Annual report pursuant to Section 13 and 15(d)

Capital Leases Payable

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Capital Leases Payable
 12 Months Ended
Dec. 31, 2014
Capital Lease Obligations [Abstract]  
Capital Lease Obligations

11. Capital Leases Payable

 

Capital leases payable at December 31, 2014 and 2013 is associated with the South African operations and consists of the following:

 

    December 31,  
    2014     2013  
Capital lease payable, bearing interest at 10%. through August 2017   $ 10,502     $ 28,589  
Capital lease payable, bearing interest at 10%. through November 2014     -       8,627  
Capital lease payable, bearing interest at 11.5%, through July 2016     26,489       46,721  
Capital lease payable, bearing interest at 11.5%, through November 2016     40,336       66,354  
Capital lease payable, bearing interest at 10%, through March 2015     1,333       14,789  
Total capital leases payable     78,660       165,080  
Current maturities     42,032       59,162  
Capital leases payable, less current maturities   $ 36,628     $ 105,918  

 

The current capital leases cover point of sale and other equipment for five of the South African restaurants. Annual requirements for capital lease obligations are as follows:

 

December 31,   Amount  
2015   $ 48,899  
2016     37,491  
2017     3,189  
Total minimum lease payments       89,579  
Less: amount representing interest       10,919  
Present Value of Net Minimum Lease Payments   $ 78,660