Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.20.2
Intangible Assets
9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consist of the following:
As of September 30, 2020
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Value
Intangible assets subject to amortization:
Reacquired franchise rights
$ 3,246,494  $ (1,930,669) $ 1,315,825 
Customer relationships
1,255,975  (1,062,846) 193,129 
Reacquired development rights
2,050,481  (1,398,491) 651,990 
$ 6,552,950  $ (4,392,006) $ 2,160,944 

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 $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:
Amount
2020 (remainder) $ 351,115 
2021 1,212,703 
2022 539,750 
2023 57,376 
Total $ 2,160,944