Annual report pursuant to section 13 and 15(d)

Investments

v2.4.0.8
Investments
12 Months Ended
Dec. 31, 2013
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 and $419,000 at December 31, 2013 and 2012, respectively. These investments have been accounted for under the equity method. Included in due to/from related parties at December 31, 2013 and 2012 are net amounts due to/(from) these entities of $29,123 and $(488,805), respectively. Included in accounts receivable are management fees due at December 31, 2013 and 2012 from these entities for $415,371 and $345,786, respectively.

 

Condensed financial information for Bagatelle Investors, Bagatelle NY, Bagatelle LA and One 29 Park as of, and for the years ended December 31, 2013 and 2012 are as follows:

 

      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  
                                 
Revenues   $ -     $ 12,137,584     $ 1,660,135     $ 10,454,523  
Operating income (loss)     271,606       1,987,230       (665,838 )     2,014,725  
Net income (loss)     271,606       1,928,587       (665,838 )     371,739  

 

    December 31, 2012:  
    Bagatelle     Bagatelle     Bagatelle     One 29  
    Investors     NY     LA     Park  
Company ownership     31.24 %     5.23 %(1)     5.23 %(2)     10 %
                                 
Current assets   $ 684,095     $ 1,165,932     $ 107,517     $ 1,673,947  
Noncurrent assets     3,229,291       2,702,895       674,312       1,171,226  
Current liabilities     (117,017 )     (1,512,816 )     (626,338 )     (567,270 )
Noncurrent liabilities     -       (119,956 )     (21,732 )     -  
Equity   $ 3,796,369     $ 2,236,055     $ 133,759     $ 2,277,903  
                                 
Revenues   $ -     $ 6,089,189     $ 1,745,057     $ 10,911,564  
Operating income (loss)     (184,380 )     105,420       (995,511 )     2,185,157  
Net income (loss)     (184,380 )     79,416       (1,002,842 )     499,847  

 

  (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, LLC under the equity method due to its ability to exercise significant influence over such entities.