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| | | | S-15 | | | |
| | | | S-20 | | | |
| | | | S-24 | | | |
| | | | S-24 | | | |
| | | | S-25 | | | |
| | | | S-26 | | | |
| | | | S-36 | | | |
| | | | S-40 | | | |
| | | | S-43 | | | |
| | | | S-43 | | | |
| | | | S-44 | | |
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| | | | 30 | | | |
| | | | 58 | | | |
| | | | 59 | | | |
| | | | 59 | | | |
| | | | 60 | | |
Payment Date
|
| |
Amount
Per Share |
| |||
2020 | | | | | | | |
November 4(1) | | | | $ | 0.12 | | |
August 7
|
| | | $ | 0.12 | | |
January 27
|
| | | $ | 0.12 | | |
2019 | | | | | | | |
October 22 | | | | $ | 0.12 | | |
July 29
|
| | | $ | 0.12 | | |
April 18
|
| | | $ | 0.12 | | |
January 10(2) | | | | $ | 0.17 | | |
2018 | | | | | | | |
November 6
|
| | | $ | 0.12 | | |
July 27
|
| | | $ | 0.11 | | |
April 27(3) | | | | $ | 0.105 | | |
February 27(4) | | | | $ | 0.105 | | |
2017 | | | | | | | |
November 17
|
| | | $ | 0.105 | | |
July 27
|
| | | $ | 0.105 | | |
April 27
|
| | | $ | 0.05 | | |
| | |
June 30, 2020
(Unaudited) |
| |||||||||||||||
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Actual
|
| |
Pro Forma
|
| |
Pro forma,
As adjusted |
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Assets | | | | | | | | | | ||||||||||
Cash | | | | $ | 4,647,973 | | | | | $ | 30,348,402 | | | | | | | | |
Investments
|
| | | | 15,961,433 | | | | | | 15,961,433 | | | | | | | | |
Total
|
| | | $ | 20,609,406 | | | | | $ | 46,309,835 | | | | | | | | |
Indebtedness: | | | | | |||||||||||||||
Mortgage payable
|
| | | $ | 775,901 | | | | | $ | 775,901 | | | | | | | | |
Notes payable
|
| | | | 65,402 | | | | | | 65,402 | | | | | | | | |
Other loans
|
| | | | 257,845 | | | | | | 257,845 | | | | | | | | |
Credit Line
|
| | | | — | | | | | | 12,080,569 | | | | | | | | |
June 2024 and December 2024 Notes (net of deferred financing costs of $2,451,618)
|
| | | | 55,711,382 | | | | | | 55,711,382 | | | | | | | | |
7.75% 2025 Notes (net of deferred financing costs of $743,890, pro forma, $ pro forma, as adjusted)
|
| | | | — | | | | | | 13,619,860 | | | | | | | | |
Total indebtedness
|
| | | $ | 56,810,530 | | | | | $ | 82,510,959 | | | | | | | | |
Equity: | | | | | |||||||||||||||
Preferred shares – $.001 par value; 5,000,000 shares authorized; no shares issued
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Common shares – $.001 par value; 100,000,000 shares authorized; 22,117,301 shares issued and outstanding, actual and as adjusted
|
| | | | 22,117 | | | | | | 22,117 | | | | | | 22,117 | | |
Paid-in capital
|
| | | | 83,806,169 | | | | | | 83,806,169 | | | | | | 83,806,169 | | |
Retained earnings
|
| | | | 584,288 | | | | | | 584,288 | | | | | | 584,288 | | |
Accumulated other comprehensive income
|
| | | | 35,189 | | | | | | 35,189 | | | | | | 35,189 | | |
Total shareholders’ equity
|
| | | | 84,447,763 | | | | | | 84,447,763 | | | | | | 84,447,763 | | |
Total capitalization
|
| | | $ | 141,258,293 | | | | | $ | 166,958,722 | | | | | $ | | | |
Underwriter
|
| |
Principal
amount of notes |
| |||
Ladenburg Thalmann & Co. Inc.
|
| | | $ | | | |
Janney Montgomery Scott LLC
|
| | | | | | |
Total
|
| | | $ | | |
| | |
Per Note
|
| |
Without
Option |
| |
With
Option |
| |||||||||
Public offering price
|
| | | | 100.0% | | | | | $ | | | | | $ | | | ||
Underwriting discount (sales load) paid by us(1)
|
| | | | 3.25% | | | | | $ | | | | | $ | | | ||
Estimated proceeds to us, before expenses
|
| | | | 96.75% | | | | | $ | | | | | $ | | |
Document
|
| |
Filed
|
|
Definitive Proxy Statement on Schedule 14A | | | September 11, 2020 | |
Annual Report on Form 10-K for the year ended December 31, 2019 | | | March 30, 2020 | |
Quarterly Report on Form 10-Q for the period ended June 30, 2020 | | | August 10, 2020 | |
Current Reports on Form 8-K | | | April 3, 2020; May 14, 2020; July 8, 2020; August 13, 2020; September 1, 2020; September 9, 2020; September 15, 2020; October 15, 2020; and October 19, 2020 | |
Description of common shares contained Registration Statement on Form 8-A | | | January 25, 2017 | |
Description of 7.75% September 2025 notes contained in Registration Statement on Form 8-A | | | September 2, 2020 | |
Description of 7.125% June 2024 notes contained in Registration Statement on Form 8-A | | | June 24, 2019 | |
Description of 6.875% December 2024 notes contained in Registration Statement on Form 8-A | | | November 6, 2019 | |
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Page
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| | | | ii | | | |
| | | | 1 | | | |
| | | | 7 | | | |
| | | | 7 | | | |
| | | | 8 | | | |
| | | | 9 | | | |
| | | | 10 | | | |
| | | | 12 | | | |
| | | | 13 | | | |
| | | | 16 | | | |
| | | | 18 | | | |
| | | | 21 | | | |
| | | | 22 | | | |
| | | | 23 | | | |
| | | | 26 | | | |
| | | | 30 | | | |
| | | | 58 | | | |
| | | | 59 | | | |
| | | | 59 | | | |
| | | | 60 | | |
Payment Date
|
| |
Amount
Per Share |
| |||
2020 | | | | | | | |
January 27*
|
| | | $ | 0.12 | | |
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 | | |