PREFERRED STOCK |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PREFERRED STOCK | NOTE 7 – PREFERRED STOCK Our authorized preferred stock consists of 10,000,000 shares with a par value of $0.001 per share. On May 18, 2021, we filed a Certificate of Designations (the “Certificate of Designations”) with the Secretary of State of the State of Delaware to establish the preferences, voting powers, limitations as to dividends or other distributions, qualifications, terms and conditions of redemption and other terms and conditions of the 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock ("Series A Preferred Stock"). We pay cumulative cash dividends on the Series A Preferred Stock when, as and if declared by our Board of Directors (or a duly authorized committee of our Board of Directors), only out of funds legally available for payment of dividends. Dividends on the Series A Preferred Stock accrue on the stated amount of $25.00 per share of the Series A Preferred Stock at a rate per annum equal to 8.75% (equivalent to $2.1875 per year), payable quarterly in arrears. Dividends on the Series A Preferred Stock declared by our Board of Directors (or a duly authorized committee of our Board of Directors) are payable quarterly in arrears on March 15, June 15, September 15 and December 15. As of May 18, 2026, we may, at our sole option, redeem the Series A Preferred Stock at any time or from time to time, for a cash redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. The right of redemption is at the sole discretion of the Company, with no mandatory redemption or any other redemption rights vested in the Series A Preferred Stock. The following is a summary of the dividends paid on the Series A Preferred Stock in the three months ended June 30, 2026 and 2025.
Preferred dividends accumulated as of June 30, 2026 were $127,604.
Preferred dividends accumulated as of June 30, 2025 were $136,111. |
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