10. RELATED PARTY TRANSACTIONS

Assets

Accounts receivable – related parties, net of $563,761 and $493,531 at June 30, 2017 and December 31, 2016, respectively, represents the net realizable value of advances made to related, but independent, entities under common management, of which $492,791 and $372,456 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 $73,672 and $132,355 for expenses incurred during the three and six months ended June 30, 2017, respectively, and $29,195 and $68,391 during the three and six months ended June 30, 2016, respectively, pursuant to this agreement. The entity owed $485,744 and $363,389, respectively, as of June 30, 2017 and December 31, 2016, under this agreement. The amount owed to the Company at June 30, 2017, will be repaid through October 1, 2018, pursuant to a repayment schedule agreed upon by the Company and the related entity on March 24, 2017.

The Company has an expense sharing agreement with a 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. The Company was entitled to receive reimbursement of $3,990 and $7,980 for expenses during the three and six months ended June 30, 2017, respectively, and $3,990 and $7,980 during the three and six months ended June 30, 2016, respectively, pursuant to this agreement. The entity owed $400,047 and $396,067 to the Company under the expense sharing agreement as of June 30, 2017 and December 31, 2016, respectively, of which $393,000 and $387,000, respectively, is deemed unrecoverable and reserved.

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, which are included within discontinued operations in the accompanying statements of operations.