Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS

v2.4.0.8
DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
5.
DISCONTINUED OPERATIONS
 
The Company closed their investment management business on May 1, 2013. A summary of the activity is presented below.
 
Assets and liabilities from discontinued operations
 
The Company had assets and liabilities for the periods ended December 31, 2013 and December 31, 2012, which is presented in our balance sheet, as follows:
 
 
 
December 31,
 
December 31,
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Cash
 
$
924
 
$
24,471
 
Due from related parties
 
 
-
 
 
19,864
 
Assets from discontinued operations
 
$
924
 
$
44,335
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
1,500
 
$
14,328
 
Liabilities from discontinued operations
 
$
1,500
 
$
14,328
 
 
Net loss from discontinued operations
 
The Company had a net loss from discontinued operations for the years ended December 31, 2013 and 2012, which is presented in our statements of operations, as follows:
 
 
 
Year ended
December 31,
2013
 
Year ended
December 31,
2012
 
 
 
 
 
 
 
 
 
Revenues from Chanticleer Investors II, LLC
 
$
53,710
 
$
30,743
 
Expenses
 
 
78,925
 
 
324,720
 
Net loss from discontinued operations
 
$
(25,215)
 
$
(293,977)
 
 
Chanticleer Investors II - Chanticleer Advisors, LLC (“Advisors”) acted as the managing general partner and received a management fee based on a percentage of profits. On March 22, 2013, Chanticleer Holdings, Inc. announced its intention to exit the fund management business, which was effectuated May 1, 2013. Advisors resigned as manager of Chanticleer Investors II (“Investors”). Matthew Miller and Joe Koster, two of the prior fund managers, ceased to be employed by Advisors and now manage a new entity, Boyles Asset Management, LLC (“Boyles”), which will continue management of Investors. Mr. Michael Pruitt resigned as one of the portfolio managers. From this arrangement, the Company will have an ongoing economic benefit from this aspect of the business, while eliminating the losses associated with the fund management business. Chanticleer Advisors has failed to produce profits and has resulted in operating losses since inception.
 
Chanticleer Investment Partners, LLC - Chanticleer Investment Partners, LLC (“CIPs”) was formed as a wholly owned North Carolina limited liability company on September 20, 2011. CIP was formed to manage separate and customized investment accounts for investors. The Company registered CIP as a registered investment advisor so that it could market openly to the public. In March 2013 the Company decided to exit this business and on April 26, 2013 CIP’s status as a registered investment advisor was terminated.