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Intangible Assets: | 12 Months Ended
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Dec. 30, 2023
Intangible Assets |
Intangible Assets | 5. 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 $354,000 and $191,700 of amortization expense for the years ended December 30, 2023 and December 31, 2022, respectively. ​ Intangible assets consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​
​ | December 30, 2023 | ​ | December 31, 2022
Reacquired franchise rights | $ | 3,540,000 | ​ | $ | 3,540,000
Accumulated amortization | ​ | (545,700) | ​ |  | (191,700)
​ | $ | 2,994,300 | ​ | $ | 3,348,300
​ The following table illustrates future amortization to be expensed for the next five fiscal years and fiscal years thereafter related to reacquired franchise rights as of December 30, 2023. ​
​ | ​ | ​ | ​
Amortization expected to be expensed in | ​ | Amount
2024 | ​ | $ | 354,000
2025 | ​ |  | 354,000
2026 | ​ |  | 354,000
2027 | ​ |  | 354,000
2028 | ​ |  | 354,000
Thereafter | ​ |  | 1,224,300
​ | ​ | $ | 2,994,300
​

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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