provide telephone and computer service.
|
2015
|
2014
|
|||||||
Audit Fees
|
$ | 35,000 | $ | 34,000 | ||||
Audit related fees
|
- | - | ||||||
Tax fees
|
4,000 | 4,000 | ||||||
All other fees
|
- | - | ||||||
$ | 39,000 | $ | 38,000 |
1.
|
The following financial statements and the report of independent registered public accounting firm are filed as part of this Report:
|
a.
|
Report of Independent Registered Public Accounting Firm
|
b.
|
Consolidated Statements of Financial Position as of December 31, 2015 and 2014
|
c.
|
Consolidated Statements of Operations for the Years Ended December 31, 2015 and 2014
|
d.
|
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015 and 2014
|
e.
|
Consolidated Statements of Stockholders' Deficiency for the Years Ended December 31, 2015 and 2014
|
f.
|
Notes to Consolidated Financial Statements
|
2.
|
Financial statement schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable and therefore have been omitted.
|
3.
|
Reference is made to the Exhibit Index contained on page 36 herein for a list of exhibits required to be filed or furnished under this Item.
|
PGI INCORPORATED | |||
(Registrant) | |||
Date: March 22, 2016
|
By:
|
/s/ Laurence A. Schiffer | |
Laurence A. Schiffer, President | |||
(Duly Authorized Officer and | |||
Principal Executive Officer) |
Signature
|
Title
|
Date
|
||
/s/ Andrew S. Love
|
Chairman of the Board
|
March 22, 2016
|
||
Andrew S. Love
|
Secretary | |||
/s/ Laurence A. Schiffer
|
Vice Chairman of the Board,
|
March 22, 2016
|
||
Laurence A. Schiffer
|
President, Principal Executive | |||
Officer, Principal Financial | ||||
Officer, and Principal Accounting | ||||
Officer | ||||
Exhibit No. | Description | |
2
|
Inapplicable.
|
|
3.1
|
Restated Articles of Incorporation of PGI Incorporated executed September 4, 1998 with certificate from the State of Florida dated October 27, 1998 (filed as Exhibit 3.1 to Registrant’s September 30, 1998 Form 10-QSB and incorporated herein by reference).
|
|
3.2
|
Certificate of the Designation, Powers, Preferences and Relative Rights, and the Qualifications, Limitations or Restrictions Thereof, which have not been set forth in the Articles of Incorporation, of the Class A Cumulative Convertible Preferred Stock, effective as of March 24, 1987 (filed as Exhibit 3.2 to Registrant’s Form 10-K Annual Report for the year ended December 31, 1986 (“1986 Form 10-K”) and incorporated herein by reference).
|
|
3.3
|
Bylaws of Registrant, as amended September 1987 (filed as Exhibit 3.3 to Registrant’s original Form 10-K Annual Report for the year ended December 31, 1987 (“Original 1987 Form 10-K”) dated as of March 29, 1987 and incorporated herein by reference).
|
|
3.4
|
Amendments to the Bylaws of the Registrant by the Board of Directors of PGI Incorporated by the Unanimous Written Consent, dated as of March 17, 1995 (filed as Exhibit 3.5 to the December 31, 1995 Form 10-KSB and incorporated herein by reference).
|
|
4.1
|
Extension and Forbearance Agreement among PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation and BancFlorida (formerly Naples Federal Savings and Loan Association), dated as of March 25, 1987 (filed as Exhibit 4.4 to the 1986 Form 10-K and incorporated herein by reference).
|
|
4.2
|
Seventh Mortgage and Loan Modification Agreement among PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation and BancFlorida, dated as of March 25, 1987 (filed as Exhibit 4.5 to the 1986 Form 10-K and incorporated herein by reference).
|
4.3 |
Eighth Mortgage and Loan Modification Agreement among PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation and BancFlorida, dated as of March 25, 1987 (filed as Exhibit 4.6 to the 1986 Form 10-K and incorporated herein by reference).
|
|
4.4 |
Restated Loan and Security Agreement among PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation and BancFlorida, as well as Restated Consolidating Substituted Renewal Note and Future Advance Mortgage Note related thereto, dated as of March 25, 1987 (filed as Exhibit 4.7 to the 1986 Form 10-K and incorporated herein by reference).
|
|
4.5 |
Forbearance Agreement among PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation and BancFlorida (Restated Loan Agreement No.1), dated as of October 19, 1985 (filed as Exhibit 4.1 to the Registrant’s Form 10-Q Quarterly Report for the quarter ended September 30, 1985 and incorporated herein by reference).
