Related Party Transactions
|12 Months Ended|
Dec. 31, 2017
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Accounts receivable – related parties of $851,016 and $648,951 at December 31, 2017 and 2016, respectively, represents the net realizable value of advances made to related, but independent, entities under common management, of which $451,201 and $579,346 represents amounts owed to the Company in connection with expense sharing agreements as described below.
See Note 8 – Investments and Fair Value of Financial Instruments, for a discussion of the Company’s investment in warrants of a related, but independent, entity.
On April 1, 2010, the Company entered into an agreement with a related, but independent, entity under common management, of which AWLD’s Chief Executive Officer (“CEO”) is Chairman and Chief Executive Officer, and AWLD’s Chief Financial Officer (“CFO”) is Chief Financial Officer, to share expenses such as office space, support staff and other operating expenses. The agreement was amended on January 1, 2017 to update for the current use of personnel, office space, professional services. During the years ended December 31, 2017 and 2016, the Company recorded a contra-expense of $342,299 and $124,428, respectively, related to the reimbursement of general and administrative expenses as a result of the agreement. The entity owed $724,591 and $363,389, respectively, as of December 31, 2017 and 2016, under such and similar prior agreements. The amount owed to the Company will be repaid in installments through October 1, 2018, pursuant to a repayment schedule agreed upon by the Company and the related entity on March 24, 2017. Through March 10, 2018, the related entity has repaid approximately $136,000 of the amount that was owed to the Company at December 31, 2017.
The Company has an expense sharing agreement with a different related 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. During each of the years ended December 31, 2017 and 2016, the Company was entitled to receive $10,640 in reimbursement of general and administrative expenses as a result of the agreement. The entity owed $396,116 and $396,067 to the Company under the expense sharing agreement as of December 31, 2017 and 2016, respectively, of which $396,000 and $387,000, respectively, is deemed unrecoverable and reserved.
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