Shareholders' Equity (Deficit)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Shareholders' Equity (Deficit)

Note 6 – Shareholders’ Equity (Deficit)

At our annual shareholders meeting held on March 23, 2016 (the “2016 Annual Meeting”) our shareholders approved changes to our declaration of trust, as amended and restated, in March 2016. We presently have authority to issue up to 450,000,000 shares of beneficial interest, $0.01 par value per share, of which 400,000,000 are classified as common shares of beneficial interest, $0.01 par value per share and 50,000,000 are classified as preferred shares of beneficial interest, $0.01 par value per share. Of the 50,000,000 preferred shares of beneficial interest, 1,518,000 shares are designated as Preferred Class A Shares and 300,000 shares are designated as Preferred Class C Shares.

On June 3, 2016, 1,600 Class A preferred shares were converted into 73 common shares, at a conversion rate of 0.046 common shares for each preferred share.