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PROSPECTUS SUPPLEMENT
(To Prospectus Dated February 5, 2020) |
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Per Note
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Total(1)(2)
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Public offering price
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| | | $ | 25.00 | | | | | $ | 13,000,000 | | |
Underwriting discount
|
| | | $ | 0.8125 | | | | | $ | 422,500 | | |
Proceeds, before expenses, to us(2)
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| | | $ | 24.175 | | | | | $ | 12,577,500 | | |
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Page
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Payment Date
|
| |
Amount
Per Share |
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2020 | | | | | | | |
August 7
|
| | | $ | 0.12 | | |
January 27
|
| | | $ | 0.12 | | |
2019 | | | | | | | |
October 22 | | | | $ | 0.12 | | |
July 29
|
| | | $ | 0.12 | | |
April 18
|
| | | $ | 0.12 | | |
January 10*
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| | | $ | 0.17 | | |
2018 | | | | | | | |
November 6
|
| | | $ | 0.12 | | |
July 27
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| | | $ | 0.11 | | |
April 27**
|
| | | $ | 0.105 | | |
February 27***
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| | | $ | 0.105 | | |
2017 | | | | | | | |
November 17
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| | | $ | 0.105 | | |
July 27
|
| | | $ | 0.105 | | |
April 27
|
| | | $ | 0.05 | | |
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June 30, 2020
(Unaudited) |
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Actual
|
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As adjusted
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Assets | | | | | | | | | | |||||||
Cash | | | | $ | 4,647,973 | | | | | $ | 16,961,473 | | | | ||
Investments
|
| | | | 15,961,433 | | | | | | 15,961,433 | | | | ||
Total
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| | | $ | 20,609,406 | | | | | $ | 32,922,906 | | | | ||
Indebtedness: | | | | | ||||||||||||
Mortgage payable
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| | | $ | 775,901 | | | | | $ | 775,901 | | | | ||
Notes payable
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| | | | 65,402 | | | | | | 65,402 | | | | ||
Other loans
|
| | | | 257,845 | | | | | | 257,845 | | | | ||
June 2024 and December 2024 Notes (net of deferred financing costs of $2,451,618)
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| | | | 55,711,382 | | | | | | 55,711,382 | | | | ||
7.75% 2025 Notes (net of deferred financing costs of $686,500)
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| | | | — | | | | | | 12,313,500 | | | | | |
Total indebtedness
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| | | $ | 56,810,530 | | | | | $ | 69,124,030 | | | | ||
Equity: | | | | | ||||||||||||
Preferred shares – $.001 par value; 5,000,000 shares authorized; no shares issued
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| | | $ | — | | | | | $ | — | | | | ||
Common shares – $.001 par value; 100,000,000 shares authorized; 22,117,301 shares issued and outstanding, actual and as adjusted
|
| | | | 22,117 | | | | | | 22,117 | | | | ||
Paid-in capital
|
| | | | 83,806,169 | | | | | | 83,806,169 | | | | ||
Retained earnings
|
| | | | 584,288 | | | | | | 584,288 | | | | | |
Accumulated other comprehensive income
|
| | | | 35,189 | | | | | | 35,189 | | | | | |
Total shareholders’ equity
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| | | | 84,447,763 | | | | | | 84,447,763 | | | | ||
Total capitalization
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| | | $ | 141,258,293 | | | | | $ | 153,571,793 | | | |
Underwriter
|
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Principal
amount of notes |
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Ladenburg Thalmann & Co. Inc.
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| | | $ | 7,937,500 | | |
Janney Montgomery Scott LLC
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| | | | 1,937,500 | | |
National Securities Corporation
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| | | | 1,312,500 | | |
Aegis Capital Corp
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| | | | 1,812,500 | | |
Total
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| | | $ | 13,000,000 | | |
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Per Note
|
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Without
Option |
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With
Option |
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Public offering price
|
| | | | 100.0% | | | | | $ | 13,000,000 | | | | | $ | 14,950,000 | | |
Underwriting discount (sales load) paid by us(1)
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| | | | 3.25% | | | | | $ | 422,500 | | | | | $ | 485,875 | | |
Estimated proceeds to us, before expenses
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| | | | 96.75% | | | | | $ | 12,577,500 | | | | | $ | 14,464,125 | | |
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Payment Date
|
| |
Amount
Per Share |
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2020 | | | | | | | |
January 27*
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| | | $ | 0.12 | | |
2019 | | | | | | | |
October 22
|
| | | $ | 0.12 | | |
July 29
|
| | | $ | 0.12 | | |
April 18
|
| | | $ | 0.12 | | |
January 10**
|
| | | $ | 0.17 | | |
2018 | | | | | | | |
November 6
|
| | | $ | 0.12 | | |
July 27
|
| | | $ | 0.11 | | |
April 27***
|
| | | $ | 0.105 | | |
February 27****
|
| | | $ | 0.105 | | |
2017 | | | | | | | |
November 17
|
| | | $ | 0.105 | | |
July 27
|
| | | $ | 0.105 | | |
April 27
|
| | | $ | 0.05 | | |