Capital Lease Obligations [Text Block] |
10. | capital lease payable | Capital leases payable at June 30, 2013 and December 31, 2012 is associated with the South African Operations and consists of the following. | | June 30, | | December 31, | | | | 2013 | | 2012 | | | | | | | | | | Capital lease payable, due in 49 monthly installments of $1,081, including interest at 10%, through April 2016 | | $ | 33,692 | | $ | 38,548 | | | | | | | | | | Capital lease payable, due in 32 monthly insallments of $800 including interest at 10%, through November 2014 | | | 13,011 | | | 17,183 | | | | | | | | | | Capital lease payable, due in 14 monthly installments of $1,470, including interest at 10%, through May 2013 | | | - | | | 7,389 | | | | | | | | | | Capital lease payable, due in 36 monthly installments of $1,022, including interest at 10%, through February 2015 | | | 20,208 | | | 25,363 | | Total capital leases payable | | | 66,911 | | | 88,483 | | Current maturities | | | 30,574 | | | 27,965 | | Capital leases payable, less current maturities | | $ | 36,337 | | $ | 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: June 30, | | Amount | | 2014 | | $ | 35,888 | | 2015 | | | 26,962 | | 2016 | | | 12,251 | | Total minimum lease payments | | | 75,101 | | Less: amount representing interest | | | (8,190) | | Present Value of Net Minimum Lease Payments | | $ | 66,911 | |
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