|
|
4.6
|
Amendment to Restated Loan Agreement No. 1 (Receivables Loan), as well as Restated Consolidating Substituted Renewal Note relating thereto, dated as of March 25, 1987 (filed as Exhibit 4.9 to the 1986 Form 10-K and incorporated herein by reference).
|
|
4.7
|
Extension, Forbearance and Modification Agreement between PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation, and BancFlorida, dated as of May 20, 1988 (filed as Exhibit 4.1 to the Registrant’s Form 10-Q Quarterly Report for the quarter ended June 30, 1988 and incorporated herein by reference).
|
|
4.8
|
Ninth Mortgage and Loan Modification Agreement between PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation, and BancFlorida, dated as of May 20, 1988 (filed as Exhibit 4.2 to Registrant’s Form 10-Q Quarterly Report for the quarter ended June 30, 1988 and incorporated herein by reference).
|
|
4.9
|
Purchase Agreement among Finova Financial Services, PGI Incorporated and Punta Gorda Developers, Inc., as well as certain Exhibits and the Mortgage related thereto, dated March 15, 1988 (filed as Exhibit 1 to Registrant’s Form 8-K dated as of March 28, 1988 and incorporated herein by reference).
|
|
4.10
|
Tenth Mortgage and Loan Modification Agreement between PGI Incorporated, Punta Gorda Developers, Inc., as well as certain Exhibits and the Mortgage related thereto, dated May 30, 1989 (filed as Exhibit 1 to Registrant’s Form 8-K dated as of June 8, 1989 and incorporated herein by reference).
|
|
4.11
|
Eleventh Mortgage and Loan Modification Agreement among PGI Incorporated (formerly Punta Gorda Isles, Inc.), Sugarmill Woods, Inc. (formerly Punta Gorda Developers, Inc.), Burnt Store Marina, Inc. and Gulf Coast Credit Corporation and BancFlorida (formerly Naples Federal Savings and Loan Association), dated as of June 1, 1990 (filed as Exhibit 4.2 to Registrant’s Form 10-Q Quarterly Report for the quarter ended June 30, 1990 and incorporated herein by reference).
|
|
4.12
|
Loan Forbearance Agreement among PGI Incorporated (formerly Punta Gorda Isles, Inc.), Sugarmill Woods, Inc, (formerly Punta Gorda Developers, Inc.), Burnt Store Marina, Inc. and Gulf Coast Credit Corporation and BancFlorida (formerly Naples Federal Savings and Loan Association), dated as of October 17, 1991 (filed as Exhibit 4.12 to Registrant’s Form 10-K dated March 30, 1994 and incorporated herein by reference).
|
|
4.13
|
Twelfth Mortgage and Loan Modification Agreement among PGI Incorporated, Sugarmill Woods, Inc., Burnt Store Marina, Inc. and Gulf Coast Credit Corporation and BancFlorida, dated as of July 8, 1992 (filed as Exhibit 4.1 to Registrant’s Form 8-K dated as of July 24, 1992, and incorporated herein by reference).
|
|
4.14
|
Thirteenth Mortgage and Loan Modification Agreement among PGI Incorporated, Sugarmill Woods, Inc., Burnt Store Marina, Inc., Gulf Coast Credit Corporation and First Union, dated as of May 13, 1994 (filed as Exhibit 4.1 to Registrant’s Form 8-K dated May 27, 1994 and incorporated herein by reference).
|
|
4.15
|
Forbearance Agreement dated as of October 12, 1995 by First Union National Bank of Florida, PGI Incorporated, Sugarmill Woods, Inc., Burnt Store Marina, Inc., Gulf Coast Credit Corporation, Southern Woods, Incorporated, Punta Gorda Isles, Inc., Deep Creek Utilities, Inc., Burnt Store Utilities, Inc., and Sugarmill Woods Sales, Inc. (filed as Exhibit 4(i) to Registrant’s Form 8-K on November 1, 1995 and incorporated herein by reference).
|
|
4.16
|
Note and Loan Document Purchase Agreement dated as of October 12, 1995 by First Union National Bank of Florida, PGIP, L.L.C., PGI Incorporated, Sugarmill Woods, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation (filed as Exhibit 4 (ii) to Registrant’s Form 8-K on November 1, 1995 and incorporated herein by reference).
