Related Party Agreement

3 Months Ended

Sep. 30, 2012

Related Party Agreement

Note 10—Related Party Agreement

In April 2012, the Company entered into a consulting agreement with one of its Board members. The Board member is providing assistance with strategic planning initiatives, in conjunction with his services as a Board member. The agreement is month-to-month and can be terminated by either party at any time. The agreement calls for a monthly payment of approximately $33 thousand. The Company incurred $0.1 million of expense for these consulting services during the three months ended September 30, 2012 and had a $33 thousand outstanding liability related to these services as of September 30, 2012, which was paid subsequent to quarter end.