Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Note 5 - Intangible Assets

The Company's intangible assets consist of intellectual property and patents, mainly acquired in the acquisition of ValiBio SA. The patents and intellectual property are being amortized over their remaining lives, which range from 7 to 15 years.

 

   

Cost

$

   

Accumulated

Amortization
$

   

March 31,

2016 Net Carrying Value
$

 
                   
Patents     1,158,617       451,822       706,795  
                         
      1,158,617       451,822       706,795  

 

   

Cost

$

   

Accumulated

Amortization
$

   

December 31,

2015 Net Carrying Value
$

 
                   
Patents     1,119,302       413,921       705,381  
                         
      1,119,302       413,921       705,381  

  

During the three month period ended March 31, 2016, and the three month period ended March 31, 2015, the Company recognized $21,552 and $21,170 in amortization expense, respectively.

 

The Company amortizes the long-lived assets on a straight line basis with terms ranging from 8 to 20 years. The annual estimated amortization schedule over the next five years is as follows:

 

       
2016 - remaining   $ 66,302  
2017   $ 88,403  
2018   $ 88,403  
2019   $ 88,403  
2020   $ 88,403  

 

The Company periodically reviews its long lived assets to ensure that their carrying value does not exceed their fair market value. The Company carried out such a review in accordance with ASC 360 as of December 31, 2015. The result of this review confirmed that the fair value of the patents exceeded their carrying value as of December 31, 2015.