| Bank Overdraft and Term Facilities [Text Block] |
| 9. | BANK OVERDRAFT AND TERM FACILITIES
|
Bank overdraft and term facilities at December 31, 2013 and December 31, 2012 are associated with the South African Operations and consist of the following: | | | December 31, | | December 31, | | | | | 2013 | | 2012 | | | | | | | | | | | | Bank overdraft facilities (1) | | $ | 79,372 | | $ | 254,251 | | | | | | | | | | | | Term facility (2) | | | - | | | 112,950 | | | | | | | | | | | | Term facility (3) | | | 133,448 | | | 180,445 | | | | | | | | | | | | Term facility (4) | | | 142,807 | | | | | | | | | 355,627 | | | 547,646 | | | Other current liabilities | | | 135,286 | | | 361,586 | | | Other liabilities | | $ | 220,341 | | $ | 186,060 | | | (1) | Bank overdraft facilities are unsecured and have a total maximum facility of approximately $260,000. The interest rate as of December 31, 2013 is 11%. The facilities are reviewed annually and are payable on demand. Concurrently with the January 31, 2013 mentioned in (2) below, the Company was released from a facility totaling $56,528, and a $56,528 gain on settlement of debt was recognized in the first quarter of 2013. | | (2) | Term facility is payable on demand and the facility is secured by certain assets of one of the Company’s shareholders. After ongoing negotiations between the bank and the Company, on January 31, 2013, $98,579 was paid in full satisfaction of the facility, resulting in a gain on settlement of debt of $14,371 which was recognized in the first quarter of 2013. | | (3) | The monthly payments of principal and interests of the term facility total approximately $5,000 and have been made for the period from October 1, 2011 through December 2013. The interest rate at December 31, 2013 is 10.3%. The maturity date on the tech facility is June 14, 2016. | | (4) | On December 1, 2013, PTT secured a five-year term loan with an interest rate of 12.5% as of December 31, 2013 in the amount of $142,807. The monthly payments of principal and interest total approximately $3,172. The term facility is secured by a bond on all moveable assets at our Pretoria, South Africa location and is partially guaranteed by our CEO. |
|