3. RESULTS OF OPERATIONS FOR MONTY'S RESTAURANT, MARINA AND OFFICE/RETAIL PROPERTY, COCONUT GROVE, FLORIDA

3 Months Ended

Mar. 31, 2012

Nature of Operations [Text Block]

3. RESULTS OF OPERATIONS FOR MONTY’S RESTAURANT, MARINA AND OFFICE/RETAIL PROPERTY, COCONUT GROVE, FLORIDA

The Company, through two 50%-owned entities, Bayshore Landing, LLC (“Landing”) and Bayshore Rawbar, LLC (“Rawbar”), (collectively, “Bayshore”) owns a restaurant, office/retail and marina property located in Coconut Grove (Miami), Florida known as Monty’s (the “Monty’s Property”).

Summarized combined statements of income for Landing and Rawbar for the three months ended March 31, 2012 and 2011 are presented below (Note: the Company’s ownership percentage in these operations is 50%):

Summarized Combined statements of income Bayshore Landing, LLC and Bayshore Rawbar, LLC	For the three months ended March 31, 2012		For the three months ended March 31, 2011
Revenues:
Food and Beverage Sales	$	1,746,000	$	1,688,000
Marina dockage and related		273,000		286,000
Retail/mall rental and related		148,000		147,000
Total Revenues		2,167,000		2,121,000
Expenses:
Cost of food and beverage sold		519,000		474,000
Labor and related costs		317,000		298,000
Entertainers		49,000		48,000
Other food and beverage related costs		141,000		157,000
Other operating costs		49,000		42,000
Repairs and maintenance		77,000		106,000
Insurance		133,000		124,000
Management fees		57,000		84,000
Utilities		53,000		54,000
Ground rent		178,000		222,000
Interest		163,000		201,000
Depreciation and amortization		166,000		315,000
Realized loss on interest rate swap		—		198,000
Total Expenses		1,902,000		2,323,000
Net income (loss)	$	265,000	($	202,000	)