|
|
4.17
|
Note Purchase and Loan Transaction dated as of March 28, 1996, by First Union National Bank of Florida, PGIP, LLC, PGI Incorporated, Sugarmill Woods, Inc., Burnt Store Marina, Inc. and Gulf Coast Credit Corporation (filed as Exhibit 4.17 to Registrant’s Form 10-KSB/A dated August 27, 1997, and incorporated herein by reference).
|
|
9. |
Inapplicable.
|
|
10.3
|
Preferred Stock Purchase Agreement by and between PGI Incorporated and Love Development and Investment Company, dated as of February 16, 1987 (filed as Exhibit (i) to the Registrant’s Form 8-K Current Report dated February 25, 1987 and incorporated herein by reference).
|
|
10.4
|
Form of Convertible Debenture Agreement due April 30, 1992 between PGI Incorporated and Love-1989 Florida Partners, L.P. and Mortgage and Security Agreement dated July 28, 1989 between Sugarmill Woods, Inc. and Love-1989 Florida Partners, L.P. (filed as Exhibit 10.9 to the Registrant’s Form 10-K Annual Report for the year ended December 31, 1989 and incorporated herein by reference).
|
|
10.5
|
Consulting Agreement between PGI Incorporated and Love Real Estate Company, dated as of March 25, 1987 (filed as Exhibit 10.7 to the 1986 Form 10-K and incorporated herein by reference).
|
|
11
|
See Note 16 to the consolidated financial statements.
|
|
13
|
Inapplicable.
|
|
14
|
Inapplicable (See discussion regarding code of ethics under Item 10. of this Form 10-K).
|
|
16. |
Inapplicable.
|
|
18
|
Inapplicable.
|
|
Subsidiaries of the Registrant, filed herein.
|
||
22. |
Inapplicable.
|
|
23. |
Inapplicable.
|
|
24
|
Inapplicable.
|
|
Principal Executive Officer certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended, filed herein.
|
||
Principal Financial Officer certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended, filed herein.
|
||
Principal Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein.
|
||
32.2 |
Principal Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein.
|
|
33
|
Not applicable.
|
|
34
|
Not applicable.
|
|
35
|
Not applicable
|
|
95
|
Not applicable.
|
|
99. |
Not applicable.
|
|
100. |
Not applicable.
|
|
101. |
Instance Document, Schema Document, Calculation Linkbase Document, Labels Linkbase Document, Presentation Linkbase Document and Definition Linkbase Document.*
|
State of Incorporation | Relationship | |||
Sugarmill Woods, Inc.
|
Florida
|
Wholly owned (1)
|
||
Burnt Store Marina, Inc.
|
Florida
|
Wholly owned (1)
|
||
Punta Gorda Isles Sales, Inc.
|
Florida
|
Wholly owned (1)
|
||
Burnt Store Utilities, Inc.
|
Florida
|
Wholly owned (1)
|
||
Gulf Coast Credit Corporation
|
Florida |
Wholly owned (1)
|
(1)
|
Included in the Company’s consolidated financial statements.
|
1.
|
I have reviewed this annual 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 officers 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 officers 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.
|
1.
|
I have reviewed this annual 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 officers 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 officers 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.
|
(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.
|
|
*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.
|
(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.
|
|
*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.
|
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Mar. 22, 2016 |
Jun. 30, 2015 |
|
Document And Entity Information | |||
Entity Registrant Name | PGI INC | ||
Entity Central Index Key | 0000081157 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 5,317,758 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2015 |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
STOCKHOLDERS' DEFICIENCY | ||
Preferred stock, par value | $ 1.00 | $ 1.00 |
Preferred stock, authorized | 5,000,000 | 5,000,000 |
Preferred stock, liquidation preference (excluding cumulative dividends) | $ 8,000,000 | $ 8,000,000 |
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 |
Common stock, par value | $ 0.10 | $ 0.10 |
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 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Revenues: | ||
Interest income-related party (Note 2) | $ 8,000 | $ 12,000 |
Other Income | 4,000 | |
Total Revenues | 8,000 | 16,000 |
Costs and expenses: | ||
Interest | 1,293,000 | 1,297,000 |
Forgiveness of debt and interest | (209,000) | (1,313,000) |
Interest-related party | 7,249,000 | 6,322,000 |
Taxes and assessments | 9,000 | 9,000 |
Consulting and accounting-related party | 38,000 | 39,000 |
Legal and professional | 9,000 | 12,000 |
General and administrative | 79,000 | 163,000 |
Total costs and expenses | 8,467,000 | 6,528,000 |
NET LOSS | $ (8,459,000) | $ (6,512,000) |
Loss Per Share Available to Common Stockholders - Basic and Diluted (Note 16) | $ (1.71) | $ (1.34) |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) |
Preferrred Stock |
Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
---|---|---|---|---|
Beginning Balance, Shares at Dec. 31, 2013 | 2,000,000 | 5,317,758 | ||
Beginning Balance, Amount at Dec. 31, 2013 | $ 2,000,000 | $ 532,000 | $ 13,498,000 | $ (92,645,000) |
Net loss | (6,512,000) | |||
Ending Balance, Shares at Dec. 31, 2014 | 2,000,000 | 5,317,758 | ||
Ending Balance, Amount at Dec. 31, 2014 | $ 2,000,000 | $ 532,000 | $ 13,498,000 | (99,157,000) |
Net loss | (8,459,000) | |||
Ending Balance, Shares at Dec. 31, 2015 | 2,000,000 | 5,317,758 | ||
Ending Balance, Amount at Dec. 31, 2015 | $ 2,000,000 | $ 532,000 | $ 13,498,000 | $ (107,616,000) |
1. Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after eliminating all significant inter-company transactions.
