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EXCEL - IDEA: XBRL DOCUMENT - Diligent Board Member Services, Inc.Financial_Report.xls
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v2.4.0.6
Redeemable Preferred Stock
9 Months Ended
Sep. 30, 2012
Redeemable Preferred Stock Disclosure [Abstract]  
Redeemable Preferred Stock Disclosures [Text Block]

 

6) Redeemable Preferred Stock

 

On March 11, 2009, the Company issued 30,000,000 shares of Series A Preferred Stock for $0.10 per share in a private offering, for aggregate proceeds of $3,000,000 in additional capital. Expenses relating to the share issuance were $138,850.

 

The carrying value of the Preferred Shares at September 30, 2012 and December 31, 2011 is as follows:

 

    September 30,     December 31,  
    2012     2011  
Gross proceeds   $ 3,000,000     $ 3,000,000  
Less: Issuance costs     (138,850 )     (138,850 )
      2,861,150       2,861,150  
Issuance of paid-in-kind shares     266,712       266,712  
Cumulative amortization of issuance costs     98,099       77,131  
Balance   $ 3,225,961     $ 3,204,993  

 

In 2013, the Company anticipates that accumulated cash dividends will be paid on the Series A Preferred Stock. Accordingly, preferred stock dividends of $269,504 for the nine months ended September 30, 2012 are included in accrued expenses.

 

In December 2011, Spring Street Partners, L.P., one of the holders of the Series A Preferred Stock, waived its right to the preferred stock dividend payable on January 1, 2012 of $239,557. This was recorded as a capital contribution in 2011 when waived. The founder and managing partner of Spring Street Partners, L.P. is also the Chairman of the Board of Directors of the Company and the holder of 4.9 million shares of common stock of the Company.