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INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES | 3 Months Ended
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Mar. 31, 2015
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES |
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES | NOTE 4. INVESTMENT IN UNCONSOLIDATED INVESTEES Investments in unconsolidated investees in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at cost and adjusted for the Company’s proportionate share of their undistributed earnings or losses under the equity method of accounting. Investments in unconsolidated investees consist of the following:
|  |  | Percentage ownership as of |
|  |  | March 31, 2015 |  |  | March 31, 2014 |
| Gruppa Florentina, LLC |  |  | 20.00 | % |  |  | 20.00 | %
Gruppa Florentina, LLC is the sole member of Milano Restaurants International Corporation, (“Milano”) which operates 35 pizza parlors under the trade name “Me-N-Ed’s Pizza Parlors” located primarily in Central and Northern California. Milano has a 100% ownership interest in SienaCorp, which operates two grills under the trade names “Me-N-Ed’s Victory Grill” and “Me-N-Ed’s Coney Island Grill”. Milano has a 100% ownership interest in Piazza del Pane, Inc., which operates two restaurants located in Central California. Milano also has 23 franchised locations, including two operating, under the trade name Angelo & Vito’s Pizzerias. The following is a summary of the financial position and results of operations from our investees (dollars in thousands):
As of March 31, |  | 2015 |  |  | 2014 |
Real estate, net of accumulated depreciation |  | $ | 11,981 |  |  | $ | 10,518 |
Notes receivable |  |  | 7,528 |  |  |  | 6,730 |
Other assets |  |  | 29,163 |  |  |  | 31,026 |
Notes payable |  |  | (10,132 | ) |  |  | (10,473 | )
Other liabilities |  |  | (6,182 | ) |  |  | (7,402 | )
Shareholders' equity |  |  | (32,358 | ) |  |  | (30,399 | )
For the Three Months Ended March 31, |  |  | 2015 |  |  |  | 2014 |
Revenue |  | $ | 12,790 |  |  | $ | 11,626 |
Depreciation |  |  | (288 | ) |  |  | (288 | )
Operating expenses |  |  | (11,598 | ) |  |  | (10,669 | )
Interest expense |  |  | (201 | ) |  |  | (227 | )
Income from continuing operations |  |  | 703 |  |  |  | 442 |
Income from discontinued operations |  |  | - |  |  |  | - |
Net income |  | $ | 703 |  |  | $ | 442 |
Company's proportionate share of earnings (1) |  | $ | 141 |  |  | $ | 88 |
(1) Earnings represents continued and discontinued operations |  |  |  |  |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32787-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32847-111569 + Details
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