|
8. |
bank overdraft and term facilities |
Bank overdraft and term facilities at September 30, 2012 and December 31, 2011 are associated with the South African Operations and consist of the following:
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
| |
|
|
|
|
|
|
| Bank overdraft facilities (1) |
|
$ |
249,090 |
|
|
$ |
255,607 |
|
| |
|
|
|
|
|
|
|
|
| Term facility (2) |
|
|
112,950 |
|
|
|
112,950 |
|
| |
|
|
|
|
|
|
|
|
| Term facility (3) |
|
|
199,575 |
|
|
|
225,371 |
|
| |
|
|
561,615 |
|
|
|
593,928 |
|
| Other current liabilities |
|
|
360,125 |
|
|
|
330,607 |
|
| Other liabilities |
|
$ |
201,490 |
|
|
$ |
263,321 |
|
|
(1) |
Bank overdraft facilities are unsecured and have a total maximum facility of approximately $260,000. The interest rate as of September 30, 2012 and December 31, 2011 was 11%. The facilities are
reviewed annually and are payable on demand. |
|
(2) |
Term facility is payable on demand and the facility is secured by certain assets of one of the Company’s shareholders. |
|
(3) |
The monthly payments of principal and interest of the term facility total approximately $5,300 and have been made currently since October 1, 2011. The interest rate at September 30, 2012 and December 31, 2011 was 10.3%. |
|