Accounting Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue and Profit Recognition
Homesites
The Company follows the installment method of profit recognition in accordance with Accounting Standard Codification (ASC) Topic 360-20, Real Estate Sales.
Acreage
Sales of undeveloped and developed acreage tracts are recognized, net of any deferred revenue and valuation discount, when minimum down payment and other requirements are met.
Land and Improvement Inventories
Land held for sale to customers and land held for bulk sale are stated at cost, which is not in excess of estimated net realizable value. Homesite costs are allocated to projects based on area methods, which consider footage, future improvements costs and frontage.
Cash and Cash Equivalents
For purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. |
2. Revenues |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Revenues: | |
Revenues | Revenues for the years ended December 31, 2015 and 2014 included interest income from a short-term note receivable with Love Investment Company (LIC), an affiliate of L-PGI, the Companys primary preferred stock shareholder. In addition, revenue included other income of $4,000 for the year ended December 31, 2014 which represents an option fee received in October 2014 in exchange for an amendment to the cell tower lease on a parcel of property located in Citrus County, Florida. Effective October 26, 2015, the lessee provided notice of termination of the lease agreement which was in a due diligence period.
There were no real estate sales in 2015 and 2014. As of December 31, 2015 the Company owned six lots in Citrus County, Florida. The Company continues to be effected by a depressed real estate market in Citrus County, Florida. |
3. Restricted Cash |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Restricted Cash | |
Restricted Cash | Restricted cash includes restricted proceeds held by PGIP, LLC (PGIP), the Primary Lender, as collateral for debt repayment (see Note 14).
The restricted escrow funds balance was $5,000 at December 31, 2015 and December 31, 2014. |
4. Land and Improvements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||
Land and Improvements | Land and improvement inventories consisted of:
|
5. Other Assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other assets consisted of:
|
6. Accounts Payable and Accrued Expenses |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of:
Accrued Real Estate Taxes:
Accrued real estate taxes consisted of:
|
7. Credit Agreements - Primary Lender and Notes Payable |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Agreements - Primary Lender and Notes Payable | Credit agreements with the Companys primary lender and notes payable consisted of the following:
The prime rate at December 31, 2015 and 2014, was 3.5% and 3.25%.
At December 31, 2015 assets collateralizing the Companys credit agreements with its primary lender totaled $644,000, of which $5,000 represented escrow held by the primary lender, and $639,000 represented land and improvement inventories.
The overall weighted-average interest rate for the Companys credit agreements with its primary lender and all remaining notes and mortgages was approximately 6.1% as of both December 31, 2015 and 2014.
Although substantially all of the Companys real and personal property including all of the stock of the Companys wholly-owned subsidiaries remains pledged as collateral, the Company negotiated agreements with its mortgage holders to allow the Company to sell part of its land holdings without requiring full payment of the secured debt.
Accrued interest due to the primary lender was $450,000 and $408,000 at December 31, 2015 and 2014, respectively. Accrued interest on other notes payable was $3,081,000 and $3,020,000 at December 31, 2015 and 2014, respectively.
All of the primary lender debt and notes payable including accrued interest are past due. |
8. Subordinated Convertible Debentures Payable |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Convertible Subordinated Debt [Abstract] | |||||||||||||||||||||||||||||||||||||
Subordinated Convertible Debentures Payable | Subordinated debentures payable consisted of:
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. In connection with such final distribution, the Trustee applied $89,000 of the $184,000 debenture reserve fund that the Trustee had maintained with respect to such debentures, toward debenture administration fees charged by the Trustee, and the remaining balance of $95,000 of the debenture reserve fund for final distribution to holders of such debentures who surrender their respective debentures.
