Schedule of Goodwill |
A roll-forward of goodwill is as follows:
|
|
Year Ended |
|
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
Beginning balance |
|
$ |
8,567,888 |
|
|
$ |
10,564,353 |
|
Impairment |
|
|
— |
|
|
|
(2,025,720 |
) |
Foreign currency translation gain (loss) |
|
|
23,261 |
|
|
|
29,255 |
|
Ending balance |
|
$ |
8,591,149 |
|
|
$ |
8,567,888 |
|
|
Schedule of Other Intangible Assets |
Franchise and trademark/tradename intangible assets
consist of the following at December 31, 2020 and 2019:
|
|
|
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
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 |
|
|
|
827,757 |
|
|
|
827,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise License Fees: |
|
|
|
|
|
|
|
|
|
|
|
|
Hooters Pacific NW |
|
|
20 years |
|
|
|
74,507 |
|
|
|
74,507 |
|
Hooters UK |
|
|
5 years |
|
|
|
11,001 |
|
|
|
12,917 |
|
|
|
|
|
|
|
|
85,508 |
|
|
|
87,424 |
|
Total intangibles at cost |
|
|
|
|
|
|
4,989,440 |
|
|
|
5,238,107 |
|
Accumulated amortization |
|
|
|
|
|
|
(1,945,555 |
) |
|
|
(1,581,112 |
) |
Intangible assets, net |
|
|
|
|
|
$ |
3,043,885 |
|
|
$ |
3,656,995 |
|
|
Summary of Amortization Expense |
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:
Year ended: |
|
|
|
|
2021 |
|
$ |
361,182 |
|
2022 |
|
|
251,720 |
|
2023 |
|
|
133,121 |
|
2024 |
|
|
3,725 |
|
2025 |
|
|
3,725 |
|
Thereafter: |
|
|
1,167 |
|
|
|
$ |
754,640 |
|
|