Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Preferred Stock

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Note 8 - Preferred Stock
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Preferred Stock [Text Block]

Note 8 - PREFERRED STOCK

 

The Company is authorized to issue up to 100,000,000 shares of preferred stock, par value $0.01 per share. On December 20, 2019, the Company issued 125 shares of 12.5% Series A Preferred Stock resulting in net proceeds of $60,600, after deducting legal fees and offering expenses.

 

On April 6, 2021, the Company redeemed the 125 shares of Series A Preferred Stock outstanding. The shares were redeemed at a redemption price of $1,000 per share, plus accrued and unpaid dividends and an early redemption fee for a total payment of $137,416, in cash. As of September 30, 2021, there was no preferred stock outstanding.