Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible AssetsThe following is a summary of the components of intangible assets and the related amortization expense:
March 31, 2022 December 31, 2021
(in thousands) Amount Accumulated Amortization Net Carrying Value Amount Accumulated Amortization Net Carrying Value
Franchise agreements $ 24,839  $ 4,583  $ 20,256  $ 24,839  $ 3,696  $ 21,143 
Trade names / trademarks 143,750  4,418  139,332  143,750  3,220  140,530 
Liquor license 6,678  —  6,678  6,678  —  6,678 
License agreement 1,177  960  217  1,176  925  251 
VegeFi product 135  17  118  135  14  121 
$ 176,579  $ 9,978  $ 166,601  $ 176,578  $ 7,855  $ 168,723 

Liquor license is considered to have an indefinite life, and in addition to the Company's definite-lived intangible assets, is reviewed for impairment at the end of each reporting period and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

Intangible asset amortization expense for the three months ended March 31, 2022 and 2021 was $2.1 million and $1.8 million, respectively. The estimated aggregate amortization expense for intangible assets over the next five years ending December 31 and thereafter is as follows:

(in thousands)
Remainder of 2022 $ 6,368 
2023 8,467 
2024 8,353 
2025 8,353 
2026 8,353 
Thereafter 120,029 
Total $ 159,923