BurgerFi International, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible Assets

The following is a summary of the components of intangible assets and the related a

cumulated amortization.:


	March 31, 2021						December 31, 2020
Intangible Assets (in thousands)	Amount		Accumulated Amortization		Net Carrying Value		Amount		Accumulated Amortization		Net Carrying Value
Franchise agreements	$	24,839	$	1,032	$	23,807	$	24,839	$	147	$	24,692
Trade names / trademarks		83,055		801		82,254		83,033		115		82,918
Liquor license		235		—		235		235		—		235
Reef Kitchens license agreement		8,882		258		8,624		8,882		37		8,845
VegeFi product		135		4		131		135		1		134

	$	117,146	$	2,095	$	115,051	$	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.

impairments were recognized for the three months ended March 31, 2021 and 2020.

Amortization expense for the Successor period from January 1, 2021 to March 31, 2021 was $1.8

million

. The intangible assets for the Predecessor period from January 1, 2020 to March 31, 2020 were determined to be indefinite life intangibles. As such, no amortization expense was recognized for the period from January 1, 2020 to March 31, 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	$	5,423
2022		7,218
2023		7,218
2024		7,218
2025		7,218
2026 and thereafter		80,521

Total	$	114,816