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Note 9 - Preferred Stock
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
9
.
Preferred Stock
 
On
June 30, 2017,
we modified our existing credit facility with WAVI, a principal stockholder of the Company.  Pursuant to the modification, WAVI agreed to exchange its existing credit facility, including
$4.25
million of principal and accrued interest outstanding as of
June 1, 2017,
for
4,250
shares of the Company’s Series A Preferred Stock.
No
additional consideration was provided to WAVI for entering into this agreement. The exchange resulted in
no
gain or loss on the transaction. As of
December 31, 2017,
we had
4,250
preferred shares outstanding at
$1,000
par value with an annual dividend of
10%.
On
May 17, 2018
we redeemed
25%,
or
1,063
shares of Series A Redeemable Preferred stock outstanding for
$1,063,000.
On
November 27, 2018
we redeemed the remaining
3,187
shares of Series A Redeemable Preferred stock outstanding for
$3,187,000.
There are
no
Series A shares outstanding and
no
accrued preferred dividends as of
December 31, 2018.