Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT (RESTATED NOTE 16)

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PROPERTY AND EQUIPMENT (RESTATED NOTE 16)
 6 Months Ended
Jun. 30, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
5. PROPERTY AND EQUIPMENT (RESTATED NOTE 16)

 

Property and equipment consists of the following at June 30, 2012 and December 31, 2011:

 

    2012     2011  
             
Office and computer equipment   $ 33,525     $ 32,179  
Furniture and fixtures     47,686       47,686  
Construction in progress     375,000       217,001  
Restaurant furnishings and equipment     1,871,419       1,333,926  
      2,327,630       1,630,792  
Accumulated depreciation     (284,667 )     (125,733 )
    $ 2,042,963     $ 1,505,059  
                 
Depreciation expense for the three months ended June 30, 2012 and 2011:    
                 
Restaurants   $ 80,334     $ -  
Other     2,335       2,512  
Total   $ 82,669     $ 2,512  
                 
Depreciation expense for the six months ended June 30, 2012 and 2011:      
                 
Restaurants   $ 154,409     $ -  
Other     4,525       5,061  
Total   $ 158,934     $ 5,061  

  

Restaurant furnishings and equipment consists of leasehold improvements, and bar, kitchen and restaurant equipment used in our four locations opened as of March 31, 2012. Construction in progress consisted of costs incurred as of June 30, 2012 for our Budapest, Hungary location which we expect to open in late August 2012 and as of December 31, 2011 for our Emperor’s Palace location in Johannesburg, South Africa, which opened in February 2012 and its assets are currently in the restaurant furnishings and equipment line above.

 

Restaurant furnishings and equipment includes capital lease assets of $141,416 with a net book value of $114,706 at June 30, 2012 and capital lease assets of $141,416 with a net book value of $131,544 at December 31, 2011.