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EXCEL - IDEA: XBRL DOCUMENT - FORTUNE INDUSTRIES, INC.Financial_Report.xls
10-Q - FORM 10-Q - FORTUNE INDUSTRIES, INC.v238629_10q.htm
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EX-31.2 - EXHIBIT 31.2 - FORTUNE INDUSTRIES, INC.v238629_ex31-2.htm
EX-31.1 - EXHIBIT 31.1 - FORTUNE INDUSTRIES, INC.v238629_ex31-1.htm
EX-32.2 - EXHIBIT 32.2 - FORTUNE INDUSTRIES, INC.v238629_ex32-2.htm
EX-32.1 - EXHIBIT 32.1 - FORTUNE INDUSTRIES, INC.v238629_ex32-1.htm
v2.3.0.15
SHAREHOLDERS' EQUITY
3 Months Ended
Sep. 30, 2011
SHAREHOLDERS' EQUITY
NOTE 4- SHAREHOLDERS’ EQUITY

Common Stock

The Company did not issue any shares of common stock during the three month period ended September 30, 2011.

Preferred Stock

On September 25, 2009, the Company reached an agreement with the Chairman to amend the dividend rates on the Series C Preferred Stock with an effective date of July 1, 2009.  From the effective date forward the Series C Preferred Stock will bear an annual dividend of $2 per share in the years ending June 30, 2010 and 2011, $5 per share in the year ending June 30, 2012, $6 per share in the year ending June 30, 2013 and $7 per share thereafter.  All other items of the Series C Preferred Shares remained unchanged.  Dividends of $339 and $148 were accrued and/or paid for the three months ended September 30, 2011 and September 30, 2010, respectively.

Effective December 31, 2010, the Company revised its estimate regarding the collectability of its $2,500,000 term note receivable with a related party.  Based on this change in estimate, the Company reclassified the note receivable as a reduction to its outstanding preferred stock as prescribed by a Security Agreement between the Company and the related party.  Under terms of this Security Agreement and in the event of default of the term note receivable, the Company obtains the right to equal value of the preferred stock as defined including but not limited to title, interest and dividends.  As of September 30, 2011 and the date of this filing, the Company has no intention to convert the note receivable in the foreseeable future.