Note 8 - Preferred Stock Issuance and Conversion
|12 Months Ended|
Dec. 31, 2016
|Notes to Financial Statements|
|Preferred Stock [Text Block]||
PREFERRED STOCK ISSUANCE AND CONVERSION
Series B Preferred Stock
The Series B Preferred Stock of the Company’s subsidiary, M&EC, is non-voting and non-convertible, has a
$1.00liquidation preference per share and
maybe 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 M&EC out of legally available funds, dividends at the rate of
5%per year per share applied to the amount of
$1.00per share, which dividends are fully cumulative. M&EC has not paid any of the cumulative dividends since the Series B Preferred Stock was issued. M&EC has been accruing dividends for the Series B Preferred Stock issued
2002,and have accrued a total of approximately
$931,000of unpaid cumulative dividends since
$was accrued in each of the years ended
2016and is included in other long term liabilities in the accompanying Consolidated Balance Sheets.
The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock.
No definition available.