Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 6 Months Ended
Jun. 30, 2015
Property, Plant and Equipment [Abstract]  
Property and Equipment

5. PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following:

 

    June 30, 2015     December 31, 2014  
Leasehold improvements   $ 10,796,681     $ 9,940,517  
Restaurant furniture and equipment     8,501,471       7,827,925  
Construction in progress     254,218       727,934  
Office and computer equipment     48,059       51,746  
Land and buildings     489,289       437,223  
Office furniture and fixtures     73,307       60,302  
      20,163,025       19,045,647  
Accumulated depreciation and amortization     (5,590,431 )     (5,730,238 )
    $ 14,572,594     $ 13,315,409  

 

Depreciation expense was $376,140 and $755,949 for the three and six month ended June 30, 2015. Depreciation expense was $304,372 and $573,763 for the three and six months ended June 30, 2014. Restaurant furnishings and equipment includes assets under capital leases from our South African restaurants of $203,691 and $170,320, net book value of $83,586 and $54,261 as of June 30, 2015 and December 31, 2014, respectively. Depreciation expense was $22,191 and $40,577 for capital lease assets for the three months ended June 30, 2015 and June 30, 2014, respectively. Depreciation expense was $49,156 and $58,296 for capital lease assets for the six months ended June 30, 2015 and 2014, respectively.