XML 29 R17.htm IDEA: XBRL DOCUMENT v3.23.1
Quarterly Results
12 Months Ended
Dec. 31, 2022
Quarterly Results  
Quarterly Results

11. Quarterly Results:

 

Effective December 21, 2022, the Officers and Directors of PGI executed a Resolution to cease operations and allow the dissolution and wind up of the affairs of the Company.

 

As a result, the Company sold the last remaining parcel of value, a seven-acre parcel in Citrus County, Florida, to LIC, the Company’s primary preferred shareholder, that provided sale proceeds of approximately $200,000 in the fourth quarter of 2022. The Company paid the respective proceeds of $200,000 in full settlement of the remaining aggregate balance of accrued interest of the Convertible Secured Debentures held by Love-1989, an affiliate of the Company and to LIC in proportion to their respective outstanding balances which totals $52,709,836.

 

The company recognized forgiveness of debt and interest expense of $96,399,000 in the quarter ended December 31, 2022.