10.       RELATED PARTY TRANSACTIONS

Assets

Accounts receivable – related parties of $409,290 and $851,016 at March 31, 2018 and December 31, 2017, respectively, represent the net realizable value of advances made to related, but independent, entities under common management, of which $184,000 and $724,591 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.

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. The Company is entitled to receive reimbursement of $69,829 and $58,683 for expenses incurred during the three months ended March 31, 2018 and 2017, respectively, pursuant to this agreement. The entity owed $184,000 and $724,591, respectively, as of March 31, 2018 and December 31, 2017, under this agreement. The amount owed to the Company is being 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.

The Company also had an expense sharing agreement with a different related entity to share expenses such as office space and other clerical services, which was terminated on August 2017. The owners of more than 5% of that entity include (i) AWLD’s Chairman, and (ii) a more than 5% owner of AWLD. The Company was entitled to receive reimbursement of $3,990 for expenses during the three months ended March 31, 2017, pursuant to this agreement. The entity owed $396,116 to the Company under the expense sharing agreement as of March 31, 2018 and December 31, 2017, of which the entire balance is deemed unrecoverable and reserved.