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PREFERRED STOCK | 6 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
PREFERRED STOCK | NOTE 11 – 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 Company will pay cumulative cash dividends on the Series A Preferred Stock when, as and if declared by the Board of Directors (or a duly authorized committee of the 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 the Board of Directors (or a duly authorized committee of the 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.
Dividend Declaration Date |  | Record Date |  | Dividend Period |  | Dividend Payment Date |  | Dividend Amount |  |  | Per Share Amount |
May 15, 2024 |  | May 31, 2024 |  | March 15, 2024 - June 14, 2024 |  | June 17, 2024 |  | $ |  | 782,634 |  |  | $ |  | 0.55902778 |
August 15, 2024 |  | August 31, 2024 |  | June 15, 2024 - September 14, 2024 |  | September 15, 2024 |  | $ |  | 782,639 |  |  | $ |  | 0.55902778 |
Preferred dividends accumulated as of September 30, 2024, were $136,111.
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, 2025 - September 14, 2023 |  | September 15, 2023 |  | $ |  | 782,639 |  |  | $ |  | 0.55902778 |
Preferred dividends accumulated as of September 30, 2023, were $136,094.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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