Most here who have been paying attention at all know that we have a lot of long shareholders that over time have just stopped posting on the board. That's mainly because Jan has proven time and again that he is doing his best to do what is best for long shareholders. BTW, I see "long" as holding a year or more, and I doubt Jan is concerning himself with placating day week or 2 month swing traders. It's also crystal clear from the low trading volume over the past TWO YEARS while the price ranged between .01 and .03 that the long investors holding the great majority of the O/S have not gone anywhere.
Some here should take a step back and look at what they're posting about "Jan's keeping quiet" or "Jan's not communicating anymore" or "Jan's really screwing us." We're ALL disappointed to see the pps where it is right now, but we all know why. And it's always been a risk that we could spring a leak with the convertible notes coming due and not having yet secured the funding. Yes, of course we need to get the bridge loan secured asap and plug the holes for good.
Yes, Jan has obviously been extremely busy over the past several months. Sure, others are doing most of the hands-on work for both the farm and Cielo Mar, but the most time consuming part of those businesses is the funding and reporting. As the CEO, he has to go at it 12-16 hours a day 7 days a week or whatever it takes to keep everything moving forward.
Good grief, we've just been through the 10-K (August 14); the 10-Q (September 19); two 8-K's filed 3 weeks ago regarding the status of the bridge financing, followed by a company blog Q & A update addressing shareholder questions; and we just saw a PR addressing the status of the farm operation.
All in all (well, excluding several tweets about expected and then delayed updating on the funding), we've see 10 SIGNIFICANT COMMUNICATIONS from the company in LESS THAN 45 DAYS:
8/14: 10-K
8/15: PR - ProGreen Farms now shipping, 1st truckload Aug 9
8/27-8/31: Tweets - Status update forthcoming regarding bridge loan and note conversions
9/4: 8-K - Bridge loan agreement terminated
9/5: 8-K - New Bridge loan engagement
9/6: Tweet - Shareholder Q&A (funding, note conversions, new land purchase, farm status, Cielo Mar presentation to authorities
9/11: Tweet - 27 truckloads of peppers now delivered (all going well)
9/19: 10-Q
9/20: Tweet - 36 truckloads of peppers now delivered (all STILL going well)
9/27: PR - 47 truckloads of peppers now delivered, expecting well over 2,500 tons, "2018 farm operation declared a success" (my words)
All the while these things are going on, Jan is still apparently very busy juggling the finances and has had to figure out how to keep the real business operations running, let alone the overhead for reporting.
I wonder if half of the PGUS shareholders even understand the overhead cost of running a QB business. Did anyone notice the cost for the audit that's shown for all to see in the 10-K??? Just look at page 34: $67,000. That's what it cost, JUST for the audit. So yeah, the CEO's got to scrape together funds to pay for that, PLUS many other service providers, JUST to get the Q's and K's out recently.
For anyone questioning Jan's motives, methods or whatever just remember who you're talking about. Just how exactly is Jan getting anything out of "screwing shareholders" by (quote)LETTING(unquote) notes convert? In black and white and too many Form 4 (and other) filings to count, Jan is more heavily invested and staked in the future success of ProGreen than anyone else.
And Jan has loaned the company how much out of his own pocket? Just look at pages F-21 and F-22, at the Credit Lines 1, 2, 3 and 4. That's right, through 4 credit lines, Jan loaned the company:
Credit Line 1: $250K on August 2, 2016 (out of his own pocket)
Credit Line 2: $250K on February 21, 2017 (out of his own pocket)
Credit Line 3: $250K on July 19, 2017 (out of his own pocket)
Credit Line 4: $185K on April 30, 2018 (out of his own pocket)
He bought $100K of Preferred Stock in February 2016 (out of his own pocket) in order to fund the business, alongside his bother's $100K and his nephew's $100K (Brother Ulf, CEO of EIG Venture Capital, Spain; nephew Frederic, CEO of SolTech Energy, Sweden).
Jan also bought (out of his own pocket) 24M+ shares PGUS on the open market in 2016 and 2017 at prices up to 0.025. (cost basis well over $200K)
EIG Venture Capital bought ~$700K in debt from the company for preferred shares, also in February 2016 to eliminate all remaining debt from the balance sheet at that time.
EIG Venture Capital originally funded the company with over $1M investment for common shares.