During the years ended December 31, 2015 and 2014, such 6.5% subordinated convertible debentures with face amounts of $80,000 and $507,000 have been surrendered by their respective debenture holders, respectively. Funds utilized from the debenture reserve account were $7,000 and $47,000 during the years ended December 31, 2015 and 2014, respectively, in payment of a final distribution to such debenture holders. Accordingly, the Company has recognized $73,000 and $460,000 in forgiveness of debt during the years ended December 31, 2015 and 2014, respectively. In addition, accrued interest in the amount of $136,000 and $853,000 on such debentures that have been surrendered was recorded by the Company as forgiveness of interest expense during the years ended December 31, 2015 and 2014, respectively.
As of December 31, 2015 and 2014 the outstanding principal balance on such 6.5% subordinated convertible debentures that were not surrendered by the respective holders equals $447,000 and $527,000, plus accrued and unpaid interest of $788,000 and $894,000, respectively.
If and when such remaining debentures are surrendered to the Trustee, the applicable portion of such principal and accrued interest will similarly be recorded as debt and 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.
Since issuance, $650,000 and $152,000 of the 6½% and 6% debentures, respectively, have been converted into common stock. This conversion feature is no longer in effect.
The Company is in default of certain sinking fund and interest payments on both subordinated convertible debentures totaling $8,472,000 and $8,552,000 in principal plus accrued and unpaid interest of $22,484,000 and $21,389,000 as of December 31, 2015 and December 31, 2014, respectively.
The debentures are not collateralized and are not subordinate to each other, but are subordinate to senior indebtedness ($3,198,000 at December 31, 2015). Payment of dividends on the Companys common stock is restricted under the terms of the two indentures pursuant to which the outstanding debentures are issued.
In order to meet liquidity needs for future periods, the Company has been and intends to continue to actively seek buyers for the remaining portion of the underdeveloped acreage, when appropriate
No assurances can be made that the Company can achieve this objective. |
9. Convertible Debentures Payable |
12 Months Ended |
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Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Debentures Payable | In May 2008, LIC, an affiliate of L-PGI, the Companys preferred shareholder, purchased $703,050 in principal amount of the Companys convertible debentures from the previous debenture holder. The balance of the outstanding convertible debentures in the amount of $796,950, are held by Love-1989. The debentures held by Love-1989 and LIC are secured by a second mortgage behind PGIP on the 366 acres retained by the Company and a security interest behind that held by PGIP in the restricted proceeds escrow. The total debentures balance of $1,500,000 carry a maturity date of July 8, 1997 and are in default. Interest on the debentures accrues at the rate of fourteen percent compounded quarterly. The Companys primary lender credit agreements prohibit the payment of interest until such time as the primary lender loans are repaid.
Accrued interest was $54,558,000 and $47,351,000 at December 31, 2015 and 2014 respectively. |
10. Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Reconciliation of the statutory federal income tax rates, 34% for the years ended December 31, 2015 and 2014, to the Companys effective income tax rates follows:
At December 31, 2015, the Company had an operating loss carryforward of approximately $ 69,321,000 which are expiring and will expire at various dates through 2035.
The Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2012. |
11. Capital Stock |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Equity [Abstract] | |
Capital Stock | In March 1987, the Company sold, in a private placement, 1,875,000 shares of its Class A cumulative convertible preferred stock to L-PGI for a purchase price of $7,500,000 cash ($4.00 per share). The Company also converted $500,000 of indebtedness owed to a corporation owned by the Companys former Chairman of the Board of Directors and members of his family into 125,000 shares of the cumulative convertible preferred stock.
The holders of the preferred stock are entitled to one vote per share and, except as provided by law, will vote as one class with the holders of the common stock. Class A preferred stockholders are also entitled to receive cumulative dividends at the annual rate of $.32 per share, an effective yield of 8%. Dividends accrued for an initial two year period and, at the expiration of this period, preferred stockholders had the option of receiving accumulated dividends, when and if declared by the Board of Directors, in cash (unless prohibited by law or contract) or common stock. At December 31, 2015 cumulative preferred dividends in arrears totaled $13,235,000 ($640,000 of which related to the year ended December 31, 2015). On May 15, 1997 preferred dividends accrued through April 25, 1995 totaling $4,260,433 were paid in the form of 2,000,203 shares of common stock.
