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INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

6. INTANGIBLE ASSETS

 

As described in Notes 1 and 3, on September 14, 2021, Greenidge and Support.com combined their respective businesses through an all-stock merger transaction that was accounted for as a business combination in accordance with ASC 805. Prior to the Merger, Greenidge did not have any intangible assets.

 

The following is a summary of finite-lived intangible assets:

 

$ in thousands

 

 

 

 

 

 

 

 

 

As of June 30, 2022

 

Intangible Assets

 

 

Accumulated Amortization

 

 

Intangible Assets, Net

 

Customer relationships (Note 3)

 

 

3,320

 

 

 

(659

)

 

 

2,661

 

Tradename (Note 3)

 

 

490

 

 

 

(78

)

 

 

412

 

Total

 

$

3,810

 

 

$

(737

)

 

$

3,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2021

 

Intangible Assets

 

 

Accumulated Amortization

 

 

Intangible Assets, Net

 

Customer relationships (Note 3)

 

 

3,320

 

 

 

(244

)

 

 

3,076

 

Tradename (Note 3)

 

 

490

 

 

 

(29

)

 

 

461

 

Total

 

$

3,810

 

 

$

(273

)

 

$

3,537

 

 

Amortization expense was $0.2 million and $0.5 million for the three and six months ended June 30, 2022. There was no amortization expense for the three and six months ended June 30, 2021.

 

Future amortization expense is as follows:

 

$ in thousands

 

Amortization

 

2022 (for the remainder of)

 

$

464

 

2023

 

 

928

 

2024

 

 

928

 

2025

 

 

684

 

Thereafter

 

 

69

 

Total

 

$

3,073