PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and equipment, net was comprised of the following at September 30, 2024 and December 31, 2023:


(In thousands)	September 30, 2024		December 31, 2023
Land	$	2,848	$	2,848
Buildings and improvements	64		8,481

Computer equipment	11,325		10,104
Leasehold improvements	631		631
Office furniture and fixtures	633		586
Automobiles	18		18
Property and equipment, gross	15,519		22,668
Less: accumulated depreciation	(10,470)		(13,694)
Property and equipment, net	$	5,049	$	8,974

Assets Held for Sale

ASC Topic 360-10, Property, Plant and Equipment — Overall, requires a long-lived asset to be classified as “held for sale” in the period in which certain criteria are met. The Company classifies real estate assets as held for sale after the following conditions have been satisfied: (1) management, having the appropriate authority, commits to a plan to sell the asset, (2) the asset is available for immediate sale in its present condition, (3) the Company has initiated an active program to sell the asset, (4) it is probable the sale of the asset will be completed within one year, and (5) it is unlikely the plan to sell the asset will change.

On July 26, 2024, the Company committed to a plan to sell certain buildings and improvements located in Mobile, AL and determined the assets met the criteria for classification as held for sale as of September 30, 2024. On October 11, 2024, the Company entered into a purchase and sale agreement to sell the properties for $2.8 million. As of September 30, 2024, the Company recorded the assets held for sale at their fair value of $2.5 million, which equals the transaction price of $2.8 million less costs to sell the property of $0.3 million, which is included in “Assets held for sale” on the accompanying condensed consolidated balance sheets. The write-down of the assets to fair value resulted in the Company recognizing a loss on assets held for sale of $1.6 million for the three and nine months ended September 30, 2024, which is included in “Other income (expense)” in the accompanying condensed consolidated statements of operations.