10. SALE OF PREFERRED STOCK	9 Months Ended
Sep. 30, 2015
Sale Of Preferred Stock
NOTE 10. SALE OF PREFERRED STOCK	In August 2015, the Company commenced a public offering of our Series A Redeemable Preferred Stock pursuant to a registration statement filed with the Securities and Exchange Commission. The preferred stock under this issue is non-voting and will rank senior in rights and preferences to the Company’s common stock. Shareholders of this issue will be entitled to receive dividends, when and as declared by the Company’s Board of Directors, at a rate of $0.22 per share. Dividends accrued but not paid will be added to the liquidation preference of the stock until the dividend is declared and paid. The Company registered this transaction with the securities authorities of the States of Oregon and Washington. The issue has 1,445,783 shares registered with an aggregate initial offering price not to exceed $6,000,000. Shares are sold during four selling periods beginning with an offering price of $4.15 per share and concluding at $4.45 per share. Under the terms of this offering, proceeds from the sale of preferred stock for the three months ended September 30, 2015 were held in escrow until the stock was subsequently issued effective October 1, 2015. At September 30, 2015 $1,858,163 in stock sale proceeds were held in escrow and subsequently released to the Company in October 2015. As of September 30, 2015 the Company had on deposit $1,180,115 in investor stock subscription payments that had not completed processing. Total funds, held by the Company as restricted cash, were $3,038,278 associated with this offering. “Prepaid and other current assets” include $319,280 of costs, associated with the sale of this preferred stock issue, which was recorded to shareholder equity in October 2015.

10. SALE OF PREFERRED STOCK

9 Months Ended

Sep. 30, 2015

In August 2015, the Company commenced a public offering of our Series A Redeemable Preferred Stock pursuant to a registration statement filed with the Securities and Exchange Commission. The preferred stock under this issue is non-voting and will rank senior in rights and preferences to the Company’s common stock. Shareholders of this issue will be entitled to receive dividends, when and as declared by the Company’s Board of Directors, at a rate of $0.22 per share. Dividends accrued but not paid will be added to the liquidation preference of the stock until the dividend is declared and paid. The Company registered this transaction with the securities authorities of the States of Oregon and Washington. The issue has 1,445,783 shares registered with an aggregate initial offering price not to exceed $6,000,000. Shares are sold during four selling periods beginning with an offering price of $4.15 per share and concluding at $4.45 per share.

Under the terms of this offering, proceeds from the sale of preferred stock for the three months ended September 30, 2015 were held in escrow until the stock was subsequently issued effective October 1, 2015. At September 30, 2015 $1,858,163 in stock sale proceeds were held in escrow and subsequently released to the Company in October 2015. As of September 30, 2015 the Company had on deposit $1,180,115 in investor stock subscription payments that had not completed processing. Total funds, held by the Company as restricted cash, were $3,038,278 associated with this offering. “Prepaid and other current assets” include $319,280 of costs, associated with the sale of this preferred stock issue, which was recorded to shareholder equity in October 2015.