| Capital Leases in Financial Statements of Lessee Disclosure [Text Block] |
|
9. |
Capital Leases Payable |
Capital leases payable at December 31, 2011 is associated with the South African Operations and consists of the following:
| Capital lease payable, due in 53 monthly installments of $1,081, including interest at 10%, through April 2016 |
|
$ |
46,149 |
|
| |
|
|
|
|
| Capital lease payable, due in 35 monthly installments of $800, including interest at 10%, through November 2014 |
|
|
24,186 |
|
| |
|
|
|
|
| Capital lease payable, due in 17 monthly installments of $1,470, including interest at 10%, through May 2013 |
|
|
23,211 |
|
| |
|
|
|
|
| Capital lease payable, due in 39 monthly installments of $1,022, including interest at 10%, through February 2015 |
|
|
33,897 |
|
| |
|
|
|
|
| Total capital leases payable |
|
|
127,443 |
|
| Less: current maturities |
|
|
(41,590 |
) |
| |
|
|
|
|
| Total Long-Term Maturities |
|
$ |
85,853 |
|
The capital leases cover point of sale and other equipment for the three restaurants operating at December 31, 2011. Annual requirements for capital lease obligations are as follows:
| December 31, |
|
Amount |
|
| 2012 |
|
$ |
52,463 |
|
| 2013 |
|
|
42,172 |
|
| 2014 |
|
|
34,022 |
|
| 2015 |
|
|
16,033 |
|
| 2016 |
|
|
5,403 |
|
| Total minimum lease payments |
|
|
150,093 |
|
| Less: amount representing interest |
|
|
(22,650 |
) |
| |
|
|
|
|
| Present Value of Net Minimum Lease Payments |
|
$ |
127,443 |
|
|