Related party transactions |
9 Months Ended |
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Sep. 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 September 30, 2015 and December 31, 2014, these advances aggregated to a total of $1,369,795 and $1,157,134, respectively.
The Company incurred approximately $104,000 and $144,000 for the three months ended September 30, 2015 and 2014, respectively, and $382,000 and $380,000 for the nine months ended September 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 September 30, 2015 and December 31, 2014 is a balance due to this entity of approximately $45,000 and $0, respectively.
The Company incurred approximately $213,000 and 168,000 for the three months ended September 30, 2015 and 2014, and $422,000 and $385,000 for the nine months ended September 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 September 30, 2015 and December 31, 2014 is a balance due to this entity of approximately $187,000 and $70,000, respectively. The Company also received rental income on office space sublet to this entity of $40,207 and $24,000 for the three months ended September 30, 2015 and 2014 and $98,452 and $72,000 for the nine months ended September 30, 2015 and 2014, respectively, there were no receivables outstanding at September 30, 2015 and December 31, 2014, respectively.
The Company incurred approximately $3.6 million and $807,000 for the three months ended September 30, 2015 and 2014, respectively, and $8.3 million and $3.1 for the nine months ended September 30, 2015 and 2014, respectively, for construction services to an entity owned by one of the Company’s shareholders. Included in accounts payable at September 30, 2015 and December 31, 2014 is a balance due to this entity of $187,000 and $6,669, respectively.
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