Note 8 - Preferred Stock

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Preferred Stock [Text Block]

8

. Preferred Stock

The shareholders have authorized

10,000,000

shares of preferred stock shares for issuance.

No

Preferred Equity was outstanding as of

December

31,

2016

and

2015

and none is outstanding as of the date of this report.

At

December

31,

2016,

$34,279

of unpaid dividends have been accrued on Preferred Equity previously owned by Mr. Paul Tibbits, a stockholder and director. The dividends accrued between the filling dates of the Company’s Chapter

11

Bankruptcy,

October

31,

2013,

and the Effective Date of the Plan of Reorganization,

November

20,

2014

and are owed to Mr. Tibbits.