Post-effective amendment to a registration statement that is not immediately effective upon filing

Intangible Assets

v3.21.2
Intangible Assets
6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]    
Intangible Assets
4. Intangible Assets
The following is a summary of the components of intangible assets and the related accumulated amortization.:
 
    
June 30, 2021
    
December 31, 2020
 
Intangible Assets (in thousands)
  
Amount
    
Accumulated

Amortization
    
Net Carrying

Value
    
Amount
    
Accumulated

Amortization
    
Net Carrying

Value
 
Franchise agreements
   $ 24,839      $ 1,922      $ 22,917      $ 24,839      $ 147      $ 24,692  
Trade names / trademarks
     83,060        1,499        81,561        83,033        115        82,918  
Liquor license
     235        —          235        235        —          235  
Reef Kitchens license agreement
     8,882        481        8,401        8,882        37        8,845  
VegeFi product
     135        7        128        135        1        134  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
   $ 117,151      $ 3,909      $ 113,242      $ 117,124      $ 300      $ 116,824  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Liquor license is considered to have an indefinite life and is reviewed for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. No impairments were recognized for the six months ended June 30, 2021 and 2020.
Amortization expense for the Successor period for the three and six months ended June 30, 2021 was $1,821,000 and $3,624,000, respectively. Included within amortization expense is $7,500 and $15,000 for the three and six months ended June 30, 2021 related to the amortization of lease acquisition costs. The intangible assets for the Predecessor period from January 1, 2020 to June 30, 2020 were determined to be indefinite life intangibles. As such, no amortization expense was recognized for the three and six months ended June 30, 2020. 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 2021
   $ 3,609  
2022
     7,219  
2023
     7,219  
2024
     7,219  
2025
     7,219  
2026 and thereafter
     80,522  
  
 
 
 
Total
   $ 113,007  
  
 
 
 
4. Intangible Assets
The following is a summary of the components of intangible assets and the related amortization expense:
 
    
Successor December 31, 2020
    
Predecessor December 31, 2019
 
Intangible Assets at
December 31, 2020 (in
thousands)
  
Amount
    
Accumulated
Amortization
    
Net
Carrying
Value
    
Amount
    
Accumulated
Amortization
    
Net
Carrying
Value
 
Franchise agreements
   $ 24,839      $ 147      $ 24,692      $ —        $ —        $ —    
Trade names / trademarks
     83,033        115        82,918        25        —          25  
Liquor license
     235        —          235        210        —          210  
Reef Kitchens license agreement
     8,882        37        8,845        —          —          —    
VegeFi product
     135        1        134        —          —          —    
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
     $ 117,124      $ 300      $ 116,824      $ 235      $ —        $ 235  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Liquor license is
considered to have an indefinite life and is reviewed for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. No impairments were recognized for the years ended December 31, 2020 and 2019
.
Amortization expense for the Successor period from December 16, 2020 to December 31, 2020 was $300,000. The intangible assets for the Predecessor period were determined to be indefinite life intangibles. As such, no amortization expense was recognized for the period from January 1, 2020 to December 15, 2020 and for the twelve-month period ended December 31, 2019. The estimated aggregate amortization expense for intangible assets over the next five years ending December 31 and thereafter is as follows:
 
(in thousands):
  
Successor
 
2021
   $ 7,218  
2022
     7,218  
2023
     7,218  
2024
     7,218  
2025
     7,218  
Thereafter
     80,499  
    
 
 
 
Total
     116,589