Annual report pursuant to Section 13 and 15(d)

9. COMMITMENTS AND CONTINGENCIES - CONTINUING OPERATIONS

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9. COMMITMENTS AND CONTINGENCIES - CONTINUING OPERATIONS
 12 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
COMMITMENTS AND CONTINGENCIES - CONTINUING OPERATIONS

Consulting Agreement with Boris Cherdabayev

 

On December 31, 2009 the Company entered into a Consulting Agreement with Boris Cherdabayev, the Chairman of the Company’s board of directors. The Consulting Agreement became effective on January 1, 2010. The Consulting Agreement provided for an extraordinary event payment equal to the greater of $5,000,000 or the base compensation fee for the remaining initial term of the Consulting Agreement. Pursuant to the terms of the Consulting Agreement the Sale constituted an extraordinary event.  During the year ended March 31, 2013 the $5,000,000 payment was paid in full to Mr. Cherdabayev.