Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2011
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
NOTE 4: 
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 September 30, 2011 and December 31, 2010 is as follows:
 
   
2011
    
2010
  
             
Chanticleer Investors, LLC
   $ -     $ 6,035  
Chanticleer Investors II, LLC
     -       46,547  
Chanticleer Dividend Fund, Inc.
     74,281       30,937  
Hoot SA II LLC
     825       -  
Other
     -       750  
    $ 75,106     $ 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 September 30, 2011 and December 31, 2010 are as follows:
 
   
2011
    
2010
  
             
Avenel Financial Group, a company owned by Mr. Pruitt
     13,849       46,349  
Chanticleer Investors, LLC
     4,045       -  
Hoot SA I, LLC
     15,409       -  
Hoot SA III, LLC
     -       70,000  
Chanticleer Foundation
     10,750       -  
    $ 44,053     $ 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 nine months ended September 30, 2011 and 2010, as follows:

   
2011
    
2010
  
             
Chanticleer Investors, LLC
   $ -     $ 19,875  
Chanticleer Investors II, LLC
     -       11,171  
North American Energy Resources, Inc.
     1,750       6,125  
Efftec International, Inc.
     -       22,500  
    $ 1,750     $ 59,671  
 
Chanticleer Investors LLC
 
See Note 2.
 
Chanticleer Investors II LLC
 
The Company manages Investors II and earns management income based on a share of any increase in investment value on an annual basis.  At June 30, 2011, the Company had recorded revenue in the amount of $30,726 for management fees based on investment results for the six months ended June 30, 2011.  During the quarter ended September 30, 2011, the market experienced a significant decline and the losses in the fund exceeded the profits accrued at June 30, 2011.  Accordingly, the Company reversed the $30,726 in previously accrued revenue at September 30, 2011, resulting in negative revenue during the three months ended September 30, 2011 and no revenue for the nine months ended September 30, 211.  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.
 
Chanticleer Foundation
 
A non-profit organization formed for charitable purposes.