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Series A Preferred Stock (Preferred Stock Series A [Member])
3 Months Ended
Mar. 31, 2014
Preferred Stock Series A [Member]
 
Series A Preferred Stock

Series A Preferred Stock

 

On December 30, 2005, the Company offered and sold 1,521,258 shares of 8% Series A preferred stock.  At March 31, 2014, 803,270 shares of Series A preferred stock remained outstanding.  Dividends on the Series A preferred stock are cumulative and are payable monthly in arrears on the last day of each month, at the annual rate of 8% of the $10.00 liquidation preference per share, equivalent to a fixed annual amount of $.80 per share. The Company may redeem the Series A preferred stock, in whole or in part, at any time or from time to time for cash at a redemption price of $10.00 per share, plus all accrued and unpaid dividends. Commencing with dividends due on December 31, 2013, the Company suspended payment of dividends on its Series A preferred stock to preserve capital and improve liquidity. Unpaid dividends will accumulate and bear additional dividends at 8%, compounded monthly. Undeclared dividends are $216,359, or $0.269 per share, as of March 31, 2014.