| PROSPECTUS SUPPLEMENT (To Prospectus Dated November 9, 2018) |
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Per Note
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Total(1)(2)
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Public offering price
|
| | | $ | 25.00 | | | | | $ | 30,000,000 | | |
Underwriting discount
|
| | | $ | 0.875 | | | | | $ | 1,050,000 | | |
Proceeds, before expenses, to us(2)
|
| | | $ | 24.125 | | | | | $ | 28,950,000 | | |
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Page
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| | | | S-20 | | | |
| | | | S-22 | | | |
| | | | S-32 | | | |
| | | | S-36 | | | |
| | | | S-39 | | | |
| | | | S-39 | | | |
| | | | S-40 | | |
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Payment Date
|
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Amount
Per Share |
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2019 | | | | | | | |
October 22 | | | | $ | 0.12 | | |
July 29
|
| | | $ | 0.12 | | |
April 18
|
| | | $ | 0.12 | | |
January 10*
|
| | | $ | 0.17 | | |
2018 | | | | | | | |
November 6
|
| | | $ | 0.12 | | |
July 27
|
| | | $ | 0.11 | | |
April 27**
|
| | | $ | 0.105 | | |
February 27***
|
| | | $ | 0.105 | | |
2017 | | | | | | | |
November 17
|
| | | $ | 0.105 | | |
July 27
|
| | | $ | 0.105 | | |
April 27
|
| | | $ | 0.05 | | |
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June 30, 2019
(Unaudited) |
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Actual
|
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Pro forma
|
| |
Pro forma,
as adjusted |
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Cash
|
| | | $ | 3,095,818 | | | | | $ | 16,846,183 | | | | | $ | 45,471,183 | | |
Indebtedness: | | | | | |||||||||||||||
Mortgage payable
|
| | | $ | 792,053 | | | | | $ | 792,053 | | | | | $ | 792,053 | | |
Notes payable
|
| | | | 12,203 | | | | | | 12,203 | | | | | | 12,203 | | |
Capital leases payable
|
| | | | 72,622 | | | | | | 72,622 | | | | | | 72,622 | | |
Due to shareholder
|
| | | | 2,217,000 | | | | | | — | | | | | | — | | |
June 2019 Notes payable (net of deferred financing costs
of $1,270,000 actual and $1,308,000 pro forma and pro forma, as adjusted) |
| | | | 21,730,000 | | | | | | 22,355,000 | | | | | | 22,355,000 | | |
Notes payable
|
| | | | — | | | | | | — | | | | | | 28,625,000 | | |
Total indebtedness
|
| | | $ | 24,823,878 | | | | | $ | 23,231,878 | | | | | $ | 51,856,878 | | |
Equity: | | | | | | | | | | | | | | | | | | | |
Preferred shares – $.001 par value; 5,000,000 shares authorized; no shares issued
|
| | | | — | | | | | | — | | | | | | — | | |
Common stock – $.001 par value; 50,000,000 shares authorized; 18,905,586 shares issued and outstanding, actual, and 22,109,801 shares issued and outstanding, pro forma and pro forma, as adjusted
|
| | | | 18,906 | | | | | | 22,110 | | | | | | 22,110 | | |
Paid-in capital
|
| | | | 68,658,036 | | | | | | 83,997,197 | | | | | | 83,997,197 | | |
Retained earnings
|
| | | | 739,137 | | | | | | 739,137 | | | | | | 739,137 | | |
Total shareholders’ equity
|
| | | | 69,416,073 | | | | | | 84,758,444 | | | | | | 84,758,444 | | |
Total capitalization
|
| | | $ | 94,239,951 | | | | | $ | 107,990,322 | | | | | $ | 136,615,322 | | |
Underwriter
|
| |
Principal
amount of notes |
| |||
Ladenburg Thalmann & Co. Inc.
|
| | | $ | 23,875,000 | | |
Janney Montgomery Scott LLC
|
| | | | 4,375,000 | | |
National Securities Corporation
|
| | | | 1,750,000 | | |
Total
|
| | | $ | 30,000,000 | | |
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Per Note
|
| |
Without
Option |
| |
With
Option |
| |||||||||
Public offering price
|
| | | | 100.0% | | | | | $ | 30,000,000 | | | | | $ | 34,500,000 | | |
Underwriting discount (sales load) paid by us(1)
|
| | | | 3.5% | | | | | $ | 1,050,000 | | | | | $ | 1,207,500 | | |
Estimated Proceeds to us, before expenses
|
| | | | 96.5% | | | | | $ | 28,950,000 | | | | | $ | 33,292,500 | | |
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High
|
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Low
|
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2018 | | | | | | | | | | | | | |
Fourth Quarter (through November 1)
|
| | | $ | 4.49 | | | | | $ | 4.08 | | |
Third Quarter
|
| | | $ | 4.39 | | | | | $ | 3.91 | | |
Second Quarter
|
| | | $ | 4.55 | | | | | $ | 3.32 | | |
First Quarter
|
| | | $ | 4.14 | | | | | $ | 3.30 | | |
2017 | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 5.00 | | | | | $ | 3.83 | | |
Third Quarter
|
| | | $ | 5.02 | | | | | $ | 3.72 | | |
Second Quarter
|
| | | $ | 5.35 | | | | | $ | 4.42 | | |
First Quarter
|
| | | $ | 5.32 | | | | | $ | 4.75 | | |