Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net (Tables)

v3.21.1
Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
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