The Company’s goodwill and intangible assets are adjusted to fair value if an impairment is recognized during the period. The fair value measurements are based on Level 3 inputs which are unobservable inputs based on management assumptions used to measure assets at fair value.

The goodwill assessment was performed by comparing the fair value of the reporting units to their carrying value. The fair value estimates for the reporting units were based on a blended analysis of the present value of future discounted cash flows and the market value approach, using Level 3 inputs. The indefinite-lived intangible assets assessment was performed using the relief-from-royalty method, which includes unobservable inputs, classified as Level 3, including projected revenues and approximately 5% royalty rate.

The Company performed an annual impairment test as of October 31, 2025 and did not identify any indicators of impairment for the year ended December 31, 2025. As of June 30, 2026, no indicators of impairment have been identified.

The following table represents the activities of intangible assets for the three months ended June 30, 2026 and 2025 (in thousands):


			Jack’s Flight Club


















Intangible assets—March 31, 2025			1,457
Amortization of intangible assets with definite lives			(2)
Intangible assets—June 30, 2025			1,455
Amortization of intangible assets with definite lives			(3)
Intangible assets—September 30, 2025			1,452
Amortization of intangible assets with definite lives			(2)
Intangible assets—December 31, 2025			1,450
Amortization of intangible assets with definite lives			—
Intangible assets—March 31, 2026			1,450
Amortization of intangible assets with definite lives			—
Intangible assets—June 30, 2026			1,450

Amortization expense for acquired intangibles was $0 and $16,000 for the three months ended June 30, 2026 and 2025, respectively. Amortization expense for acquired intangibles was $0 and $43,000 for the six months ended June 30, 2026 and 2025, respectively. There is no future amortization expense of acquired intangible assets for the three months ended June 30, 2026.

The Company performed its annual impairment testing of the Jack's Flight Club trade name as of October 31, 2025 using a relief from royalty method. No impairment was identified in 2025. As of June 30, 2026, the carrying value of the trade name was $1.5 million. The Company did not identify any indicators of impairment during the six months ended June 30, 2026.