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Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Intangible Assets, Net [Abstract]  
Intangible Assets, Net
10.Intangible Assets, Net

 

Intangible assets, net consist of the following:

 

   Amortization   As of December 31, 
   Period (years)   2024   2023 
Franchise right - authorized by THRI   20    71,884,000    70,827,000 
Franchise right - upfront franchise fees   2-13.5    84,994,957    77,576,986 
Less: accumulated amortization        (59,859,869)   (37,437,913)
                
Intangible assets, net        97,019,088    110,966,073 

 

Amortization of intangible assets is charged to Store depreciation and amortization and Franchise and royalty expenses as follows:

 

   For the year ended December 31 
   2024   2023   2022 
Store depreciation and amortization   14,401,566    7,329,142    5,606,317 
Franchise and royalty expenses   10,283,615    5,365,457    3,712,684 
                
Total   24,685,181    12,694,599    9,319,001 

 

The estimated future amortization expenses related to the intangible assets are set forth as follows:

 

Year ended December 31, 2025   15,109,979 
2026   14,117,728 
2027   11,100,536 
2028   8,570,266 
2029   6,552,949 
Thereafter   41,567,630 
    97,019,088