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PREFERRED STOCK
9 Months Ended
Dec. 31, 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

 

November 15, 2024

 

November 30, 2024

 

September 15, 2024 - December 14, 2024

 

December 15, 2024

 

$

 

782,639

 

 

$

 

0.55902778

 

Preferred dividends accumulated as of December 31, 2024, were $144,618.

 

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

 

November 15, 2023

 

November 30, 2023

 

September 15, 2023 - December 14, 2023

 

December 15, 2023

 

$

 

774,132

 

 

$

 

0.55295140

 

Preferred dividends accumulated as of December 31, 2023, were $144,618.