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Preferred Stock
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Preferred Stock

Note 11 – Preferred Stock

In the first quarter of 2016, TRC sold in a private placement of 965,100 shares of Series A Preferred Stock (“Series A Preferred”) in two tranches with detachable Series A Warrants exercisable into a maximum of 13,550,004 shares of our common stock and Series B Warrants exercisable into a maximum of 6,533,727 shares of our common stock (collectively the “Warrants”).

Preferred Stock Dividends

 

As of September 30, 2018, we have accrued cumulative preferred dividends of $22.9 million on our Series A Preferred Stock, which will be paid on November 14, 2018. During the three and nine months ended September 30, 2018, we paid $22.9 million and $68.8 million of dividends at $23.75 per share to preferred shareholders, and recorded deemed dividends of $7.4 million and $21.5 million attributable to accretion of the preferred discount resulting from the beneficial conversion feature (“BCF”) accounting. Such accretion is included in the book value of the Series A Preferred Stock.