Other

intangibles as of December 31, 2022 are comprised of the following:


	Asset		Accumulated amortization			Net asset		Amortization period (years)
Advertiser relationships	$	2,029,000	$	(636,869	)	$	1,392,131		6-11
Franchise rights		4,739,523		—			4,739,523		10
Trade name		510,000		(33,202	)		476,798		8

		7,278,523		(670,071	)		6,608,452
Brands		1,582,663		—			1,582,663
Other intangibles with indefinite lives		28,824		—			28,824

	$	8,890,010	$	(670,071	)	$	8,219,939

Other intangibles as of December 31, 2021 are comprised of the following:


	Asset		Accumulated amortization			Net asset		Amortization period (years)
Advertiser relationships	$	1,464,000	$	(454,731	)	$	1,009,269		11
Franchise rights		25,149,300		(5,072,849	)		20,076,451		10

		26,613,300		(5,527,580	)		21,085,720
Brands		1,582,663		—			1,582,663
Other intangibles with indefinite lives		28,824		—			28,824

	$	28,224,787	$	(5,527,580	)	$	22,697,207

If an event or change in circumstances were to indicate that the carrying amount of any other intangibles is not recoverable, the carrying amount will be reduced to the estimated fair value. For the purpose of testing its other intangibles for impairment, the Company has identified its market clusters, digital, and esports as its reporting units.

During the fourth quarter of 2022, the Company received information related to the franchise rights in the esports segment, and based on that information the Company concluded that the carrying amount of the franchise rights was not fully recoverable. Therefore,

the Company performed a quantitative impairment test for its franchise rights as of December 31, 2022. As a result of the test, the Company recorded an impairment loss

$12.8

million.

The fair values of the franchise rights were estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables such as projected revenue, projected growth rate for revenue, projected operating income margins, and a discount rate appropriate for the esports industry. The key assumptions used in the discounted cash flow analyses are as follows:


Revenue growth rate(s)		3.0% - 25.0%
Operating income margin(s)		(22.3 ) % - 43.5%
Discount rate		20.0%

The Company recorded amortization expense of $3.2 million and $2.7 million for the years ended December 31, 2021 and 2022, respectively. Estimated future amortization expense related to intangible assets subject to amortization for the next five years and thereafter is

as follows:



2023	$	968,083
2024		968,083
2025		968,083
2026		968,083
2027		968,083
Thereafter		1,768,037

Total	$	6,608,452