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DIVIDENDS | 12 Months Ended
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Dec. 31, 2024
DIVIDENDS |
DIVIDENDS | ​ 12. DIVIDENDS 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 Balance Sheets. ​ A payment of $39,050 was paid within one month of each quarter’s end in 2024, 2023, and 2022 to Series II preferred shareholders. As of the fourth quarter of 2023 and for all quarters of 2024, a payment of $18,561 was made to Series III shareholders within one month of each quarter’s end. Series III preferred shareholders were paid a cash dividend of $39,495 in January 2022 and $19,061 within one month of each remaining quarter’s end in 2022 as well as in the first three quarters of 2023.

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