Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.20.1
Intangible Assets, Net
3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

6. INTANGIBLE ASSETS, NET

 

GOODWILL

 

Goodwill consist of the following at March 31, 2020 and December 31, 2019:

 

    (Unaudited)        
    March 31, 2020     December 31, 2019  
Beginning Balance   $ 8,567,888     $ 10,564,353  
Impairment     -       (2,025,720 )
Foreign currency translation gain (loss)     (54,546 )     29,255  
Ending Balance   $ 8,513,342     $ 8,567,888  

 

OTHER INTANGIBLE ASSETS

 

Franchise and trademark/tradename intangible assets consist of the following at March 31, 2020 and December 31, 2019:

 

        (Unaudited)        
        March 31, 2020     December 31, 2019  
Trademark, Tradenames:                    
American Roadside Burger   10 years   $ 1,786,930     $ 1,786,930  
BGR: The Burger Joint   Indefinite     985,996       985,996  
Little Big Burger   Indefinite     1,550,000       1,550,000  
          4,322,926       4,322,926  
Acquired Franchise Rights                    
BGR: The Burger Joint   7 years     827,757       827,757  
                     
Franchise License Fees:                    
Hooters Pacific NW   20 years     74,507       74,507  
Hooters UK   5 years     12,046       12,917  
          86,553       87,424  
Total Intangibles at cost         5,237,236       5,238,107  
Accumulated amortization         (1,672,071 )     (1,581,112 )
Intangible assets, net       $ 3,565,165     $ 3,656,995