Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

6. Intangible Assets

Intangible assets consist of the following as of June 30, 2022:

(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Total
Strategic pipeline contract	$	46,885	$	6,251	$	40,634
Assembled workforce		500		67		433
Patents		112		1		111
Total	$	47,497	$	6,319	$	41,178

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

(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Total
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 June 30, 2021. Amortization expense for the three and six months ended June 30, 2022 was approximately $2.4 million and $4.7 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 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,
2022 (remainder of the year)	$	4,741
2023		9,482
2024		9,482
2025		9,482
2026		7,903
Thereafter		88
Total	$	41,178