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| | | | S-1 | | | |
| | | | S-3 | | | |
| | | | 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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| | | | 26 | | | |
| | | | 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 | | |
| | |
September 30, 2020
(Unaudited) |
| |||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro forma,
As adjusted |
| |||||||||
Assets | | | | | | | | | | ||||||||||
Cash | | | | $ | 5,384,073 | | | | | $ | 30,713,649 | | | | | | | | |
Investments
|
| | | | 27,688,794 | | | | | | 27,688,794 | | | | | | | | |
Total
|
| | | $ | 33,072,867 | | | | | $ | 58,402,443 | | | | | | | | |
Indebtedness: | | | | | |||||||||||||||
Mortgage payable
|
| | | $ | 771,785 | | | | | $ | 771,785 | | | | | | | | |
Notes payable
|
| | | | 60,130 | | | | | | 60,130 | | | | | | | | |
Other loans
|
| | | | 257,845 | | | | | | 257,845 | | | | | | | | |
Credit Line
|
| | | | 12,080,569 | | | | | | 24,022,172 | | | | | | | | |
June 2024 and December 2024 (net of deferred financing costs of $2,330,206)
|
| | | | 55,832,795 | | | | | | 55,832,795 | | | | | | | | |
7.75% 2025 Notes (net of deferred financing costs of $743,909 actual, $1,356,476, pro forma, $ pro forma, as adjusted)
|
| | | | 13,619,841 | | | | | | 27,007,274 | | | | | | | | |
Total indebtedness
|
| | | $ | 82,622,965 | | | | | $ | 107,952,541 | | | | | | | | |
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
|
| | | | 83,810,276 | | | | | | 83,810,276 | | | | | | 83,810,276 | | |
Retained earnings
|
| | | | 68,996 | | | | | | 68,996 | | | | | | 68,996 | | |
Accumulated other comprehensive loss
|
| | | | (37,596) | | | | | | (37,596) | | | | | | (37,596) | | |
Total shareholders’ equity
|
| | | | 83,863,793 | | | | | | 83,863,793 | | | | | | 83,863,793 | | |
Total capitalization
|
| | | $ | 166,486,758 | | | | | $ | 191,816,334 | | | | | $ | | | |
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 March 31, 2020 | | | May 14, 2020 | |
Quarterly Report on Form 10-Q for the period ended June 30, 2020 | | | August 10, 2020 | |
Quarterly Report on Form 10-Q for the period ended September 30, 2020 | | | November 6, 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; October 19, 2020; and October 23, 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 | | |
Document
|
| |
Filed
|
|
Annual Report on Form 10-K for the year ended December 31, 2018 | | | March 29, 2019 | |
Quarterly Report on Form 10-Q for the period ended March 31, 2019 | | | May 13, 2019 | |
Quarterly Report on Form 10-Q for the period ended June 30, 2019 | | | August 14, 2019 | |
Quarterly Report on Form 10-Q for the period ended September 30, 2019 | | | November 14, 2019 | |
Current Reports on Form 8-K | | | April 5, 2019; April 12, 2019; May 3, 2019; May 15, 2019; June 20, 2019; June 25, 2019; July 2, 2019; July 29, 2019; August 20, 2019 September 6, 2019; October 7, 2019; October 30, 2019; October 31, 3019; November 6, 2019; November 18, 2019; November 20, 2019; November 27, 2019; and December 17, 2019 | |
Definitive Proxy Statement on Schedule 14A | | | September 3, 2019 | |
Description common shares contained in our Registration Statement on Form 8-A | | | January 25, 2017 | |
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 | |