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Intangible Assets: | 9 Months Ended
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Sep. 24, 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, individual franchise agreements were signed for these eleven stores, 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 $88,500 and $103,300 of amortization expense for the three and nine months ended September 24, 2022, respectively. ​ 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 September 24, 2022. ​
​ | ​ | ​ | ​
Amortization expected to be expensed in | ​ | Amount
2022 | ​ | $ | 88,500
2023 | ​ |  | 354,000
2024 | ​ |  | 354,000
2025 | ​ |  | 354,000
2026 | ​ |  | 354,000
Thereafter | ​ |  | 1,932,200
​ | ​ | $ | 3,436,700
​

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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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