Capital Lease Obligations [Text Block] |
11. | capital leaseS payable | Capital leases payable at September 30, 2013 and December 31, 2012 is associated with the South African Operations and consists of the following. | | 2013 | | 2012 | | | | | | | | | | Capital lease payable, due in 49 monthly installments of $1,081, including interest at 10%, through April 2016 | | $ | 30,431 | | $ | 38,548 | | | | | | | | | | Capital lease payable, due in 32 monthly insallments of $800 including interest at 10%, through November 2014 | | | 10,847 | | | 17,183 | | | | | | | | | | Capital lease payable, due in 34 monthly installments of $1,560, including interest at 11.5%, through July 2016 | | | 51,408 | | | - | | | | | | | | | | 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 | | | 17,532 | | | 25,363 | | Total capital leases payable | | | 110,218 | | | 88,483 | | Current maturities | | | 47,186 | | | 27,965 | | Capital leases payable, less current maturities | | $ | 63,032 | | $ | 60,518 | | The capital leases cover point of sale and other equipment for four of the South African restaurants. Annual requirements for capital lease obligations are as follows: September 30, | | Amount | | | 2014 | | $ | 54,608 | | | 2015 | | | 40,051 | | | 2016 | | | 24,509 | | | Total minimum lease payments | | | 119,168 | | | Less: amount representing interest | | | (8,950) | | | Present Value of Net Minimum Lease Payments | | $ | 110,218 | |
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