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Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Other Intangibles Acquired

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

Summary of Estimated Future Amortization Expense Related to Intangible Assets

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

 Summary of the key assumptions used in the discounted cash flow analyses

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

X

- Definition

Disclosure in tabular form of assumptions used in determination of fair value of intangible assets .

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No definition available.

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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 https://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

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-Name Accounting Standards Codification
-Topic 350
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-Section 50
-Paragraph 1
-Subparagraph (a)
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

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