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v3.25.1

Property and Equipment, net | 3 Months Ended
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Mar. 31, 2025
Property, Plant and Equipment, Net [Abstract] |
Property and Equipment, net | Note 9 – Property and Equipment, net Property and equipment are recorded at historical cost. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives on a straight-line basis. The life of the building acquired in connection with the ALT purchase transaction was determined to be 25 years. Leasehold improvements are amortized over the useful life of the asset or the lease term, whichever is shorter. Estimated service lives are five years for furniture, fixtures and office equipment and three years for software and technology assets. Expenditures for repairs and maintenance not considered to substantially lengthen the life of the asset or increase capacity or efficiency are charged to expense as incurred. On February 11, 2025, the Company purchased real estate for $7.4 million consisting of land and a building which will be used as the Company’s future corporate headquarters and as future warehouse and office space for the operations of HGP. The Company allocated $2.8 million of the purchase price to the building and $4.6 million to the land. The life of the building was determined to be 30 years and depreciation will begin when the building is placed into service upon the completion of construction in progress. As of March 31, 2025, the Company capitalized $0.1 million of construction in progress related to ongoing building improvements. Also included in the purchase transaction was an agreement for a short-term leaseback to the seller, which ended on March 31, 2025, and resulted in a credit within the closing statement of approximately $0.1 million. This credit is considered rental income and classified as service revenue within our consolidated statement of income, and reflected as gross profit within our Corporate and other segment. The following summarizes the components of the Company’s property and equipment (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
Building |  | $ | 3,797 |  |  | $ | 985 |
Land |  |  | 4,985 |  |  |  | 397 |
Furniture, fixtures and office equipment |  |  | 352 |  |  |  | 352 |
Software and technology assets |  |  | 447 |  |  |  | 443 |
Vehicles |  |  | 11 |  |  |  | 11 |
Construction in progress |  |  | 53 |  |  |  | - |
|  |  | 9,645 |  |  |  | 2,188 |
Accumulated depreciation |  |  | (597 | ) |  |  | (545 | )
Property and equipment, net |  | $ | 9,048 |  |  | $ | 1,643 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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