6. PREFERRED STOCK	6 Months Ended
Jun. 30, 2016
Preferred Stock
PREFERRED STOCK	Authorized Shares In accordance with the Company’s bylaws, the Company has authorized a total of 2,000,000 shares of preferred stock, par value $0.01 per share, for all classes. As of June 30, 2016 and December 31, 2015, there were 449,964 and 427,168 total preferred shares issued and outstanding for all classes, respectively. As of June 30, 2016, all of the Company’s outstanding preferred shares are owned by a company that is controlled by the Company’s CEO. Preferred Stock Dividends As of June 30, 2016, the Company had accrued and unpaid preferred stock dividends totaling $63,418 compared to $72,399 as of December 31, 2015. Through June 30, 2016, all accrued dividends for preferred stock have been paid through the issuance of preferred stock based on the ratios for each class of preferred stock described below. Class A Voting Preferred Stock The Company has 150,000 shares of “Class A Voting Preferred Stock” (“Class A Shares”) authorized. As of June 30, 2016 and December 31, 2015, there were 144,091 and 138,217 Class A Shares outstanding, respectively. Each Class A Share is convertible into 99.035 shares of common stock. Holders of Class A Shares are entitled to receive dividends at the rate of $2.20 per share per annum, payable semi-annually. Dividends are cumulative and may be paid in cash or in kind through the distribution of .0425 Class A Shares, Series 1, for each outstanding Class A Share, on each dividend payment date. Class A Shares carry a liquidation preference of $26.00 per share plus any accrued but unpaid dividends on such shares, if any, and adjusted for combinations, splits, dividends or distributions of shares of stock with respect to such shares. Class A shares are redeemable by the Company, in whole or in part, at the option of the Board of Directors of the Company, at any time. Class B Voting Preferred Stock The Company has 125,000 shares of “Class B Voting Preferred Stock” (“Class B Shares”) authorized. As of June 30, 2016 and December 31, 2015, there were 113,850 and 104,757 Class B Shares outstanding, respectively. Each Class B Share is convertible into 64.754 shares of common stock. Holders of Class B Shares are entitled to receive dividends at the rate of $1.70 per share per annum, payable semi-annually. Dividends are cumulative and may be paid in cash or in kind through the distribution of .0425 Class B Shares for each outstanding Class B Share, on each dividend payment date. Class B Shares carry a liquidation preference of $17.00 per share plus any accrued but unpaid dividends on such shares, if any, and adjusted for combinations, splits, dividends or distributions of shares of stock with respect to such shares. Class B shares are redeemable by the Company, in whole or in part, at the option of the Board of Directors of the Company, at any time. In May 2016, 4,641 Class B Shares were issued in payment of accrued dividends. Class C Voting Preferred Stock The Company has 200,000 shares of “Class C Voting Preferred Stock” (“Class C Shares”) authorized. As of June 30, 2016 and December 31, 2015, there were 192,023 and 184,194 Class C Shares outstanding, respectively. Each Class C Share is convertible into 25.140 shares of common stock. Holders of Class C Shares are entitled to receive dividends at the rate of $0.66 per share per annum, payable semi-annually. Dividends are cumulative and may be paid in cash or in kind through the distribution of .0425 Class C Shares for each outstanding Class C Share, on each dividend payment date. Class C Shares carry a liquidation preference of $6.60 per share plus any accrued but unpaid dividends on such shares, if any, and adjusted for combinations, splits, dividends or distributions of shares of stock with respect to such shares. Class C shares are redeemable by the Company, in whole or in part, at the option of the Board of Directors of the Company, at any time.

6. PREFERRED STOCK

6 Months Ended

Jun. 30, 2016

Authorized Shares

In accordance with the Company’s bylaws, the Company has authorized a total of 2,000,000 shares of preferred stock, par value $0.01 per share, for all classes. As of June 30, 2016 and December 31, 2015, there were 449,964 and 427,168 total preferred shares issued and outstanding for all classes, respectively. As of June 30, 2016, all of the Company’s outstanding preferred shares are owned by a company that is controlled by the Company’s CEO.

Preferred Stock Dividends

As of June 30, 2016, the Company had accrued and unpaid preferred stock dividends totaling $63,418 compared to $72,399 as of December 31, 2015. Through June 30, 2016, all accrued dividends for preferred stock have been paid through the issuance of preferred stock based on the ratios for each class of preferred stock described below.

Class A Voting Preferred Stock

The Company has 150,000 shares of “Class A Voting Preferred Stock” (“Class A Shares”) authorized. As of June 30, 2016 and December 31, 2015, there were 144,091 and 138,217 Class A Shares outstanding, respectively. Each Class A Share is convertible into 99.035 shares of common stock. Holders of Class A Shares are entitled to receive dividends at the rate of $2.20 per share per annum, payable semi-annually. Dividends are cumulative and may be paid in cash or in kind through the distribution of .0425 Class A Shares, Series 1, for each outstanding Class A Share, on each dividend payment date. Class A Shares carry a liquidation preference of $26.00 per share plus any accrued but unpaid dividends on such shares, if any, and adjusted for combinations, splits, dividends or distributions of shares of stock with respect to such shares. Class A shares are redeemable by the Company, in whole or in part, at the option of the Board of Directors of the Company, at any time.

Class B Voting Preferred Stock

The Company has 125,000 shares of “Class B Voting Preferred Stock” (“Class B Shares”) authorized. As of June 30, 2016 and December 31, 2015, there were 113,850 and 104,757 Class B Shares outstanding, respectively. Each Class B Share is convertible into 64.754 shares of common stock. Holders of Class B Shares are entitled to receive dividends at the rate of $1.70 per share per annum, payable semi-annually. Dividends are cumulative and may be paid in cash or in kind through the distribution of .0425 Class B Shares for each outstanding Class B Share, on each dividend payment date. Class B Shares carry a liquidation preference of $17.00 per share plus any accrued but unpaid dividends on such shares, if any, and adjusted for combinations, splits, dividends or distributions of shares of stock with respect to such shares. Class B shares are redeemable by the Company, in whole or in part, at the option of the Board of Directors of the Company, at any time.

In May 2016, 4,641 Class B Shares were issued in payment of accrued dividends.

Class C Voting Preferred Stock

The Company has 200,000 shares of “Class C Voting Preferred Stock” (“Class C Shares”) authorized. As of June 30, 2016 and December 31, 2015, there were 192,023 and 184,194 Class C Shares outstanding, respectively. Each Class C Share is convertible into 25.140 shares of common stock. Holders of Class C Shares are entitled to receive dividends at the rate of $0.66 per share per annum, payable semi-annually. Dividends are cumulative and may be paid in cash or in kind through the distribution of .0425 Class C Shares for each outstanding Class C Share, on each dividend payment date. Class C Shares carry a liquidation preference of $6.60 per share plus any accrued but unpaid dividends on such shares, if any, and adjusted for combinations, splits, dividends or distributions of shares of stock with respect to such shares. Class C shares are redeemable by the Company, in whole or in part, at the option of the Board of Directors of the Company, at any time.