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Compensation and Services Agreement
9 Months Ended
Sep. 30, 2011
Compensation and Services Agreement 
Compensation and Services Agreement

Note 10 - Compensation and Services Agreement

 

On September 13, 2011, the independent members of the Company’s Board of Directors authorized a $500,000 increase (effective January 1, 2011) from $2,400,000 to $2,900,000 in the compensation and services agreement with Majestic Property Management Corp.  In June 2011, a compensation consultant was engaged to prepare a “Compensation and Total Costs Analysis” report.  The results of this report were utilized to evaluate the $500,000 increase.