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INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES | 12 Months Ended
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Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES |
NOTE 6. | INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES
Investments in unconsolidated subsidiaries, jointly owned companies and other investees in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at cost, adjusted for the Company’s proportionate share of their undistributed earnings or losses, via the equity method of accounting. 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):
|  | As of December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
SUMMARY OF FINANCIAL POSITION: |  |  |  |  |  |  |  |  |  |  |  |
Real estate, net of accumulated depreciation |  | $ | 13,041 |  |  | $ | 13,810 |  |  | $ | 12,587 |
Notes receivable |  |  | 11,076 |  |  |  | 11,238 |  |  |  | 2,724 |
Other assets |  |  | 33,708 |  |  |  | 32,566 |  |  |  | 32,176 |
Notes payable |  |  | (10,195 | ) |  |  | (11,287 | ) |  |  | (17,845 | )
Other liabilities |  |  | (6,328 | ) |  |  | (7,320 | ) |  |  | (5,991 | )
Shareholders’ equity/partners capital |  |  | (41,302 | ) |  |  | (39,007 | ) |  |  | (23,651 | )
|  | For the Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
SUMMARY OF OPERATIONS: |  |  |  |  |  |  |  |  |
Revenue |  | $ | 55,241 |  |  | $ | 53,834 |  |  | $ | 38,747 |
Depreciation |  |  | (1,456 | ) |  |  | (1,456 | ) |  |  | (1,279 | )
Operating expenses |  |  | (50,861 | ) |  |  | (49,647 | ) |  |  | (35,410 | )
Interest expense |  |  | (621 | ) |  |  | (673 | ) |  |  | (1,065 | )
Income (loss) from continuing operations |  | $ | 2,303 |  |  | $ | 2,058 |  |  | $ | 993 |
Net income (loss) |  | $ | 2,303 |  |  | $ | 2,058 |  |  | $ | 993 |
Company’s 20% proportionate share of earnings |  | $ | 461 |  |  | $ | 412 |  |  | $ | 199 |

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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 + Details
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