8. INTANGIBLE ASSETS, NET

Goodwill

A roll forward of goodwill is as follows:

SCHEDULE OF GOODWILL

On October 8, 2021, the Company, through its wholly owned subsidiary, Chanticleer UK Group Limited, sold West End Wings LTD, the Company’s Hooters restaurant located in Nottingham, England, to Hard Four Consultancy Limited (UK) for the final purchase price of £0.4 million (approximately $0.6 million). The Company recognized a gain on sale of subsidiary of $0.1 million in the consolidated statement of operations for the year ended December 31, 2021.

Other Intangible Assets

Franchise and trademark/tradename intangible assets consist of the following:

SCHEDULE OF FINITE - LIVED INTANGIBLE ASSETS

Based on an analysis of the recoverability of the carrying value at each quarter end during 2022, including December 31, 2022, an impairment charge of approximately $0.3 million was recorded to trademark/tradenames for PizzaRev and $0.3 million was recorded to franchise rights for PizzaRev during the year ended December 31, 2022.

Based on an analysis of the recoverability of the carrying value at each quarter end during 2021, including December 31, 2021, an impairment charge of approximately $0.3 million was recorded to trademark/tradenames for ABC: American Burger Company during the year ended December 31, 2021.

Amortization of intangible assets was $0.2 million and $0.4 million for the years ended December 31, 2022 and 2021, respectively.

Amortization expense for the next five years is as follows (in thousands). The amounts below reflect the Company’s change in estimate relating to the useful lives of the formerly indefinite-lived trademark/tradename intangible assets. For additional information, see Note 2.

SUMMARY OF AMORTIZATION EXPENSE