Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
On February 4, 2019, the Company entered into an agreement under which it repurchased the right to develop franchises in various counties in South Carolina and Georgia. The total consideration for the transaction was $681,500. The Company carried a deferred revenue balance associated with these transactions of $44,334, representing license fees collected upon the execution of the regional developer agreements. The Company accounted for the termination of development rights associated with unsold or undeveloped franchises as a cancellation, and the associated deferred revenue was netted against the aggregate purchase price.
Intangible assets consist of the following:
As of March 31, 2020
Gross Carrying
Amount		 Accumulated
Amortization		 Net Carrying
Value
Intangible assets subject to amortization:
Reacquired franchise rights
 $ 3,246,494    $ (1,576,947)   $ 1,669,547   
Customer relationships
 1,255,975    (934,938)   321,037   
Reacquired development rights
 2,050,481    (1,177,893)   872,588   
$ 6,552,950    $ (3,689,778)   $ 2,863,172   

As of December 31, 2019
Gross Carrying
Amount		 Accumulated
Amortization		 Net Carrying
Value
Intangible assets subject to amortization:
Reacquired franchise rights $ 3,246,494    $ (1,400,086)   $ 1,846,408   
Customer relationships 1,255,975    (865,478)   390,497   
Reacquired development rights 2,050,481    (1,067,595)   982,886   
$ 6,552,950    $ (3,333,159)   $ 3,219,791   
Amortization expense related to the Company’s intangible assets was $356,619 and $165,704 for the three months ended March 31, 2020 and 2019, respectively.
Estimated amortization expense for 2020 and subsequent years is as follows:
Amount
2020 (remainder) $ 1,053,343   
2021 1,212,703   
2022 539,750   
2023 57,376   
Total $ 2,863,172