Quarterly report pursuant to Section 13 or 15(d)

Investments

v2.4.0.8
Investments
9 Months Ended
Sep. 30, 2014
Investments [Abstract]  
Investments

Note 9 - Investments:
 

The Company has investments in Bagatelle Investors, Bagatelle NY and Bagatelle LA as reflected in Note 8. In addition, the Company has an investment in One 29 Park, LLC (“One 29 Park”) with a carrying amount of $506,000 at September 30, 2014 and December 31, 2013, respectively. These investments have been accounted for under the equity method. Included in due to/from related parties at September 30, 2014 and December 31, 2013 are net amounts due to/(from) these entities of $(60,630) and $29,123, respectively. Included in accounts receivable are management fees due at September 30, 2014 and December 31, 2013 from these entities for $411,839 and $415,371, respectively.

 

Condensed financial information for Bagatelle Investors, Bagatelle NY, Bagatelle LA and One 29 Park as of, and for the periods ended September 30, 2014 and December 31, 2013 are as follows:

 

   

September 30, 2014:

 
    Bagatelle     Bagatelle     Bagatelle     One 29  
    Investors     NY     LA     Park  
                         
Company ownership     31.24 %     5.23 %(1)     5.23 %(2)     10 %
                                 
Current assets   $ 150,988     $ 508,272     $ 75,917     $ 1,698,565  
Noncurrent assets     2,007,891       2,546,310       530,351       1,173,548  
Current liabilities     (3,406 )     419,273       (1,332,034 )     (358,963 )
Noncurrent liabilities     -       (194,991 )     (26,543 )     (4,051,990 )
Equity   $ 2,155,473     $ 2,440,318     $ (752,309 )   $ (1,538,840 )
                                 
    Three months ended September 30, 2014:  
                                 
Revenues     -       5,913,430       997,033       4,591,161  
Operating income (loss)     109,780       803,508       (123,162 )     (132,150 )
Net income (loss)     109,780       701,424       (132,906 )     (135,150 )
                                 
    Nine months ended September 30, 2014:  
                                 
Revenues   $ -     $ 9,025,968     $ 1,359,169     $ 5,679,178  
Operating income (loss)     214,986       1,,395,717       (204,230 )     (72,347 )
Net income (loss)     212,686       1,281,395       (217,082 )     (75,346 )

  

    December 31, 2013:  
    Bagatelle     Bagatelle     Bagatelle     One 29  
    Investors     NY     LA     Park  
Company ownership     31.24 %     5.23 %(1)     5.23 %(2)     10 %
                                 
Current assets   $ 164,662     $ 1,628,639     $ 94,634     $ 2,136,179  
Noncurrent assets     2,944,785       2,708,504       587,861       1,182,845  
Current liabilities     (1,471 )     (707,324 )     (1,187,803 )     (750,430 )
Noncurrent liabilities     -       (171,996 )     (26,771 )     -  
Equity   $ 3,107,976     $ 3,457,823     $ (532,079 )   $ 2,568,594  

 

    Three months ended September 30, 2013  
                         
Revenues   -     5,807,888     971,084     4,967,447  
Operating income (loss)   112,740     1,456,247     (193,458 )   (38,767 )
Net income (loss)   110,891     827,817     (293,054 )   (41,767 )
                       
     Nine months ended September 30, 2013  
                                 
Revenues   $ -     $ 8,747,933     $ 1,236,199     $ 7,242,579  
Operating income (loss)     143,513       1,283,943       (518,716 )     (203,,448)  
Net income (loss)     140,954       1,207,760       (537,865 )     (206,488 )

  

  (1)
This reflects the Company's direct ownership of 5.23% in Bagatelle NY. In addition, the Company has indirect ownership through Bagatelle Investors as well as one of its subsidiaries of 45.90% for a total effective ownership of 51.13%.

 

  (2)
This reflects the Company's direct ownership of 5.23% in Bagatelle LA. In addition, the Company has indirect ownership through Bagatelle Investors as well as one of its subsidiaries of 38.10% for a total effective ownership of 43.33%.

 

The Company has accounted for its investments in Bagatelle LA and One 29 Park under the equity method due to its ability to exercise significant influence over such entities.