Assets

Accounts receivable – related parties, net of $649,924 and $493,531 at September 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 $579,346 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 $87,399 and $219,754 for expenses incurred during the three and nine months ended September 30, 2017, respectively, and $14,138 and $82,528 during the three and nine months ended September 30, 2016, respectively, pursuant to this agreement. The entity owed $579,230 and $363,389, respectively, as of September 30, 2017 and December 31, 2016, under this agreement. The amount owed to the Company as of March 31, 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. No repayments have been made through September 30, 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 $1,330 and $9,310 for expenses during the three and nine months ended September 30, 2017, respectively, and $3,990 and $11,970 during the three and nine months ended September 30, 2016, respectively, pursuant to this agreement. The entity owed $396,116 and $396,067 to the Company under the expense sharing agreement as of September 30, 2017 and December 31, 2016, respectively, of which $396,000 and $387,000, respectively, is deemed unrecoverable and reserved.