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SUBSEQUENT EVENTS
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9 Months Ended | |||
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Sep. 30, 2014
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| Subsequent Events [Abstract] | ||||
| Subsequent Events [Text Block] |
During October 2014, the Company re-priced certain warrants with an original exercise price of $5.50 and $7.00 to $2.00, subject to immediate cash exercise. The Company received $349,544 of funds related to this transaction. On October 15, 2014, the Company’s $5,000,000 debt related to our Hooters Australia purchase was restructured whereby $650,000 is due by September 30, 2015, $3,350,000 is due by July 31, 2016, and the remaining $1,000,000 is due by January 31, 2017. The Company will issue prior to the end of November 2014 $175,000 of the Company’s common stock (87,500 shares at $2.00 per share) and 87,500 common stock warrants at $3.50 per share exercise price in consideration for the debt restructuring. During October 2014, the Company’s South African subsidiary secured additional local bank financing in the form of term and overdraft facilities of approximately $182,000 and $45,000, respectively. On October 30, 2014, the Company announced the opening of a new South Africa Hooters location on December 13, 2014 in Ruimsig, a suburb of Johannesburg. It is Chanticleer's third location in the Johannesburg area and fourth in the province of Gauteng. The Company believes the location will generate significantly higher revenues than at its prior CapeTown location, and plans to re-enter the CapeTown market in mid-2015. The Company, through our subsidiary, has entered in a lease for this location and will begin paying rent upon opening. On November 11, 2014, the Company announced Just Fresh will to have the grand opening of its seventh location in the Ballantyne Corporate Park in Charlotte, NC on November 19, 2014. The Company, through our subsidiary, has entered in a lease for this location and will begin paying rent upon opening. |