Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS

v2.4.0.8
DISCONTINUED OPERATIONS
 6 Months Ended
Jun. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
3.
DISCONTINUED OPERATIONS
 
The Company closed their investment management business on May 1, 2013. A summary of the activity is presented below. 
 
Assets and liabilities from discontinued operations
 
The Company had assets and liabilities for the periods ended June 30, 2013 and December 31, 2012, which is presented in our balance sheet, as follows:
 
 
 
June 30,
 
December 31,
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Cash
 
$
287
 
$
24,471
 
Due from related parties
 
 
55,070
 
 
19,864
 
Assets from discontinued operations
 
$
55,357
 
$
44,335
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
9,031
 
$
14,328
 
Liabilities from discontinued operations
 
$
9,031
 
$
14,328
 
 
Net loss from discontinued operations
 
The Company had a net loss from discontinued operations for the three and six months ended June 30, 2013 and 2012, which is presented in our statements of operations, as follows:
 
 
 
2013
 
2012
 
 
 
Three months
ended June 30
 
Six months
ended June 30
 
Three months
ended June 30
 
Six months
ended June 30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from Chanticleer Investors II, LLC
 
$
-
 
$
61,793
 
$
6,698
 
$
6,698
 
Expenses
 
 
24,980
 
 
76,904
 
 
45,358
 
 
107,221
 
Net loss from discontinued operations
 
$
(24,980)
 
$
(15,111)
 
$
(38,660)
 
$
(100,523)
 
 
Chanticleer Investors II - Chanticleer Advisors, LLC (“Advisors”) acts as the managing general partner and receives a management fee based on a percentage of profits. On March 22, 2013, Chanticleer Holdings, Inc. announced its intention to exit the fund management business, which was effectuated May 1, 2013. Advisors resigned as manager of Chanticleer Investors II (“Investors”). Matthew Miller and Joe Koster, two of the prior fund managers, ceased to be employed by Advisors and now control a new entity, Boyles Asset Management, LLC (“Boyles”), which will continue management of Investors. Mr. Michael Pruitt resigned as one of the portfolio managers. From this arrangement, the Company will have an ongoing economic benefit from this aspect of the business, while eliminating the losses associated with the fund management business. Chanticleer Advisors has failed to produce profits and has resulted in operating losses since inception.
 
Chanticleer Investment Partners, LLC - Chanticleer Investment Partners, LLC (“CIPs”) was formed as a wholly owned North Carolina limited liability company on September 20, 2011. CIP was formed to manage separate and customized investment accounts for investors. The Company has registered CIP as a registered investment advisor so that it can market openly to the public. In March 2013 the Company decided to exit this business and on April 26, 2013 CIP’s status as a registered investment advisor was terminated.