Well, there goes another $300,000 cash out of ADTM:
Legal Proceedings
The Company was in an arbitration case entitled Felix Chan v. Adaptive Medias, Inc., heard by the American Arbitration Association on September 23, 2014. The claimant, Felix Chan, asserted that the Company is obliged to pay him $174,000 for services as an independent contractor of the Company. The arbitrator awarded Felix Chan to collect unpaid monthly contract fees for $193,419 and interest in the amount of $51,354 for a total of $244,773 which is included in the accrued expenses for the nine months ended September 30, 2014. Additionally, arbitrator declared Felix Chan the prevailing party in the case, which allows him to collect fees and arbitration costs for an estimated amount of $50,000.
