Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 15, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | PGI INC | |
Entity Central Index Key | 81,157 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
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 Common Stock, Shares Outstanding | 5,317,758 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash | $ 1,071 | $ 1 |
Restricted cash | 0 | 5 |
Receivables-related party | 0 | 178 |
Land and improvement inventories | 14 | 639 |
Other assets | 43 | 44 |
Total Assets | 1,128 | 867 |
LIABILITIES | ||
Accounts payable and accrued expenses | 209 | 202 |
Accrued real estate taxes | 2 | 8 |
Accrued interest: | ||
Primary lender-related party | 0 | 450 |
Subordinated convertible debentures payable | 23,110 | 22,484 |
Convertible debentures-related party | 52,915 | 54,558 |
Notes payable | 3,114 | 3,081 |
Credit agreements: | ||
Primary lender-related party | 0 | 500 |
Notes payable | 1,198 | 1,198 |
Subordinated Convertible Debentures Payable | 8,472 | 8,472 |
Convertible Debt-Related Party | 0 | 1,500 |
Liabilities Total | 89,020 | 92,453 |
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 and cumulative dividends) | 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 | (103,922) | (107,616) |
Total stockholders' deficiency | (87,892) | (91,586) |
Total liabilities and stockholders' deficiency | $ 1,128 | $ 867 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
STOCKHOLDERS' DEFICIENCY | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, authorized | 5,000,000 | 5,000,000 |
Preferred stock, liquidation preference (excluding cumulative dividends) | $ 8,000 | $ 8,000 |
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 | $ .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 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
REVENUES | ||||
Real estate sales | $ 9,000 | $ 0 | $ 9,000 | $ 0 |
Interest income-related party | 1 | 2 | 2 | 5 |
Total Revenues | 9,001 | 2 | 9,002 | 5 |
COSTS, EXPENSES AND OTHER | ||||
Cost of real estate sales and expenses of sale | 745 | 0 | 745 | 0 |
Interest | 330 | 323 | 658 | 643 |
Forgiveness of debt and interest | 0 | (24) | 0 | (209) |
Interest-related party | 1,859 | 1,780 | 3,832 | 3,500 |
Taxes and assessments | 2 | 2 | 4 | 5 |
Consulting and accounting-related party | 9 | 10 | 18 | 19 |
Legal and professional | 6 | 2 | 11 | 6 |
General and administrative | 20 | 22 | 40 | 41 |
Total costs and expenses | 2,971 | 2,115 | 5,308 | 4,005 |
Net INCOME (LOSS) | $ 6,030 | $ (2,113) | $ 3,694 | $ (4,000) |
NET INCOME (LOSS) PER SHARE(*) AVAILABLE TO COMMON STOCKHOLDERS-Basic | $ 1.10 | $ (0.43) | $ 0.63 | $ (0.81) |
DILUTED INCOME (LOSS) PER SHARE(*) AVAILABLE TO COMMON STOCKHOLDERS | $ .60 | $ (.43) | $ .39 | $ (.81) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by (used in) operating activities | $ 2,887 | $ (77) |
Cash flows from investing activities: | ||
Proceeds from notes receivable-related party | 178 | 77 |
Release of retricted cash | 5 | 0 |
Net cash provided by investing activities | 183 | 77 |
Cash Flows from financing activities | ||
Principal payments on debt-related party | (2,000) | 0 |
Net cash used in financing activities | (2,000) | 0 |
Net change in cash | 1,070 | 0 |
Cash at beginning of period | 1 | 1 |
Cash at end of period | $ 1,071 | $ 1 |
1. Basis of Presentation
1. Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements of PGI Incorporated 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, 2015. Certain information and note disclosures normally included in the Companys 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 Companys Form 10-K annual report for 2015 filed with the Securities and Exchange Commission. The condensed consolidated balance sheet of the Company as of December 31, 2015 has been derived from the audited consolidated balance sheet as of that date. Sugarmill Woods, Inc. (Sugarmill Woods), a wholly-owned subsidiary of PGI Incorporated (PGI), entered into two contracts with the State of Florida Department of Transportation (the Florida DOT) for the sale of Sugarmill Woods principal real property asset consisting of approximately 369 acres located in Hernando County, Florida (the Property) for $9 million. The signatures from the Florida DOT required to make the two contacts effective were obtained on June 17, 2016, and the sale was closed on June 21, 2016. The proceeds from the sale