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INVESTMENT IN UNCONSOLIDATED INVESTEES

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED INVESTEES

NOTE 6. INVESTMENT IN UNCONSOLIDATED INVESTEES

The summary data presented below includes our investments accounted for under the equity method, except for our investment in VAA which is discussed in detail in Note 2 ‘Investment in VAA’.

The Company owns a 20% interest in Gruppa Florentina, LLC which 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):

		September 30,
SUMMARY OF FINANCIAL POSITION:		2019				2018
Real estate, net of accumulated depreciation		$	13,132			$	13,846
Notes receivable			11,111				10,967
Other assets			32,614				32,097
Notes payable			(9,386	)			(10,523	)
Other liabilities			(6,853	)			(7,881	)
Shareholders’ equity			(40,618	)			(38,506	)
		September 30,
SUMMARY OF OPERATIONS:			2019				2018
Revenue		$	40,001			$	40,362
Depreciation			(1,092	)			(1,092	)
Operating expenses			(36,716	)			(37,206	)
Interest expense			(468	)			(507	)
Income from continuing operations			1,725				1,557
Net income		$	1,725			$	1,557
Company’s 20% proportionate share of earnings		$	345			$	311

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- References

No definition available.

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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SX 210.3A-04)
-URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-URI http://asc.fasb.org/topic&trid=2196965

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