XML 26 R12.htm IDEA: XBRL DOCUMENT v3.25.0.1
Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net, as of December 31, 2024 and 2023 consist of the following:
 December 31,
 20242023
Land$— $2,833 
Building and improvements— 18,839 
Leasehold improvements336 445 
Revenue-generating assets61,380 60,984 
Machinery and equipment6,021 5,989 
Office and computer equipment10,561 14,213 
Motor vehicles31 31 
78,329 103,334 
Less accumulated depreciation(51,315)(55,654)
$27,014 $47,680 

Depreciation expense for the years ended December 31, 2024 and 2023 amounted to $12,891 and $13,204, respectively.

Certain revenue-generating hardware assets are utilized by the Company in the delivery of the Company’s airtime services, media, and other content.

As of December 31, 2024 and 2023, the long-lived tangible assets related to the Company’s international subsidiaries were less than 10% of the Company’s long-lived tangible assets.

In the third quarter of 2024, the Company commenced its plan to sell the warehouse building and surface parking lot located at 75 Enterprise Center in Middletown, Rhode Island (“75 Enterprise Center”). As of September 30, 2024, 75 Enterprise Center had a carrying value of approximately $7.8 million. The Company determined that all of the criteria to classify 75 Enterprise Center as held for sale had been met as of September 30, 2024. The estimated fair value was determined based upon the anticipated sales price of these assets based on current market conditions and assumptions made by management, less selling costs. The Company recorded an impairment charge of $1.1 million during the year ended December 31, 2024, as the carrying value of 75 Enterprise Center at the time the asset for sale criteria were met exceeded the fair value less costs to sell.

Additionally, in the third quarter of 2024, the Company commenced its plan to sell the property, building, improvements, and land located at 50 Enterprise Center in Middletown, Rhode Island (“50 Enterprise Center”). As of September 30, 2024, 50 Enterprise Center had a carrying value of approximately $3.6 million. The Company determined that all of the criteria to classify 50 Enterprise Center as held for sale had been met as of September 30, 2024. The estimated fair value of 50 Enterprise Center exceeds its carrying value. In December 2024, the Company entered into an agreement to sell 50 Enterprise Center, subject to the buyer’s right to terminate the agreement during an inspection period. In January 2025, before the end of the inspection period, the Company received notice of termination from the buyer. 50 Enterprise Center remains held for sale as the Company continues to search for a suitable buyer.