Intangible Assets, Net
|12 Months Ended|
Dec. 31, 2020
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Intangible Assets, Net||
6. INTANGIBLE ASSETS, NET
A roll-forward of goodwill is as follows:
OTHER INTANGIBLE ASSETS
Franchise and trademark/tradename intangible assets consist of the following at December 31, 2020 and 2019:
Based on an analysis of the recoverability of the carrying value at each quarter end during 2020 including December 31, 2020, an impairment charge of approximately $247,000 was recorded to trademarks/tradenames for BRG: The Burger Joint. No other intangible assets were impaired during the year ended December 31, 2020.
Management also tested its long-lived assets for impairment as of December 31, 2019 comparing each brand’s fair value to its carrying value. Based on this analysis, management determined there was a tradename/trademark impairment of BGR: The Burger Joint of approximately $440,000.
Amortization of intangible assets was $366,452 and $373,776 for the year ended December 31, 2020 and 2019, respectively. Amortization expense for the next five years is as follows:
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef