Annual report pursuant to Section 13 and 15(d)

CAPITAL LEASES PAYABLE

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CAPITAL LEASES PAYABLE
12 Months Ended
Dec. 31, 2012
Capital Lease Obligations [Abstract]  
Capital Lease Obligations [Text Block]
9. Capital Leases Payable

 

Capital leases payable at December 31, 2012 and 2011 is associated with the South African operations and consists of the following:

 

    December 31,     December 31,  
    2012     2011  
             
Capital lease payable, due in 49 monthly installments of $1,081, including interest at 10%, through April 2016   $ 38,548     $ 46,149  
                 
Capital lease payable, due in 32 monthly insallments of $800 including interest at 10%, through November 2014     17,183       24,186  
                 
Capital lease payable, due in 14 monthly installments of $1,470, including interest at 10%, through May 2013     7,389       23,211  
                 
Capital lease payable, due in 36 monthly installments of $1,022, including interest at 10%, through February 2015     25,363       33,897  
Total capital leases payable     88,483       127,443  
Current maturities     27,965       41,590  
Capital leases payable, less current maturities   $ 60,518     $ 85,853  

 

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

 

December 31,   Amount  
2013   $ 43,502  
2014     35,063  
2015     16,526  
2016     5,569  
Total minimum lease payments     100,660  
Less: amount representing interest     (12,140 )
Present Value of Net Minimum Lease Payments   $ 88,520