of the Property of $9 million were received on June 23, 2016 and payment of the primary debt obligation, including all accrued interest payable to related party totaling $970,000, was made to PGIP LLC (PGIP), the holder of the first mortgage note and an affiliate of the Company. In addition, on June 23, 2016, the remaining principal of the convertible debentures payable to related parties totaling $1,500,000 was paid and a portion of the related accrued interest totaling $5,455,000 was paid to the current holders of such debentures. Love Investment Company (LIC), an affiliate of L-PGI, the Companys primary preferred stock shareholder and Love-1989 Florida Partners (Love-1989), also an affiliate of L-PGI held the convertible debentures. 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, 2015, 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 six months ended June 30, 2016 are not necessarily indicative of operations to be expected for the fiscal year ending December 31, 2016 or any other interim period. |
2. Per Share Data
2. Per Share Data | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 and 2015 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 convertible debentures, if dilutive, into shares of common stock. For the three and six months ended June 30, 2015, the assumed conversion of all cumulative convertible preferred stock and 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 six months ended June 30, 2016 and 2015. Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Net income (loss) $ 6,030,000 $ (2,113,000 ) $ 3,694,000 $ (4,000,000 ) Preferred dividends (160,000 ) (160,000 ) (320,000 ) (320,000 ) Income (Loss) Available to $ 5,870,000 $ (2,273,000 ) $ 3,374,000 $ (4,320,000 ) Common shareholders Weighted Average Number Of Common Shares Outstanding (Basic) 5,317,758 5,317,758 5,317,758 5,317,758 Weighted Average Number Of Common Shares Outstanding (Diluted) 10,386,223 10,386,223 10,386,223 10,386,223 Basic Income (Loss) Per Share $ 1.10 $ (0.43 ) $ 0.63 $ (0.81 ) Diluted Income (Loss) Per Share $ 0.60 $ (0.43 ) $ 0.39 $ (0.81 ) |
3. Statement of Cash Flows
3. Statement of Cash Flows | 6 Months Ended |
Jun. 30, 2016 | |
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. Related party interest paid during the six months ended June 30, 2016 was $5,925,000. There were no payments of interest during the six month period ended June 30, 2015. |
4. Restricted Cash
4. Restricted Cash | 6 Months Ended |
Jun. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted cash of $5,000 previously held by PGIP, LLC, the primary lender, as collateral for debt obligation was released on June 28, 2016 following the sale of the undeveloped land in Hernando County and respective payment of the primary lender debt obligation on June 23, 2016. |
5. Receivables
5. Receivables | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Receivables | Net receivables consisted of: June 30, December 31, 2016 2015 ($ in thousands) Notes receivable - related party $ - $ 178 |
6. Land and Improvements
6. Land and Improvements | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Land and Improvements | Land and improvement inventories consisted of: June 30, December 31, 2016 2015 ($ in thousands) Unimproved land $ - $ 625 Fully improved land 14 14 $ 14 $ 639 |
7. Other Assets
7. Other Assets | 6 Months Ended |
Jun. 30, 2016 | |
Other Assets [Abstract] | |
Other Assets | Other assets consisted of: June 30, December 31, 2016 2015 ($ in thousands) Deposit with Trustee of 6-1/2% debentures $ 41 $ 41 Prepaid expenses 1 2 Other 1 1 $ 43 $ 44 |
8. Accounts Payable and Accrued
8. Accounts Payable and Accrued Expenses | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of: June 30, December 31, 2016 2015 ($ in thousands) Accounts payable $ 4 $ 7 Accrued audit & professional 31 40 Accrued legal 19 - Accrued consulting fees-related party 1 1 Environmental remediation obligations 21 25 Accrued debenture fees 132 128 Accrued miscellaneous 1 1 $ 209 $ 202 Accrued real estate taxes consisted of: Current real estate taxes $ 2 $ 8 |
9. Primary Lender Credit Agreem
9. Primary Lender Credit Agreements, Notes Payable, Subordinated and Convertible Debentures Payable | 6 Months Ended |
Jun. 30, 2016 | |
Primary Lender Credit Agreements Notes Payable Subordinated And Convertible Debentures Payable | |
