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Shareholders' Equity
3 Months Ended
Oct. 31, 2020
Equity [Abstract]  
Shareholders' Equity

5. SHAREHOLDERS’ EQUITY

 

The Company has a single class of Preferred Stock. Holders of Series B Preferred Stock are entitled to vote with the holders of common stock as a single class on all matters.

 

Series B Preferred Stock is not redeemable by the Company and has a liquidation value of $100 per share, plus declared and unpaid dividends, if any. Dividends are non-cumulative, and are at the rate of $10 per share, if declared.

 

No preferred stock dividends were declared for the three months ended October 31, 2020 and 2019.

 

The Company did not issue any shares of the Company’s common stock during the three months ended October 31, 2020 and 2019.