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Related party transactions
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6 Months Ended |
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Jun. 30, 2014
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| Related party transactions [Abstract] | |
| Related party transactions |
Note 10 - 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 June 30, 2014 and December 31, 2013, these advances amounted to $1,082,855 and $1,107,220 respectively.
The Company incurred approximately $236,000 and $0 for the six months ended June 30, 2014 and 2013, respectively, for design services at the various restaurants to an entity owned by one of the Company's shareholders. Included in accounts payable at June 30, 2014 and December 31, 2013 is a balance due to this entity of approximately $40,000 and $0, respectively.
The Company incurred approximately $217,000 and $236,000 for the six months ended June 30, 2014 and 2013 for legal fees to an entity owned by one of the Company's shareholders. Included in accounts payable and accrued expenses at June 30, 2014 and December 31, 2013 is a balance due to this entity of approximately $43,022 and $417,000 respectively.
The Company incurred approximately $2,251,000 and $515,600 for the six months ended June 30, 2014 and 2013, respectively, for construction services to an entity owned by one of the Company's shareholders. Included in accounts payable at June 30, 2014 and December 31, 2013 is a balance due to this entity of $0 and $15,900, respectively. |