Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.22.1
Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
The following is a summary of the components of intangible assets and the related amortization expense:

December 31, 2021
December 31, 2020
(in thousands) Amount Accumulated Amortization Net Carrying Value Amount Accumulated Amortization Net Carrying Value
Franchise agreements $ 24,839  $ 3,696  $ 21,143  $ 24,839  $ 147  $ 24,692 
Trade names / trademarks 143,750  3,220  140,530  83,033  115  82,918 
Liquor license 6,678  —  6,678  235  —  235 
License agreement 1,176  925  251  8,882  37  8,845 
VegeFi product 135  14  121  135  1  134 
$ 176,578  $ 7,855  $ 168,723  $ 117,124  $ 300  $ 116,824 

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. The Company recorded $7.7 million of intangible asset impairment for the year ended December 31, 2021, in relation to the Company's license agreement. See Note 6 Impairment.

Amortization expense for the year ended December 31, 2021 was $7.6 million. Amortization expense for the Successor period from December 16, 2020 to December 31, 2020 was $0.3 million. 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. The estimated aggregate amortization expense for intangible assets over the next five years ending December 31 and thereafter is as follows:
(in thousands)
2022 $ 8,490 
2023 8,467 
2024 8,353 
2025 8,353 
2026 8,353 
Thereafter 120,029 
Total $ 162,045