Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v2.4.0.8
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2013
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
6.
PROPERTY AND EQUIPMENT
 
Property and equipment consists of the following at September 30, 2013 and December 31, 2012: 
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Office and computer equipment
 
$
35,076
 
$
35,076
 
Furniture and fixtures
 
 
47,686
 
 
47,686
 
Restaurant furnishings and equipment
 
 
5,915,723
 
 
2,826,760
 
 
 
 
5,998,485
 
 
2,909,522
 
Accumulated depreciation
 
 
(951,363)
 
 
(593,376)
 
 
 
$
5,047,122
 
$
2,316,146
 
 
 
 
 
 
 
 
 
Depreciation expense for the three months ended September 30, 2013 and 2012:
 
 
 
 
 
 
 
Restaurants
 
$
122,669
 
$
90,313
 
Other
 
 
1,085
 
 
2,444
 
Total
 
$
123,754
 
$
92,757
 
 
 
 
 
 
 
 
 
Depreciation expense for the nine months ended September 30, 2013 and 2012:
 
 
 
 
 
 
 
Restaurants
 
$
352,963
 
$
244,722
 
Other
 
 
4,360
 
 
6,969
 
Total
 
$
357,323
 
$
251,691
 
  
Restaurant furnishings and equipment consists of leasehold improvements, and bar, kitchen and restaurant equipment used in our ten locations opened as of September 30, 2013. Restaurant furnishings and equipment includes capital lease assets from four of our South African restaurants of $195,355 with a net book value of $106,727 and $96,230 at September 30, 2013 and December 31, 2012, respectively. Depreciation expense for capital lease assets was $15,763 and $9,001 for the three months ended September 30, 2013 and 2012, respectively and $43,445 and $25,839 for the nine months ended September 30, 2013 and 2012, respectively.