Intangible Assets |
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Note 5 - Intangible Assets |
The Companys 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 the assets estimated useful lives, which range from 8 to 20 years.
On February 20, 2015, the Company purchased the Nucleosomics® WO2005019826: Detection of Histone Modifications in Cell-Free Nucleosomes patent (i.e. the patent that underlies the Nu.QTM-M tests) from Chroma Therapeutics Limited for the sum of $55,000. Prior to this date, the Company had held the exclusive license for the patent.
During the years ended December 31, 2016 and 2015, the Company recognized $86,462 and $85,901 in amortization expense respectively. No impairment losses were recognized during the years ended December 31, 2015 and December 31, 2016.
The Company amortizes the long-lived assets on a straight line basis with terms of 8 to 20 years. The annual estimated amortization schedule over the next five years is as follows:
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, 2016. The result of this review confirmed that the fair value of the patents exceeded their carrying value as of December 31, 2016. |