Annual report pursuant to Section 13 and 15(d)

Capital Leases Payable (Tables)

v3.3.1.900
Capital Leases Payable (Tables)
 12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Schedule of Lease Payments for Capital Leases

 

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  

Schedule of Future Minimum Lease Payments for Capital Leases

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