Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
6 Months Ended
Jun. 30, 2018
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.

 

                June 30,  
                2018  
          Accumulated     Net Carrying  
    Cost     Amortization     Value  
    $     $     $  
                   
Patents     1,187,959       668,049       519,910  
                         
                    December 31,  
                    2017  
            Accumulated     Net Carrying  
    Cost     Amortization     Value  
    $     $     $  
                         
Patents     1,213,314       636,917       576,397  

 

During the six-month periods ended June 30, 2018 and June 30, 2017, the Company recognized $46,863 and $42,417, respectively, in amortization expense.

 

The Company amortizes its intangible 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:

 

2018- remaining   $ 43,719  
2019   $ 90,660  
2020   $ 90,660  
2021   $ 90,660  
2022   $ 90,660  
Thereafter   $ 113,551  
         
Total   $ 519,910  

 

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, 2017. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2017.