XML 25 R11.htm IDEA: XBRL DOCUMENT v3.25.1
INTANGIBLE ASSETS
 12 Months Ended
Dec. 29, 2024
INTANGIBLE ASSETS  
INTANGIBLE ASSETS

NOTE 3 – INTANGIBLE ASSETS

 

At year-end 2024 and 2023, based on the value of acquired assets, intangible assets comprise the following:

 

December 29, 2024-

 

Estimated

Useful Life

(Years)

 

 

Original

Cost

 

 

Accumulate

Amortization

 

 

Net

Carrying

Value

 

Covenants not to compete

 

 

3

 

 

$198,000

 

 

$(103,135 )

 

$94,865

 

Tradenames

 

 

15

 

 

 

393,000

 

 

 

(70,988 )

 

 

322,012

 

Impairment charge

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49,078 )

 

 

 

 

 

 

$591,000

 

 

$(174,123 )

 

$367,799

 

 

December 31, 2023-

 

Estimated

Useful Life

(Years)

 

 

Original

Cost

 

 

Accumulated

Amortization

 

 

Net

Carrying

Value

 

Covenants not to compete

 

 

3

 

 

$98,000

 

 

$(51,028 )

 

$46,972

 

Tradenames

 

 

15

 

 

 

393,000

 

 

 

(44,859 )

 

 

348,141

 

 

 

 

 

 

 

$491,000

 

 

$(95,887 )

 

$395,113

 

 

Following the end of 2024, on January 2, 2025, the Company closed its Village Bier Garten location. In connection with the closure, the Company recognized the impairment of Village Bier Garten assets and has recorded an allowance to fully reserve for the remaining carrying value of intangible assets associated with the location.

 

Tradename assets are amortized over 15 years. Total amortization expense for 2024 was approximately $90,000. The total amortization of intangible assets, including the covenants not to compete will approximate $62,600 in 2025, $56,300 in 2026, $36,800 in 2027 and $26,200 per year through 2036 and approximately $5,600 in 2037.

 

Total amortization expense of intangible assets in 2024 includes $11,660 of expense to write off the intangible asset related to the Company’s former franchise asset upon termination of the franchise agreement. This amount was included in other assets in the 2023 consolidated balance sheet.