The investment management fees were calculated by netting from the fund expense ratio the revenue sharing for service and marketing available in the funds in the form of finder's fees
, 12b-1 fees, dealer concessions, shareholder servicing reimbursements and sub-transfer agent arrangements.
These proceeds were paid to Cherokee as a result of a final arbitration award dated January 16, 2003, that awarded Cherokee all finder's fees
that Mossimo had previously withheld, together with interest at the statutory rate and Cherokee's full attorneys' fees.
s appeal to deny Cherokee its finder's fees
under its March 28, 2000 finder's agreement has been denied by the California Supreme Court.
The Superior Court Judgment affirmed a final arbitration award dated January 16, 2003, that awarded Cherokee all finder's fees
that Mossimo had withheld under its March 28, 2000, finders agreement with Cherokee, together with interest at the statutory rate and Cherokee's full attorneys' fees, which Judgment amount exceeds $3 million.
The Company proposes to pay finder's fees
in cash equal to up to 8% of the proceeds upon completion of the Private Placement.
In consideration of the placement of all of the 1,255,000 Units of the Company in this matter the Company has now paid and issued certain finder's fees
equal to $169,000 in cash and 24,150 common shares of the Company (each a "Finder's Fee
Share"), at a deemed issuance price of $2.
AGI") acted as finder and was paid $40,950 in finder's fees
and a group of agents lead by AGI were issued 819,000 compensation options to purchase common shares of the Company at $0.
of $2,500 and 15,000 Agent's Warrants were paid in respect of the non-brokered placement.