Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
5. PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following at September 30, 2012 and December 31, 2011:

 

    2012     2011  
          (Restated Note 16)  
Office and computer equipment   $ 33,525     $ 32,179  
Furniture and fixtures     47,686       47,686  
Construction in progress     -       217,001  
Restaurant furnishings and equipment     2,718,771       1,333,926  
      2,799,982       1,630,792  
Accumulated depreciation     (377,424 )     (125,733 )
    $ 2,422,558     $ 1,505,059  

 

Depreciation expense for the three months ended September 30, 2012 and 2011:
             
Restaurants   $ 90,313     $ -  
Other     2,444       2,512  
Total   $ 92,757     $ 2,512  

 

Depreciation expense for the nine months ended September 30, 2012 and 2011:
             
Restaurants   $ 244,722     $ -  
Other     6,969       7,573  
Total   $ 251,691     $ 7,573  

 

Restaurant furnishings and equipment consists of leasehold improvements, and bar, kitchen and restaurant equipment used in our four South Africa locations and our Budapest, Hungary location at September 30, 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 $114,706 at September 30, 2012 and capital lease assets of $141,416 with a net book value of $131,544 at December 31, 2011.