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Other Intangibles (Tables)

12 Months Ended

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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- Definition

Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

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-Name Accounting Standards Codification
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Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

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