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EXCEL - IDEA: XBRL DOCUMENT - ProGreen Properties, Inc.Financial_Report.xls
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EX-31 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002, FILED HEREWITH. - ProGreen Properties, Inc.f10q1012ex31_progreen.htm
10-Q - QUARTERLY REPORT - ProGreen Properties, Inc.f10q1012_progreen.htm
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EX-32 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002, FILED HEREWITH. - ProGreen Properties, Inc.f10q1012ex32_progreen.htm
v2.4.0.6
Receivable - Sale of Properties
6 Months Ended
Oct. 31, 2012
Receivable - Sale Of Properties [Abstract]  
Receivable - Sale of Properties
 
Note 4. Receivable - Sale of Properties
 
On October 31, 2012 Company sold 100% of its membership interest in one Michigan limited liability company, which held title to a property, to American Residential GAP, LLC (“ARG US”) pursuant to a Membership Interest Purchase Agreement, dated October 31, 2012 (the “Agreement”), between the Company and ARG US.  The purchase price for the property was $45,000 which is recorded as a receivable as of October 31, 2012. In November 2012 the Company collected the $45,000 in cash.
 
On October 31, 2012 the Company and ARG US entered into a management agreement whereby the Company will manage, lease, operate, maintain and repair the property for which it receives a management fee of ten percent of the monthly rent. The Company has guaranteed rents, in accordance with the terms of each lease, through October 31, 2013. No reserve for the guarantee has been recorded as management believes the likelihood is remote that material amounts will be required under this guarantee.
 
On April 30, 2102 the Company sold 100% of its membership interest in five Michigan limited liability companies, which each held title to a property, to ARG US  pursuant to a Membership Interest Purchase Agreement, dated as of April 30, 2012 (the “April Agreement”), between the Company and ARG US. The purchase price for the five properties was $384,000, of which $144,000 (gross contract amount) was paid in cash and the balance of $240,000 is evidenced by 48 ARG corporate bonds (as so termed under ARG’s corporate documents) with a nominal value of $5,000 per bond (See Notes 5 and 6).  The cash portion was recorded as a receivable in the amount of $142,654 (net of settlement) as of April 30, 2012. In May 2012 the cash was received thus the receivable relating to the cash portion of the sale is $0 at October 31, 2012.
 
Effective April 30, 2012 the Company and ARG US entered into a management agreement whereby the Company will manage, lease, operate, maintain and repair the five properties for which it receives a management fee of ten percent of the monthly rent. The Company has guaranteed rents, in accordance with the terms of each lease, through April 30, 2013. No reserve for the guarantee has been recorded as management believes the likelihood is remote that material amounts will be required under this guarantee.