Quarterly report pursuant to Section 13 or 15(d)

CAPITAL LEASE PAYABLE

v2.4.0.8
CAPITAL LEASE PAYABLE
6 Months Ended
Jun. 30, 2013
Capital Lease Obligations [Abstract]  
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