| 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:
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For the Three Months Ended
September 30,
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For the Nine Months Ended
September 30,
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2013 |
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2012 |
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2013 |
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2012 |
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Management Fee:
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Allocated payroll and benefits
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$ |
— |
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$ |
124,208 |
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$ |
38,668 |
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$ |
189,026 |
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Allocated overhead expenses
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— |
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8,188 |
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7,538 |
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31,545 |
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Prior management advisory fee(1)
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— |
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132,396 |
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46,206 |
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220,571 |
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Amended base management fee(2)
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19,485 |
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— |
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57,580 |
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— |
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Total management fee(3)
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$ |
19,485 |
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$ |
132,396 |
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$ |
103,786 |
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$ |
220,571 |
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Incentive Fee:
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Incentive Fee(3)
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$ |
— |
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$ |
— |
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$ |
41,037 |
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$ |
— |
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Credit from voluntary, irrevocable waiver by Adviser’s board
of directors(3)(4)
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— |
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— |
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(41,037 |
) |
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— |
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Net incentive fee
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$ |
— |
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$ |
— |
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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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$ |
55,863 |
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$ |
14,034 |
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$ |
100,076 |
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Allocated overhead expenses
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— |
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10,352 |
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4,498 |
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25,185 |
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Prior administration fee(1)
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— |
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66,215 |
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18,532 |
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125,261 |
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Amended administration fee(2)
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39,562 |
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— |
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116,870 |
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— |
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Total administration fee(3)
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$ |
39,562 |
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$ |
66,215 |
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$ |
135,402 |
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$ |
125,261 |
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| (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 $41,037 was paid
to our Adviser for the three months ended March 31, 2013;
however, during the three months ended June 30, 2013, our
Adviser issued a one-time, irrevocable waiver equal to the full
amount of the incentive fee due and payable to the Adviser for the
three months ended March 31, 2013. |
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| Details of Amounts Due to Related Parties on Our Accompanying Condensed Consolidated Balance Sheets |
Amounts due to related parties on our accompanying Condensed
Consolidated Balance Sheets were as follows:
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As of |
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As of |
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September 30, 2013 |
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December 31, 2012 |
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Management fee due to Adviser
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$ |
19,485 |
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$ |
46,710 |
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Other due to Adviser(1)
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5,136 |
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2,934 |
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Total due to Adviser
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24,621 |
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49,644 |
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Administration fee due to Administrator
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39,562 |
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55,138 |
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Total due to Administrator
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39,562 |
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55,138 |
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Total due to related parties(2)
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$ |
64,183 |
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$ |
104,782 |
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| (1) |
Other fees due to related parties
primarily relate to miscellaneous general and administrative
expenses paid by our Adviser on our behalf. |
| (2) |
Reflected as a line item on our
accompanying Condensed Consolidated Balance Sheets.
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