Note 11 - Convertible Preferred Stock

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Preferred Stock [Text Block]

NOTE 11 -      CONVERTIBLE PREFERRED STOCK

Between August and December 2013, LKA issued a total of 11,500 shares of convertible preferred stock (Preferred Stock). The Preferred Stock was convertible into shares of common stock at a rate based on the average closing price of LKA common shares for the 10 trading days prior to the receipt of the notice of conversion less a 15% discount, but not less than $0.40 per share.

Between September 2013 and February 2014 all holders of convertible preferred stock elected to convert their shares into 209,643 shares of common stock.