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EXCEL - IDEA: XBRL DOCUMENT - FORTUNE INDUSTRIES, INC.Financial_Report.xls
10-Q - FORM 10-Q - FORTUNE INDUSTRIES, INC.v312854_10q.htm
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EX-31.2 - EXHIBIT 31.2 - FORTUNE INDUSTRIES, INC.v312854_ex31-2.htm
EX-32.1 - EXHIBIT 32.1 - FORTUNE INDUSTRIES, INC.v312854_ex32-1.htm
EX-31.1 - EXHIBIT 31.1 - FORTUNE INDUSTRIES, INC.v312854_ex31-1.htm
EX-32.2 - EXHIBIT 32.2 - FORTUNE INDUSTRIES, INC.v312854_ex32-2.htm
v2.4.0.6
SHAREHOLDERS' EQUITY
9 Months Ended
Mar. 31, 2012
SHAREHOLDERS' EQUITY

NOTE 4- SHAREHOLDERS’ EQUITY

 

Common Stock

 

The Company did not issue any shares of common stock during the nine month period ended March 31, 2012 except as noted in Note 3 above.

 

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 $1,017 and $444 were accrued and/or paid for the nine months ended March 31, 2012 and March 31, 2011 respectively.

 

Effective December 31, 2010, the Company revised its estimate regarding the collectability of its $2,500 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 March 31, 2012 and the date of this filing, the Company has no intention to convert the note receivable in the foreseeable future.