| 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.
|