ProGreen US Inc. (fka PGUS)

[Davis_Elite]

For those making idiotic claims that Jan's making money while "we" suffer, refer to my last post where the Telander's just came up with another $50K for a straight loan - nothing toxic about that, and it's the exact opposite of sucking money from the company while retail shareholders suffer. Instead, they're coming up with ways to get money to the company to make things work while others are conspiring to tear it down so they can make a few bucks flipping for a few ticks.

Taking payments on the credit line loans that he put up as far back as fall of 2016 that are WAY past due??? Yes, he's taken some payments. He took a pay cut in 2017 (down to $11,643 for the fiscal year 2018), so where's he supposed to come up with the cash to pay for some of the significant changes that he underwent FOR THE BUSINESS as well as living expenses? Moved from Detroit to San Diego, but lives mainly in Ensenada, where he bought a home (look it up). Looks like he had a housing allowance to pay for (my guess) one of the locations, but that was discontinued along with his salary sometime in 2017 - look it up in the 10-K for YE 4/31/2018. And - it's HIS money. Personal money that he put up, as a loan. It's past due. This is a public company. And aside from all of that, you KNOW he's also putting his own butt on the line for some of these alternative funds sources. They don't give loans without personal guarantees. I think I also saw that he had to personally guarantee other loans (maybe even the bridge loan, from that 8K filing with the terms, not sure).

From the YE 2018 10K:

"Salary, payroll tax and employee related expenses decreased approximately $144,000 for the year ended April 30, 2018 as compared to the comparable prior period mainly due to the reduction in the Company’s CEO salary, related payroll taxes and housing allowance and the termination of the office manager in fiscal 2018."

2016 salary: $96,000
2017 salary: $96,000
2018 salary: $11,643

Altogether, he loaned the company over $1M for what was supposed to be a short term credit line. Yes, looks like it didn't work out that way - short term. But he and friends and family funded this business, NOT retail shareholders. Since Jan 2016 they invested about $2M or more, and prior to that several million that came form EIG Capital (Telander investment company), AMREFA and other Swedish friends/family entities.

Yes, if things would have worked out to where the bridge financing was done as expected, retail shareholders could have gotten away with never having to "fund" anything, but over the past 6-8 months we've contributed by paying off a good bit of toxic notes. Okay, so us original longs aren't getting away skate-free with the huge gains we had lining the back of our eyelids. It was a setback for sure, but Jan is staying the course and it sure appears that he is intent on a success in launching this development very soon. Many of us here see opportunity in the low price. Those that can't stomach the ride should probably not have been here in the first place. The ones pissing and moaning the most clearly bit off more than they can chew.