10. RELATED PARTY TRANSACTIONS

Assets

Accounts receivable – related parties, net of $494,429 and $333,911 at June 30, 2016 and December 31, 2015, respectively, represents the net realizable value of advances made to related, but independent, entities under common management, of which $238,748 and $182,227, respectively, represents amounts owed to the Company in connection with expense sharing agreements as described below.

Investments

See Note 6 – Investments and Fair Value of Financial Instruments, for information related to investments in related parties.

Revenues

For the three and six months ended June 30, 2016, the Company recorded $15,986 and $89,855 of private equity and venture capital fees arising from private placement transactions on behalf of a related, but independent, entity under common management. Of these amounts, $14,399 and $67,456, respectively, represent cash fees and $1,587 and $22,399, respectively, represent fees in the form of warrants for the three months ended June 30, 2016, which were recorded at fair value as of the grant date using the Black-Scholes option pricing model. The Company did not record any related party revenues during the three and six months ended June 30, 2015.

Expense Sharing

On April 1, 2010, the Company entered into an agreement with a related entity of which AWLD’s CEO is Chairman and Chief Executive Officer, and AWLD’s 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 $29,195 and $68,391 during the three and six months ended June 30, 2016 and $39,010 and $84,937 during the three and six months ended June 30, 2015, respectively. The entity owed $227,796 and $177,755 to the Company under the expense sharing agreement as of June 30, 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) AWLD’s chairman, and (ii) a more than 5% owner of AWLD. General and administrative expenses were reduced by $3,990 and $7,980 during the three and six months ended June 30, 2016, respectively and $3,990 and $7,980 during the three and six months ended June 30, 2015, respectively. The entity owed $383,952 and $380,472 to the Company under the expense sharing agreement as of June 30, 2016 and December 31, 2015, respectively, of which $373,000 and $376,000, respectively, is deemed unrecoverable and written off.