| Capital Lease Obligations [Text Block] |
9. capital lease payable
Capital leases payable at March 31, 2013 and December 31, 2012 is associated with the South African Operations and consists of the following.
| |
|
March 31, |
|
|
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
|
| Capital lease payable, due in 49 monthly installments of $1,081, including interest at 10%, through April 2016 |
|
$ |
36,150 |
|
|
$ |
38,548 |
|
| |
|
|
|
|
|
|
|
|
| Capital lease payable, due in 32 monthly insallments of $800 including interest at 10%, through November 2014 |
|
|
15,123 |
|
|
|
17,183 |
|
| |
|
|
|
|
|
|
|
|
| Capital lease payable, due in 14 monthly installments of $1,470, including interest at 10%, through May 2013 |
|
|
2,993 |
|
|
|
7,389 |
|
| |
|
|
|
|
|
|
|
|
| Capital lease payable, due in 36 monthly installments of $1,022, including interest at 10%, through February 2015 |
|
|
22,817 |
|
|
|
25,363 |
|
| Total capital leases payable |
|
|
77,083 |
|
|
|
88,483 |
|
| Current maturities |
|
|
32,815 |
|
|
|
27,965 |
|
| Capital leases payable, less current maturities |
|
$ |
44,268 |
|
|
$ |
60,518 |
|
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:
| March 31, |
|
Amount |
|
| 2013 |
|
$ |
38,918 |
|
| 2014 |
|
|
32,592 |
|
| 2015 |
|
|
13,366 |
|
| 2016 |
|
|
2,228 |
|
| Total minimum lease payments |
|
|
87,104 |
|
| Less: amount representing interest |
|
|
(10,021 |
) |
| Present Value of Net Minimum Lease Payments |
|
$ |
77,083 |
|
|