As of December 31, 2015, the preferred stock is callable or redeemable at the option of the Company at $4.00 per share plus accrued and unpaid dividends. In addition, the preferred stock will be entitled to preference of $4.00 per share plus accrued and unpaid dividends in the event of liquidation of the Company.
At December 31, 2015 the Company had reserved 6,319,540 common shares for the conversion of preferred stock and debentures. |
12. Quarterly Results |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results | Effective October 26, 2015 the Company received notice of termination of a lease agreement for a cell tower lease on a parcel of property in Citrus County, Florida. The lease had been executed on May 1, 2013 and was in a due diligence period.. |
13. Commitments and Contingencies |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company is currently not a party in any legal proceedings. |
14. Related Party Transactions |
12 Months Ended | ||||||||||||||
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Dec. 31, 2015 | |||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||
Related Party Transactions | The Companys primary preferred shareholder is L-PGI, with LIC being its general partner. The Companys convertible debentures (Note 9) are held by L-1989 and LIC. LIC is also the controlling general partner of L-1989. LIC is primarily owned and managed by Andrew S. Love and Laurence A. Schiffer. Messrs. Love and Schiffer serve as the executive officers and directors of the Company.
As of December 31, 2015 the Company was in default of its primary credit agreements with PGIP, its Primary Lender (Note 7).
PGIP is owned and managed by Hallmark Investment Corporation (HIC). Messrs. Love and Schiffer are directors and executive officers of HIC and own 90% of all the issued and outstanding voting stock of HIC.
The Company maintains its administration and accounting offices with Love Real Estate Company (LREC). LREC, which is owned by Mr. Love and Mr. Schiffer, is paid a monthly fee for the following:
In addition, the Company receives office space, telephone service and computer service from LREC. A fee of $2,800 per month was accrued in 2015 and 2014. The Company made payments of $33,600 to LREC in 2015 and 2014 respectively for accounting service fees. There were no accrued accounting service fees as of December 31, 2015 and 2014.
Effective March 25, 1987, the Company entered into a Management Consulting Agreement with LREC. As a consultant to the Company and in addition to the above services, LREC provides other services including, but not limited to, strategic planning, marketing and financing as requested by the Company. In consideration for these consulting services, the Company pays LREC a quarterly consulting fee of one-tenth of one percent of the carrying value of the Companys assets, plus reasonable out-of-pocket expenses. As of December 31, 2015, the carrying value of the Companys assets was approximately $867,000. Consulting fees were $4,000 and $5,000 in 2015 and 2014, respectively. As of both December 31, 2015 and 2014, a total of $1,000 of unpaid fees had accrued under this agreement.
In 1985 a corporation owned by the former Chairman of the Board and his family made an uncollateralized loan to the Company, which at December 31, 2015 had an outstanding principal balance of $176,000 plus accrued interest of $431,000, totaling an outstanding balance of $607,000. Interest accrued on this loan was $9,000 in 2015 and 2014.
From time to time, the Company invests in short-term debt obligations of an affiliate of L-PGI, the Companys preferred shareholder, Love Investment Company (Note 2). The balance of this receivable including accrued interest at December 31, 2015 and 2014 was $178,000 and $332,000, respectively. Interest on the loans was $8,000 and $12,000 for 2015 and 2014, respectively. |
15. Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value:
Cash and Restricted Cash:
The carrying amount approximates fair value because of the short maturity of those instruments.
Receivables:
The carrying amount approximates fair value because of the short-term maturity of those receivables.
Accounts Payable:
The carrying amount approximates fair value because of the short-term maturity of those debts.
Debt:
It was not practicable to estimate the fair value of the Companys debt with its primary lender, its 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.
The estimated fair values of the Companys financial instruments are as follows:
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16. Loss Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Per Share | The following is a summary of the calculations used in computing basic and diluted loss per share:
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1. Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after eliminating all significant inter-company transactions. |
Accounting Estimates | Accounting Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue and Profit Recognition | Revenue and Profit Recognition
Homesites
The Company follows the installment method of profit recognition in accordance with Accounting Standard Codification (ASC) Topic 360-20, Real Estate Sales.
