Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS, NET

v3.22.1
INTANGIBLE ASSETS, NET
3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

6. INTANGIBLE ASSETS, NET

 

GOODWILL

 

A rollforward of goodwill is as follows:

 

(in thousands)   Three Months Ended
March 31, 2022
   

Year Ended

December 31, 2021

 
Beginning balance   $ 7,810     $ 8,591  
Acquisition of Pie Squared Holdings           51  
Sale of Hooters UK           (820 )
Foreign currency translation loss           (12 )
Ending balance   $ 7,810     $ 7,810  

 

 

OTHER INTANGIBLE ASSETS

 

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

 

(in thousands)       March 31, 2022     December 31, 2021  
Trademark, Tradenames:                    
American Roadside Burger   10 years   $ 561     $ 561  
BGR: The Burger Joint   Indefinite     739       739  
Little Big Burger   Indefinite     1,550       1,550  
PizzaRev   5 years     410       410  
          3,260       3,260  
Acquired Franchise Rights:                    
BGR: The Burger Joint   7 years     828       828  
PizzaRev   5 years     410       410  
          1,238       1,238  
Total intangibles at cost         4,498       4,498  
Accumulated amortization         (1,460 )     (1,369 )
Intangible assets, net       $ 3,038     $ 3,129  

 

As of March 31, 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 three months ended March 31, 2021.

 

Amortization of intangible assets was $0.1 million for each of the three months ended March 31, 2022 and 2021. Amortization expense for the next five years is as follows (in thousands):

 

Year ending December 31:        
2022 (remaining nine months)   $ 147  
2023     164  
2024     164  
2025     164  
2026     110  
Amortization, net   $ 749