RELATED PARTY TRANSACTIONS
|3 Months Ended|
Mar. 31, 2015
|Related Party Transactions [Abstract]|
|Related Party Transactions Disclosure [Text Block]||
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.
See Note 6 Investments and fair value of financial instruments, for information related to investments in related parties.
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.
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.
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.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/presentationRef