| 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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2014 |
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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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$ |
38,668 |
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$ |
224,931 |
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Allocated overhead expenses
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— |
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7,538 |
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42,349 |
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Prior management advisory fee(1)
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— |
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46,206 |
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267,280 |
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Amended base management fee(2)
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1,079,534 |
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149,403 |
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— |
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Total management fee(3)
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$ |
1,079,534 |
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$ |
195,609 |
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$ |
267,280 |
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Incentive Fee:
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Incentive Fee(3)(4)
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$ |
— |
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$ |
41,037 |
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$ |
— |
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Credit from voluntary, irrevocable waiver
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by Adviser’s board of directors(3)(4)
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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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Administration Fee:
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Allocated payroll and benefits
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$ |
— |
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$ |
14,034 |
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$ |
143,381 |
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Allocated overhead expenses
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— |
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4,498 |
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37,017 |
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Prior administration fee(1)
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— |
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18,532 |
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180,398 |
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Amended administration fee(2)
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442,584 |
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175,932 |
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— |
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Total administration fee(3)
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$ |
442,584 |
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$ |
194,464 |
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$ |
180,398 |
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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. |
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(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. |
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(3) |
Reflected as a line item on our
accompanying Consolidated Statements of Operations.
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(4) |
An incentive fee of $41,037 was paid
to our Adviser for the three months ended March 31, 2013; however,
during the three months ended June 30, 2013, our Adviser issued a
one-time, voluntary and irrevocable waiver equal to the full amount
of the incentive fee due and payable to the Adviser for the three
months ended March 31, 2013. |
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| Details of Amounts Due to Related Parties on Our Accompanying Condensed Consolidated Balance Sheets |
Amounts due to related parties on our accompanying Consolidated
Balance Sheets as of December 31, 2014 and 2013 were as
follows:
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2014 |
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2013 |
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Management fee due to Adviser
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$ |
301,487 |
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$ |
91,823 |
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Other due to Adviser(1)
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3,187 |
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9,834 |
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Total due to Adviser
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304,674 |
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101,657 |
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Administration fee due to Administrator
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166,427 |
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59,062 |
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Total due to Administrator
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166,427 |
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59,062 |
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Total due to related parties(2)
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$ |
471,101 |
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$ |
160,719 |
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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. |
| (2) |
Reflected as a line item on our
accompanying Consolidated Balance Sheets.
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