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9. COMMITMENTS AND CONTINGENCIES - CONTINUING OPERATIONS
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9 Months Ended |
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Dec. 31, 2012
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| Notes to Financial Statements | |
| COMMITMENTS AND CONTINGENCIES - CONTINUING OPERATIONS |
NOTE 9 – 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 quarter ended December 31, 2012 the $5,000,000 payment was paid in full to Mr. Cherdabayev. |
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- Definition
The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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