Quarterly report pursuant to Section 13 or 15(d)

Related-Party Transactions (Tables)

v2.4.0.8
Related-Party Transactions (Tables)
6 Months Ended
Jun. 30, 2014
Related Party Transactions [Abstract]  
Summary of Management Fees, Incentive Fees and Associated Credits and Administration Fees

The following table summarizes the management fees, incentive fees and associated credits and the administration fees reflected in our accompanying Condensed Consolidated Statements of Operations:

 

     For the Three Months Ended June 30,     For the Six Months Ended June 30,  
     2014      2013     2014      2013  

Management Fee:

          

Allocated payroll and benefits

   $ —         $ —        $ —         $ 38,668   

Allocated overhead expenses

     —           —          —           7,538   
  

 

 

    

 

 

   

 

 

    

 

 

 

Prior management advisory fee(1)

     —           —          —           46,206   

Amended base management fee(2)

     236,531         25,136        477,579         38,095   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total management fee(3)

   $ 236,531       $ 25,136      $ 477,579       $ 84,301   
  

 

 

    

 

 

   

 

 

    

 

 

 

Incentive Fee:

          

Incentive Fee(3)(4)

   $ —         $ —        $ —         $ 41,037   

Credit from voluntary, irrevocable waiver by Adviser’s board of directors(3)(4)

     —           (41,037     —           (41,037
  

 

 

    

 

 

   

 

 

    

 

 

 

Net incentive fee

   $ —         $ (41,037   $ —         $ —     
  

 

 

    

 

 

   

 

 

    

 

 

 

Administration Fee:

          

Allocated payroll and benefits

   $ —         $ —        $ —         $ 14,034   

Allocated overhead expenses

     —           —          —           4,498   
  

 

 

    

 

 

   

 

 

    

 

 

 

Prior administration fee(1)

     —           —          —           18,532   

Amended administration fee(2)

     65,047         57,508        131,205         77,308   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total administration fee(3)

   $ 65,047       $ 57,508      $ 131,205       $ 95,840   
  

 

 

    

 

 

   

 

 

    

 

 

 

 

(1) Pursuant to the Prior Advisory and Administration Agreements, respectively, as defined and described in further detail above, both of which were terminated on January 31, 2013.
(2) Pursuant to the Amended Advisory and Administration Agreements, respectively, as defined and described in further detail above, both of which became effective on February 1, 2013.
(3) Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations.
(4) An incentive fee of $41,037 was paid to our Adviser for the three months ended March 31, 2013; however, during the three months ended June 30, 2013, our Adviser issued a one-time, irrevocable waiver equal to the full amount of the incentive fee due and payable to the Adviser for the three months ended March 31, 2013.
Details of Amounts Due to Related Parties on Our Accompanying Condensed Consolidated Balance Sheets

Amounts due to related parties on our accompanying Condensed Consolidated Balance Sheets were as follows:

 

     As of
June 30, 2014
     As of
December 31, 2013
 

Management fee due to Adviser

   $ 236,531       $ 91,823   

Other due to Adviser(1)

     12,826         9,834   
  

 

 

    

 

 

 

Total due to Adviser

     249,357         101,657   
  

 

 

    

 

 

 

Administration fee due to Administrator

     65,047         59,062   
  

 

 

    

 

 

 

Total due to Administrator

     65,047         59,062   
  

 

 

    

 

 

 

Total due to related parties (2)

   $ 314,404       $ 160,719   
  

 

 

    

 

 

 

 

(1)  Other fees due to related parties primarily relate to miscellaneous general and administrative expenses paid by our Adviser or Administrator on our behalf.
(2)  Reflected as a line item on our accompanying Consolidated Balance Sheets.