Intangible and Other Assets, Net

3 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible and Other Assets, Net

Intangible and Other Assets, Net

Intangible assets and other assets, net consisted of the following (in thousands):

	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life (Years)
June 30, 2025
Intangible Assets
Toll-free telephone number	Indefinite	$	375	$	–	$	375	Indefinite
Internet domain names	Indefinite	485		–		485		Indefinite
Trade Names - PetCareRx	Indefinite	800		–		800		Indefinite
Customer Relationships -PetCareRx	7 years	6,700		(2,154)		4,546		4.75 years
Developed Technology - PetCareRx	3 years	3,000		(2,250)		750		0.75 years
		$	11,360	$	(4,404)	$	6,956
Other Assets
Minority interest investment in Vetster	N/A	5,300		–		5,300		N/A
Balance June 30, 2025		$	16,660	$	(4,404)	$	12,256
March 31, 2025
Intangible Assets
Toll-free telephone number	Indefinite	$	375	$	–	$	375	Indefinite
Internet domain names	Indefinite	485		–		485		Indefinite
Trade Names - PetCareRx	Indefinite	1,400				1,400		Indefinite
Customer Relationships -PetCareRx	7 years	6,700		(1,914)		$	4,786	5 years
Developed Technology - PetCareRx	3 years	3,000		(2,000)		$	1,000	1 year
		$	11,960	$	(3,914)	$	8,046
Other Assets
Minority interest investment in Vetster	N/A	5,300		–		5,300		N/A
Balance March 31, 2025		$	17,260	$	(3,914)	$	13,346

Amortization expense for intangible assets was $0.5 million for the three months ended June 30, 2025 and 2024. The indefinite life intangibles are not being amortized and are subject to an annual review for impairment in accordance with the ASC Topic 350 (“Goodwill and Other Intangible Assets”). The Company recorded a $0.6 million trade name impairment for the three months ended June 30, 2025.

On April 19, 2022, the Company engaged in a three-year partnership agreement with Vetster Inc. (“Vetster”), a Canadian veterinary telehealth company. The Company also purchased a 5% minority interest in Vetster in the amount of $5.0 million and received warrants for additional equity in Vetster, which are tied to future performance milestones. Under the terms of the agreement, Vetster became the exclusive provider of telehealth and telemedicine services to the Company. The minority interest investment is being valued on the cost basis and the investment will be evaluated periodically for any impairment. On October 3, 2023, the Company purchased additional shares in Vetster in the amount of $0.3 million, which increased the minority interest investment to $5.3 million. Following this round, the Company’s minority ownership changed to approximately 4.8% of Vetster’s outstanding shares.