Subsequent events |
12 Months Ended |
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Dec. 31, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent events |
Subsequent events:
On January 17, 2017 the Company announced the opening of its STK restaurant in Denver, Colorado.
On February 14, 2017 the Company announced that its wholly-owned subsidiary had entered into a licensing agreement with Katara Hospitality to open an STK restaurant at the Ritz-Carlton Hotel located in West Bay Lagoon in Doha, Qatar.
On February 17, 2017 certain of the Company’s subsidiaries (the “Borrowers”) entered into a $1,000,000 Business Loan and Security Agreement (the “Loan Agreement”) with American Express Bank, FSB (“American Express”). In consideration of the loan amount each Borrower granted American Express a security interest in accounts receivable as specified therein. Pursuant to the Loan Agreement the Borrowers agreed to pay a loan fee equal to 3.5% of the original principal balance of the loan amount and a repayment rate of 6% of daily American Express credit card receipts pursuant to the repayment schedule set forth therein. The entire balance of the loan amount is due and payable 365 days after the disbursement of the initial loan amount.
In March 2017, our lease in Boston, Massachusetts has been terminated.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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