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Intangible Assets
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

6. Intangible Assets

 

Intangible assets consist of the following as of September 30, 2023:

 

(Dollars in thousands)  Intangible Assets   Accumulated
Amortization		   Total 
             
Strategic pipeline contract  $46,885   $17,972   $28,913 
Assembled workforce   500    192    308 
Patents   156    7    149 
Total  $47,541   $18,171   $29,370 

 

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 three months ended September 30, 2023 and 2022 was approximately $2.4 million and $2.4 million, respectively. Amortization expense for the nine months ended September 30, 2023 and 2022 was approximately $7.1 million and $7.1 million, respectively.

 

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 data centers 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    
2023 (remainder of the year)  $2,371 
2024   9,485 
2025   9,485 
2026   7,905 
2027   7 
Thereafter   117 
Total  $29,370