| Schedule of Goodwill |
Goodwill is summarized
by location as follows:
| |
|
March 31, 2017 |
|
|
December 31, 2016 |
|
| Hooters Full Service |
|
$ |
4,493,548 |
|
|
$ |
4,461,167 |
|
| Better Burgers Fast Casual |
|
|
7,448,848 |
|
|
|
7,448,848 |
|
| Just Fresh Fast Casual |
|
|
495,755 |
|
|
|
495,755 |
|
| |
|
$ |
12,438,151 |
|
|
$ |
12,405,770 |
|
|
| Summary of Changes in Carrying Amount of Goodwill |
The changes in the
carrying amount of goodwill are summarized as follows:
| |
|
March 31, 2017 |
|
|
December 31, 2016 |
|
| Beginning Balance |
|
$ |
12,405,770 |
|
|
$ |
12,702,139 |
|
| Acquisitions |
|
|
- |
|
|
|
70,604 |
|
| Adjustments |
|
|
- |
|
|
|
62,192 |
|
| Foreign currency translation (loss) gain |
|
|
32,381 |
|
|
|
(429,165 |
) |
| Ending Balance |
|
$ |
12,438,151 |
|
|
$ |
12,405,770 |
|
|
| Schedule of Other Intangible Assets |
Other intangible assets, consisting
of franchise costs, trademarks and tradenames, is summarized by location as follows:
| |
|
Estimated Useful Life |
|
March 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 |
|
Indefinte |
|
|
1,430,000 |
|
|
|
1,430,000 |
|
| Little Big Burger |
|
Indefinte |
|
|
1,550,000 |
|
|
|
1,550,000 |
|
| |
|
|
|
|
5,776,930 |
|
|
|
5,776,930 |
|
| Franchise fees: |
|
|
|
|
|
|
|
|
|
|
| Hooters South Africa |
|
20 years |
|
|
329,393 |
|
|
|
322,258 |
|
| Hooters Pacific NW |
|
20 years |
|
|
88,826 |
|
|
|
88,826 |
|
| BGR: The Burger Joint |
|
Indefinite |
|
|
1,320,000 |
|
|
|
1,320,000 |
|
| Hooters UK |
|
20 years |
|
|
12,500 |
|
|
|
30,848 |
|
| |
|
|
|
|
1,750,719 |
|
|
|
1,761,932 |
|
| Total Intangibles at cost |
|
|
|
|
7,527,649 |
|
|
|
7,538,862 |
|
| Accumulated amortization |
|
|
|
|
(1,085,809 |
) |
|
|
(1,008,619 |
) |
| Intangible assets, net |
|
|
|
$ |
6,441,840 |
|
|
$ |
6,530,243 |
|
| |
|
Periods Ended |
|
| |
|
March 31, 2017 |
|
|
March 31, 2016 |
|
| Amortization expense |
|
$ |
75,776 |
|
|
$ |
82,235 |
|
|