Quarterly report pursuant to Section 13 or 15(d)

BANK OVERDRAFT AND TERM FACILITIES (RESTATED NOTE 16) (Tables)

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BANK OVERDRAFT AND TERM FACILITIES (RESTATED NOTE 16) (Tables)
 6 Months Ended
Jun. 30, 2012
Bank Overdraft and Term Facilities [Abstract]  
Schedule of Short-term Debt [Table Text Block]

Bank overdraft and term facilities at June 30, 2012 and December 31, 2011 are associated with the South African Operations and consist of the following:

 

    June 30,     December 31,  
    2012     2011  
             
Bank overdraft facilities (1)   $ 251,046     $ 255,607  
                 
Term facility (2)     112,950       112,950  
                 
Term facility (3)     204,920       225,371  
      568,916       593,928  
Other current liabilities     352,398       330,607  
Other liabilities   $ 216,518     $ 263,321  

 

(1) Bank overdraft facilities are unsecured and have a total maximum facility of approximately $260,000. The interest rate as of June 30, 2012 and December 31, 2011 was 11%. The facilities are reviewed annually and are payable on demand.
(2) Term facility is payable on demand and the facility is secured by certain assets of one of the Company’s shareholders.
(3) The monthly payments of principal and interest of the term facility total approximately $5,300 and have been made currently since October 1, 2011. The interest rate at June 30, 2012 and December 31, 2011 was 10.3%.