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Related party transactions
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3 Months Ended |
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Mar. 31, 2015
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| Related Party Transactions [Abstract] | |
| Related party transactions |
Related party transactions:
Due from related parties consists of amounts related to the Company and its related entities which arose from noninterest bearing cash advances and are expected to be repaid within the next twelve months. Included in other assets are noninterest bearing cash advances made to related parties that are not expected to be repaid within the next twelve months. As of March 31, 2015 and December 31, 2014, these advances aggregated to a total of $1,347,271 and $1,157,134, respectively.
The Company incurred approximately $94,000and 123,000 for the three months ended March 31, 2015 and 2014, respectively, for design services at various restaurants to an entity owned by one of the Company’s shareholders.
The Company incurred approximately $45,000 and $118,000 for the three months ended March 31, 2015 and 2014, respectively, for legal fees to an entity owned by one of the Company’s shareholders. Included in accounts payable and accrued expenses at March 31, 2015 and December 31, 2014 is a balance due to this entity of approximately $36,000 and $70,000, respectively.
The Company incurred approximately $1,484,000 and $662,000 for the three months ended March 31, 2015 and 2014, respectively, for construction services to an entity owned by one of the Company’s shareholders. Included in accounts payable at March 31, 2015 and December 31, 2014 is a balance due to this entity of $11,000 and $11,000, respectively.
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