PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net was comprised of the following at March 31, 2025 and December 31, 2024:


(In thousands)	March 31, 2025		December 31, 2024

Buildings and improvements	52		52

Computer equipment	11,311		10,963
Leasehold improvements	246		246
Office furniture and fixtures	550		540
Automobiles	18		18
Property and equipment, gross	12,177		11,819
Less: accumulated depreciation	(9,816)		(9,525)
Property and equipment, net	$	2,361	$	2,294

Assets Held for Sale

ASC Topic 360-10, Property, Plant and Equipment — Overall, requires a long-lived asset to be classified as “held for sale” in the period in which certain criteria are met. The Company classifies real estate assets as held for sale after the following conditions have been satisfied: (1) management, having the appropriate authority, commits to a plan to sell the asset, (2) the asset is available for immediate sale in its present condition, (3) the Company has initiated an active program to sell the asset, (4) it is probable the sale of the asset will be completed within one year, and (5) it is unlikely the plan to sell the asset will change.

During the fourth quarter of 2024, the Company committed to a plan to sell land and a building located in Mobile, Alabama

and determined the assets met the criteria for classification as held for sale as of December 31, 2024. As of December 31, 2024 and March 31, 2025, the Company recorded the assets held for sale at their fair value of $0.6 million, which equals the estimated fair value less costs to sell the property of $0.1 million, which is included in “Assets held for sale” in the accompanying condensed consolidated balance sheets. On April 9, 2025, the Company sold the building and a portion of the land for $0.3 million. The carrying value of the assets sold included in “Assets held for sale” is $0.2 million. The remaining unsold land has an estimated fair value of approximately $0.4 million.