ProGreen US Inc. (fka PGUS)

[MoneyForNuthin]

PGUS 10-Q Summary, Balance Sheet looks great, verified and as expected:

A/S: 1,500,000,000 Verified! (and as we know, being reduced to 950,000,000... see - Subsequent Events, PRE 14C filed)
O/S: 348,385,110 Verified! (and as we know, free float is 229M shares with Jan holding 16.6M shares and 102M+ shares restricted and held by EIG Capital et. al.)

Assets increasing even while Michigan properties are being monetized (sold)

- Property assets decreased from $1.3M to $1.1M
- Land contract assets increased from $0K to $206K
- Notes receivable (Baja Land investment) increased from $110K to $260K

Total Assets INCREASED slightly by +$22K to $1.82M
Total Liabilities DECREASED profoundly by -$2.13M to $0.96M

Essentially ALL debt eliminated except that associated with normal real estate assets/operations:

- $5K interest associated debt all but eliminated (reduced from $68K)
- $20K the ONLY convertible note as payment for fees on $5M equity fincancing deal.
- Mortgage-type debt as a function of normal real estate operations:

• $488K "Mortgage" note payable to Bank of Birmingham secured by Michigan properties
• $214K "Mortgage" notes payable to AMREFA secured by Michigan properties
• $40K "Mortgage" note payable to related party secured by Michigan property

On deck now as the balance sheet has been cleaned up, Baja business entities have been set up and Baja land deals have been made:

- ProGreen will begin generating revenue from the sale of the 1st Baja property, to be followed by
- leasing of large tracts of Baja land for agricultural use after completion of prep and development
- possible new project(s) to be announced in the Ensenada area for residential real estate investments
- possible new deal(s) to be announced regarding additional land control agreements (for land beyond the ~13000 - 14000 acres already under control of PGUS)