Annual report pursuant to Section 13 and 15(d)

CAPITAL LEASES PAYABLE

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CAPITAL LEASES PAYABLE
12 Months Ended
Dec. 31, 2013
Capital Lease Obligations [Abstract]  
Capital Lease Obligations [Text Block]
11.
CAPITAL LEASES PAYABLE
 
Capital leases payable at December 31, 2013 and 2012 is associated with the South African operations and consists of the following:
 
 
 
December 31,
 
December 31,
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Capital lease payable, due in 49 monthly installments of $1,081, including interest at 10%, through April 2016
 
$
28,589
 
$
38,548
 
 
 
 
 
 
 
 
 
Capital lease payable, due in 32 monthly installments of $800 including interest at 10%, through November 2014
 
 
8,627
 
 
17,183
 
 
 
 
 
 
 
 
 
Capital lease payable, due in 34 monthly installments of $1,560, including interest at 11.5%, through July 2016
 
 
46,721
 
 
-
 
 
 
 
 
 
 
 
 
Capital lease payable, due in 34 monthly installments of $2,200, including interest at 11.5%, through November 2016
 
 
66,354
 
 
-
 
 
 
 
 
 
 
 
 
Capital lease payable, due in 14 monthly installments of $1,470, including interest at 10%, through May 2013
 
 
-
 
 
7,389
 
 
 
 
 
 
 
 
 
Capital lease payable, due in 36 monthly installments of $1,022, including interest at 10%, through February 2015
 
 
14,789
 
 
25,363
 
Total capital leases payable
 
 
165,080
 
 
88,483
 
Current maturities
 
 
59,162
 
 
27,965
 
Capital leases payable, less current maturities
 
$
105,918
 
$
60,518
 
 
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
 
2014
 
$
59,181
 
2015
 
 
57,063
 
2016
 
 
48,836
 
Total minimum lease payments
 
 
165,080
 
Less: amount representing interest
 
 
(12,140)
 
Present Value of Net Minimum Lease Payments
 
$
152,940