| Intangible Assets, Net |
6. INTANGIBLE ASSETS, NET
GOODWILL
A roll-forward of goodwill is as follows:
| |
|
Nine months ended
September 30, 2020 |
|
|
Year ended
December 31, 2019 |
|
| |
|
|
|
|
|
|
(Note 1) |
|
| Beginning balance |
|
$ |
8,567,888 |
|
|
$ |
10,564,353 |
|
| Impairment |
|
|
— |
|
|
|
(2,025,720 |
) |
| Foreign currency translation gain (loss) |
|
|
(26,496 |
) |
|
|
29,255 |
|
| Ending balance |
|
$ |
8,541,392 |
|
|
$ |
8,567,888 |
|
OTHER INTANGIBLE ASSETS
Franchise and trademark/tradename intangible assets consist of the
following at September 30, 2020 and December 31, 2019:
| |
|
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
| |
|
|
|
|
|
|
|
|
(Note 1) |
|
| Trademark, Tradenames: |
|
|
|
|
|
|
|
|
|
|
| American Roadside Burger |
|
10 years |
|
|
1,786,930 |
|
|
$ |
1,786,930 |
|
| BGR: The Burger Joint |
|
Indefinite |
|
|
739,245 |
|
|
|
985,996 |
|
| Little Big Burger |
|
Indefinite |
|
|
1,550,000 |
|
|
|
1,550,000 |
|
| |
|
|
|
|
4,076,175 |
|
|
|
4,322,926 |
|
| Acquired Franchise Rights: |
|
|
|
|
|
|
|
|
|
|
| BGR: The Burger Joint |
|
7 years |
|
|
462,733 |
|
|
|
827,757 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Franchise License Fees: |
|
|
|
|
|
|
|
|
|
|
| Hooters Pacific NW |
|
20 years |
|
|
74,507 |
|
|
|
74,507 |
|
| Hooters UK |
|
5 years |
|
|
12,495 |
|
|
|
12,917 |
|
| |
|
|
|
|
87,002 |
|
|
|
87,424 |
|
| Total intangibles at cost |
|
|
|
|
4,625,910 |
|
|
|
5,238,107 |
|
| Accumulated amortization |
|
|
|
|
(1,490,471 |
) |
|
|
(1,581,112 |
) |
| Intangible assets, net |
|
|
|
$ |
3,135,439 |
|
|
$ |
3,656,995 |
|
Based on an analysis of the recoverability
of the carrying value as of September 30, 2020, an impairment charge of $246,751 was recorded during the three and nine month periods
ended September 30, 2020 relating to trademarks/tradenames for BRG: The Burger Joint. No other intangible assets were impaired
as of September 30, 2020.
|