Intangible Assets, Net and Other Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net and Other Assets

Note 6. Intangible Assets, Net and Other Assets

Intangibles assets, net, consists of the following (in thousands):

	September 30, 2023			December 31, 2022
EAS contracts	$	26,830		$	—
Tradenames and trademarks		8,380			7,060
Software		3,122			2,967
Other intangibles		242			242
Intangible assets, gross		38,574			10,269
Accumulated amortization		(9,943	)		(8,983	)
Intangible assets, net	$	28,631		$	1,286

The change in the intangibles balance from December 31, 2022 is due to the Southern Acquisition (See Note 3, Business Combination).

The Company recorded amortization expense of $664 thousand and $149 thousand for the three months ended September 30, 2023 and 2022, respectively. The Company recorded amortization expense of $961 thousand and $447 thousand for the nine months ended September 30, 2023 and 2022, respectively. Amortization expense is recognized as a component of Depreciation and Amortization expense in the accompanying Condensed Consolidated Statement of Operations.

Expected future amortization as of September 30, 2023 is as follows (in thousands):

	Amount
Remainder of 2023	$	919
2024		3,662
2025		3,167
2026		3,026
2027		2,876
Thereafter		14,981
Total	$	28,631

Other assets consists of the following (in thousands):

	September 30, 2023		December 31, 2022
Security deposits - aircraft operating leases	$	978	$	—
Cloud-hosted software		1,863		1,694
Credit card holdback		1,748		—
Security deposits - other		719		—
Other		629		122
Total other assets		5,937		1,816