Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v2.4.0.8
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2013
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
5.
PROPERTY AND EQUIPMENT
 
Property and equipment consists of the following at June 30, 2013 and December 31, 2012:
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Office and computer equipment
 
$
35,076
 
$
35,076
 
Furniture and fixtures
 
 
47,686
 
 
47,686
 
Restaurant furnishings and equipment
 
 
2,870,946
 
 
2,826,760
 
 
 
 
2,953,708
 
 
2,909,522
 
Accumulated depreciation
 
 
(826,594)
 
 
(593,376)
 
 
 
$
2,127,114
 
$
2,316,146
 
 
 
 
 
 
 
 
 
Depreciation expense for the three months ended June 30, 2013 and 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restaurants
 
$
123,393
 
$
80,334
 
Other
 
 
1,085
 
 
2,335
 
Total
 
$
124,478
 
$
82,669
 
 
 
 
 
 
 
 
 
Depreciation expense for the six months ended June 30, 2013 and 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restaurants
 
$
230,294
 
$
154,409
 
Other
 
 
3,275
 
 
4,525
 
Total
 
$
233,569
 
$
158,934
 
 
Restaurant furnishings and equipment consists of leasehold improvements, and bar, kitchen and restaurant equipment used in our five locations opened as of June 30, 2013. Restaurant furnishings and equipment includes capital lease assets from three of our South African restaurants of $141,413 with a net book value of $69,573 and $96,230 at June 30, 2013 and December 31, 2012, respectively.