| 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 | | | | | $ | 23,000,000 | | |
Underwriting discount
|
| | | $ | 1.00 | | | | | $ | 920,000 | | |
Proceeds, before expenses, to us(2)
|
| | | $ | 24.00 | | | | | $ | 22,080,000 | | |
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Page
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| | | | S-33 | | | |
| | | | S-37 | | | |
| | | | S-40 | | | |
| | | | S-40 | | | |
| | | | S-40 | | |
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Payment Date
|
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Amount
Per Share |
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2019 | | | | | | | |
April 18, 2019
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| | | $ | 0.12 | | |
January 10, 2019*
|
| | | $ | 0.17 | | |
2018 | | | | | | | |
November 6, 2018
|
| | | $ | 0.12 | | |
July 27, 2018
|
| | | $ | 0.11 | | |
April 27, 2018**
|
| | | $ | 0.105 | | |
February 27, 2018***
|
| | | $ | 0.105 | | |
2017 | | | | | | | |
November 17, 2017
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| | | $ | 0.105 | | |
July 27, 2017
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| | | $ | 0.105 | | |
April 27, 2017
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| | | $ | 0.05 | | |
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March 31, 2019
(Unaudited) |
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Actual
|
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Pro forma
|
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Pro forma,
as adjusted |
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Cash
|
| | | $ | — | | | | | $ | — | | | | | $ | 5,266,145(1) | | |
Cash-restricted
|
| | | | 1,069,393 | | | | | | 1,069,393 | | | | | | — | | |
Total cash and cash-restricted:
|
| | | $ | 1,069,393 | | | | | $ | 1,069,393 | | | | | | 5,266,145 | | |
Indebtedness: | | | | | | | | | | | | | | | | | | | |
Line of credit
|
| | | $ | 30,382,546 | | | | | $ | 17,088,748 | | | | | $ | — | | |
Mortgage payable
|
| | | | 795,000 | | | | | | 795,000 | | | | | | 795,000 | | |
Notes payable
|
| | | | 76,485 | | | | | | 76,485 | | | | | | 76,485 | | |
7.125% notes due 2024 offered hereby (net of deferred financing costs of $1.27 million)
|
| | | | — | | | | | | — | | | | | | 21,730,000 | | |
Total indebtedness
|
| | | | 31,254,031 | | | | | | 17,960,233 | | | | | | 22,601,485 | | |
Equity: | | | | | | | | | | | | | | | | | | | |
Preferred shares – $.001 par value; 5,000,000 shares authorized; no shares issued
|
| | | | — | | | | | | — | | | | | | — | | |
Common stock – $.001 par value; 50,000,000 shares authorized; 15,950,256 shares issued and outstanding, actual, and 18,905,586 shares issued and outstanding, pro forma and pro forma, as adjusted
|
| | | | 15,950 | | | | | | 18,906 | | | | | | 18,906 | | |
Paid-in capital
|
| | | | 55,424,167 | | | | | | 68,715,009 | | | | | | 68,715,009 | | |
Retained earnings
|
| | | | 1,650,721 | | | | | | 1,650,721 | | | | | | 869,586(2) | | |
Total shareholders’ equity
|
| | | | 57,090,838 | | | | | | 70,384,636 | | | | | | 69,603,501 | | |
Total capitalization
|
| | | $ | 88,344,869 | | | | | $ | 88,344,869 | | | | | $ | 92,204,986 | | |
Underwriter
|
| |
Principal
amount of notes |
| |||
Ladenburg Thalmann & Co. Inc.
|
| | | $ | 18,750,000 | | |
Janney Montgomery Scott LLC
|
| | | | 4,250,000 | | |
Total
|
| | | $ | 23,000,000 | | |
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Per Note
|
| |
Without
Option |
| |
With
Option |
| |||||||||
Public offering price
|
| | | | 100.0% | | | | | $ | 23,000,000 | | | | | $ | 26,450,000 | | |
Underwriting discount (sales load) paid by us(1)
|
| | | | 4.0% | | | | | $ | 920,000 | | | | | $ | 1,058,000 | | |
Estimated Proceeds to us, before expenses
|
| | | | 96.0% | | | | | $ | 22,080,000 | | | | | $ | 25,392,000 | | |
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 | |
Current Reports on Form 8-K | | | April 5, 2019, April 12, 2019, May 3, 2019, May 15, 2019 and June 20, 2019 | |
Description of Common Shares contained in our Registration Statement on Form 8-A | | | January 25, 2017 | |
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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
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| | | $ | 4.55 | | | | | $ | 3.32 | | |
First Quarter
|
| | | $ | 4.14 | | | | | $ | 3.30 | | |
2017 | | | | | | | | | | | | | |
Fourth Quarter
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| | | $ | 5.00 | | | | | $ | 3.83 | | |
Third Quarter
|
| | | $ | 5.02 | | | | | $ | 3.72 | | |
Second Quarter
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| | | $ | 5.35 | | | | | $ | 4.42 | | |
First Quarter
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| | | $ | 5.32 | | | | | $ | 4.75 | | |