Acreage
Sales of undeveloped and developed acreage tracts are recognized, net of any deferred revenue and valuation discount, when minimum down payment and other requirements are met. |
Land and Improvement Inventories | Land and Improvement Inventories
Land held for sale to customers and land held for bulk sale are stated at cost, which is not in excess of estimated net realizable value. Homesite costs are allocated to projects based on area methods, which consider footage, future improvements costs and frontage. |
Cash and Cash Equivalents | Cash and Cash Equivalents
For purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. |
4. Land and Improvements (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||
Land and improvement inventories |
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5. Other Assets (Tables) |
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Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets consist |
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6. Accounts Payable and Accrued Expenses (Tables) |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses consist |
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Accrued Real Estate Taxes |
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7. Credit Agreements - Primary Lender and Notes Payable (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit agreements with the Company's primary lender and notes payable |
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8. Subordinated Convertible Debentures Payable (Tables) |
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Convertible Subordinated Debt [Abstract] | |||||||||||||||||||||||||||||||||||||
Subordinated debentures payable |
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10. Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the statutory federal income tax rates |
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Deferred tax assets/liabilities |
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15. Fair Value of Financial Instruments (Tables) |
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Fair Value Of Financial Instruments Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair values of the Company's financial instruments |
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16. Loss Per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the calculations used in computing basic and diluted loss per share |
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2. Revenues (Details Narrative) |
12 Months Ended |
---|---|
Dec. 31, 2014
USD ($)
| |
Revenues Details Narrative | |
Other income | $ 4,000 |
3. Restricted Cash (Details Narrative) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Restricted Cash Details Narrative | ||
Restricted escrow funds | $ 5,000 | $ 5,000 |
4. Land and Improvements (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Land and improvement inventories | ||
Unimproved land | $ 625,000 | $ 625,000 |
Fully improved land | 14,000 | 14,000 |
Total | $ 639,000 | $ 639,000 |
5. Other Assets (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Other assets consisted of: | ||
Deposit with Trustee of 6-1/2% debentures | $ 41,000 | $ 48,000 |
Prepaid expenses | 2,000 | 2,000 |
Deferred charges | 1,000 | 1,000 |
Total Other Assets | $ 44,000 | $ 51,000 |
6. Accounts Payable and Accrued Expenses (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Accounts payable and accrued expenses | ||
Accounts payable | $ 7,000 | $ 6,000 |
Accrued audit/tax expense | 40,000 | 38,000 |
Accrued consulting fees-related party | 1,000 | 1,000 |
Environmental remediation obligations | 25,000 | 64,000 |
Accrued debenture fees | 128,000 | 119,000 |
Accrued miscellaneous | 1,000 | 1,000 |
Total | 202,000 | 229,000 |
Accrued real estate taxes consisted of: | ||
Current accrued real estate taxes | $ 8,000 | $ 8,000 |
7. Credit Agreements - Primary Lender and Notes Payable (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Primary lender-related party | $ 500,000 | $ 500,000 |
Notes payable | 1,198,000 | 1,198,000 |
Total | 1,698,000 | 1,698,000 |
Primary lender (PGIP-related party), at prime plus 5%, due June 1, 1997 | ||
Primary lender-related party | 500,000 | 500,000 |
At prime plus 2%, due October 1, 1984 | ||
Notes payable | 176,000 | 176,000 |
At prime plus 2%, due October 1, 1987 | ||
Notes payable | 1,000,000 | 1,000,000 |
Non-interest bearing, due August 1, 1993 | ||
Notes payable | $ 22,000 | $ 22,000 |
7. Credit Agreements - Primary Lender and Notes Payable (Details Narrative) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Credit Agreements - Primary Lender And Notes Payable Details Narrative | ||
Collateralizing assets with primary lender | $ 644,000 | |
Escrows held by primary lender | 5,000 | |
Land and improvement inventories | 639,000 | $ 639,000 |
Accrued interest due to the primary lender | $ 450,000 | $ 408,000 |
Prime rate | 3.50% | 3.25% |
