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INVESTMENT IN UNCONSOLIDATED INVESTEES

9 Months Ended

Sep. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED INVESTEES

NOTE 6. 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
		September 30, 2018				September 30, 2017
Gruppa Florentina, LLC			20.00	%			20.00	%

Gruppa Florentina, LLC is the sole shareholder of Milano Restaurants International Corporation, (“Milano”) which operates 33 pizza parlors under the trade name “Me-N-Ed’s Pizza Parlors” and four pizza parlors operating under the trade name “Blast 825 Pizza”, located primarily in Central and Northern California. Milano has a 100% ownership interest in Siena Corp, 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 September 30,		2018				2017
Real estate, net of accumulated depreciation		$	13,846			$	13,471
Notes receivable			10,967				10,065
Other assets			32,097				29,745
Notes payable			(10,523	)			(9,226	)
Other liabilities			(7,881	)			(7,509	)
Shareholders’ equity			(38,506	)			(36,546	)

For the Nine Months Ended September 30,			2018				2017
Revenue		$	40,362			$	36,451
Depreciation			(1,092	)			(792	)
Operating expenses			(37,206	)			(34,641	)
Interest expense			(507	)			(475	)
Income from continuing operations			1,557				543
Net income		$	1,557			$	543
Company’s proportionate share of earnings		$	311			$	109

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-URI http://asc.fasb.org/topic&trid=2196965

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