Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
3 Months Ended
Mar. 31, 2017
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 Belgian Volition (formerly ValiBio SA). The patents and intellectual property are being amortized over the assets’ estimated useful lives, which range from 8 to 20 years.

 

                March 31,  
                2017  
          Accumulated     Net Carrying  
    Cost     Amortization     Value  
    $     $     $  
                   
Patents     1,099,667       510,866       588,801  
                         
      1,099,667       510,866       588,801  

 

                December 31,  
                2016  
          Accumulated     Net Carrying  
    Cost     Amortization     Value  
    $     $     $  
                   
Patents     1,085,133       482,940       602,193  
                         
      1,085,133       482,940       602,193  

 

During the three month period ended March 31, 2017, and the three month period ended March 31, 2016, the Company recognized $20,920 and $21,552, respectively, in amortization expense.

 

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:

 

2017 - remaining     $ 62,948  
2018     $ 83,868  
2019     $ 83,868  
2020     $ 83,868  
2021     $ 83,868  

 

The Company reviews its long lived assets on an annual basis, 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.