Jamba Juice 2007 Annual Report Download - page 131
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Table of Contents
NOTE 6. RELATED PARTY TRANSACTIONS (CONTINUED)
Café Del Caribe, LLC
In 2002, the Company entered into a management agreement with affiliate Café Del Caribe, LLC (CDC), a Delaware limited liability company, whereby
certain executive management, administrative, marketing and store development services and/or support are provided to CDC in return for a management fee.
The Company recognized management fees of approximately $3,000 in 2005 in conjunction with this agreement.
JJC
In 2004, the Company entered into a consulting agreement with JJC for consultation regarding the design, development and construction of stores
constructed by the Company and the purchase of store furnishings and equipment. In 2005, the Company incurred consulting fees of $16,000, related to this
agreement.
In June 28, 2005, the Company entered into a management agreement with JJC for JJC to manage and perform all of the day-to-day operations of the
Company’s stores. JJC will also perform complete accounting services for the Company. In 2005, the Company incurred approximately $73,000 in
management fees.
Affiliates
Certain related parties paid for various expenses on behalf of the Company. In addition, amounts are owed to related parties for management fees. As of
December 13, 2005, related amounts owed were approximately $92,000, of which, $60,000 is reflected in accounts payable and approximately $32,000 is
reflected in accrued liabilities.
NOTE 7. SUBSEQUENT EVENT
The Company entered into a management agreement with JJC on June 28, 2005. This agreement called for JJC to hire all of the store employees as well
as the Company’s two district managers and one marketing manager. On December 14, 2005, JJC hired the store team members of the Company.
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