Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS, NET (RESTATED NOTE 16) (Tables)

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INTANGIBLE ASSETS, NET (RESTATED NOTE 16) (Tables)
 6 Months Ended
Jun. 30, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill [Table Text Block]

Franchise cost for the Company’s Hooters restaurants consists of the following at June 30, 2012 and December 31, 2011. The Company is amortizing these costs from the opening of each restaurant for the 20 year term of the franchise agreement with HOA.

 

    2012     2011  
             
Goodwill   $ 396,487     $ 396,487  
                 
Franchise cost:                
                 
South Africa   $ 345,386     $ 330,388  
Brazil     135,000       -  
Hungary     105,000       -  
      585,386       330,388  
Accumulated amortization     (13,555 )     (5,304 )
      571,831       325,084  
Intangible assets, net   $ 968,318     $ 721,571  
                 
Three months ended June 30, 2012 and 2011:                
                 
Amortization expense   $ 4,492     $ -  
                 
Six months ended June 30, 2012 and 2011:                
                 
Amortization expense   $ 8,251     $ -