Agreed, allenc. Just finished "dissecting" and all is as expected.
Statements show net ~$500K assets increase over liabilities and nothing new on that front other than the oceanfront land.
Subsequent events show the added loans presumably for financing the 44 workers and front-loaded expenses for one-time cost preparing the Ag land for growing (land prep, fencing, irrigation, etc.).
The big positives here on the new loans/expenses is that all will be repaid from first revenue - recovery of expenses - before profit is split 50-50 with Contel on the Ag ops.
The big positive on the oceanfront land asset (Cielo Mar) is that asset will continue to grow with every expense going into it, when the development begins on that.
As you wrote here, we can see from past and recent actions, Jan's not going to let any notes convert, so we're not looking at any dilution here, either.
This report just shows how much work is being done to develop ProGreen's 2 business areas in real estate and agriculture. I'm sure Jan must have a real headache, dealing with these Q's and K's - fully reporting, audited... looking forward to the future filings where we will be able to just take a quick glance and see substantial revenue increases...check, net profit...check, rapid liability reductions...check!
Now let's get back to putting those pepper plants in the ground and getting that master plan together!
Go Jan!! PGUS
