Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS, NET (Tables)

v2.4.0.8
INTANGIBLE ASSETS, NET (Tables)
12 Months Ended
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill [Table Text Block]
Goodwill is summarized by location as follows:
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
 
South Africa
 
$
396,487
 
$
396,497
 
ARB
 
 
2,550,611
 
 
-
 
WEW (Nottingham)
 
 
3,124,507
 
 
-
 
JF
 
 
425,151
 
 
-
 
 
 
$
6,496,756
 
$
396,497
 
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 JF and ARB entities consists of the following at December 31, 2013 and December 31, 2012. 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.
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Franchise cost:
 
 
 
 
 
 
 
South Africa
 
$
448,888
 
$
358,888
 
Brazil *
 
 
135,000
 
 
135,000
 
Hungary
 
 
106,506
 
 
104,684
 
 
 
 
690,394
 
 
598,572
 
Trade name/trademark:
 
 
 
 
 
 
 
Just Fresh
 
 
1,010,000
 
 
-
 
ARB
 
 
1,784,327
 
 
-
 
 
 
 
2,794,327
 
 
-
 
Total intangible cost
 
 
3,484,721
 
 
598,572
 
Accumulated amortization
 
 
(60,089)
 
 
(38,740)
 
Intangible assets, net
 
$
3,424,632
 
$
559,832
 
 
 
 
 
 
 
 
 
Years ended December 31, 2013 and 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization expense
 
$
21,349
 
$
18,809
 
 
* The Brazil franchise cost is not being amortized until we open a restaurant.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
Amortization for franchise costs and trade name/trademarks are as follows:
 
December 31,
 
Franchise fee
 
Trade name
 
Total
 
2014
 
$
27,770
 
$
279,432
 
$
307,202
 
2015
 
 
27,770
 
 
279,432
 
 
307,202
 
2016
 
 
27,770
 
 
279,432
 
 
307,202
 
2017
 
 
27,770
 
 
279,432
 
 
307,202
 
2018
 
 
27,770
 
 
279,432
 
 
307,202
 
Thereafter
 
 
356,455
 
 
1,397,167
 
 
1,753,622
 
Totals
 
$
495,305
 
$
2,794,327
 
$
3,289,632