SHAREHOLDER'S EQUITY

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Equity [Text Block]

8 - SHAREHOLDER’S EQUITY

Preferred Stock - There are 5,000,000 shares of authorized preferred stock, par value $0.001 per share, with no shares of preferred stock issued or outstanding. The terms of the shares are subject to the discretion of the Board of Directors.

Class A Common Stock - There are 20,000,000 shares of authorized Class A common stock, par value $0.001 per share, with 5,258,568 and 5,233,568 issued and outstanding as of December 31, 2023 and 2022, respectively. Each holder of Class A common stock is entitled to one (1) vote for each share held. During 2023 and 2022, we issued 25,000 and 120,000 shares of our Class A common stock, respectively.

Class B Common Stock - There are 762,612 shares of authorized Class B common stock, par value $0.001 per share, with 762,612 shares issued and outstanding since 1995. Each holder of Class B common stock is entitled to ten (10) votes for each share held. The shares of Class B common stock are convertible at any time at the election of the shareholder into one (1) share of Class A common stock, subject to certain adjustments. Our Chief Executive Officer is the sole beneficial owner of the outstanding shares of Class B common stock.

Dividends – During the nine months ended September 30, 2022, we declared and paid quarterly dividends of $.045 per share. Also, for the quarter ended June 30, 2022 we paid a one-time special dividend of $.10 per share. For the quarter ended December 31, 2022 and for the year ended December 31, 2023, we paid quarterly dividends of $0.05 per share.