7. INTANGIBLE ASSETS

Intangible assets consisted of the following for the periods presented (in thousands):

 SCHEDULE OF INTANGIBLE ASSET

Manna Intellectual Property

In 2021, the Company acquired intellectual property (the “Manna IP”) pursuant to an asset purchase agreement with an unrelated third party. The Manna IP encompasses various patented technologies to naturally process and convert, among other things, fiber rich baking flour products. The Company accounted for the purchase as an asset acquisition and the Manna IP was estimated to have useful life of 20 years.

In December 2025, the Company entered into a letter of intent, with an unrelated third party, to sell the Manna IP for a purchase price of $1.6 million of which $50.0 thousand was received as a deposit and is reflected in the accompanying unaudited condensed consolidated balance sheets as other liabilities. In connection with the letter of intent, the Manna IP has been classified as asset held for sale and amortization ceased. During the three months ended March 31, 2025 the Company recorded amortization expense totaling $0.1 million.

Power Purchase Agreement

In November 2024, the Company acquired the power purchase agreement (the “Power Purchase Agreement”) pursuant to an acquisition. The Power Purchase Agreement allows the Company to obtain natural gas for its Natural Gas Power Plant, which was also acquired pursuant to the acquisition. The Power Purchase Agreement was determined to be a favorable contract asset, and as such was recorded as an intangible asset at the present value of the contractual benefit, estimated to be three years. During the three months ended March 31, 2026 and 2025, the Company recorded amortization expense totaling $57.8 thousand and $61.6 thousand, respectively, which is reflected in cost of revenue in the accompanying unaudited condensed consolidated statement of operations.

The estimated annual amortization expense for the Power Purchase Agreement is $0.2 million in 2026 and 2027.