Annual report pursuant to Section 13 and 15(d)

Subsequent events

Subsequent events
12 Months Ended
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.