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<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><infoTable><nameOfIssuer>ALPHABET INC</nameOfIssuer><titleOfClass>CAP STK CL A</titleOfClass><cusip>02079K305</cusip><value>2884</value><shrsOrPrnAmt><sshPrnamt>4100</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>4100</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>ALPHABET INC</nameOfIssuer><titleOfClass>CAP STK CL C</titleOfClass><cusip>02079K107</cusip><value>3118</value><shrsOrPrnAmt><sshPrnamt>4505</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>4505</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>ALPS ETF TR</nameOfIssuer><titleOfClass>ALERIAN MLP</titleOfClass><cusip>00162Q866</cusip><value>191</value><shrsOrPrnAmt><sshPrnamt>15000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>15000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>AMAZON COM INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>023135106</cusip><value>7156</value><shrsOrPrnAmt><sshPrnamt>10000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>10000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>APPLE INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>037833100</cusip><value>6792</value><shrsOrPrnAmt><sshPrnamt>71050</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>71050</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer><titleOfClass>CL A</titleOfClass><cusip>084670108</cusip><value>2170</value><shrsOrPrnAmt><sshPrnamt>10</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>10</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BIOGEN INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>09062X103</cusip><value>484</value><shrsOrPrnAmt><sshPrnamt>2000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>2000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BLACK STONE MINERALS L P</nameOfIssuer><titleOfClass>COM UNIT</titleOfClass><cusip>09225M101</cusip><value>3606</value><shrsOrPrnAmt><sshPrnamt>232656</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>232656</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BLACKBERRY LTD</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>09228F103</cusip><value>67</value><shrsOrPrnAmt><sshPrnamt>10000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>10000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BLACKSTONE GROUP L P</nameOfIssuer><titleOfClass>COM UNIT LTD</titleOfClass><cusip>09253u108</cusip><value>2822</value><shrsOrPrnAmt><sshPrnamt>115000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>115000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>BLACKSTONE MTG TR INC</nameOfIssuer><titleOfClass>COM CL A</titleOfClass><cusip>09257w100</cusip><value>3340</value><shrsOrPrnAmt><sshPrnamt>120694</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>120694</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CALLAWAY GOLF CO</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>131193104</cusip><value>1021</value><shrsOrPrnAmt><sshPrnamt>100000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>100000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CARROLS RESTAURANT GROUP INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>14574X104</cusip><value>1416</value><shrsOrPrnAmt><sshPrnamt>118959</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>118959</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>166764100</cusip><value>419</value><shrsOrPrnAmt><sshPrnamt>4000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>4000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>CIVEO CORP CDA</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>17878Y108</cusip><value>135</value><shrsOrPrnAmt><sshPrnamt>75000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>75000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>DIANA SHIPPING INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>Y2066G104</cusip><value>122</value><shrsOrPrnAmt><sshPrnamt>50000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>50000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>DORCHESTER MINERALS LP</nameOfIssuer><titleOfClass>COM UNIT</titleOfClass><cusip>25820R105</cusip><value>383</value><shrsOrPrnAmt><sshPrnamt>26567</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>26567</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>DRYSHIPS INC</nameOfIssuer><titleOfClass>COM NEW</titleOfClass><cusip>Y2109Q127</cusip><value>54</value><shrsOrPrnAmt><sshPrnamt>96600</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>96600</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>FACEBOOK INC</nameOfIssuer><titleOfClass>CL A</titleOfClass><cusip>30303M102</cusip><value>4857</value><shrsOrPrnAmt><sshPrnamt>42500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>42500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>GOLDEN OCEAN GROUP LTD</nameOfIssuer><titleOfClass>SHS</titleOfClass><cusip>G39637106</cusip><value>1283</value><shrsOrPrnAmt><sshPrnamt>1932258</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1932258</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>LIBERTY GLOBAL PLC</nameOfIssuer><titleOfClass>SHS CL A</titleOfClass><cusip>G5480U104</cusip><value>872</value><shrsOrPrnAmt><sshPrnamt>30000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>30000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>MALLINCKRODT PUB LTD CO</nameOfIssuer><titleOfClass>SHS</titleOfClass><cusip>G5785G107</cusip><value>851</value><shrsOrPrnAmt><sshPrnamt>14000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>14000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>MYLAN N V</nameOfIssuer><titleOfClass>SHS EURO</titleOfClass><cusip>N59465109</cusip><value>930</value><shrsOrPrnAmt><sshPrnamt>21500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>21500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>NETFLIX INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>64110L106</cusip><value>1875</value><shrsOrPrnAmt><sshPrnamt>20500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>20500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>OVERSEAS SHIPHOLDING GROUP I</nameOfIssuer><titleOfClass>CL A NEW</titleOfClass><cusip>69036R863</cusip><value>3519</value><shrsOrPrnAmt><sshPrnamt>320156</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>320156</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>PANDORA MEDIA INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>698354107</cusip><value>125</value><shrsOrPrnAmt><sshPrnamt>10000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>10000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>PENNEY J C INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>708160106</cusip><value>107</value><shrsOrPrnAmt><sshPrnamt>12000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>12000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>PROSHARES TR II</nameOfIssuer><titleOfClass>ULT VIX SHRT</titleOfClass><cusip>74347W312</cusip><value>2402</value><shrsOrPrnAmt><sshPrnamt>255000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>255000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>806857108</cusip><value>3653</value><shrsOrPrnAmt><sshPrnamt>46200</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>46200</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SHIRE PLC</nameOfIssuer><titleOfClass>SPONSORED ADR</titleOfClass><cusip>82481R106</cusip><value>810</value><shrsOrPrnAmt><sshPrnamt>4400</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>4400</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SPDR GOLD TRUST</nameOfIssuer><titleOfClass>GOLD SHS</titleOfClass><cusip>78463V107</cusip><value>6642</value><shrsOrPrnAmt><sshPrnamt>52500</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>52500</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer><titleOfClass>TR UNIT</titleOfClass><cusip>78462F103</cusip><value>6286</value><shrsOrPrnAmt><sshPrnamt>30000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>30000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer><titleOfClass>S&amp;P BIOTECH</titleOfClass><cusip>78464A870</cusip><value>216</value><shrsOrPrnAmt><sshPrnamt>4000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>4000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>T MOBILE US INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>872590104</cusip><value>2769</value><shrsOrPrnAmt><sshPrnamt>64000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>64000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>TOOTSIE ROLL INDS INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>890516107</cusip><value>691</value><shrsOrPrnAmt><sshPrnamt>17945</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>17945</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>VANGUARD INTL EQUITY INDEX F</nameOfIssuer><titleOfClass>FTSE EUROPE ETF</titleOfClass><cusip>922042874</cusip><value>1167</value><shrsOrPrnAmt><sshPrnamt>25000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>25000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>VANGUARD TAX MANAGED INTL FD</nameOfIssuer><titleOfClass>FTSE DEV MKT ETF</titleOfClass><cusip>921943858</cusip><value>743</value><shrsOrPrnAmt><sshPrnamt>21000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>21000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>W P CAREY INC</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>92936U109</cusip><value>6760</value><shrsOrPrnAmt><sshPrnamt>97377</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>97377</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>XPLORE TECHNOLOGIES CORP</nameOfIssuer><titleOfClass>COM PAR $0.001</titleOfClass><cusip>983950700</cusip><value>57</value><shrsOrPrnAmt><sshPrnamt>23621</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>SOLE</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>23621</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable></informationTable>
