Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

6. Intangible Assets

Intangible assets consist of the following as of December 31, 2023:

(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Total
Strategic pipeline contract	$	46,885	$	20,317	$	26,568
Assembled workforce		500		216		284
Patents		165		10		155
Total	$	47,550	$	20,543	$	27,007

Intangible assets consist of the following as of December 31, 2022:

(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Total
Strategic pipeline contract	$	46,885	$	10,940	$	35,945
Assembled workforce		500		117		383
Patents		110		6		104
Total	$	47,495	$	11,063	$	36,432

Amortization expense for the year ended December 31, 2023 and 2022 was approximately $9.5 million and $9.5 million.

The strategic pipeline contract relates to supply of a critical input to our digital mining business. The Company has analyzed this strategic pipeline contract similar to a permit for future benefit. The strategic pipeline contract relates to potential renewable energy datacenters that fit in the alignment of the Company structure to expand operations of the Company’s new focus in their business.

The Company expects to record amortization expense of intangible assets over the next five years and thereafter as follows:

(Dollars in thousands)
Year ending December 31,
2024	$	9,485
2025		9,485
2026		7,905
2027		8
2028		8
Thereafter		116
Total	$	27,007