Special Cash Dividend

3 Months Ended

Mar. 31, 2016

Special Cash Dividend [Abstract]

SPECIAL CASH DIVIDEND

11. SPECIAL CASH DIVIDEND

On March 25, 2016, the Company’s Board of Directors  declared a special cash dividend of $0.06 per common share payable on April 26, 2016 to all shareholders of record on April 12, 2016.  On April 12, 2016, there were 9,008,855 shares of common stock outstanding; therefore the Company recorded a $540,531 liability for dividends payable, which is reflected on the March 31, 2016 balance sheet.  In accordance with the action of the Board of Directors, the dividend was paid on April 26, 2016.