Sadot Group Inc. Goodwill & Intangibles Disclosure
10. Goodwill and Other Intangible Assets, Net
The Company’s intangible assets include trademarks, franchisee agreements, franchise license, domain names, customer list, proprietary recipes and non-compete agreements. Intangible assets are amortized over useful lives ranging from 5 to 10 years. During the year ended 2024, the Company moved the remaining intangible assets to assets held for sale and as a result of the reclassification, the Company stopped amortizing these assets. See Note 4 – Assets held for sale for additional information.
A summary of the intangible assets is presented below:
| Intangible assets, net at December 31, 2023 |
Impairment of intangible assets | Amortizat expense | Transfer to assets held for sale | Intangible assets, net at December 31, 2024 |
Impairment of intangible assets | Amortization expense | Intangible assets, net at December 31, 2025 | |||||||||||||||||||||||||
| $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |||||||||||||||||||||||||
| Trademark Muscle Maker Grill | ||||||||||||||||||||||||||||||||
| Franchise Agreements Muscle Maker Grill | ||||||||||||||||||||||||||||||||
| Trademark SuperFit | ||||||||||||||||||||||||||||||||
| Domain Name SuperFit | ||||||||||||||||||||||||||||||||
| Customer List SuperFit | ||||||||||||||||||||||||||||||||
| Proprietary Recipes SuperFit | ||||||||||||||||||||||||||||||||
| Non-Compete Agreement SuperFit | ||||||||||||||||||||||||||||||||
| Trademark Pokémoto | 83 | (9 | ) | (74 | ) | |||||||||||||||||||||||||||
| Franchisee License Pokémoto | 2,045 | (69 | ) | (1,976 | ) | |||||||||||||||||||||||||||
| Proprietary Recipes Pokémoto | 705 | (40 | ) | (665 | ) | |||||||||||||||||||||||||||
| Non-Compete Agreement Pokémoto | ||||||||||||||||||||||||||||||||
| 2,833 | (118 | ) | (2,715 | ) | ||||||||||||||||||||||||||||
Amortization expense related to intangible assets was $0.0 million and $0.1 million for the years ended December 31, 2025 and 2024, respectively.
A summary of the goodwill assets is presented below:
| Muscle Maker Grill | Pokémoto | SuperFit Food | Total | |||||||||||||
| $’000 | $’000 | $’000 | $’000 | |||||||||||||
| Goodwill, net at December 31, 2023 | 1,798 | 1,798 | ||||||||||||||
| Transfer to assets held for sale | (1,798 | ) | (1,798 | ) | ||||||||||||
| Goodwill, net at December 31, 2024 | ||||||||||||||||
| Transfer to assets held for sale | ||||||||||||||||
| Goodwill, net at December 31, 2025 | ||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 29, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Mar 20, 2024 | |
| 2022 | Mar 21, 2023 | |
| 2021 | Mar 17, 2022 | |
| 2020 | Apr 15, 2021 | |
| 2019 | May 29, 2020 | |
| 2018 | Aug 21, 2019 | |
| 2017 | Feb 27, 2019 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.