H. STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE H – STOCKHOLDERS’ EQUITY

Outstanding Preferred Stock
Preferred stock consists of the following (amounts in thousands):
	Year Ended
	December 31,
	2018	2017
Series B convertible preferred stock, $10 par value, liquidation value of $100, authorized 100 shares, issued and outstanding one share	1	1

The Series B preferred stock has a liquidation value of $100 per share. The right to convert expired April 30, 2003.  Dividends at a rate of 6% are payable in cash or preferred shares at the option of the Company.

Outstanding Common Stock

On December 4, 2018, the Company issued an additional 3,000,000 shares of Common Stock to Realty Advisors, Inc. (“RAI”) a related party, for cash of $4,500,000 to increase stockholders’ equity by $4,440,000 after issuance costs. The issuance of 3,000,000 shares of Common Stock resulted in a change in control of the Company, as RAI now owns approximately 59.6% of the outstanding Common Stock. The issuance of the 3,000,000 shares of Common Stock to RAI increased the total number of shares issued and outstanding to 5,131,935 shares.