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5. SERIES A CONVERTIBLE PREFERRED STOCK
6 Months Ended
Jun. 30, 2018
Notes  
5. SERIES A CONVERTIBLE PREFERRED STOCK

5.     SERIES A CONVERTIBLE PREFERRED STOCK

 

On March 9, 2018 the Company’s board of directors made the determination that it was in the best interest of the Company and its stockholders to conserve the Company’s working capital at this time and not make the annual dividend payment for the year ending December 31, 2017, on its Series A Convertible Preferred Stock.  The Company has never made an annual dividend payment on its Series A convertible preferred stock. As of June 30, 2018, the aggregate outstanding accumulated arrearages of cumulative dividend was $98,926 or if issued in common shares, 3,297,933 shares.

 

The amortization of the increasing dividend rate preferred stock discount for the six months ended June 30, 2018 was $10,087.