Riot Platforms, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Finite-Lived Intangible Assets

Finite-Lived Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Finite-Lived Intangible Assets

Note 7. Finite-Lived Intangible Assets

The following table presents the Company’s finite-lived intangible assets as of March 31, 2023:


							Weighted-
	Gross		Accumulated		Net book		average life
	book value		amortization		value		(years)
Customer contracts	$	6,300	$	(827)	$	5,473	10
Trademark		5,000		(667)		4,333	10
UL Listings		2,700		(300)		2,400	12
Patents		10,060		(2,194)		7,866	Various
Finite-lived intangible assets	$	24,060	$	(3,988)	$	20,072

The following table presents the Company’s finite-lived intangible assets as of December 31, 2022:


							Weighted-
	Gross		Accumulated		Net book		average life
	book value		amortization		value		(years)
Customer contracts	$	6,300	$	(671)	$	5,629	10
Trademark		5,000		(542)		4,458	10
UL Listings		2,700		(244)		2,456	12
Patents		10,060		(1,126)		8,934	Various
Finite-lived intangible assets	$	24,060	$	(2,583)	$	21,477

During the three months ended March 31, 2023 and 2022, amortization expense related to finite-lived intangible assets totaled $1.4 million and $0.4 million, respectively.

The following table presents the estimated future amortization of the Company’s finite-lived intangible assets as of March 31, 2023:


Remainder of 2023	$	4,705
2024		5,815
2025		1,355
2026		1,355
2027		1,355
Thereafter		5,487
Total	$	20,072

The Company did not identify any impairment of its finite-lived intangible assets during the three months ended March 31, 2023 and 2022.