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Intangible Assets: | 6 Months Ended
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Jun. 25, 2022
Intangible Assets |
Intangible Assets | 6. Intangible Assets ​ In June 2022, Winmark terminated an agreement that contained the rights for eleven Play It Again Sports stores to operate separately from Winmark’s franchise system. In terminating the agreement, which included $3.54 million of consideration paid by Winmark, Winmark reacquired the franchise rights to these eleven stores. Upon termination of the agreement, these eleven stores signed franchise agreements, each with an initial term of ten years. ​ Intangible assets consist of these reacquired franchise rights. The Company amortizes the fair value of the reacquired franchise rights over the contract term of the franchise. The Company recognized $14,800 of amortization expense for the three and six months ended June 25, 2022. ​ The following table illustrates future amortization to be expensed for the remainder of 2022 and full fiscal years thereafter related to reacquired franchise rights as of June 25, 2022. ​
​ | ​ | ​ | ​
Amortization expected to be expensed in | ​ | Amount
2022 | ​ | $ | 177,000
2023 | ​ |  | 354,000
2024 | ​ |  | 354,000
2025 | ​ |  | 354,000
2026 | ​ |  | 354,000
Thereafter | ​ |  | 1,932,200
​ | ​ | $ | 3,525,200
​

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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