Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Stockholders' Equity

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Note 11 - Stockholders' Equity
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

Note 11 - Stockholders' Equity

 

Preferred Stock

 

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 June 30, 2022 there were no shares of preferred stock outstanding.

 

Common Stock

 

As of June 30, 2022, the Company had 21,318,637 shares of common stock outstanding.

 

Activity for the three and six months ended June 30, 2022: 

 

During the three and six months ended June 30, 2022, 18,227 and 79,721 OP Units were converted into shares of our common stock, respectively.

 

Activity for the three and six months ended June 30,2021:

 

During January and February 2021, the Company issued 1,871,932 shares of common stock for $21.15 per share, resulting in net proceeds of approximately $39.6 million, after deducting offering expenses.

 

During March 2021, in connection with the Merger, the Company issued 7,699,887 shares of common stock and warrants to purchase up to 602,392 shares of the Company’s common stock.

 

Dividends 

 

The following tables present the cash dividends, dividend equivalents on vested RSUs and, in our capacity as general partner of the Operating Partnership, authorized distributions on our OP Units declared by the Company during the six months ended June 30, 2022 and 2021:

   

Amount per

   

Dividends and

 

Dividends and

 

Declaration Date

 

Share/Unit

 

Period Covered

Distributions Paid Date

 

Distribution Amounts

 

March 15, 2022

  $ 0.33  

January 1, 2022 to March 31, 2022

April 14, 2022

  $ 7,200,400  

June 15, 2022

    0.35  

April 1, 2022 to June 30, 2022

July 15, 2022

    7,640,568  

Total

  $ 0.68         $ 14,840,968  

 

 

   

Amount per

   

Dividends and

 

Dividends and

 

Declaration Date

 

Share/Unit

 

Period Covered

Distributions Paid Date

 

Distribution Amounts

 

February 27, 2021

  $ 0.15  

January 1, 2021 to March 16, 2021

March 22, 2021

  $ 1,518,070  

March 15, 2021

    0.08  

January 1, 2021 to March 16, 2021

March 29, 2021

    809,665  

June 16, 2021

    0.24  

March 17, 2021 to June 30, 2021

July 15, 2021

    4,276,968  

Total

  $ 0.47         $ 6,604,703  

 

The Company had accrued unearned dividend equivalents on unvested RSUs and unvested PSUs of $22,663 and $66,173 as of June 30, 2022. There were no accrued unearned dividend equivalents on unvested RSUs or unvested PSUs as of June 30, 2021.