Annual report pursuant to Section 13 and 15(d)

Capital Leases Payable

v3.3.1.900
Capital Leases Payable
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Capital Leases Payable

10. Capital Leases Payable

 

Capital leases payable at December 31, 2015 and 2014 is associated with the South African operations and consists of the following:

 

    December 31, 2015     December 31, 2014  
             
Capital lease payable, bearing interest at 10%, through August 2017   $ 5,231     $ 10,502  
                 
Capital lease payable, bearing interest at 11.5%, through December 2017     26,869       -  
                 
Capital lease payable, bearing interest at 11.5%, through July 2016     7,786       26,489  
                 
Capital lease payable, bearing interest at 11.5%, through November 2016     15,386       40,336  
                 
Capital lease payable, bearing interest at 10%, through March 2015     -       1,333  
Total capital leases payable     55,272       78,660  
Current maturities     39,303       42,032  
Capital leases payable, less current maturities   $ 15,969     $ 36,628  

 

The current capital leases cover point of sale and other equipment for five of the South African restaurants. Annual requirements for capital lease obligations are as follows:

 

December 31,   Amount  
2016   $ 43,385  
2017     17,508  
Total minimum lease payments     60,893  
Less: amount representing interest     5,621  
Present Value of Net Minimum Lease Payments   $ 55,272