L. SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

The Company has evaluated subsequent events through November 14, 2014, the date these financial statements were available to be issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements, except as noted below or already recognized or disclosed in the Company’s filings with the SEC.

1. Issuance of Series A Preferred Stock

On October 23, 2014, the Company held an initial closing of its public offering of 9.25% Series A Cumulative Redeemable Preferred Stock, no par value per share, with a liquidation preference of $25.00 per share (the “Series A Preferred Stock”). The Company issued 477,273 shares at a public offering price of $22.00 per share, for gross proceeds of $10,500,006. On October 24, 2014, the Company held an additional closing for 30,466 shares of Series A Preferred Stock at a public offering price of $22.00 per share for gross proceeds of $670,252. In total, the Company received $10,430,894 net of the underwriters discount and underwriters’ expenses. In addition to fees at the time of closing, the Company incurred estimated costs of $351,034 for the preferred stock issuance. The shares of Series A Preferred Stock trade on the NYSE MKT under the symbol “YUMAprA”. The Series A Preferred Stock cannot be converted into common stock of the Company (except upon a change in control and in the event the Company chooses to not redeem the Series A Preferred Stock), but may be redeemed by the Company, at the Company’s option, on or after October 23, 2017 (or in certain circumstances, prior to such date as a result of a change in control of the Company), at a redemption price of $25.00 per share plus any accrued and unpaid dividends. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and will remain outstanding indefinitely unless repurchased, redeemed or converted into common stock in connection with a change in control. Holders of the Series A Preferred Stock are entitled to receive, when, as and if declared by the Company’s board of directors, cumulative dividends at the rate of 9.25% per annum (the dividend rate) on the redemption price of $25.00 per share of the Series A Preferred Stock, payable monthly in arrears on each dividend payment date, with the first payment date of December 1, 2014.

2. Fifth Amendment to Loan Agreement

On October 14, 2014, the Company entered into the Fifth Amendment to its Credit Agreement with SocGen as Agent Bank and two other banks. Although the Fifth Amendment restates many of the same terms from earlier revisions, it provides for the payment of dividends to the holders of Series A Preferred Stock under the following conditions:

· The borrowing base utilization percentage is 90% or less giving effect for the dividend payment;

· No default has occurred and will not occur with the dividend payment;

· All dividend payments need to be made in accordance with the Certificate of Determination or other agreements governing the Series A Preferred Stock.