The currency translation is based on an exchange rate of 1 British pound to 1.61 and 1.55 which is an average monthly exchange rate provided by www.oanda.com for the period from January 1, 2011 through November 23, 2011, which is the period the Company has ownership interest in Morgans Europe.
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Jan. 1, 2011 – Nov. 23, 2011 |
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Hotel operating revenues |
$ | 45,675 | ||
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Hotel operating expenses |
29,515 | |||
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Depreciation and amortization |
4,694 | |||
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Operating income |
11,466 | |||
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Interest expense |
17,200 | |||
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Net loss for period |
(5,734 | ) | ||
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Other comprehensive loss |
1,488 | |||
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Comprehensive loss |
$ | (4,246 | ) | |
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Company’s share of net loss |
$ | (2,867 | ) | |
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Company’s share of other comprehensive income |
3,259 | |||
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Company’s share of comprehensive income |
$ | 392 | ||
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Company’s share of realized loss on foreign currency exchange adjustment from sale of assets |
(2,515 | ) | ||
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Other amortization |
(115 | ) | ||
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Amount recorded in equity in loss |
$ | (5,497 | ) | |
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