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Redeemable Preferred Stock
9 Months Ended
Sep. 30, 2015
Temporary Equity Disclosure [Abstract]  
Redeemable Preferred Stock

Note 7 – Redeemable Preferred Stock:

Concurrent with the closing of the IPO on November 13, 2014, the Company redeemed all of the outstanding shares of its Series B Preferred Stock (“Series B”), including cumulative dividends, for a cash payment of $34,998,957. Additionally, immediately prior to the closing of the IPO, the Company converted the outstanding shares of its Series C Preferred Stock (“Series C”) to 11,067,090 shares of its common stock. Based on the Series C anti-dilutive clause, the conversion from Series C to common stock was to be equivalent to the 1-to-0.7396 common stock share split that occurred in connection with the IPO.  The converted Series C included 2,477,756 Series C shares related to the Fees on Debt Guarantee, which were converted to 1,832,531 shares of common stock.

During the nine months ended September 30, 2014, the company issued 1,247,808 shares of Series C at $5.25 per share, with no shares issued during the three months ended September 30, 2014. The dividends accrued during the three months ended September 30, 2014 were $1,242,625 for the Series B and $1,654,389 for the Series C. The dividends accrued during the nine months ended September 30, 2014 were $3,594,756 for the Series B and $6,149,948 for the Series C. There were no dividends accrued during the nine months ended September 30, 2015 due to the redemption of Series B and conversion of Series C upon the close of the IPO.