Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS, NET (Tables)

v2.4.0.8
INTANGIBLE ASSETS, NET (Tables)
 9 Months Ended
Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill [Table Text Block]
The Company will amortize these costs over an estimated 10-year useful life starting on October 1, 2013.
 
 
 
2013
 
2012
 
Franchise cost:
 
 
 
 
 
 
 
South Africa
 
$
433,888
 
$
358,888
 
Brazil *
 
 
135,000
 
 
135,000
 
Hungary
 
 
104,684
 
 
104,684
 
 
 
 
673,572
 
 
598,572
 
Accumulated amortization
 
 
(54,653)
 
 
(38,740)
 
Intangible assets, net
 
$
618,919
 
$
559,832
 
 
 
 
 
 
 
 
 
Three months ended September 30, 2013 and 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization expense
 
$
5,372
 
$
5,116
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2013 and 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization expense
 
$
15,913
 
$
13,377
 
* The Brazil franchise cost and $75,000 of the fifth South Africa franchise cost are not being amortized until the opening of the restaurants.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
Amortization for franchise costs are as follows: 
 
September 30,
 
Amount
 
2013
 
$
23,179
 
2014
 
 
23,179
 
2015
 
 
23,179
 
2016
 
 
23,179
 
2017
 
 
23,179
 
Thereafter
 
 
293,024
 
Totals
 
$
408,919
 
 
* The Brazil franchise cost and $75,000 of the fifth South Africa franchise cost are not being amortized until the opening of the restaurants.