Quarterly report pursuant to Section 13 or 15(d)

CAPITAL LEASES PAYABLE

v2.4.0.8
CAPITAL LEASES PAYABLE
9 Months Ended
Sep. 30, 2013
Capital Lease Obligations [Abstract]  
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