Annual report pursuant to Section 13 and 15(d)

INVESTMENTS (Tables)

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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]  
Fair Value, by Balance Sheet Grouping [Table Text Block]

    2012     2011  
             
Available-for-sale investments at fair value   $ 56,949     $ 318,353  
Total   $ 56,949     $ 318,353
Available-For-Sale Securities Activity [Table Text Block]

Activity in our available-for-sale securities may be summarized as follows:

 

    2012     2011  
             
Cost at beginning of year   $ 263,331     $ 284,473  
Contributed to the Company by it's CEO     -       125,331  
Received as management fees     -       1,500  
Other than temporary loss in available-for-sale securities     -       (147,973 )
Cost at end of year     263,331       263,331  
Unrealized gain (loss)     (206,382 )     55,022  
Total   $ 56,949     $ 318,353
Available-for-sale Securities [Table Text Block]

Our available-for-sale securities consist of the following:

 

          Unrecognized           Realized     Loss  
          Holding     Fair     Holding     on  
    Cost     Gains (Losses)     Value     Loss     Sale  
December 31, 2012                                        
North Carolina Natural Energy     1,500       -       1,500       -       -  
North American Energy     126,000       (111,300 )     14,700       -       -  
North American Energy     10,500       (7,350 )     3,150       -       -  
North American Energy     125,331       (87,732 )     37,599       -       -  
    $ 263,331     $ (206,382 )   $ 56,949     $ -     $ -  
                                         
December 31, 2011                                        
Remodel Auction   $ -     $ -     $ -     $ (900 )   $ -  
North Carolina Natural Energy     1,500       -       1,500       -       -  
North American Energy     126,000       (42,000 )     84,000       -       -  
North American Energy     10,500       7,500       18,000       -       -  
North American Energy     125,331       89,522       214,853       -       -  
Efftec International, Inc.     -       -       -       (22,500 )     -  
HiTech Stages     -       -       -       (124,573 )     -  
    $ 263,331     $ 55,022     $ 318,353     $ (147,973 )   $ -
Schedule of Other Investments Not Readily Marketable [Table Text Block]

    2012     2011  
             
Investments accounted for under the equity method   $ 1,066,915     $ 815,550  
Investments accounted for under the cost method     1,050,000       766,598  
Total   $ 2,116,915     $ 1,582,148
Schedule of Equity Method Investments [Table Text Block]

Activity in investments accounted for using the equity method is summarized as follows.

 

    2012     2011  
             
Balance, beginning of year   $ 815,550     $ 87,200  
Equity in earnings (loss)     (14,803 )     (76,113 )
New investments     409,543       812,604  
Reclassification of investments     (143,375 )     -  
Distributions received     -       (8,141 )
Balance, end of year   $ 1,066,915     $ 815,550  

 

Equity investments consist of the following at December 31, 2012 and December 31, 2011:

 

    2012     2011  
Carrying value:                
Hoot SA I, II, III - South Africa   $ -     $ 143,274  
Hoot Campbelltown Pty. Ltd. (49%) - Australia     555,331       570,134  
Second Hooters location (49%) - Australia     511,584       102,041  
Brazil     -       101  
    $ 1,066,915     $ 815,550
Schedule Of Equity Earnings (Loss) and Distributions [Table Text Block]

The activity from the South African restaurants is through September 30, 2011 at which time the Company acquired majority ownership and began consolidating these operations.

 

    2012     2011  
Equity in earnings (loss):                
Hoot S.A. I, II, III     -       (9,256 )
Hoot Campbelltown (49%)     (14,803 )     (66,857 )
    $ (14,803 )   $ (76,113 )
Distributions:                
Hoot S.A. I, LLC (20%)     -       6,248  
Hoot S.A. II, LLC (20%)     -       1,893  
    $ -     $ 8,141
Schedule Of Equity Method Investment, Summarized Financial Information, Income Statement [Table Text Block]

The Company acquired majority ownership of the South African restaurants effective September 30, 2011, accordingly, the amounts in 2011 are for only nine months. In addition, the restaurant at the Hoot Campbelltown location incurred a loss for certain pre-opening expenses before it opened in January 2012, our share of which is included above.

 

    2012     2011  
             
Revenue   $ 3,348,928     $ 3,364,265  
Gross profit     2,381,245       2,122,073  
Income (loss) from continuing operations     (30,208 )     131,949  
Net income (loss)     (30,208 )     131,949
Schedule Of Equity Method Investment, Summarized Financial Information, Balance Sheet [Table Text Block]

The summarized balance sheets for the two locations in Australia of which we owned 49% at December 31, 2012 and December 31, 2011 follows:

 

    2012     2011  
ASSETS                
Current assets   $ 604,147     $ 58,975  
Non-current assets     2,909,276       1,646,508  
TOTAL ASSETS   $ 3,513,423     $ 1,705,483  
LIABILITIES                
Current liabilities   $ 1,057,911     $ 76,035  
PARTNER'S EQUITY     2,455,512       1,629,448  
TOTAL LIABILITIES AND PARTNERS' EQUITY   $ 3,513,423     $ 1,705,483
Investment [Table Text Block]

A summary of the activity in investments accounted for using the cost method follows.

 

    2012     2011  
Investments at cost:                
Balance, beginning of year   $ 766,598     $ 766,598  
Impairment     (16,598 )     -  
New investments     300,000       -  
Total   $ 1,050,000     $ 766,598
Schedule of Cost Method Investments [Table Text Block]

Investments at cost consist of the following at December 31, 2012 and 2011:

 

    2012     2011  
             
Chanticleer Investors, LLC   $ 800,000     $ 500,000  
Edison Nation LLC (FKA Bouncing Brain                
Productions)     250,000       250,000  
Chanticleer Investors II     -       16,598  
    $ 1,050,000     $ 766,598