Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.23.1
Intangible Assets
3 Months Ended
Mar. 31, 2023
Intangible Assets  
Intangible Assets

Note 4 - Intangible Assets

 

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

 

 

 

 

 

 

 

March 31, 2023

 

 

 

Cost

$

 

 

Accumulated Amortization

$

 

 

Net Carrying

Value

$

 

Patents

 

 

1,118,083

 

 

 

1,027,252

 

 

 

90,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

Cost

$

 

 

Accumulated Amortization

$

 

 

Net Carrying

Value

$

 

Patents

 

 

1,104,103

 

 

 

993,598

 

 

 

110,505

 

 

During the three-month periods ended March 31, 2023 and March 31, 2022, the Company recognized $21,129 and $21,887, respectively, in amortization expense.

 

The Company amortizes the patents 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:

 

Remaining Life

 

Remaining Amortization

 

2023

 

$ 63,488

 

2024

 

$ 27,343

 

Total Intangible Assets

 

$ 90,831

 

 

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 “Property, Plant and Equipment,” as of December 31, 2022. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2022.