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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
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Financial Statement Presentation (Policies)
6 Months Ended
Oct. 31, 2012
Financial Statement Presentation [Abstract]  
Going Concern
Going Concern
 
The Company’s unaudited condensed consolidated financial statements for the period ended October 31, 2012, have been prepared on a going concern basis which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company has incurred losses from operations since its change of ownership, management and line of business on April 30, 2009. Management recognizes that the Company’s continued existence is dependent upon its ability to obtain needed working capital through additional equity and/or debt financing, as the Company continues to incur losses from operations.
 
The Company will continue to incur costs that are necessary for it to remain an active public company. In the prior fiscal year, the Company used approximately $214,000 of cash to support its operations and such cash needs are expected to continue in the upcoming year. As of October 31, 2012, the Company has approximately $71,000 in cash and a working arrangement with American Residential Gap ApS, which will provide liquidity.
 
The Company has recently financed its operations through sales of its properties and through a sale of a portion of its investment notes and securities. The Company does not expect to receive revenues to cover its costs of property acquisitions in the near future and will require external financing to continue acquisitions and sales of properties. There is no guarantee that the Company will be successful in arranging financing on acceptable terms.
 
The Company’s ability to raise additional capital is affected by trends and uncertainties beyond its control. Obtaining additional financing from current or other sources would be subject to a number of factors, including investor sentiment. Market factors may make the timing, amount, terms or conditions of additional financing unavailable to it. These uncertainties raise substantial doubt about the ability of the Company to continue as a going concern. The accompanying unaudited condensed consolidated financial statements do not include adjustments that might result from the outcome of these uncertainties.
 
Basis of consolidation
Basis of consolidation
 
The unaudited condensed consolidated financial statements include the accounts and records of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.  FASB Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” requires a company’s consolidated financial statements to include subsidiaries in which the company has a controlling financial interest.  This requirement usually has been applied to subsidiaries in which a company has a majority voting interest.  Currently, all of the Company’s subsidiaries are wholly-owned.
Estimates
Estimates
The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates.
Property and real estate costs
Property and real estate costs
Property and real estate expenditures relating to the acquisition, development, construction, and other costs that enhance the value or extend the life of rental properties are capitalized using the specific identification method.   All other expenditures necessary to maintain the properties are expensed as incurred.
 
Depreciation is computed using the straight-line method over the estimated useful life of the property, as follows:
 
 
Lives
 
Method
Condominium
27.5 years
 
Straight line
Furniture
10 years
 
Straight line
Equipment
5 years
 
Straight line
Vehicles
5 years
 
Straight line
Receivable - sale of properties
Receivable - sale of properties
The receivable sale of properties receivable is carried at net realizable value.
Investment - non-marketable securities
Investment - non-marketable securities
Investment - non-marketable securities are carried at cost which approximates fair value.
Note receivable - ARG
Note receivable - ARG
Note receivable- ARG is carried at cost which approximates fair value
 
Note receivable - rental property
Note receivable – rental property
The note receivable is carried at amortized cost.  Interest income on the note receivable is recognized on the accrual basis based on the principal balance outstanding.
Property sales revenue recognition
Property sales revenue recognition
Condominium sales revenue and related profit are generally recognized at the time of the closing of the sale, when title to and possession of the property are transferred to the buyer. In situations where the buyer's financing is provided by the Company and the buyer has not made an adequate initial or continuing investment as required by ASC 360-20, "Property, Plant, and Equipment - Real Estate Sales" ("ASC 360-20"), the profit on such sales is deferred or recognized under the installment method, unless there is a loss on the sale in which case the loss on such sale would be recognized at the time of closing. There were no such deferred amounts at either October 31, 2012 or April 30, 2012.
Rental revenue recognition
Rental revenue recognition
Real estate properties are leased under operating leases with terms of twelve to twenty-four months. Rental income from these leases is recognized on a straight-line basis over the term of each lease.
Advertising costs
Advertising costs
Advertising costs are expensed as incurred. Total advertising expenditures for the six months ended October 31, 2012 and 2011 were $22,387 and $6,046, respectively.
 
Tenant deposits
Tenant deposits
The Company requires tenants to pay a deposit at the beginning of each lease. This deposit may be used for unpaid lease obligations or repair of damages based on the Company’s determination. If the tenant has not defaulted on the lease, the Company will return the deposit to the tenant at the end of the lease.
Deferred revenue
Deferred revenue
The Company may require tenants to prepay rent. The prepaid rent is amortized over the term of the lease using the straight-line method. Deferred revenue is $0 at October 31, 2012 and April 30, 2012.
Income taxes
Income taxes
The Company accounts for income taxes using an asset and liability approach under which deferred income taxes are recognized by applying enacted tax rates applicable to future years to the differences between the financial statement carrying amounts and the tax bases of reported assets and liabilities.
Reclassifications
Reclassifications
Certain amounts in previous periods have been reclassified to conform to 2013 classifications.
 
ASU 2012-02, Intangibles Goodwill and Other [Member]
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Recent Accounting Pronouncements
In July 2012 the FASB issued ASU No. 2012-02 “ Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” The amendment permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles—Goodwill and Other—General Intangibles Other than Goodwill. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of the guidance is not expected to have a material impact on the Company's Consolidated Financial Statements or the Notes thereto.