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Related Party Transactions
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9 Months Ended | |||
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Dec. 31, 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 expired on September 14, 2011. For the nine month periods ended December 31, 2011 and 2010, the Company incurred management fees under the agreement of $180 and $270, respectively. At December 31, 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 $40 respectively for the nine month periods ended December 31, 2011 and 2010. |