ProGreen US Inc. (fka PGUS)

[powerbattles]

YOU ARE MISSING THE KEY WORD HERE. THERE ARE $950,000 PRINCIPAL AMOUNT AND WITH MY UNDERSTANDING THEY ARE CONVERTING THAT INTO CLASS A PREFERRED STOCK. NOW IF YOU SEE THE KEY WORD THAT I HIGH LIGHT IN RED "BUT UNISSUED SHARES" MEANING THEY HAVE NOT ISSUED SHARES OF COMMOND STOCK TO PROVIDE CONVERSION SHARES.

As of February 1, 2016, with 250,000,000 shares of Common Stock authorized, we had 209,843,447 shares of Common Stock issued and outstanding, and therefore, as of February 1, 2016, we have approximately 40,000,000 shares available for other corporate purposes. The price of our Common Stock in the over-the-counter market on February 2, 2016, closed at $0.0005. With a stock price in this range we will require additional authorized but unissued shares of Common Stock to provide conversion shares for our aggregate of approximately $975,000 principal amount of currently outstanding convertible debt, and to accomplish the purposes set forth in the preceding paragraph. There are currently no set plans or arrangements relating to the possible issuance of any additional shares of Common Stock proposed to be authorized except for the issuance of shares under the terms of convertible debt now outstanding. We are not party to any agreements or understandings regarding any acquisitions, nor are any acquisitions under negotiation.

BELOW I ALREADY EXPLAINING LOT OF TIME THEY ARE NOT INCREASING THE A/S THEY ARE REDUCE 3.5 BILLION A/S. LET ME EXPLAIN IT AGAIN BELOW THE QUOTE:

The additional shares of Common Stock, if issued, would have a dilutive effect upon the percentage of equity of the Company owned by present stockholders. The issuance of such additional shares of Common Stock might be disadvantageous to current stockholders in that any additional issuances would potentially reduce per share dividends, if any. Stockholders should consider, however, that the possible impact upon dividends is likely to be minimal in view of the fact that the Company has never paid dividends, has never adopted any policy with respect to the payment of dividends and does not intend to pay any cash dividends in the foreseeable future. In addition, the issuance of such additional shares of Common Stock, by reducing the percentage of equity of the Company owned by present stockholders, would reduce such present stockholders' ability to influence the election of directors or any other action taken by the holders of Common Stock.

This is not increasing in A/S matter of fact this is reducing in A/S and the total amount of reduce is 3.5 billion.

Now in order to understand the files you must look at the key word. the headline here is... "Information Statement (definitive, Revised) (defr14c)
ok the key word is... REVISED(defr14c) or another term is "amendment” Pursuant to Section 14(c)" this is the case where you must go back and dig deeper find the original filed "14c."

Amendment (defr14c) On OCT 15, 2015 the company approval increasing the a/s to 5 billion, the "Information Statement (definitive, Revised) (defr14c) announcement on Feb 03 they reduce that to 1.5 billion which is 3.5 billion reduce. This is an awesome new. Most traders even experience traders do not understand and assume them increasing to 1.5 billion. No!!!! They already approved and increased to 5 billion and that was SET IN STONE last year. Now it's reduced and because it’s the NEW files is revise most don't go back to dig in to see why and how...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=120432665

HERE IS DETAILS ON THE CONVERTIONS INTO RETRICTED STOCK.
July 20, 2015..EIG is now also implementing conversions of some of its debt to its European investors, into PROGREEN Restricted Stock, held by EIG, at the conversion rate of$0.20/share.

http://www.marketwatch.com/story/progreen-receives-further-funding-from-its-principal-shareholder-2015-07-20

THE NEWS TODAY IS ADDRESS THE COMPANY REDUCE DEBT IMPROVE ITS BALLANCE SHEET IS A VERY GOOD SIGN IN MY BOOK.