Quarterly report pursuant to Section 13 or 15(d)

G. REDEEMABLE PREFERRED STOCK

v3.19.1
G. REDEEMABLE PREFERRED STOCK
3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
REDEEMABLE PREFERRED STOCK

NOTE G – REDEEMABLE PREFERRED STOCK

 

Preferred stock carries certain preference rights as detailed in the Company’s Amended and Restated Articles of Incorporation related to both the payment of dividends and as to payments upon liquidation in preference to any other class or series of capital stock of the Company. As of March 31, 2019, the liquidation preference of the preferred stock is based on the following order: first, Series B with a preference value of $440,216, which includes cumulative accrued unpaid dividends of $180,216, and second, Series A with a preference value of $1,618,421, which includes cumulative accrued unpaid dividends of $693,421. As of December 31, 2018, the liquidation preference of the preferred stock is based on the following order: first, Series B with a preference value of $435,081, which includes cumulative accrued unpaid dividends of $175,081, and second, Series A with a preference value of $1,600,168, which includes cumulative accrued unpaid dividends of $675,168.