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INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 8 -INTANGIBLE ASSETS

 

Intangible assets:

 
   
December 31,
  
   
2023
    
2022
  
Commercial license
            
Cost
  
$
2,509
    
$
2,030
  
Accumulated amortization
    
(686
)
    
(407
)
Amortized cost
  
$
1,823
    
$
1,623
  

 

In September 2020, Piedmont signed a 10-year agreement for the commercial MRO services for aviation components. Under this contract Honeywell licensed Piedmont as an authorized MRO station of APU  331-20X.

 

Estimated amortization expenses for the five succeeding years is $279 thousands per year.