Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS, NET (Tables)

v2.4.0.8
INTANGIBLE ASSETS, NET (Tables)
 9 Months Ended
Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill [Table Text Block]
Goodwill is summarized by location as follows:
 
 
 
September 30,
 
December 31,
 
 
 
2014
 
2013
 
 
 
 
 
 
 
South Africa
 
$
396,487
 
$
396,487
 
ARB
 
 
2,806,990
 
 
2,550,611
 
WEW (Nottingham)
 
 
2,955,507
 
 
3,124,507
 
JF
 
 
425,151
 
 
425,151
 
Australia
 
 
9,002,738
 
 
-
 
Hooters Pacific NW
 
 
1,951,909
 
 
-
 
Spoon
 
 
653,185
 
 
-
 
 
 
$
18,191,967
 
$
6,496,756
 
Schedule of Intangible Assets and Goodwill [Table Text Block]
Franchise cost for the Company’s Hooters restaurants and trademark/trade name for the Company’s Just Fresh and ARB entities consists of the following at September 30, 2014 and December 31, 2013. The Company is amortizing these franchise costs from the opening of each restaurant for the 20-year term of the franchise agreement with HOA and the trademark/trade name over its estimated 10-year useful lives.
 
 
 
September 30,
 
December 31,
 
 
 
2014
 
2013
 
 
 
 
 
 
 
Franchise cost:
 
 
 
 
 
 
 
South Africa
 
$
448,888
 
$
448,888
 
Brazil *
 
 
135,000
 
 
135,000
 
Australia *
 
 
498,318
 
 
-
 
Hungary
 
 
106,506
 
 
106,506
 
Hooters Pacific NW
 
 
56,936
 
 
-
 
 
 
 
1,245,648
 
 
690,394
 
Trade name/trademark:
 
 
 
 
 
 
 
Just Fresh
 
 
1,010,000
 
 
1,010,000
 
ARB
 
 
1,784,096
 
 
1,784,327
 
 
 
 
2,794,096
 
 
2,794,327
 
Total intangible cost
 
 
4,039,744
 
 
3,484,721
 
Accumulated amortization
 
 
(288,091)
 
 
(60,089)
 
Intangible assets, net
 
$
3,751,653
 
$
3,424,632
 
 
 
 
 
 
 
 
 
Three months ended September 30, 2014 and 2013:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization expense
 
$
82,818
 
$
5,372
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2014 and 2013:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization expense
 
$
228,002
 
$
15,903
 
 
* The Brazil franchise cost and the Australian franchise costs related to future restaurants are not being amortized until they are opened.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
Future amortization for franchise costs and trade name/trademarks are as follows:
 
September 30,
 
Franchise fee
 
Trade name
 
Total
 
2015
 
$
61,590
 
$
279,427
 
$
341,017
 
2016
 
 
61,590
 
 
279,427
 
 
341,017
 
2017
 
 
61,590
 
 
279,427
 
 
341,017
 
2018
 
 
61,590
 
 
279,427
 
 
341,017
 
2019
 
 
61,590
 
 
279,427
 
 
341,017
 
Thereafter
 
 
858,860
 
 
1,187,708
 
 
2,046,568
 
Totals
 
$
1,166,810
 
$
2,584,843
 
$
3,751,653