Related-Party Transactions (Tables)

9 Months Ended

Sep. 30, 2014

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 September 30,				For the Nine Months Ended September 30,
	2014		2013		2014		2013
Management Fee:
Allocated payroll and benefits	$	—	$	—	$	—	$	38,668
Allocated overhead expenses		—		—		—		7,538
Prior management advisory fee(1)		—		—		—		46,206
Amended base management fee(2)		300,552		19,485		778,047		57,580
Total management fee(3)	$	300,552	$	19,485	$	778,047	$	103,786
Incentive Fee:
Incentive Fee(3)(4)	$	—	$	—	$	—	$	41,037
Credit from voluntary, irrevocable waiver by Adviser’s board of directors(3)(4)		—		—		—		(41,037	)
Net incentive fee	$	—	$	—	$	—	$	—
Administration Fee:
Allocated payroll and benefits	$	—	$	—	$	—	$	14,034
Allocated overhead expenses		—		—		—		4,498
Prior administration fee(1)		—		—		—		18,532
Amended administration fee(2)		144,952		39,562		276,157		116,870
Total administration fee(3)	$	144,952	$	39,562	$	276,157	$	135,402

⁽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.

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:

	As of September 30, 2014		As of December 31, 2013
Management fee due to Adviser	$	300,552	$	91,823
Other due to Adviser(1)		2,634		9,834
Total due to Adviser		303,186		101,657
Administration fee due to Administrator		144,952		59,062
Total due to Administrator		144,952		59,062
Total due to related parties(2)	$	448,138	$	160,719

⁽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.