I may be the last one to have seen the update from

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As noted in the Subsequent Events in this week’s 10-Q filing, we are continuing to use alternative financing for funding the early stage of our projects. We see these notes as bridge financing. While we do have the $5M equity line through Tangiers Global available, we do not feel it suitable to draw on at this time. The terms are better for the new notes, as they do not include incentive shares or warrants. Our intention is to pay off all notes in cash, as we did with the Tangiers note in January and the Hopple note earlier this month, in order to avoid conversion.

The majority of our expenditures are going into the agriculture operations, much of this being initial infrastructure “one-time” costs (e.g. irrigation, fencing/installation, machinery), all of which will go on our books as receivables that will be paid back to ProGreen out of revenue from the harvest before profits. Most of the expenditure will be finished once the planting of the chile peppers is completed, and revenues will start in July with the first harvest.

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