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DIVIDENDS | 6 Months Ended
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Jun. 30, 2022
DIVIDENDS |
DIVIDENDS | 10. DIVIDENDS In January 2021, a cash dividend payment of $10,041 was made to Series I preferred shareholders. The Company caused a redemption of its Series I preferred stock on December 31, 2020 pursuant to the terms of the Certificate of Designation for such series. ​ A cash dividend of $39,050 was paid in January 2021, April 2021, October 2021, January 2022, April 2022, and July 2022 to Series II preferred shareholders. Series III preferred shareholders were paid $39,495 in January 2022 and $19,061 in April 2022 and July 2022. ​ In June 2021, the Board of Directors approved payments to its Series II, Series III, and former Series IV and Series V Class B Preferred Shareholders in the cumulative amount of $5,056,945 representing all current dividends, dividends in arrears, as well as dividends still owed to shareholders who converted their preferred stock in the past. The dividends were paid on July 22, 2021 to all shareholders who had been contacted and confirmed as the rightful owner entitled to payment. The Company has not yet established contact with all former shareholders, most of whom converted their shares prior to 2001. As of August 1, 2022, the Company is continuing its efforts to establish contact with approximately 90 former shareholders who are entitled to approximately $1.4 million. This, along with the current declared dividends, are reflected in Dividends payable on the Condensed Balance Sheets.

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