Company: AWRE
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0000950170-25-038714
Chunk: 120

Company: AWARE INC /MA/
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 120
---
 5 and 7 years

        710

        (297
        )

        413

        Trade name / trademarks
         
        3 and 7 years

        30

        (17
        )

        13

        $
        3,420

        $
        (1,029
        )
         
        $
        2,391

      During the years ended December 31, 2024 and 2023, we recorded $0.4 million of amortization expense on intangible assets.  The Company expects to record amortization for the years ended December 31 as follows (in thousands): 

        2025
         
        $
        405

        2026

        356

        2027

        355

        2028

        338

        2029

        174

        Thereafter

        348

        $
        1,976

6.	SUBSCRIPTION AGREEMENT On March 11, 2022, concurrently with our entry into a mutual reseller arrangement with MIRACL Technologies Limited ("MIRACL"), we entered into a subscription agreement with Omlis Limited, a limited company incorporated and registered in England and Wales and the parent of MIRACL ("Omlis").  We purchased $2.5 million of Omlis’ note receivable ("Note") that accrues interest at 5% annually with a maturity date of March 11, 2026.   We recorded the Note at fair value in accordance with ASC 825, Financial Instruments, which was $0 as of December 31, 2024 and 2023.  For the year ended December 31, 2023 we recorded a fair value adjustment of $2.7 million, which included $0.2 million of accrued interest, to adjust the fair value to $0 as of December 31, 2023.  The $2.7 million write off during the year ended December 31, 2023 was the result of the lack of recoverability of the Note due to liquidity concerns as of December 31, 2023.  In addition, in January 2024, Omlis and MIRACL petitioned to enter the United Kingdom administration process, which is still ongoing.  The 

44

deterioration of Omlis' liquidity resulted in our unlikely recoverability of the Note's carrying value