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DIVIDENDS | 9 Months Ended
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Sep. 30, 2024
DIVIDENDS |
DIVIDENDS | 10. DIVIDENDS A payment of $39,050 was paid within one month of each quarter’s end in 2023 and in January, April, and July of 2024 to Series II preferred shareholders. Series III preferred shareholders were paid a cash dividend of $19,061 within one month of each quarter’s end in 2023. A payment of $18,561 was made to Series III shareholders in January, April, and July of 2024. ​ 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. 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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- Definition Represents the entire disclosure of dividends declared and paid by the entity. + References No definition available. + Details
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