Annual report pursuant to Section 13 and 15(d)

Related-Party Transactions (Tables)

v2.4.1.9
Related-Party Transactions (Tables)
12 Months Ended
Dec. 31, 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 Consolidated Statements of Operations:

 

     For the Years Ended December 31,  
     2014      2013      2012  

Management Fee:

        

Allocated payroll and benefits

   $ —         $ 38,668       $ 224,931   

Allocated overhead expenses

     —           7,538         42,349   
  

 

 

    

 

 

    

 

 

 

Prior management advisory fee(1)

  —        46,206      267,280   

Amended base management fee(2)

  1,079,534      149,403      —     
  

 

 

    

 

 

    

 

 

 

Total management fee(3)

$ 1,079,534    $ 195,609    $ 267,280   
  

 

 

    

 

 

    

 

 

 

Incentive Fee:

Incentive Fee(3)(4)

$ —      $ 41,037    $ —     

Credit from voluntary, irrevocable waiver

by Adviser’s board of directors(3)(4)

  —        (41,037   —     
  

 

 

    

 

 

    

 

 

 

Net incentive fee

$ —      $ —      $ —     
  

 

 

    

 

 

    

 

 

 

Administration Fee:

Allocated payroll and benefits

$ —      $ 14,034    $ 143,381   

Allocated overhead expenses

  —        4,498      37,017   
  

 

 

    

 

 

    

 

 

 

Prior administration fee(1)

  —        18,532      180,398   

Amended administration fee(2)

  442,584      175,932      —     
  

 

 

    

 

 

    

 

 

 

Total administration fee(3)

$ 442,584    $ 194,464    $ 180,398   
  

 

 

    

 

 

    

 

 

 

 

(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 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, voluntary and 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 Consolidated Balance Sheets as of December 31, 2014 and 2013 were as follows:

 

     2014      2013  

Management fee due to Adviser

   $ 301,487       $ 91,823   

Other due to Adviser(1)

     3,187         9,834   
  

 

 

    

 

 

 

Total due to Adviser

  304,674      101,657   
  

 

 

    

 

 

 

Administration fee due to Administrator

  166,427      59,062   
  

 

 

    

 

 

 

Total due to Administrator

  166,427      59,062   
  

 

 

    

 

 

 

Total due to related parties(2)

$ 471,101    $ 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.