Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS, NET

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INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 30, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Disclosure [Text Block]
6. INTANGIBLE ASSETS, NET

 

Intangible assets, net consists of the following at June 30, 2012 and December 31, 2011:

 

    2012     2011  
             
South Africa   $ 548,050     $ 475,376  
Brazil     135,000       -  
Hungary     105,000       -  
      788,050       475,376  
Accumulated amortization     (18,664 )     (5,212 )
    $ 769,386     $ 470,164  

 

Intangible assets, net, consists of franchise fees for the Company’s Hooters restaurants. The Company is amortizing these costs from the opening of each restaurant for the 20 year term of the franchise agreement with HOA. Amortization expense for the three and six months ended June 30, 2012 for the restaurant businesses was $7,029 and $13,452, respectively. There was no amortization expense in the 2011 period.