| 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:
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For the Years Ended
December 31, |
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2015 |
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2014 |
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2013 |
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Management Fee:
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Allocated payroll and benefits
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$ |
— |
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$ |
— |
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$ |
38,668 |
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Allocated overhead expenses
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— |
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— |
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7,538 |
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Prior management advisory fee(1)
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— |
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— |
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46,206 |
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Amended base management fee(2)
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1,343,384 |
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1,079,534 |
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149,403 |
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Total management fee(3)
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$ |
1,343,384 |
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$ |
1,079,534 |
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$ |
195,609 |
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Incentive Fee:
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Incentive Fee(3)(4)
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$ |
— |
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$ |
— |
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$ |
41,037 |
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Credit from voluntary, irrevocable waiver by Adviser’s board
of directors(3)
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(320,905 |
)(4) |
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— |
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(41,037 |
)(5) |
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Net incentive fee
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$ |
(320,905 |
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$ |
—
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$ |
—
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Administration Fee:
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Allocated payroll and benefits
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$ |
— |
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$ |
— |
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$ |
14,034 |
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Allocated overhead expenses
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— |
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— |
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4,498 |
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Prior administration fee(1)
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— |
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— |
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18,532 |
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Amended administration fee(2)
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679,590 |
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442,584 |
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175,932 |
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Total administration fee(3)
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$ |
679,590 |
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$ |
442,584 |
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$ |
194,464 |
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(1) |
Pursuant to the Prior Advisory and
Administration Agreements, respectively, both of which were
terminated on January 31, 2013. |
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(2) |
Pursuant to the Amended Advisory and
Administration Agreements, respectively, both of which became
effective on February 1, 2013. |
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(3) |
Reflected as a line item on our
accompanying Consolidated Statements of Operations. |
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(4) |
The credit received from our Adviser
for the year ended December 31, 2015, was attributable to a
finder’s fee earned by our Adviser in connection with a farm
we acquired during the three months ended March 31, 2015,
which fee was granted to us as a one-time, voluntary and
irrevocable waiver to be applied against the fees we pay to our
Adviser. |
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(5) |
An incentive fee of $41,037 was paid
to our Adviser for the three months ended March 31, 2013;
however, during the three months ended June 30, 2013, our
Adviser issued a one-time, voluntary and irrevocable waiver equal
to the full amount of the incentive fee due and payable to the
Adviser for the three months ended March 31, 2013. |
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| Details of Amounts Due to Related Parties on Our Accompanying Condensed Consolidated Balance Sheets |
Amounts due to related parties on our accompanying Consolidated
Balance Sheets as of December 31, 2015 and 2014 were as
follows:
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2015 |
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2014 |
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Management fee due to Adviser
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$ |
362,373 |
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$ |
301,487 |
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Other due to Adviser(1)
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13,140 |
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3,187 |
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Total due to Adviser
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375,513 |
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304,674 |
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Administration fee due to Administrator
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190,080 |
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166,427 |
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Total due to Administrator
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190,080 |
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166,427 |
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Total due to related parties(2)
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$ |
565,593 |
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$ |
471,101 |
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(1) |
Other fees due to related parties
primarily relate to miscellaneous general and administrative
expenses paid by our Adviser or Administrator on our behalf. |
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(2) |
Reflected as a line item on our
accompanying Condensed Consolidated Balance Sheets.
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