Quarterly report pursuant to Section 13 or 15(d)

CAPITAL LEASE PAYABLE (RESTATED NOTE 16)

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CAPITAL LEASE PAYABLE (RESTATED NOTE 16)
 6 Months Ended
Jun. 30, 2012
Capital Lease Obligations [Abstract]  
Capital Lease Obligations [Text Block]
9. capital lease payable (restated note 16)

 

Capital leases payable at June 30, 2012 and December 31, 2011 is associated with the South African Operations and consists of the following.

 

    June 30,     December 31,  
    2012     2011  
             
Capital lease payable, due in 49 monthly installments of $1,081, including interest at 10%, through April 2016   $ 44,747     $ 46,149  
                 
Capital lease payable, due in 32 monthly insallments of $800 including interest at 10%, through November 2014     21,151       24,186  
                 
Capital lease payable, due in 14 monthly installments of $1,470, including interest at 10%, through May 2013     15,861       23,211  
                 
Capital lease payable, due in 36 monthly installments of $1,022, including interest at 10%, through February 2015     31,692       33,897  
Total capital leases payable     113,451       127,443  
Current maturities     39,054       41,590  
Capital leases payable, less current maturities   $ 74,397     $ 85,853  

 

The capital leases cover point of sale and other equipment for three of the four restaurants operating at June 30, 2012.