INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

9. INTANGIBLE ASSETS

Intangible assets consisted of the following:

(Dollars in thousands)	March 31, 2025			December 31, 2024
Beeline brand	$	4,557		$	4,557
Azuñia brand		822			822
Customer list		393			393
Total		5,772			5,772
Less accumulated amortization		(47	)		(23	)
Intangible assets	$	5,725		$	5,749

The Beeline and Azuñia brands have been determined to have an indefinite life and are not amortized. The Company, on an annual basis, tests the indefinite-lived assets for impairment. If the carrying value of an indefinite-lived asset is found to be impaired, then the Company will record an impairment loss and reduce the carrying value of the asset. As of March 31, 2025, the Company determined that the Beeline asset was not impaired. As of December 31, 2024, the Company determined that the Azuñia assets were impaired and recorded an impairment of $3.3 million resulting in the current balance of $0.8 million.

Customer data that was acquired in the merger, has a useful life of four years and amortization expense was $24,562 for the three months ended March 31, 2025.