Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

NOTE 22 – SUBSEQUENT EVENTS

New cinema location, Devonport, Australia

On January 30, 2019, we purchased the tenant’s interest and other operating assets of an established four-screen cinema in Devonport, Australia, for $1.4 million (AU$2.0 million). We commenced trading from this new cinema site on January 30, 2019.

The purchase will be accounted for as a business combination in the first quarter of 2019 under ASC 805, Business Combinations. As of the date of issue of these Consolidated Financial Statements, we are in the process of engaging third party advisors to complete the fair value assessments required to be able to account for this transaction under ASC 805.  

Temporary Closure of Courtenay Central Cinema

In light of recently discovered seismic issues pertaining to the cinema structure at our Courtenay Central ETC, in January 2019 we closed the cinema portion and certain interior retail spaces at that center while we reevaluate the center for redevelopment as an entertainment themed urban center with a major food and grocery component.