Annual report pursuant to Section 13 and 15(d)

Capital Leases Payable (Tables)

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Capital Leases Payable (Tables)
 12 Months Ended
Dec. 31, 2014
Capital Lease Obligations [Abstract]  
Schedule of Lease Payments for Capital Leases

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  

Schedule of Future Minimum Lease Payments for Capital Leases

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