I can't even comprehend a $20M company paying a dividend.. That would be a dead-end for the company.
That money 100% needs to go into R&D, new projects or anything other than a dividend...
Dividend is when the business is profiting so much that they can afford to do so, or where they feel they can no longer expand and thus use the profits they generate for a dividend.
Or so that's how I see it..