8. Related Party Transactions

In August 2013, the Company entered into a two-year Management Services Agreement with 2012 DOOH Investments, LLC (the "Consultant"), an entity managed by Mr. Donald R. Wilson, a major stockholder. Under the agreement, the Consultant provided management consulting services to the Company and its subsidiaries with respect to financing, acquisitions, sourcing, diligence, and strategic planning.

In consideration for its services, the Consultant received a one-time payment of 120,000 shares of the common stock of the Company which had a market value of $1.0 million when issued in August 2013. The value of the common stock is amortized over the term of the agreement. The amortized expense charged to operations for the three and nine months ended September 30, 2016 were $0.  The amortized expense charged to operations for the three and nine months ended September 30, 2015 was $0.1 million and $0.3 million, respectively.  There was no unamortized value of the common stock at September 30, 2016 and at December 31, 2015.  Under the Agreement, which terminated in July 2015, the Consultant also received an annual services fee of $50 thousand. 

The Company also has an agreement with a company owned by a board member under which it pays $10 thousand a month for public relations services which was renegotiated to $5 thousand a month starting August 2016. Under this agreement the Company has incurred charges of $21 thousand and $83 thousand for the three and nine months ended September 30, 2016, respectively, and charges of $32 thousand and $94 thousand for the three and nine months ended September 30, 2015, respectively.

The Company entered into a one year auto-renewing agreement with a company owned by an employee under which it receives flat fee of $5 thousand a month for content and marketing services. Under this agreement the Company has earned $15 thousand in revenue for the three and nine months ended September 30, 2016.