Primary Lender Credit Agreements, Notes Payable, Subordinated and Convertible Debentures Payable | Credit agreements with the Companys primary lender and notes payable consisted of the following: June 30, December 31, 2016 2015 ($ in thousands) Credit agreements - first mortgage-related party bearing interest at prime plus 5%; due June 1, 1997 $ - $ 500 Notes payable - $1,176,000 bearing interest at prime plus 2%, the remainder non-interest bearing, all past due 1,198 1,198 1,198 1,698 Subordinated convertible debentures payable: At 6-1/2% interest; due June 1, 1991 447 447 At 6% interest; due May 1, 1992 8,025 8,025 8,472 8,472 Convertible debentures payable-related party: At 14% interest; due July 8, 1997, convertible into shares of common stock at $1.72 per share - 1,500 $ 9,670 $ 11,670 The proceeds from the sale of the Property of $9 million were received on June 23, 2016 and payment of the primary debt obligation, including all accrued interest totaling $970,000, was made to PGIP, the holder of the first mortgage note and an affiliate of the Company. In addition, on June 23, 2016, the remaining principal of the convertible debentures payable to related parties totaling $1,500,000 was paid and a portion of the related accrued interest was paid totaling $5,455,000 to the current holders of such debentures. LIC, an affiliate of L-PGI, the Companys primary preferred stock shareholder and Love-1989, also an affiliate of L-PGI held the convertible debentures. The Trustee of the 6.5% unsecured 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 distributions, the Trustee has maintained a debenture reserve fund with a balance of $41,000 as of June 30, 2016 and December 31, 2015, available for final distribution to holders of such debentures who surrender their respective debenture certificates. During the six month period ended June 30, 2016, there were no unsecured subordinated convertible debentures that were surrendered by their respective debenture holders and no funds were utilized from the debenture reserve account. During the year ended December 31, 2015, such unsecured subordinated convertible debentures with face amounts of $80,000 were surrendered by their respective debenture holders. Funds utilized from the debenture reserve account were $7,000 during the year ended December 31, 2015 in payment of a final distribution to such debenture holders. Accordingly, the Company recognized $73,000 in forgiveness of debt during the year ended December 31, 2015. In addition, accrued interest in the amount of $136,000 on such debentures that have been surrendered was recorded as forgiveness of interest expense during the year ended December 31, 2015. As of June 30, 2016 and December 31, 2015 the outstanding principal balance on such 6.5% unsecured subordinated convertible debentures that were not surrendered by the respective holders equals $447,000 plus accrued and unpaid interest of $802,000 and $788,000, 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 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% unsecured subordinated convertible debentures would be barred under the applicable statutes of limitations. |
10. Real Estate Sales
10. Real Estate Sales | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate Sales | |
Real Estate Sales | Real estate sales and cost of sales consisted of: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Real estate sales $ 9,000,000 $ - $ 9,000,000 $ - Cost of real estate sales including expenses of sale $ (745,000 ) $ - $ (745,000 ) $ - |
11. Income Taxes
11. Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | At December 31, 2015, the Company had an operating loss carryforward of approximately $69,127,000 available to reduce future taxable income. These operating losses expire at various dates through 2035. The following summarizes the temporary differences of the Company at June 30, 2016 and December 31, 2015 at the statutory rate: June 30, December 31, 2016 2015 ($ in thousands) Deferred tax asset Net operating loss carryforward $ 24,938 $ 26,342 Alternative minimum tax credit carryforward 74 - Adjustments to reduce land to net realizable value 12 12 Expenses capitalized under IRC 263(a) 56 56 Environmental liability 9 9 Valuation allowance (24,917 ) (26,247 ) 172 172 Deferred tax liability: Basis difference of land and improvement inventories 172 172 Net deferred tax asset $ - $ - |
12. Fair Value of Financial Ins
12. Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Fair Value of Financial Instruments | The carrying amount of the Companys financial instruments, other than debt, approximates fair value at June 30, 2016 and December 31, 2015 because of the short maturity of those instruments. 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. |
2. Per Share Data (Tables)
2. Per Share Data (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Summary of the calculations used in computing basic and diluted loss per share | Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Net income (loss) $ 6,030,000 $ (2,113,000 ) $ 3,694,000 $ (4,000,000 ) Preferred dividends (160,000 ) (160,000 ) (320,000 ) (320,000 ) Income (Loss) Available to $ 5,870,000 $ (2,273,000 ) $ 3,374,000 $ (4,320,000 ) Common shareholders Weighted Average Number Of Common Shares Outstanding (Basic) 5,317,758 5,317,758 5,317,758 5,317,758 Weighted Average Number Of Common Shares Outstanding (Diluted) 10,386,223 10,386,223 10,386,223 10,386,223 Basic Income (Loss) Per Share $ 1.10 $ (0.43 ) $ 0.63 $ (0.81 ) Diluted Income (Loss) Per Share $ 0.60 $ (0.43 ) $ 0.39 $ (0.81 ) |
5. Receivables (Tables)
5. Receivables (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Receivables | June 30, December 31, 2016 2015 ($ in thousands) Notes receivable - related party $ - $ 178 |
6. Land and Improvements (Table
6. Land and Improvements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Land and improvement inventories | June 30, December 31, 2016 2015 ($ in thousands) Unimproved land $ - $ 625 Fully improved land 14 14 $ 14 $ 639 |
7. Other Assets (Tables)
7. Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Assets [Abstract] | |
Other assets consist | June 30, December 31, 2016 2015 ($ in thousands) Deposit with Trustee of 6-1/2% debentures $ 41 $ 41 Prepaid expenses 1 2 Other 1 1 $ 43 $ 44 |
8. Accounts Payable and Accru22
8. Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accounts payable and accrued expenses consist | June 30, December 31, 2016 2015 ($ in thousands) Accounts payable $ 4 $ 7 Accrued audit & professional 31 40 Accrued legal 19 - Accrued consulting fees-related party 1 1 Environmental remediation obligations 21 25 Accrued debenture fees 132 128 Accrued miscellaneous 1 1 $ 209 $ 202 Accrued real estate taxes consisted of: Current real estate taxes $ 2 $ 8 |
9. Primary Lender Credit Agre23
9. Primary Lender Credit Agreements, Notes Payable, Subordinated and Convertible Debentures Payable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Primary Lender Credit Agreements Notes Payable Subordinated And Convertible Debentures Payable | |
Credit agreements with the Company primary lender and notes payable | June 30, December 31, 2016 2015 ($ in thousands) Credit agreements - first mortgage-related party bearing interest at prime plus 5%; due June 1, 1997 $ - $ 500 Notes payable - $1,176,000 bearing interest at prime plus 2%, the remainder non-interest bearing, all past due 1,198 1,198 1,198 1,698 Subordinated convertible debentures payable: At 6-1/2% interest; due June 1, 1991 447 447 At 6% interest; due May 1, 1992 8,025 8,025 8,472 8,472 Convertible debentures payable-related party: At 14% interest; due July 8, 1997, convertible into shares of common stock at $1.72 per share - 1,500 $ 9,670 $ 11,670 |
10. Real Estate Sales (Tables)
10. Real Estate Sales (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate Sales Tables | |
Real estate sales and cost of sales | Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Real estate sales $ 9,000,000 $ - $ 9,000,000 $ - Cost of real estate sales including expenses of sale $ (745,000 ) $ - $ (745,000 ) $ - |
11. Income Taxes (Tables)
11. Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary of the temporary differences | June 30, December 31, 2016 2015 ($ in thousands) Deferred tax asset Net operating loss carryforward $ 24,938 $ 26,342 Alternative minimum tax credit carryforward 74 - Adjustments to reduce land to net realizable value 12 12 Expenses capitalized under IRC 263(a) 56 56 Environmental liability 9 9 Valuation allowance (24,917 ) (26,247 ) 172 172 Deferred tax liability: Basis difference of land and improvement inventories 172 172 Net deferred tax asset $ - $ - |
2. Per Share Data (Details)
2. Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Basic and Diluted income (loss) per share | ||||
Net Income (Loss) | $ 6,030 | $ (2,113) | $ 3,694 | $ (4,000) |
