INTANGIBLE ASSETS, NET
|6 Months Ended|
Jun. 30, 2022
|Goodwill and Intangible Assets Disclosure [Abstract]|
|INTANGIBLE ASSETS, NET||
8. INTANGIBLE ASSETS, NET
A rollforward of goodwill is as follows:
SCHEDULE OF GOODWILL
The Company performed a qualitative assessment at June 30, 2022 based on the best judgment of management for the future of the reporting unit and on information known at the time of the assessment, and determined that it was more likely than not that the fair value of its reporting unit exceeded the carrying amount and, therefore, a quantitative assessment was not deemed necessary and no impairment was recorded to goodwill.
Other Intangible Assets
Franchise and trademark/tradename intangible assets consist of the following:
SCHEDULE OF FINITE - LIVED INTANGIBLE ASSETS
As of June 30, 2021, we performed an analysis of the recoverability of the carrying value of our intangible assets. Based on the analysis, an impairment charge of approximately $0.3 million was recorded to trademark/tradenames for ABC: American Burger Company for the six months ended June 30, 2021, and is included in asset impairment charges in our condensed consolidated statements of operations. There were no indicators of impairment related to our intangible assets during the six months ended June 30, 2022.
We recognized amortization expense of $0.1 million and $0.2 million during the three and six months ended June 30, 2022, respectively, and $0.1 million and $0.2 million during the three and six months ended June 30, 2021, respectively.
Amortization expense for the next five years is as follows (in thousands):
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef