| Intangible Assets |
Intangible Assets
Intangible assets consist of the following:
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As of March 31, 2023 |
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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 |
$ |
12,881,894 |
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$ |
(5,282,762) |
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$ |
7,599,132 |
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| Customer relationships |
4,330,365 |
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(2,641,865) |
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1,688,500 |
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| Assembled workforce |
959,837 |
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(256,399) |
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703,438 |
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$ |
18,172,096 |
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$ |
(8,181,026) |
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$ |
9,991,070 |
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As of December 31, 2022 |
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As Restated |
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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 |
$ |
12,881,894 |
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$ |
(4,755,286) |
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$ |
8,126,608 |
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| Customer relationships |
4,330,365 |
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(2,352,500) |
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1,977,865 |
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| Assembled workforce |
959,837 |
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(136,015) |
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823,822 |
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$ |
18,172,096 |
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$ |
(7,243,801) |
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$ |
10,928,295 |
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Restated amortization expense related to the Company’s intangible assets was $937,225 and $435,732 for the three months ended March 31, 2023 and 2022, respectively.
Estimated amortization expense for 2023 and subsequent years is as follows:
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Amount |
| 2023 (remainder) |
$ |
2,706,511 |
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| 2024 |
2,578,510 |
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| 2025 |
1,542,251 |
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| 2026 |
1,225,152 |
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| 2027 |
670,120 |
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| Thereafter |
1,268,526 |
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| Total |
$ |
9,991,070 |
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