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RESTRICTED CASH
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9 Months Ended | |||
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Sep. 30, 2013
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| Restricted cash and advances from investors [Abstract] | ||||
| Restricted cash and advances from investors [Text Block] |
During June, 2013, certain investors advanced the Company $2,750,000 (and an additional $250,000 was received during July 2013). The Company finalized documentation with the investors on August 2, 2013. These funds are restricted (and are presented in the condensed consolidated balance sheets as restricted cash in our current assets) and are to be used on the Hooters Nottingham purchase. On August 2, 2013, the Company entered into an agreement with seven individual accredited investors, whereby the Company issued separate 6% Secured Subordinate Convertible Notes for a total of three million dollars ($3,000,000) in a private offering. The Company executed the purchase of Hooters Nottingham on November 6, 2013 and began operating the restaurant on November 7, 2013. |
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- Details
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- Definition
The entire disclosure for cash and advances from investors that are restricted in their use, generally by contractual agreements or regulatory requirements. No definition available.
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