Weighted-average interest rate | 6.10% | 6.10% |
Accrued interest on other notes payable | $ 3,081,000 | $ 3,020,000 |
8. Subordinated Convertible Debentures Payable (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Subordinated convertible debentures payable | $ 8,472,000 | $ 8,552,000 |
6 and 1/2 %, due June 1991 | ||
Subordinated convertible debentures payable | 447,000 | 527,000 |
6%, due May 1992 | ||
Subordinated convertible debentures payable | $ 8,025,000 | $ 8,025,000 |
8. Subordinated Convertible Debentures Payable (Details Narrative) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Subordinated Convertible Debentures Payable Details Narrative | ||
Debentures surrendered | $ 80,000 | $ 507,000 |
Debenture reserve funds utilized | 7,000 | 47,000 |
Forgiveness of debt | 73,000 | 460,000 |
Accrued interest decrease forgiveness | 136,000 | 853,000 |
Convertible Subordinated Debt 6.5% Debentures | 447,000 | 527,000 |
Accrued Interest 6.5% Convertible Debentures | 788,000 | 894,000 |
Subordi-nated convertible debentures | 8,472,000 | 8,552,000 |
Accrued and unpaid interest | 22,484,000 | 21,389,000 |
Subordinate to senior indebtedness | $ 3,198,000 | $ 3,198,000 |
9. Convertible Debentures Payable (Details Narrative) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Convertible Debentures Payable Details Narrative | ||
Accrued Interest Convertible Debentures Payable - Related Party | $ 54,558,000 | $ 47,351,000 |
10. Income Taxes (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Taxes Details | ||
Expected tax (credit) | $ (2,876,000) | $ (2,214,000) |
State income taxes, net of federal tax benefits | (338,000) | (260,000) |
Decrease in environmental liability | 15,000 | 3,000 |
Increase in valuation allowance | $ 3,199,000 | $ 2,471,000 |
Income Tax Expense Benefit Continuing Operations | ||
Expected tax (credit), Percentage | (34.00%) | (34.00%) |
State income taxes, net of federal tax benefits, Percentage | (4.00%) | (4.00%) |
Decrease in environmental liability, Percentage | 0.00% | 0.00% |
Increase in valuation allowance, Percentage | 38.00% | 38.00% |
10. Income Taxes (Details 1) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred tax asset: | ||
Net operating loss carryover | $ 26,342,000 | $ 23,127,000 |
Adjustments to reduce land to net realizable value | 12,000 | 12,000 |
Expenses capitalized under IRC 263(a) | 56,000 | 56,000 |
Environmental liability | 9,000 | 24,000 |
Valuation allowance | (26,247,000) | (23,047,000) |
Total tax asset | 172,000 | 172,000 |
Deferred tax liability: | ||
Basis difference of land and improvement inventories | $ 172,000 | $ 172,000 |
Net deferred tax asset |
10. Income Tax (Details Narrative) |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Income Tax Details Narrative | |
Operating loss carryforward | $ 69,321,000 |
Operating losses expiry date | Dec. 31, 2035 |
11. Capital Stock (Details Narrative) |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
$ / shares
shares
| |
Capital Stock Details Narrative | |
Cumulative preferred dividends in arrears | $ | $ 13,235,000 |
Amount per share Preferred Stock is callable or Redeemable at Option of Company | $ / shares | $ 4.00 |
Common shares reserved for the conversion of preferred stock and debentures | shares | 6,319,540 |
14. Related Party Transactions (Details Narrative) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Related Party Transactions [Abstract] | ||
Accounting service fees | $ 33,600 | $ 33,600 |
Carrying value of the Company's assets | 867,000 | |
Consulting fees, related party | 4,000 | 5,000 |
Unpaid Consulting Fees | 1,000 | 1,000 |
Outstanding principal balance | 176,000 | 176,000 |
Outstanding principal plus accrued interest | 607,000 | |
Interest Accrued | 9,000 | 9,000 |
Interest income, related party | 8,000 | 12,000 |
Receivable, related party | $ 178,000 | $ 332,000 |
15. Fair Value of Financial Instruments (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Receivables | $ 178,000 | $ 332,000 |
Carrying amount | ||
Cash and Restricted Cash | 6,000 | 6,000 |
Receivables | 178,000 | 332,000 |
Accounts Payable | 7,000 | 6,000 |
Debt | 11,670,000 | 11,750,000 |
Fair value | ||
Cash and Restricted Cash | 6,000 | 6,000 |
Receivables | 178,000 | 332,000 |
Accounts Payable | $ 7,000 | $ 6,000 |
Debt |
16. Loss Per Share: (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Numerator: | ||
Net Loss | $ (8,459,000) | $ (6,512,000) |
Preferred Dividends | (640,000) | (640,000) |
Loss Available to Common Shareholders | $ (9,099,000) | $ (7,152,000) |
Denominator: | ||
Weighted average amount of shares outstanding | 5,317,758 | 5,317,758 |
DILUTED | ||
Weighted average amount of shares outstanding | 5,317,758 | 5,317,758 |
Dilutive effect of assumed conversion of Preferred Stock | ||
Dilutive common shares | 5,317,758 | 5,317,758 |
Loss per share | ||
Basic | $ (1.71) | $ (1.34) |
Diluted | $ (1.71) | $ (1.34) |
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