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- Non-controlling interest
9 Months Ended
Sep. 30, 2012
- Non-controlling interest

Note 4 - Non-controlling interest

 

Non-controlling interest represents the minority stockholders’ proportionate share of the equity of All-American Golf Center ("AAGC’) which is a 51% owned subsidiary of the Company. At September 30, 2012, we owned 51% of AAGC’s capital stock, representing voting control and a majority interest. Our controlling ownership interest requires that AAGC’s operations be included in the Condensed Consolidated Financial Statements contained herein. The 49% equity interest that is not owned by us is shown as “Non-controlling interest in consolidated subsidiary” in the Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets.  As of September 30, 2012, St. Andrews Golf Shop, our minority interest partner and a related party held a $361,913 interest in the net asset value of our subsidiary AAGC and a $40,321 interest in the net income from operations of AAGC for the nine months ended September 30, 2012.