| Schedule of Intangible Assets |
Intangible assets consisted of the following:
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As of September 30, 2022 |
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Gross Carrying
Amount |
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Accumulated
Amortization |
|
Net Carrying
Value |
| Intangible assets subject to amortization: |
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| Reacquired franchise rights |
$ |
10,233,998 |
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$ |
(4,277,349) |
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|
$ |
5,956,649 |
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| Customer relationships |
3,826,495 |
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(2,076,027) |
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|
1,750,468 |
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| Reacquired development rights |
6,603,303 |
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(4,478,565) |
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2,124,738 |
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| Assembled workforce |
386,397 |
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(55,746) |
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330,651 |
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$ |
21,050,193 |
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$ |
(10,887,687) |
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$ |
10,162,506 |
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As of December 31, 2021 |
|
Gross Carrying
Amount |
|
Accumulated
Amortization |
|
Net Carrying
Value |
| Intangible assets subject to amortization: |
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| Reacquired franchise rights |
$ |
6,795,865 |
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$ |
(3,153,037) |
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$ |
3,642,828 |
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| Customer relationships |
2,603,006 |
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(1,587,443) |
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1,015,563 |
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| Reacquired development rights |
4,406,221 |
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(3,715,594) |
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690,627 |
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| Assembled workforce |
59,311 |
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(4,939) |
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54,372 |
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$ |
13,864,403 |
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$ |
(8,461,013) |
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$ |
5,403,390 |
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Amortization expense related to the Company’s intangible assets was $957,703 and $939,505 for the three months ended September 30, 2022 and 2021, respectively. Amortization expense was $2,426,674 and $2,704,974 for the nine months ended September 30, 2022 and 2021, respectively.
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Estimated amortization expense for 2022 and subsequent years is as follows:
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Amount |
| 2022 (remainder) |
$ |
914,765 |
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| 2023 |
3,021,310 |
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| 2024 |
2,159,463 |
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| 2025 |
1,596,470 |
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| 2026 |
1,333,885 |
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| Thereafter |
$ |
1,136,613 |
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| Total |
$ |
10,162,506 |
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