INTANGIBLE ASSETS

12 Months Ended

Dec. 29, 2019

Intangible Assets

Intangible Assets

(3)         INTANGIBLE ASSETS

We have intangible assets that consist of liquor licenses, goodwill and reacquired franchise rights, net. The liquor licenses and goodwill are indefinite-lived assets and are not subject to amortization.  Reacquired franchise rights are amortized to depreciation and amortization expense on a straight-line basis over the remaining life of the reacquired franchise agreement. In fiscal 2018, we also included lease interest assets in intangible assets and amortized to occupancy costs on a straight-line basis over the remaining term of each respective lease. With the adoption of ASC 842 – Leases, these assets were included in ROU assets on the balance sheet. The amount of such reclass was approximately $768,000.

Intangible assets consisted approximately of the following at:

(in thousands)	December 29, 2019		December 30, 2018
Lease interest assets, net		-		768
Reacquired franchise rights, net		1,788		25
Goodwill		640		61
Liquor licenses		425		635
Intangible assets, net	$	2,853	$	1,489

The following table provides the projected future amortization of reacquired franchise rights, net for the next five years, as of December 29, 2019:

(in thousands)	Reacquired Franchise Rights, net
Fiscal 2020	$	418
Fiscal 2021		418
Fiscal 2022		418
Fiscal 2023		253
Fiscal 2024		132
Thereafter		149
	$	1,788

We recognized amortization expense related to reacquired franchise rights of approximately $306,000 and $1,000 during the years ended December 29, 2019 and December 30, 2018, respectively, and expect to recognize the remaining balance over a period of 8 years.