| Preferred Stock [Text Block] |
|
7. |
Preferred Stock Dividend – |
Reconciliations of the cumulative preferred stock dividend payable are as follows:
| |
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
| |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Balance due, beginning of the period |
|
$ |
4,600,000 |
|
|
$ |
2,500,000 |
|
|
$ |
3,550,000 |
|
|
$ |
1,450,000 |
|
| Current period preferred dividends payable |
|
|
525,000 |
|
|
|
525,000 |
|
|
|
1,575,000 |
|
|
|
1,575,000 |
|
| Preferred dividends paid |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Balance due, end of the period |
|
$ |
5,125,000 |
|
|
$ |
3,025,000 |
|
|
$ |
5,125,000 |
|
|
$ |
3,025,000 |
|
In addition, the Company has $525,000 of third quarter unaccrued cumulative preferred dividends from September 30, 2012 and 2011 that became due and payable October 15, 2012 and 2011, respectively. |