Intangible Assets

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible Assets

Intangible assets consist of the following as of September 30, 2024:

(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Total
Strategic pipeline contract	$	46,885	$	27,349	$	19,536
Assembled workforce		500		292		208
Patents		259		17		242
Total	$	47,644	$	27,658	$	19,986

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

Amortization expense for the three and nine months ended September 30, 2024 and 2023 was approximately $2.4 million and $7.1 million, respectively.

The strategic pipeline contract relates to supply of a critical input to our digital mining and hosting 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	2024
2024 (remainder of the year)	$	2,372
2025		9,490
2026		7,910
2027		12
2028		12
Thereafter		190
Total	$	19,986

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