Stockholders' Equity |
3 Months Ended | |
|---|---|---|
Mar. 31, 2017 | ||
| Stockholders' Equity Note [Abstract] | ||
| Stockholders' Equity Note Disclosure [Text Block] |
Note 5 Stockholders’ Equity Preferred Stock
The Company’s charter authorizes the issuance of 10,000,000 shares of preferred stock, par value $0.001 per share. As of March 31, 2017 and December 31, 2016, no shares of preferred stock were issued and outstanding. Common Stock The Company has 500,000,000 of authorized shares of common stock, $0.001 par value. As of March 31, 2017 and December 31, 2016, there were 17,605,675 outstanding shares of common stock. On January 10, 2017 the Company paid the fourth quarter 2016 dividend that was announced on December 14, 2016 in the amount of $3,604,437. On March 20, 2017, the Company announced the declaration of a cash dividend of $0.20 per share of common stock to stockholders of record as of March 27, 2017 and to the holders of the LTIP units that were granted on July 1, 2016 and December 21, 2016. This dividend, in the amount of $3,603,485 is to be paid on or about April 10, 2017, and was accrued as of March 31, 2017. Pursuant to a previously declared dividend approved by the board of directors of the Company (“Board”) and in compliance with applicable provisions of the Maryland General Corporation Law, the Company paid a monthly dividend of $0.0852 per share during the three months ended March 31, 2016 for a total of $164,152. Additionally, in accordance with the terms of the Company’s 2017 Annual Equity Bonus and Long-Term Equity Award Plan as disclosed in Note 7 “Stock-Based Compensation,” as of March 31, 2017 the Company accrued a dividend of $0.20 per LTIP unit on the 241,662 aggregate annual and long-term LTIP targeted grants that are subject to retroactive receipt of dividends on the amount of LTIPs ultimately earned. The amount of the accrual was $48,332. On March 2, 2016, ZH USA, LLC converted $15,000,000 of principal under the Convertible Debenture into 1,176,656 shares of the Company’s unregistered common stock. The shares of unregistered common stock issuable to ZH USA, LLC under the Convertible Debenture are subject to customary anti-dilution rights in the event of stock splits, stock dividends and similar corporate events. |