| Capital Lease Obligations [Text Block] |
| 9. |
Capital Leases Payable |
Capital leases payable at December 31, 2012 and 2011 is associated with the South African operations and consists of the following:
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
| |
|
|
|
|
|
|
| Capital lease payable, due in 49 monthly installments of $1,081, including interest at 10%, through April 2016 |
|
$ |
38,548 |
|
|
$ |
46,149 |
|
| |
|
|
|
|
|
|
|
|
| Capital lease payable, due in 32 monthly insallments of $800 including interest at 10%, through November 2014 |
|
|
17,183 |
|
|
|
24,186 |
|
| |
|
|
|
|
|
|
|
|
| Capital lease payable, due in 14 monthly installments of $1,470, including interest at 10%, through May 2013 |
|
|
7,389 |
|
|
|
23,211 |
|
| |
|
|
|
|
|
|
|
|
| Capital lease payable, due in 36 monthly installments of $1,022, including interest at 10%, through February 2015 |
|
|
25,363 |
|
|
|
33,897 |
|
| Total capital leases payable |
|
|
88,483 |
|
|
|
127,443 |
|
| Current maturities |
|
|
27,965 |
|
|
|
41,590 |
|
| Capital leases payable, less current maturities |
|
$ |
60,518 |
|
|
$ |
85,853 |
|
The capital leases cover point of sale and other equipment for three of the South African restaurants. Annual requirements for capital lease obligations are as follows:
| December 31, |
|
Amount |
|
| 2013 |
|
$ |
43,502 |
|
| 2014 |
|
|
35,063 |
|
| 2015 |
|
|
16,526 |
|
| 2016 |
|
|
5,569 |
|
| Total minimum lease payments |
|
|
100,660 |
|
| Less: amount representing interest |
|
|
(12,140 |
) |
| Present Value of Net Minimum Lease Payments |
|
$ |
88,520 |
|
|