CAPITAL STOCK

12 Months Ended

Jun. 30, 2025

CAPITAL STOCK

CAPITAL STOCK

NOTE 5      CAPITAL STOCK

Capital stock authorized, issued, and outstanding as of June 30, 2025 is as follows:

	Shares
		Issued and
	Authorized	Outstanding
Prior Cumulative Preferred Stock, $5 Par Value:
6% Convertible	240,000
Series A		100,000
Series B		100,000
Cumulative Preferred Stock, $20 Par Value:
5% Convertible	150,000
Series A		58,533
Series B		9,539
Common Stock, $1 Par Value:
Reserved for Conversion of Preferred Stock - 1,030,166 shares	2,000,000	969,834

Cumulative Preferred Stock dividends in arrears at June 30, 2025 and 2024 totaled $9,101,454 and $8,973,382, respectively. Total dividends in arrears, on a per share basis, consist of the following at June 30, 2025 and 2024:

	For the Year Ended
	June 30,
	2025		2024
6% Convertible:
Series A	$	20	$	20
Series B	$	20	$	19
5% Convertible:
Series A	$	76	$	75
Series B	$	76	$	75

The 6% convertible prior cumulative preferred stock may, upon 30 days prior notice, be redeemed by the Corporation at $5.25 a share plus unpaid accrued dividends to date of redemption. In the event of voluntary liquidation, holders of this stock are entitled to receive $5.25 per share plus accrued dividends. Cumulative preferred stock may be exchanged for common stock at the option of the shareholders in the ratio of 4 common shares for 1 share of Series A and 3.75 common shares for 1 share of Series B.

The Company has the privilege of redemption of 5% convertible cumulative preferred stock at $21.00 a share plus unpaid accrued dividends. In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20.00 a share plus unpaid accrued dividends. It may be exchanged for common stock at the option of the shareholders, in the ratio of 3.795 common shares for 1 of preferred.