|
RELATED PARTY TRANSACTIONS
|
3 Months Ended | ||||
|---|---|---|---|---|---|
|
Mar. 31, 2015
|
|||||
| Related Party Transactions [Abstract] | |||||
| Related Party Transactions Disclosure [Text Block] |
Assets
Accounts receivable – related parties of $258,425 and $265,111 at March 31, 2015 and December 31, 2014, respectively, represents the net realizable value of advances made to related, but independent, entities under common management. Investments
See Note 6 – Investments and fair value of financial instruments, for information related to investments in related parties. Liabilities
Loan payable to related parties of $50,000 at March 31, 2015 represents a short term loan received from a related, but independent, entity under common management. Expense Sharing
On April 1, 2010, the Company entered into an agreement with a related, but independent, entity under common management, to share expenses such as office space, support staff and other operating expenses. General and administrative expenses were reduced by $45,927 and $41,273 during the three months ended March 31, 2015 and 2014, respectively. The Company has an expense sharing agreement with a related, but independent entity to share expenses such as office space and other clerical services. The owners of more than 5% of that entity include (i) AWLD’s chairman, and (ii) a more than 5% owner of AWLD. The entity owed $393,502 and $389,512 to the Company under the expense sharing agreement as of March 31, 2015 and December 31, 2014, respectively, of which $343,000 and $289,000, respectively, is deemed unrecoverable and written off. Other Relationships
An investor and a greater than 5% stockholder of the Company is affiliated with the Company that imports wines for AWE to the United States. |