Blüm Holdings Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consisted of the following:


		(in thousands)
		September 30, 2023						December 31, 2022
	Estimated Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value

Amortizing Intangible Assets:
Customer Relationships	3 to 5	$	7,400	$	(7,400)	$	—	$	7,400	$	(7,400)	$	—
Trademarks and Patent	2 to 8	4,500		(4,491)		9		4,500		(2,991)		1,509
Operating Licenses	14	12,239		(12,239)		—		12,239		(12,239)		—
Total Amortizing Intangible Assets		24,139		(24,130)		9		24,139		(22,630)		1,509

Non-Amortizing Intangible Assets:
Trade Name	Indefinite	1,350		—		1,350		1,350		—		1,350
Total Non-Amortizing Intangible Assets		1,350		—		1,350		1,350		—		1,350
Total Intangible Assets, Net		$	25,489	$	(24,130)	$	1,359	$	25,489	$	(22,630)	$	2,859

Amortization expense related to continuing operations was $0.38 million and $2.36 million for the three months ended September 30, 2023 and 2022, respectively, and $1.50 million and $7.13 million for the nine months ended September 30, 2023 and 2022, respectively.

For the purpose of the annual impairment test on September 30, 2023, the Company performed a qualitative assessment and noted no impairment of its indefinite-lived intangible assets as of September 30, 2023.