Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net (Tables)

v3.8.0.1
Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

Goodwill consist of the following at December 31, 2017 and December 31, 2016:

 

    December 31, 2017     December 31, 2016  
Hooters Full Service   $ 4,703,203     $ 4,461,167  
Better Burgers Fast Casual     7,448,848       7,448,848  
Just Fresh Fast Casual     495,755       495,755  
    $ 12,647,806     $ 12,405,770  

Summary of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill are summarized as follows:

 

    December 31, 2017     December 31, 2016  
Beginning Balance   $ 12,405,770     $ 12,702,139  
Acquisitions     -       70,604  
Adjustments     -       62,192  
Foreign currency translation (loss) gain     242,036       (429,165 )
Ending Balance   $ 12,647,806     $ 12,405,770  

Schedule of Other Intangible Assets

Franchise and trademark/tradename intangible assets consist of the following at December 31, 2017 and December 31, 2016:

 

    Estimated Useful Life   December 31, 2017     December 31, 2016  
Trademark, Tradenames:                    
Just Fresh   10 years   $ 1,010,000     $ 1,010,000  
American Roadside Burger   10 years     1,786,930       1,786,930  
BGR: The Burger Joint   Indefinite     1,430,000       1,430,000  
Little Big Burger   Indefinite     1,550,000       1,550,000  
          5,776,930       5,776,930  
Acquired Franchise Rights                    
BGR: The Burger Joint, net of impairment of $264,000   7 years     1,056,000       1,320,000  
                     
Franchise  License Fees:                    
Hooters South Africa   20 years     273,194       322,258  
Hooters Pacific NW   20 years     74,507       88,826  
Hooters UK   5 years     13,158       30,848  
          360,859       441,932  
Total Intangibles at cost         7,193,789       7,538,862  
Accumulated amortization         (1,297,057 )     (1,008,619 )
Intangible assets, net       $ 5,896,732     $ 6,530,243  

 

    Periods Ended  
    December 31, 2017     December 31, 2016  
Amortization expense   $ 302,879     $ 311,893