(3) INTANGIBLE ASSETS

The Company has intangible assets that consist of liquor licenses and lease interest assets. The liquor licenses are indefinite lived assets (see Note 1) and are not subject to amortization. The lease interest assets are amortized, to occupancy costs, on a straight-line basis over the remaining term of each respective lease. Amortization for each of the next five years is expected to be approximately $36,500.

A summary of intangible assets for the years ended January 3, 2016 and January 1, 2017, respectively, is presented in a table below:


		Remaining estimated useful life (years)		Original Cost		Impairment		Accumulated Amortization		Net Book Value		Less Current Portion⁽³⁾		Non- Current Portion
(in thousands)
Balance at January 1, 2017
	Lease interest assets	23.1	$	1,417	$	(326)⁽¹⁾	$	(249)	$	842	$	(37)	$	805
	Liquor licenses			1,810		(50)⁽²⁾		---		1,760		---		1,760

	Total		$	3,227	$	(376)	$	(249)	$	2,602	$	(37)	$	2,565


		Remaining estimated useful life (years)		Original Cost		Impairment		Accumulated Amortization		Net Book Value		Less Current Portion⁽¹⁾		Non- Current Portion
(in thousands)
Balance at January 3, 2016
	Lease interest assets	24.1	$	1,417	$	---	$	(277)	$	1,140	$	(48)		1,092
	Liquor licenses			1,810		---		---		1,810		---		1,810

	Total		$	3,227	$	---	$	(277)	$	2,950	$	(48)		2,902


⁽¹⁾Recorded in connection with the restaurant optimization. See Note 16.
⁽²⁾Based upon a quantitative analysis of this intangible asset, we determined that the fair value of one liquor license was less than its carrying value.
⁽³⁾The current portion of lease interest assets are recorded in prepaid expenses and other current assets.