Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 9 Months Ended
Sep. 30, 2013
Intangible Assets  
Note 4. Intangible Assets

The Company’s intangible assets consist of intellectual property, principally patents, acquired in the acquisition of ValiBio SA. The patents are being amortized over their remaining lives, which are 10 years and 18 years. 

            December 31,
            2012
        Accumulated   Net Carrying
    Cost   Amortization   Value
    $   $   $
             
  Patents       1,666,346       236,108       1,430,238  
                             
          1,666,346       236,108       1,430,238  
                             
                          September 30,  
                          2013  
                  Accumulated       Net Carrying  
          Cost       Amortization       Value  
          $       $       $  
                             
  Patents       1,693,034       328,052       1,364,982  
                             
          1,693,034       328,052       1,364,982  

 

During the nine month period ended September 30, 2013, and the year ended December 31, 2012, the Company recognized $85,603 and $112,056 in amortization expense respectively.

The Company amortizes the long-lived asset on a straight line basis with terms ranging from 13 to 20 years. The annual estimated amortization schedule over the next five years is as follows:

  2013 - remaining   $28,534  
  2014       $ 114,138  
  2015       $ 114,138  
  2016       $ 114,138  
  2017       $ 114,138  

 

The Company periodically reviews its long lived assets to ensure that their carrying value does not exceed their fair market value.