INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

8. INTANGIBLE ASSETS

Intangible assets consisted of the following:

(Dollars in thousands)	June 30, 2025			December 31, 2024
Beeline brand	$	4,557		$	4,557
Customer list		393			393
Total		4,950			4,950
Less accumulated amortization		(72	)		(23	)
Intangible assets	$	4,878		$	4,927

The Beeline brand has been determined to have an indefinite life and is not amortized. The Company, on an annual basis, tests the indefinite-lived asset 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 June 30, 2025, the Company determined that the Beeline asset was not impaired.

Customer data that was acquired in the merger, has a useful life of four years and amortization expense was $49,125 for the six months ended June 30, 2025.