Note 7 - Preferred Stock Issuance and Conversion
|12 Months Ended|
Dec. 31, 2015
|Notes to Financial Statements|
|Preferred Stock [Text Block]||
PREFERRED STOCK ISSUANCE AND CONVERSION
Series B Preferred Stock
The Series B Preferred Stock is non-voting and non-convertible, has a $1.00 liquidation preference per share and may be redeemed at the option of the former stockholders of M&EC at any time for the per share price of $1.00. The holders of the Series B Preferred Stock will be entitled to receive when, as, and if declared by the Board of Directors of M&EC out of legally available funds, dividends at the rate of 5% per year per share applied to the amount of $1.00 per share, which shall be fully cumulative. We began accruing dividends for the Series B Preferred Stock in July 2002, and have accrued a total of approximately $867,000 since July 2002, of which $64,000 was accrued in each of the years ended December 31, 2003 to 2015 and is included within Other long term liabilities of the Consolidated Balance Sheet.
The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock.
No definition available.