Quarterly report pursuant to Section 13 or 15(d)

4. SHAREHOLDER'S EQUITY

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4. SHAREHOLDER'S EQUITY
3 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
SHAREHOLDER'S EQUITY

Shareholder distributions

 

On October 24, 2011 the Company made an initial cash distribution of $1.04 per share to common stockholders of record on October 10, 2011 from the proceeds of the Sale. The total amount calculated for this distribution to common stockholders was $58,019,056.

 

On October 30, 2012 the Company declared and made a second cash distribution of $0.30 per share to common stockholder of record on October 15, 2012 following the completion of its post-closing obligations in connection with the Sale. The total amount distributed to common stockholders in connection with this second cash distribution was $16,736,266.

 

As of June 30, 2013, the amount paid from the first distribution was $51,346,433 with $6,672,623 payable, and the amount paid from the second distribution was $14,801,523 with $1,934,743 payable. These payables have been accrued and included in deferred consulting and distribution payments on the balance sheet.