XML 61 R18.htm IDEA: XBRL DOCUMENT v3.20.1
Related Party Transaction
3 Months Ended
Apr. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transaction
Related Party Transaction
On October 7, 2016 the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. (the “Agent”), pursuant to which the Company may sell up to 500,000 shares of 9.00% Series A Cumulative Preferred Stock (the "Preferred Stock"), par value $1.00 per share through an at-the-market ("ATM") offering program administered by the Agent. The Co-Chief Executive Officer and Co-President of the Agent is the Non-Executive Chairman of the Company’s board of directors (the "Board"). Under the Equity Distribution Agreement, the Agent will be entitled to compensation of up to 2.0% of the gross proceeds from the sale of Preferred Stock under the ATM offering program. As of January 31, 2020, we have issued 994,046 shares of our Series A Preferred Stock. The 994,046 shares represent 100% of the Series A Preferred Stock available for sale through our ATM offering program and therefore no shares were available for issuance in the three months ended April 30, 2020. For the three months ended April 30, 2019, the Company issued 16,656, of Preferred Stock under the ATM offering program. Gross proceeds from these sales for the three months ended April 30, 2019 were approximately $417,000, and the Agent received compensation of approximately $8,000. The Non-Executive Chairman of the Board received no portion of this compensation.