Quarterly report pursuant to Section 13 or 15(d)

Related-Party Transactions (Tables)

v2.4.1.9
Related-Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2015
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 March 31,  
     2015      2014  

Management fee(1)(2)

    $ 295,748       $ 240,964   

Credit from voluntary, irrevocable waiver by Adviser’s board of directors (2)(3)

      (320,905 )       —     
  

 

 

     

 

 

  

Net fee to our Adviser

 $ (25,157 )  $ 240,964   
  

 

 

     

 

 

  

Administration fee(1)(2)

 $ 130,936    $ 66,158   
  

 

 

     

 

 

  

 

(1) Pursuant to the Advisory and Administration Agreements, respectively, which became effective on February 1, 2013.
(2) Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations.
(3) The credit received from our Adviser for the three months ended March 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 waiver to be applied against the fees we pay to our Adviser.
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 as of March 31, 2015, and December 31, 2014, were as follows:

 

     March 31, 2015      December 31, 2014  

Management fee due to Adviser

    $ 295,748       $ 301,487   

Credits to fees due to Adviser

      (320,905 )       —     

Other due to Adviser(1)

      11,707         3,187   
  

 

 

     

 

 

  

Total due (from) to Adviser

   (13,450 )    304,674   
  

 

 

     

 

 

  

Administration fee due to Administrator

   130,936      166,427   
  

 

 

     

 

 

  

Total due to Administrator

   130,936      166,427   
  

 

 

     

 

 

  

Total due to related parties (2)

 $ 117,486    $ 471,101   
  

 

 

     

 

 

  

 

(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 Condensed Consolidated Balance Sheets.