Blüm Holdings Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Note 8 - Intangible Assets

Note 8 - Intangible Assets

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE 8 – INTANGIBLE ASSETS

Intangible assets as of December 31, 2024 and 2023 consisted of the following:

			*December 31, 2024*							*December 31, 2023*
	*Estimated Useful Life in Years*		*Gross Carrying Amount*		*Accumulated Amortization*			*Net Carrying Amount*		*Gross Carrying Value*		*Accumulated Amortization*			*Net Carrying Value*
Amortizing Intangible Assets:
Customer Relationships		3 to 5	$	—	$	—		$	—	$	7,400	$	(7,400	)	$	—
Operating Licenses		14		3,100		(148	)		2,952		4,769		(4,769	)		—
Total Amortizing Intangible Assets				3,100		(148	)		2,952		12,169		(12,169	)		—

Non-Amortizing Intangible Assets:
Trade Names		Indefinite		—		—			—		530		—			530
Total Non-Amortizing Intangible Assets				—		—			—		530		—			530

Total Intangible Assets, Net			$	3,100	$	(148	)	$	2,952	$	12,699	$	(12,169	)	$	530

All intangible assets related to discontinued operations are separately presented from the consolidated balance sheets as of December 31, 2024 and 2023. Refer to "Note 21 - Discontinued Operations".

Amortization expense related to continuing operations was $0.15 million and $0.0 million for the years ended December 31, 2024 and 2023, respectively.

For the purpose of the annual impairment test on November 1, the Company performed a qualitative assessment and noted no impairment of its indefinite-lived intangible assets as of December 31, 2024 and 2023.

On November 5, 2024, the Company sold all its issued and outstanding shares of common stock of Black Oak Gallery ("Blüm Oakland") which included indefinite-lived trade names of $0.53 million. Refer to "Note 22 - Dispositions".

The estimated aggregate amortization expense for each of the five succeeding fiscal years as of December 31, 2024 is as follows:

Year Ending December 31,	*(in thousands)*
2025	$	221
2026		221
2027		221
2028		221
2029		221
Thereafter		1,847
Future Estimated Amortization Expense	$	2,952