Related party transactions |
6 Months Ended |
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Jun. 30, 2015 | |
| 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 June 30, 2015 and December 31, 2014, these advances aggregated to a total of $1,481,142 and $1,157,134, respectively.
The Company incurred approximately $90,000 and $113,000 for the three months ended June 30, 2015 and 2014, respectively, and $183,750 and $236,000 for the six months ended June 30, 2015 and 2014, respectively, for design services at various restaurants to an entity owned by one of the Company’s shareholders. Included in accounts payable and accrued expenses at June 30, 2015 and December 31, 2014 is a balance due to this entity of approximately $65,900 and $0, respectively.
The Company incurred approximately $118,000 and $99,000 for the three months ended June 30, 2015 and 2014, and $163,062 and $217,000 for the six months ended June 30, 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 June 30, 2015 and December 31, 2014 is a balance due to this entity of approximately $109,177 and $70,000, respectively.
The Company incurred approximately $1.7 million and $1.6 million for the three months ended June 30, 2015 and 2014, respectively, and $3.2 million and $2.3 for the six months ended June 30, 2015 and 2014, respectively, for construction services to an entity owned by one of the Company’s shareholders. Included in accounts payable at June 30, 2015 and December 31, 2014 is a balance due to this entity of $17,699 and $11,000, respectively.
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