Other Assets

12 Months Ended

Dec. 31, 2021

Other Assets

Other Assets

Note 4 – Other Assets

Included in other assets at December 31, 2021 and 2020, are franchise fees of $242,274 and $257,750, respectively. The Company’s hotel properties each are operated pursuant to franchise agreements. The term of each current franchise agreement is for a 15 to 25-year period and the agreements require the Company to, among other things, pay monthly fees that are calculated based on specified percentages of certain revenues. For the year ended December 31, 2021 and 2020, the Company amortized $15,476 and $14,642 of deferred franchise fees. These amounts are included in depreciation and amortization on the statement of operations.

The future amortization of deferred franchise costs as of December 31, 2021 is as follows:

Years Ending December 31,
2022	$	15,475
2023		15,475
2024		15,475
2025		15,475
2026		15,475
Thereafter		164,899
Total	$	242,274