| 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 |
|
|