| Schedule of Short-term Debt [Table Text Block] |
Other liabilities, which consist of bank overdraft and term facilities at June 30, 2013 and December 31, 2012 are associated with the South African Operations and consist of the following: | | | June 30, | | December 31, | | | | | 2013 | | 2012 | | | | | | | | | | | | Bank overdraft facilities (1) | | $ | 55,936 | | $ | 254,251 | | | | | | | | | | | | Term facility (2) | | | - | | | 112,950 | | | | | | | | | | | | Term facility (3) | | | 154,878 | | | 180,445 | | | | | | 210,814 | | | 547,646 | | | | | 108,040 | | | 361,586 | | | Other current liabilities | | $ | 102,774 | | $ | 186,060 | | During April 2013, the above overdraft facilities and term facilities were renegotiated. | (1) | Bank overdraft facilities have a total maximum facility of approximately $180,000. The interest rate as of June 30, 2013 is 3%. The facilities are reviewed annually and are payable on demand. Concurrently with the January 31, 2013 mentioned in (2) below, the Company was released from a facility totaling $56,529, and a $56,529 gain on settlement of debt was recognized in the first quarter of 2013. | | (2) | Term facility is payable on demand and the facility is secured by certain assets of one of the Company’s shareholders. After ongoing negotiations between the bank and the Company, on January 31, 2013, $98,579 was paid in full satisfaction of the facility, resulting in a gain on settlement of debt of $14,371 which was recognized in the first quarter of 2013. | | (3) |
The monthly payments of principal and interests of the term facility total approximately $5,000 and have been made for the period from October 1, 2011 through June 2013. The interest rate at June 30, 2013 is 9.5%. |
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