Note 11 - Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

11.

SHAREHOLDERS

'

EQUITY

There are

10,000,000

Class A Shares and

2,500,000

Class B Shares authorized, as well as

1,000,000

Serial Preferred Shares.

Unissued shares of Class A common stock (

1,042,848

and

1,045,848

shares at

December 31, 2020

and

2019,

respectively) are reserved for the share-for-share conversion rights of the Class B common stock, stock options under the Directors Plans, conversion rights of the Convertible Promissory Note and available warrants. The Class A shares have

one

vote per share and the Class B shares have

three

votes per share, except under certain circumstances such as voting on voluntary liquidation, sale of substantially all the assets, etc. Dividends up to

$0.10

per year, noncumulative, must be paid on Class A shares before any dividends are paid on Class B shares.