Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net (Tables)

v3.19.2
Intangible Assets, Net (Tables)
6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

Goodwill consist of the following:

 

    June 30, 2019     December 31, 2018  
Hooters Full Service   $ 3,330,215     $ 3,335,862  
Better Burgers Fast Casual     7,448,848       7,448,848  
Just Fresh Fast Casual     495,755       495,755  
    $ 11,274,818     $ 11,280,465  
Summary of Changes in Carrying Amount of Goodwill

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

 

    June 30, 2019     December 31, 2018  
Beginning Balance   $ 11,280,465     $ 12,647,806  
Impairment     -       (1,191,111 )
Foreign currency translation gain (loss)     (5,647 )     (176,230 )
Ending Balance   $ 11,274,818     $ 11,280,465  
Schedule of Other Intangible Assets

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

 

        June 30, 2019     December 31, 2018  
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   7 years     827,757       827,757  
                     
Franchise License Fees:                    
Hooters South Africa   20 years     239,958       234,242  
Hooters Pacific NW   20 years     89,507       89,507  
Hooters UK   5 years     12,364       12,422  
          341,829       336,171  
Total Intangibles at cost         6,946,516       6,940,858  
Accumulated amortization         (2,058,936 )     (1,817,699 )
Intangible assets, net       $ 4,887,580     $ 5,123,159  

 

    Six Months Ended  
    June 30, 2019     June 30, 2018  
Amortization expense   $ 241,237     $ 263,025