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PREFERRED STOCK
 6 Months Ended
Sep. 30, 2025
Equity [Abstract]  
PREFERRED STOCK

NOTE 7 – 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 Cumulative Redeemable Perpetual Preferred Stock ("Series A Preferred Stock").

The Company pays 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 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) are 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.

The following is a summary of the dividends paid on the Series A Preferred Stock in the six months ended September 30, 2025 and 2024.

Dividend
Declaration
Date

 

Record
Date

 

Dividend
Period

 

Dividend
Payment
Date

 

Dividend
Amount

 

 

Per Share
Amount

 

May 15, 2025

 

May 31, 2025

 

March 15, 2025 - June 14, 2025

 

June 16, 2025

 

$

 

765,625

 

 

$

 

0.54687500

 

August 12, 2025

 

August 31,2025

 

June 15,2025 - September 14, 2025

 

September 15, 2025

 

$

 

765,625

 

 

$

 

0.54687500

 

Preferred dividends accumulated as of September 30, 2025 were $127,604.

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.