Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.19.1
Intangible Assets
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Note 5 - Intangible Assets

The Company’s intangible assets consist of patents, mainly acquired in the acquisition of Belgian Volition. The patents and intellectual property are being amortized over the assets’ estimated useful lives, which range from 8 to 20 years.

 

                March 31,  
                2019  
          Accumulated     Net Carrying  
    Cost     Depreciation     Value  
    $     $     $  
                   
Patents     1,146,839       709,073       437,766  

 

                December 31,  
                2018  
          Accumulated     Net Carrying  
    Cost     Depreciation     Value  
    $     $     $  
                   
Patents     1,167,383       700,478       466,905  

 

During the three months ended March 31, 2019, and March 31, 2018, the Company recognized $22,103 and $23,682, 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:

 

2019 - remaining   $ 63,765  
2020   $ 87,497  
2021   $ 87,497  
2022   $ 87,497  
2023   $ 87,497  
Greater than 5 years   $ 24,013  
Total Intangible Assets   $ 437,766  

 

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, 2018. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2018.