Related Party Transactions
|3 Months Ended|
Mar. 31, 2016
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Accounts receivable related parties, net of $395,599 and $333,911 at March 31, 2016 and December 31, 2015, respectively, represents the net realizable value of advances made to related, but independent, entities under common management, of which $165,263 and $182,227, respectively, represents amounts owed to the Company in connection with expense sharing agreements as described below.
See Note 6 Investments and Fair Value of Financial Instruments, for information related to investments in related parties.
On April 1, 2010, the Company entered into an agreement with a related entity of which AWLDs CEO is Chairman and Chief Executive Officer, and AWLDs CFO is an executive officer, to share expenses such as office space, support staff and other operating expenses. General and administrative expenses were reduced by $39,196 and $45,927 during the three months ended March 31, 2016 and 2015, respectively. The entity owed $151,301 and $177,755 to the Company under the expense sharing agreement as of March 31, 2016 and December 31, 2015, respectively, which is included in accounts receivable related parties, net on the accompanying condensed consolidated balance sheets.
In addition 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) AWLDs chairman, and (ii) a more than 5% owner of AWLD. General and administrative expenses were reduced by $3,990 and $3,990 during the three months ended March 31, 2016 and 2015, respectively. The entity owed $379,962 and $380,472 to the Company under the expense sharing agreement as of March 31, 2016 and December 31, 2015, respectively, of which $366,000 and $376,000, respectively, is deemed unrecoverable and written off.
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