Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS, NET (Tables)

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INTANGIBLE ASSETS, NET (Tables)
 3 Months Ended
Mar. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill [Table Text Block]

The Company is amortizing these costs from the opening of each restaurant for the 20 year term of the franchise agreement with HOA.

 

    2013     2012  
             
Franchise cost:            
South Africa   $ 433,888     $ 358,888  
Brazil *     135,000       135,000  
Hungary     104,684       104,684  
      673,572       598,572  
Accumulated amortization     (43,873 )     (38,740 )
Intangible assets, net   $ 629,699     $ 559,832  
                 
Three months ended March 31, 2013 and March 31, 2012:        
                 
Amortization expense   $ 5,133     $ 3,759
Schedule of Expected Amortization Expense [Table Text Block]

Amortization for franchise costs are as follows: 

 

March 31,   Amount  
2013   $ 23,179  
2014     23,179  
2015     23,179  
2016     23,179  
2017     23,179  
Thereafter     303,804  
Totals   $ 419,699  

 

* The Brazil franchise cost and $75,000 of the South Africa franchise cost are not being amortized until we open the restaurants.