| Intangible Assets |
Intangible Assets Intangible assets consist of the following:
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As of September 30, 2020 |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Value |
Intangible assets subject to amortization: |
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Reacquired franchise rights |
$ |
3,246,494 |
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$ |
(1,930,669) |
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$ |
1,315,825 |
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Customer relationships |
1,255,975 |
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(1,062,846) |
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193,129 |
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Reacquired development rights |
2,050,481 |
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(1,398,491) |
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651,990 |
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$ |
6,552,950 |
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$ |
(4,392,006) |
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$ |
2,160,944 |
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As of December 31, 2019 |
|
Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Value |
| Intangible assets subject to amortization: |
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| Reacquired franchise rights |
$ |
3,246,494 |
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$ |
(1,400,086) |
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$ |
1,846,408 |
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| Customer relationships |
1,255,975 |
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(865,478) |
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390,497 |
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| Reacquired development rights |
2,050,481 |
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(1,067,595) |
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982,886 |
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$ |
6,552,950 |
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$ |
(3,333,159) |
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$ |
3,219,791 |
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Amortization expense related to the Company’s intangible assets was $351,114 and $1,058,848 for the three and nine months ended September 30, 2020, respectively. Amortization expense related to the Company’s intangible assets was $336,899 and $694,290 for the three and nine months ended September 30, 2019, respectively.
Estimated amortization expense for 2020 and subsequent years is as follows:
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Amount |
| 2020 (remainder) |
$ |
351,115 |
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| 2021 |
1,212,703 |
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| 2022 |
539,750 |
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| 2023 |
57,376 |
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| Total |
$ |
2,160,944 |
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