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Related party transactions
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12 Months Ended |
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Dec. 31, 2014
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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. As of December 31, 2014 and 2013, these advances amounted to $1,157,134 and $245,280, respectively.
The Company sub-leases office space to certain related parties, sub-lease income is netted against rent expense in the statement of operations and comprehensive income (loss).
The Company incurred $403,673 and $59,600 in 2014 and 2013, respectively, for design services at the various restaurants to an entity owned by one of the shareholders.
The Company incurred $552,012 and $1,161,000 in 2014 and 2013, respectively, for legal fees to an entity owned by one of the shareholders. Included in accounts payable at December 31, 2014 and 2013 is a balance due to this entity of approximately $70,125 and $416,700, respectively.
The Company incurred $4,817,360 and $1,825,400 in 2014 and 2013, respectively, for construction services to an entity owned by one of the Company’s employees. Included in accounts payable at December 31, 2014 and 2013 is a balance due to this entity of approximately $11,000 and $15,900, respectively.
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- Details
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- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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