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Related Party Transactions
6 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

Note 11: Related Party Transactions

Included the issuance and sale of the Senior Secured Notes as discussed in Note 6, we sold $500,000 principal amount of these notes to Daniel D. Greenwell, our Chief Executive Officer.

No dividends were declared during the first six months of 2018 or 2017.  At June 30, 2018, accumulated dividends on the Series B and Series D Preferred totaled approximately $828,000. The Series B Preferred and Series D Preferred are non-redeemable preferred stocks issued in 1986 and 2001, respectively, of which all outstanding shares are owned by the Golsen Holders.

During the first quarter of 2017, a death benefit agreement with Jack E. Golsen was terminated pursuant to the terms of the agreement that allowed us to terminate at any time and for any reason prior to the death of the employee.  As a result, the liability of approximately $1,400,000 for the estimated death benefit associated with this agreement was extinguished and derecognized with the offset classified as operating other income in the first quarter of 2017.