Note 8 - Preferred Stock

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Preferred Stock [Text Block]

(

8

) PREFERRED STOCK:

The Company’s Articles of Incorporation provide for

5,000,000

shares of “blank check” preferred stock. At

December 31, 2018,

no

shares of preferred stock were outstanding or designated.

In

October 2017,

the Company designated

50,000

shares of preferred stock as Series B Convertible Preferred Stock and issued an aggregate of

35,600

of such shares in connection with the private placements described in Note

7

above. Each share of Series B Preferred Stock was convertible into

400

shares of Common Stock, had a liquidation preference of

$100

per share, and did

not

entitle the holder to special dividends. The Series B Preferred Stock automatically converted into common stock in

2018.

Please read Note

7,

Equity Transactions, to these consolidated financial statements.