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Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

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

(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Total
For the year ended March 31, 2022
Strategic pipeline contract	$	46,885	$	3,906	$	42,979
Assembled workforce		500		42		458
Patents		73		1		72
Total	$	47,458	$	3,949	$	43,509

Intangible assets consist of the following as of December 31, 2021:

(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Total
For the year ended December 31, 2021
Strategic pipeline contract	$	46,885	$	1,562	$	45,323
Assembled workforce		500		17		483
Patents		33		—		33
Total	$	47,418	$	1,579	$	45,839

There were no intangible assets or amortization expense as of March 31, 2021. Amortization expense for the three months ended March 31, 2022 was approximately $2.4 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	2022
2022 (remainder of the year)	$	7,110
2023		9,481
2024		9,481
2025		9,481
2026		7,900
Thereafter		56
Total	$	43,509