Preferred Dividends | (160) | (160) | (320) | (320) |
Income (Loss) Available to Common Shareholders | $ 5,870 | $ (2,273) | $ 3,374 | $ (4,320) |
Weighted Average Number of Common Shares Outstanding (Basic) | 5,317,758 | 5,317,758 | 5,317,758 | 5,317,758 |
Weighted Average Number of Common Shares Outstanding (Diluted) | 10,386,223 | 10,386,223 | 10,386,223 | 10,386,223 |
Basic Income (Loss) Per Share | $ 1.10 | $ (0.43) | $ 0.63 | $ (0.81) |
Diluted Income (Loss) Per Share | $ .60 | $ (.43) | $ .39 | $ (.81) |
2. Per Share Data (Details Narr
2. Per Share Data (Details Narrative) - shares | Jun. 30, 2016 | Dec. 31, 2015 |
Per Share Data Details Narrative | ||
Common shares outstanding | 5,317,758 | 5,317,758 |
5. Receivables (Details)
5. Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Net receivables consisted of | ||
Notes receivable - related party | $ 0 | $ 178 |
6. Land and Improvements (Detai
6. Land and Improvements (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Land and improvement inventories | ||
Land | $ 14 | $ 639 |
Total | $ 14 | $ 639 |
7. Other Assets (Details)
7. Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Other assets consisted of: | ||
Deposit with Trustee of 6-1/2% debentures | $ 41 | $ 41 |
Prepaid expenses | 1 | 2 |
Other | 1 | 1 |
Total Other Assets | $ 43 | $ 44 |
8. Accounts Payable and Accru31
8. Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts payable and accrued expenses | ||
Accounts payable | $ 4 | $ 7 |
Accrued audit & professional | 31 | 40 |
Accrued legal | 19 | 0 |
Accrued consulting fees-related party | 1 | 1 |
Environmental remediation obligations | 21 | 25 |
Accrued debenture fees | 132 | 128 |
Accrued miscellaneous | 1 | 1 |
Total | 209 | 202 |
Accrued real estate taxes consisted of: | ||
Current real estate taxes | $ 2 | $ 8 |
9. Primary Lender Credit Agre32
9. Primary Lender Credit Agreements, Notes Payable, Subordinated and Convertible Debentures Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Credit agreements primary lender: | ||
Primary lender debt-related party, bearing interest at prime plus 5% | $ 0 | $ 500 |
Notes payable - $1,176,000 bearing interest at prime plus 2%,the remainder non-interest bearing, all past due | 1,198 | 1,198 |
Total credit agreements | 1,198 | 1,698 |
Subordinated debentures payable: | ||
At 6-1/2% interest; due June 1, 1991 | 447 | 447 |
At 6% interest; due May 1, 1992 | 8,025 | 8,025 |
Subordinated convertible debentures payable | 8,472 | 8,472 |
Collateralized convertible debentures payable-related party: | ||
Convertible debt-related party at 14% interest; due July 8, 1997 convertible into shares of common stock at $1.72 per share | 0 | 1,500 |
Total | $ 9,670 | $ 11,670 |
9. Primary Lender Credit Agre33
9. Primary Lender Credit Agreements, Notes Payable, Subordinated and Convertible Debentures Payable (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Primary Lender Credit Agreements Notes Payable Subordinated And Convertible Debentures Payable Details Narrative | ||
Debt Instrument surrendered | $ 0 | $ 80 |
Debenture reserve utilized | 0 | 7 |
Forgiveness of Debt | 0 | 73 |
Forgiveness of interest | 0 | 136 |
Subordinated Convertible Debt Noncurrent | 447 | 447 |
Accrued Interest Subordinated Convertible Debentures | $ 802 | $ 788 |
10. Real Estate Sales (Details)
10. Real Estate Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Real Estate Sales Details | ||||
Real estate sales | $ 9,000 | $ 0 | $ 9,000 | $ 0 |
Cost of real estate sales including expense of sale | $ 745 | $ 0 | $ 745 | $ 0 |
11. Income Taxes (Details)
11. Income Taxes (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Deferred tax asset: | ||
Net operating loss carryforward | $ 24,938 | $ 26,342 |
Alternative minimum tax credit carryforward | 74 | 0 |
Adjustments to reduce land to net realizable value | 12 | 12 |
Expenses capitalized under IRC 263(a) | 56 | 56 |
Environmental liability | 9 | 9 |
Valuation allowance | (24,917) | (26,247) |
Total tax asset | 172 | 172 |
Deferred tax liability: | ||
Basis difference of land and improvement inventories | 172 | 172 |
Net deferred tax asset | $ 0 | $ 0 |
11. Income Taxes (Details Narra
11. Income Taxes (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Taxes Details Narrative | |
Operating loss carryforward | $ 69,127 |
Operating losses expire date | The operating losses expire at various dates through 2035. |