Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT (RESTATED NOTE 16)

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PROPERTY AND EQUIPMENT (RESTATED NOTE 16)
 3 Months Ended
Mar. 31, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
5. PROPERTY AND EQUIPMENT (RESTATED NOTE 16)

 

Property and equipment consists of the following at March 31, 2012 and December 31, 2011:

 

    2012     2011  
             
Office and computer equipment   $ 32,179     $ 32,179  
Furniture and fixtures     47,686       47,686  
Construction in progress     -       217,001  
Restaurant furnishings and equipment     1,867,610       1,333,926  
      1,947,475       1,630,792  
Accumulated depreciation     (201,998 )     (125,733 )
    $ 1,745,477     $ 1,505,059  
                 
Depreciation expense for the three months ended March 31, 2012 and 2011:                
                 
Restaurants   $ 74,075     $ -  
Other     2,190       2,549  
Total   $ 76,265     $ 2,549  

 

Restaurant furnishings and equipment consists of leasehold improvements, and bar, kitchen and restaurant equipment used in our four locations opened as of March 31, 2012. Construction in progress consisted of costs incurred as of December 31, 2011 for our Emperor’s Palace location in Johannesburg, South Africa, which opened in February 2012 and its assets are currently in the restaurant furnishings and equipment line above.

 

Restaurant furnishings and equipment includes capital lease assets of $141,416 with a net book value of $123,301 at March 31, 2012 and capital lease assets of $141,416 with a net book value of $131,544 at December 31, 2011.