Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets, Net (Tables)

v3.5.0.2
Goodwill and Other Intangible Assets, Net (Tables)
9 Months Ended
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

Goodwill is summarized by location as follows:

 

    September 30, 2016     December 31, 2015  
American Burger Company   $ 2,806,990     $ 2,806,990  
BGR: The Burger Joint     663,037       663,037  
Little Big Burger     2,938,279       2,938,279  
BT's Burger Joint     1,040,542       978,350  
Just Fresh     495,755       425,151  
Hooters South Africa     229,535       206,503  
West End Wings UK     2,393,226       2,733,001  
Hooters Pacific NW     1,950,828       1,950,828  
Total   $ 12,518,192     $ 12,702,139  

Summary of Changes in Carrying Amount of Goodwill

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

 

    Nine Months Ended  
    September 30, 2016     September 30 2015  
Beginning Balance   $ 12,702,139     $ 15,617,308  
Acquisitions     70,604       426,038  
Adjustments     62,192       -  
Foreign currency translation (loss) gain     (316,742 )     (567,607 )
Ending Balance   $ 12,518,192     $ 15,475,739  

Schedule of Other Intangible Assets

Other intangible assets, consisting of franchise costs, trademarks and tradenames, is summarized by location as follows:

 

    Estimated
Useful Life
  September 30, 2016     December 31, 2015  
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  
Franchise fees:                    
South Africa   20 years     318,713       286,732  
Hooters Pacific NW   20 years     88,826       90,000  
BGR: The Burger Joint   Indefinite     1,320,000       1,320,000  
          1,727,539       1,696,732  
Total Intangibles at cost         7,504,469       7,473,662  
Accumulated amortization         (932,778 )     (696,726 )
Intangible assets, net       $ 6,571,691     $ 6,776,936  

 

    Nine Months Ended  
    September 30, 2016     September 30, 2015  
Amortization expense   $ 236,052     $ 229,370