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NOTE 11 - NON-CONTROLLING INTERESTS
3 Months Ended
Mar. 31, 2012
Equity [Abstract]  
NOTE 11 - NON-CONTROLLING INTERESTS

 

NOTE 11 - NON-CONTROLLING INTERESTS

 

As of March 31, 2012 and December 31 2011, the non-controlling interests balance was $(235,601) and $(123,696), respectively, due to minority members owning 34.5% of the membership interests of Wodka.

 

Profits and losses are allocated to the members of Wodka in accordance with Wodka’s Limited Liability Company Agreement (the “Agreement”). Profits are allocated first to members in the amounts and proportions necessary to bring the members’ respective capital account balances in proportion to their percentage ownership interests and thereafter to the members pro rata in accordance with their percentage ownership interests. The Agreement allocates losses first to the members in an amount equal to the positive balances in their Capital Accounts until the balances in such accounts are reduced to zero and thereafter to the members pro rata in accordance with their respective percentage ownerships interests.

 

For the three months ended March 31, 2012 and 2011, $212,459 and $0, respectively, of Wodka’s net loss was allocated to Panache and $294,478 and $599,231, respectively, was allocated to noncontrolling interests.