|
INVESTMENTS (Tables)
|
9 Months Ended |
|
Sep. 30, 2012
|
| Investments, Debt and Equity Securities [Abstract] |
|
| Fair Value, by Balance Sheet Grouping [Table Text Block] |
INVESTMENTS AT FAIR VALUE CONSIST OF THE FOLLOWING AT SEPTEMBER 30, 2012 AND DECEMBER 31, 2011.
| |
|
2012 |
|
|
2011 |
|
| |
|
|
|
|
|
|
| Available-for-sale investments at fair value |
|
$ |
54,309 |
|
|
$ |
318,353 |
|
| Trading securities |
|
|
- |
|
|
|
- |
|
| Total |
|
$ |
54,309 |
|
|
$ |
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 period |
|
|
263,331 |
|
|
|
263,331 |
|
| Unrealized gain (loss) |
|
|
(209,022 |
) |
|
|
55,022 |
|
| Total |
|
$ |
54,309 |
|
|
$ |
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 |
|
| June 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| North Carolina Natural Energy * |
|
$ |
1,500 |
|
|
$ |
- |
|
|
$ |
1,500 |
|
|
$ |
- |
|
|
$ |
- |
|
| North American Energy |
|
|
126,000 |
|
|
|
(112,000 |
) |
|
|
14,000 |
|
|
|
- |
|
|
|
- |
|
| North American Energy * |
|
|
10,500 |
|
|
|
(7,500 |
) |
|
|
3,000 |
|
|
|
- |
|
|
|
- |
|
| North American Energy |
|
|
125,331 |
|
|
|
(89,522 |
) |
|
|
35,809 |
|
|
|
- |
|
|
|
- |
|
| |
|
$ |
263,331 |
|
|
$ |
(209,022 |
) |
|
$ |
54,309 |
|
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
) |
|
$ |
- |
|
* Investments acquired in exchange for management services.
|
| Schedule of Other Investments Not Readily Marketable [Table Text Block] |
OTHER INVESTMENTS ARE SUMMARIZED AS FOLLOWS AT SEPTEMBER 30, 2012 AND DECEMBER 31, 2011.
| |
|
2012 |
|
|
2011 |
|
| |
|
|
|
|
|
|
| Investments accounted for under the equity method |
|
$ |
1,081,799 |
|
|
$ |
815,550 |
|
| Investments accounted for under the cost method |
|
|
1,066,598 |
|
|
|
766,598 |
|
| Total |
|
$ |
2,148,397 |
|
|
$ |
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) |
|
|
(10,474 |
) |
|
|
(76,113 |
) |
| Equity investment consolidated at June 30, 2012 |
|
|
(143,274 |
) |
|
|
- |
|
| New investments |
|
|
419,997 |
|
|
|
812,604 |
|
| Distributions received |
|
|
- |
|
|
|
(8,141 |
) |
| Balance, end of year |
|
$ |
1,081,799 |
|
|
$ |
815,550 |
|
Equity investments consist of the following at September 30, 2012 and December 31, 2011:
| |
|
2012 |
|
|
2011 |
|
| Carrying value: |
|
|
|
|
|
|
|
|
| Hoot SA I, II, III - South Africa |
|
$ |
- |
|
|
$ |
143,274 |
|
| Hoot Campbelltown Pty. Ltd. (49%) - Australia |
|
|
559,660 |
|
|
|
570,134 |
|
| Hoot Surfers Paradise Pty. Ltd. (49%) - Australia |
|
|
511,584 |
|
|
|
102,041 |
|
| Brazil |
|
|
10,555 |
|
|
|
101 |
|
| |
|
$ |
1,081,799 |
|
|
$ |
815,550 |
|
|
| Schedule Of Equity Earnings (Loss) and Distributions [Table Text Block] |
Equity in earnings (loss) and distributions from equity investments during the three and nine months ended September 30, 2012 and 2011 follows. 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.
| |
|
Three Months ended September 30, |
|
|
Nine Months ended September 30, |
|
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
| Equity in earnings (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hoot S.A. I, II, III (opened June 2011) |
|
|
- |
|
|
|
(20,820 |
) |
|
|
- |
|
|
|
(9,256 |
) |
| Hoot Campbelltown (49%) |
|
|
33,412 |
|
|
|
- |
|
|
|
(10,474 |
) |
|
|
- |
|
| |
|
$ |
33,412 |
|
|
$ |
(20,820 |
) |
|
$ |
(10,474 |
) |
|
$ |
(9,256 |
) |
| Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hoot S.A. I, LLC (20%) |
|
|
- |
|
|
|
1,913 |
|
|
|
- |
|
|
|
6,248 |
|
| Hoot S.A. II, LLC (20%) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,892 |
|
| |
|
$ |
- |
|
|
$ |
1,913 |
|
|
$ |
- |
|
|
$ |
8,140 |
|
|
| Schedule Of Equity Method Investment, Summarized Financial Information, Income Statement [Table Text Block] |
The summarized financial data below includes the South African operations, of which we owned 20% at September 30, 2011 and the Hoot Campbelltown location in Australia, which we owned 49% of at September 30, 2012. The Company acquired majority ownership of the South African operations effective September 30, 2011.
| |
|
Three Months ended September 30, |
|
|
Nine Months ended September 30, |
|
| |
|
2012 (1) |
|
|
2011 (2) |
|
|
2012 (1) |
|
|
2011 (2) |
|
| Revenue |
|
$ |
762,634 |
|
|
$ |
1,346,226 |
|
|
$ |
2,633,418 |
|
|
$ |
3,364,265 |
|
| Gross profit |
|
|
546,410 |
|
|
|
789,403 |
|
|
|
1,873,559 |
|
|
|
2,122,073 |
|
| Recurring expenses |
|
|
478,221 |
|
|
|
783,959 |
|
|
|
1,894,934 |
|
|
|
1,996,343 |
|
| Pre-opening costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Income (loss) from continuing operations |
|
|
68,189 |
|
|
|
5,444 |
|
|
|
(21,375 |
) |
|
|
125,730 |
|
| Net income (loss) |
|
|
68,189 |
|
|
|
5,444 |
|
|
|
(21,375 |
) |
|
|
125,730 |
|
|
(1) |
Represents the Hoot Campbelltown location
in Australia. |
|
(2) |
Represents the South African restaurants prior to acquiring majority interest. |
|
| 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 September 30, 2012 and December 31, 2011 follows:
| |
|
2012 |
|
|
2011 |
|
| ASSETS |
|
|
|
|
|
|
|
|
| Current assets |
|
$ |
618,524 |
|
|
$ |
58,975 |
|
| Non-current assets |
|
|
2,351,545 |
|
|
|
1,646,508 |
|
| TOTAL ASSETS |
|
$ |
2,970,069 |
|
|
$ |
1,705,483 |
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| Current liabilities |
|
$ |
507,097 |
|
|
$ |
76,035 |
|
| PARTNER'S EQUITY |
|
|
2,462,972 |
|
|
|
1,629,448 |
|
| TOTAL LIABILITIES AND PARTNERS' EQUITY |
|
$ |
2,970,069 |
|
|
$ |
1,705,483 |
|
|
| Schedule of Cost Method Investments [Table Text Block] |
Investments at cost consist of the following at September 30, 2012 and December 31, 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 |
|
|
|
16,598 |
|
| |
|
$ |
1,066,598 |
|
|
$ |
766,598 |
|
|