Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2011
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
NOTE 5: 
RELATED PARTY TRANSACTIONS

Due from related parties

The Company has earned income from and made advances to related parties.  The amounts owed to the Company at June 30, 2011 and December 31, 2010 is as follows:

   
2011
    
2010
  
             
Chanticleer Investors, LLC
   $ -     $ 6,035  
Chanticleer Investors II, LLC
     30,726       46,547  
Chanticleer Dividend Fund, Inc.
     74,281       30,937  
Hoot SA II LLC
     825       -  
Other
     750       750  
    $ 106,582     $ 84,269  

Due to related parties

The Company has received non-interest bearing loans and advances from related parties.  The amounts owed by the Company as of June 30, 2011 and December 31, 2010 are as follows:

   
2011
    
2010
  
             
Avenel Financial Group, a company owned by Mr. Pruitt
     21,349       46,349  
Chanticleer Investors, LLC
     4,045       -  
Hoot SA II, LLC
     10,500       -  
Hoot SA III, LLC
     49,000       70,000  
    $ 84,894     $ 116,349  
$25,000 of the amount due Avenel Financial Group was exchanged for a convertible note payable effective January 1, 2011 and converted to common stock on March 30, 2011.

Management income from affiliates

The Company had management income from its affiliates in the six months ended June 30, 2011 and 2010, as follows:

   
2011
    
2010
  
             
Chanticleer Investors, LLC
   $ -     $ 13,250  
Chanticleer Investors II, LLC
     30,726       11,171  
North American Energy Resources, Inc.
     1,750       -  
    $ 32,476     $ 24,421  

Chanticleer Investors LLC

See Note 2.

Chanticleer Investors II LLC

The Company manages Investors II and earns management income.  The 2011 amount is accrued based on results through June 30, 2011.  The 2010 amount was the amount earned in 2009 but not recorded until received in 2010.  See Note 2.

Chanticleer Dividend Fund, Inc. ("CDF")

On November 10, 2010 the Company formed CDF under the general corporation laws of the State of Maryland.  CDF filed a registration statement under Form N-2 to register as a non-diversified, closed-end investment company in January 2011.  The Company, through Advisors, will have a role in management of CDF when its registration statement becomes effective.

North American Energy Resources, Inc. ("NAEY")

The Company's CEO became CEO and a director of NAEY during 2010 and the Company received 150,000 common shares for management services.  The shares were valued at $10,500, based on the trading price of NAEY at the time.  The Company's CEO resigned as CEO of NAEY in December 2010 and remains a director.  See Note 2.