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Other Intangibles (Tables) | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of Other Intangibles Acquired | Other intangibles as of December 31, 2020 are comprised of the following:
|  | Asset |  |  | Accumulated amortization |  |  | Net asset |  |  | Amortization period (years) |
Advertiser relationships |  | $ | 1,721,600 |  |  | $ | (568,282 | ) |  | $ | 1,153,318 |  |  |  | 6-11 |
Franchise rights |  |  | 25,149,300 |  |  |  | (2,557,921 | ) |  |  | 22,591,379 |  |  |  | 10 |
Sponsorship base |  |  | 1,164,600 |  |  |  | (661,592 | ) |  |  | 503,008 |  |  |  | 2 |
|  |  | 28,035,500 |  |  |  | (3,787,795 | ) |  |  | 24,247,705 |  |  |  |  |
Brands |  |  | 1,582,663 |  |  |  | — |  |  |  | 1,582,663 |  |  |  |  |
Other intangibles with indefinite lives |  |  | 28,824 |  |  |  | — |  |  |  | 28,824 |  |  |  |  |
|  | $ | 29,646,987 |  |  | $ | (3,787,795 | ) |  | $ | 25,859,192 |  |  |  |  |
Other intangibles as of December 31, 2019 are comprised of the following:
|  | Asset |  |  | Accumulated amortization |  |  | Net asset |  |  | Amortization period (years) |
Advertiser relationships |  | $ | 2,819,879 |  |  | $ | (1,495,465 | ) |  | $ | 1,324,414 |  |  |  | 6-11 |
Assembled workforce |  |  | 176,295 |  |  |  | (58,765 | ) |  |  | 117,530 |  |  |  | 1 |
Franchise rights |  |  | 25,149,300 |  |  |  | (42,993 | ) |  |  | 25,106,307 |  |  |  | 10 |
Sponsorship base |  |  | 1,164,600 |  |  |  | (79,292 | ) |  |  | 1,085,308 |  |  |  | 2 |
Sports program rights |  |  | 267,400 |  |  |  | (179,216 | ) |  |  | 88,184 |  |  |  | 3 |
|  |  | 29,577,474 |  |  |  | (1,855,731 | ) |  |  | 27,721,743 |  |  |  |  |
Brands |  |  | 1,582,663 |  |  |  | — |  |  |  | 1,582,663 |  |  |  |  |
Other intangibles with indefinite lives |  |  | 28,824 |  |  |  | — |  |  |  | 28,824 |  |  |  |  |
|  | $ | 31,188,961 |  |  | $ | (1,855,731 | ) |  | $ | 29,333,230 |  |  |  |  |
Summary of Estimated Future Amortization Expense Related to Intangible Assets | The Company recorded amortization expense of $0.5 million and $3.5 million for the years ended December 31, 2019 and 2020, respectively. Estimated future amortization expense related to intangible assets subject to amortization for the next five years and thereafter is as follows:
2021 |  | $ | 3,161,985 |
2022 |  |  | 2,648,020 |
2023 |  |  | 2,648,020 |
2024 |  |  | 2,648,020 |
2025 |  |  | 2,648,020 |
Thereafter |  |  | 10,493,640 |
Total |  | $ | 24,247,705 |

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