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Subsequent Event | 12 Months Ended
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Sep. 30, 2013
Subsequent Events [Abstract] |
Subsequent Event |
(13) | Subsequent Event
AMENDED LEASE AGREEMENT Subsequent to the fiscal year ended September 30, 2013, the Company entered into a third amendment to its operating lease for office space at 7250 Redwood Blvd., Suite 200, Novato, California. The lease was extended for an additional three years with a new expiration date of March 31, 2017, with one five-year extension available thereafter. The minimum future rental commitment under this lease is $853,335 for the remaining term of the lease. The straight-line rent expense is $23,703.68 per month for the remaining term of the lease. The total annual minimum future rental commitments under the lease, as amended, and the Company’s sub-lease at 100 Federal Street, 29th Floor, Boston, Massachusetts for future fiscal years ending September 30, 2017 are as follows:
Fiscal Year |  |  |
2014 |  |  | 253,499 |
2015 |  |  | 361,347 |
2016 |  |  | 344,298 |
2017 |  |  | 174,620 |
AMENDED AND RESTATED LOAN AGREEMENT Subsequent to the fiscal year ended September 30, 2013 and in connection with the second and final payment for the purchase of assets related to the FBR Funds, the Company entered into an amended and restated loan agreement with U.S. Bank National Association that increased its total outstanding loan balance by $13,133,333 to $30.0 million The amended and restated loan agreement requires 47 monthly payments in the amount of $312,500 plus interest at the bank’s prime rate (currently 3.25%, in effect since December 17, 2008) plus 0.75% (effective interest rate of 4.00%) and is secured by the Company’s assets. The final installment of the then-outstanding principal and its interest are due October 26, 2017. The note maturity schedule is as follows:
Years ended September 30: |  |  |
2014 |  | $ | 3,125,000 |
2015 |  |  | 3,750,000 |
2016 |  |  | 3,750,000 |
2017 |  |  | 3,750,000 |
2018 |  |  | 15,625,000 |
Total |  | $ | 30,000,000 |
The loan agreement includes certain reporting requirements and loan covenants requiring the maintenance of certain financial ratios. The Company expects to be in compliance with the loan covenant for the first reporting period ending December 31, 2013. In connection with securing the financing discussed above, the Company incurred loan costs in the amount of $152,602. These costs will be included in other assets and will be added to the existing unamortized balance for a total of $345,980 (as of the loan amendment date of November 1, 2013). The loan fees will be amortized on a straight-line basis over 48 months. Future amortization expense is as follows:
Years ended September 30: |
2014 |  | $ | 79,287 |
2015 |  | $ | 86,495 |
2016 |  | $ | 86,495 |
2017 |  | $ | 86,495 |
2018 |  |  | 7,208 |
Total |  | $ | 345,980 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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