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Related Party Transactions
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3 Months Ended | |||
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Jun. 30, 2011
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| Related Party Transactions |
The
Company engages in various business relationships with shareholders
and officers and their related entities. The significant
relationships are disclosed below.
On
September 14, 2006, the Company entered into a five year management
agreement (“Agreement”) with Trinad Management, the
manager of Trinad Capital Master Fund, which is one of our
principal stockholders. In addition, Robert Ellin, our director, is
the managing director of and portfolio manager for Trinad
Management.. Pursuant to the terms of the Agreement, Trinad
Management provides certain management services, including, without
limitation, relating to the sourcing, structuring and negotiation
of a potential business combination transaction involving the
Company in exchange for a fee of $90 per quarter, plus
reimbursements of all related expenses reasonably incurred. The
Agreement expires on September 14, 2011. Either party may terminate
with prior written notice. However, if the Company terminates, it
will be obligated to pay a termination fee of $1,000. For the
periods ended June 30, 2011 and 2010, the Company incurred
management fees under the agreement of $90 and $90, respectively.
At June 30, 2011 and March 31, 2011 the accrued payable to Trinad
Management was $180 and $135, respectively. In March 2008, the
Company entered into a month to month lease for office space with
Trinad Management for rent of $9 per month, subsequently reduced to
$5 per month. Rent expense in connection with this lease
was $0 and $15 respectively for the periods ended June 30, 2011 and
2010.
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