RELATED PARTY TRANSACTIONS |
6 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2015 | ||||
| Related Party Transactions [Abstract] | ||||
| Related Party Transactions Disclosure [Text Block] |
Receivables
Accounts receivable – related parties of $317,556 and $265,111 at June 30, 2015 and December 31, 2014, respectively, represents the net realizable value of advances made to related, but independent, entities under common management.
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, 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 $39,010 and $84,937 during the three and six months ended June 30, 2015 and $44,323 and $85,596 during the three and six months ended June 30, 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 June 30, 2015 and December 31, 2014, respectively, of which $344,000 and $289,000, respectively, is deemed unrecoverable and written off.
Other Relationships
An investor and a greater than 5% stockholder of the Company is affiliated with a company that imports wines for AWE to the United States.
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