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PREFERRED STOCK | 12 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
PREFERRED STOCK | NOTE 14 – PREFERRED STOCK On May 18, 2021, the Company filed a Certificate of Designations (the “Certificate of Designations”) with the Secretary of State of the State of Delaware to establish the preferences, voting powers, limitations as to dividends or other distributions, qualifications, terms and conditions of redemption and other terms and conditions of the Series A Preferred Stock. The Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”), as to dividend rights and rights as to the distribution of assets upon the Company’s liquidation, dissolution or winding-up, ranks: (1) senior to all classes or series of Common Stock and to all other capital stock issued by the Company expressly designated as ranking junior to the Series A Preferred Stock; (2) on parity with any future class or series of the Company’s capital stock expressly designated as ranking on parity with the Series A Preferred Stock; (3) junior to any future class or series of the Company’s capital stock expressly designated as ranking senior to the Series A Preferred Stock; and (4) junior to all the Company’s existing and future indebtedness. The Series A Preferred Stock has no stated maturity and is not subject to mandatory redemption or any sinking fund. In the event of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the holders of shares for the Series A Preferred Stock are entitled to be paid out of the Company’s assets legally available for distribution to its stockholders (i.e., after satisfaction of all the Company’s liabilities to creditors, if any) an amount equal to $25.00 per share of the Series A Preferred Stock, plus any amount equal to any accumulated and unpaid dividends to the date of payment before any distribution or payment may be made to holders of shares of Common Stock or any other class of or series of the Company’s capital stock ranking, as to rights to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up, junior to the Series A Preferred Stock. The Company will pay cumulative cash dividends on the Series A Preferred Stock when, as and if declared by its Board of Directors (or a duly authorized committee of its Board of Directors), only out of funds legally available for payment of dividends. Dividends on the Series A Preferred Stock will accrue on the stated amount of $25.00 per share of the Series A Preferred Stock at a rate per annum equal to 8.75% (equivalent to $2.1875 per year), payable quarterly in arrears. Dividends on the Series A Preferred Stock declared by our Board of Directors (or a duly authorized committee of our Board of Directors) will be payable quarterly in arrears on March 15, June 15, September 15, and December 15. Generally, the Series A Preferred Stock is not redeemable by the Company prior to May 18, 2026. However, upon a change of control or de-listing event (each as defined in the Certificate of Designations), the Company will have a special option to redeem the Series A Preferred Stock for a limited period of time. On May 19, 2021, we entered into an underwriting agreement (the “Underwriting Agreement”) with Alexander Capital, L.P., as representative of several underwriters (collectively, the “Underwriters”), relating to a firm commitment public offering of 1,097,200 newly issued shares of our Series A Preferred Stock at a public offering price of $25.00 per share. Under the terms of the Underwriting Agreement, we granted the Underwriters a 45-day option to purchase up to an additional 164,580 shares of Series A Preferred Stock from us. The gross proceeds to us from the sale of 1,097,200 shares of Series A Preferred Stock, before deducting underwriting discounts and commissions and estimated offering expenses payable by us, was $27,430,000. The closing of the offering took place on May 21, 2021. On May 25, 2021, we entered into an additional underwriting agreement with Alexander Capital, L.P. relating to a firm commitment public offering of 138,220 newly issued shares of our Series A Preferred Stock at a public offering price of $25.00 per share. The closing of the offering took place on May 27, 2021. The gross proceeds to us from the sale of 138,220 shares of Series A Preferred Stock, before deducting underwriting discounts and commissions and estimated offering expenses payable by us, were $3,455,500. Additionally, the Underwriters exercised its previously announced over-allotment option to purchase 164,580 shares of Series A Preferred Stock pursuant to the Underwriting Agreement. We closed the exercise of the over-allotment option on May 27, 2021. The gross proceeds from the exercise of the over-allotment option were $4,114,500, before deducting underwriting discounts and commissions. The following is a summary of the dividends paid on the Series A Preferred Stock in the year ended March 31, 2024:
Dividend Declaration Date |  | Record Date |  | Dividend Period |  | Dividend Payment Date |  | Dividend Amount |  |  | Per Share Amount |
May 15, 2023 |  | May 31, 2023 |  | March 15, 2023 - June 14, 2023 |  | June 15, 2023 |  | $ |  | 782,639 |  |  | $ |  | 0.55902778 |
August 15, 2023 |  | August 31, 2023 |  | June 15, 2023 - September 14, 2023 |  | September 15, 2023 |  |  |  | 782,639 |  |  |  |  | 0.55902778 |
November 15, 2023 |  | November 30, 2023 |  | September 15, 2023 - December 14, 2023 |  | December 15, 2023 |  |  |  | 774,132 |  |  |  |  | 0.55295140 |
February 6, 2024 |  | February 29, 2024 |  | December 15, 2023 - March 14, 2024 |  | March 15, 2024 |  |  |  | 774,132 |  |  |  |  | 0.55295140 |
Preferred dividends accumulated as of March 31, 2024 were $144,618. The following is a summary of the dividends paid on the Series A Preferred Stock in the year ended March 31, 2023:
Dividend Declaration Date |  | Record Date |  | Dividend Period |  | Dividend Payment Date |  | Dividend Amount |  |  | Per Share Amount |
May 12, 2022 |  | May 31, 2022 |  | March 15, 2022 - June 14, 2022 |  | June 15, 2022 |  | $ |  | 782,639 |  |  | $ |  | 0.55902778 |
August 17, 2022 |  | August 31, 2022 |  | June 15, 2022 - September 14, 2022 |  | September 15, 2022 |  |  |  | 782,639 |  |  |  |  | 0.55902778 |
November 18, 2022 |  | November 30, 2022 |  | September 15, 2022 - December 14, 2022 |  | December 15, 2022 |  |  |  | 774,132 |  |  |  |  | 0.55295140 |
February 17, 2023 |  | February 28, 2023 |  | December 15, 2022 - March 14, 2023 |  | March 15, 2023 |  |  |  | 765,625 |  |  |  |  | 0.54687500 |
Preferred dividends accumulated as of March 31, 2023 were $144,618. The following is a summary of the dividends paid on the Series A Preferred Stock in the year ended March 31, 2022:
Dividend Declaration Date |  | Record Date |  | Dividend Period |  | Dividend Payment Date |  | Dividend Amount |  |  | Per Share Amount |
August 17, 2021 |  | August 31, 2021 |  | May 21, 2021 - June 30, 2021 |  | September 15, 2021 |  | $ |  | 337,745 |  |  | $ |  | 0.24124653 |
November 17, 2021 |  | November 30, 2021 |  | July 1, 2021 - December 14, 2021 |  | December 15, 2021 |  |  |  | 1,420,700 |  |  |  |  | 1.01475694 |
February 18, 2022 |  | February 28, 2022 |  | December 15, 2021 - March 14, 2022 |  | March 15, 2022 |  |  |  | 765,642 |  |  |  |  | 0.54687500 |
Preferred dividends accumulated as of March 31, 2022 were $144,562.

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