Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.23.3
Intangible Assets
9 Months Ended
Sep. 30, 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.

 

 

 

 

 

 

 

September 30,

2023

 

 

 

Cost $

 

 

Accumulated

Amortization $

 

 

Net Carrying

Value $

 

Patents

 

 

1,091,356

 

 

 

1,043,080

 

 

 

48,276

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

2022

 

 

 

Cost $

 

 

Accumulated

Amortization $

 

 

Net Carrying

Value $

 

Patents

 

 

1,104,103

 

 

 

993,598

 

 

 

110,505

 

 

During the nine-month periods ended September 30, 2023 and September 30, 2022, the Company recognized $63,715 and $62,286, 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:

 

2023

 

$ 19,630

 

2024

 

$ 28,646

 

Total Intangible Assets

 

$ 48,276

 

 

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.