Quarterly report pursuant to Section 13 or 15(d)

CAPITAL LEASES PAYABLE (Tables)

v2.4.0.8
CAPITAL LEASES PAYABLE (Tables)
3 Months Ended
Mar. 31, 2014
Capital Lease Obligations [Abstract]  
Schedule Of Lease Payments For Capital Leases [Table Text Block]
Capital leases payable at March 31, 2014 and December 31, 2013 is associated with the South African operations and consists of the following:
 
 
 
March 31,
 
December 31,
 
 
 
2014
 
2013
 
 
 
 
 
 
 
 
 
Capital lease payable, due in 49 monthly installments of $1,081, including interest at 10%, through April 2016
 
$
25,939
 
$
28,589
 
 
 
 
 
 
 
 
 
Capital lease payable, due in 32 monthly installments of $800 including interest at 10%, through November 2014
 
 
6,352
 
 
8,627
 
 
 
 
 
 
 
 
 
Capital leases payable, due in 34 monthly installments of $1,560, including interest at 11.5%, through July 2016
 
 
44,420
 
 
46,721
 
 
 
 
 
 
 
 
 
Capital lease payable, due in 34 monthly installments of $2,200, including interest at 11.5%, through November 2016
 
 
61,580
 
 
66,354
 
 
 
 
 
 
 
 
 
Capital lease payable, due in 36 monthly installments of $1,022, including interest at 10%, through February 2015
 
 
10,306
 
 
14,789
 
Total capital leases payable
 
 
148,597
 
 
165,080
 
Current maturities
 
 
58,717
 
 
59,162
 
Capital leases payable, less current maturities
 
$
89,880
 
$
105,918
 
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]
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:
 
March 31,
 
Amount
 
2015
 
$
58,717
 
2016
 
 
57,063
 
2017
 
 
32,817
 
Total minimum lease payments
 
 
148,597
 
Less: amount representing interest
 
 
(12,140)
 
Present Value of Net Minimum Lease Payments
 
$
136,457