INTANGIBLES

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLES

INTANGIBLES

Finite-Lived Intangible Assets

The following is a summary of finite-lived intangible assets, in thousands:

	September 30, 2024
	Cost		Accumulated Amortization		Net
Customer relationships	$	301	$	(156)	$	145
	$	301	$	(156)	$	145

	December 31, 2023
	Cost		Accumulated Amortization		Net
Customer relationships	$	301	$	(110)	$	191
	$	301	$	(110)	$	191

Intangible asset amortization expense was $15 thousand for the three months ended September 30, 2024 and 2023, respectively. Intangible asset amortization expense was $45 thousand for the nine months ended September 30, 2024, and 2023, respectively.

As of September 30, 2024, future amortization expense is expected to be as follows, in thousands:

	Amount
2024	$	14
2025	60
2026	60
2027	11
	$	145

Indefinite - Lived Intangible Assets

The following table summarizes the balances of the indefinite-lived intangible assets, in thousands:

	September 30, 2024		December 31, 2023
Intangible asset - Part 135 air carrier certificate	$	1,200	$	1,200

The FAA Part 135 air carrier certificate for a total amount of $1.2 million relates to the certificate acquired in connection with the GCA acquisition. During the year ended December 31, 2023, the Company transferred its Fly Dreams operations to GCA and sold its membership interest in Fly Dreams, including the Fly Dreams FAA Part 135 air carrier certificate, with a carrying balance of $163 thousand, for a selling price of $550 thousand, which resulted in a gain in the amount of $387 thousand, which was reported in other income in the consolidated statement of operations for the year ended December 31, 2023. The Company did not recognize any impairment of the GCA FAA Part 135 air carrier certificate as of September 30, 2024 and December 31, 2023.