Annual report pursuant to Section 13 and 15(d)

Intangible Assets

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Intangible Assets
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Note 5 - Intangible Assets

The Company’s intangible assets consist of mainly of patents, mainly acquired in connection with 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.

 

                December 31,2018  
          Accumulated     Net Carrying  
    Cost     Depreciation     Value  
    $     $     $  
                   
Patents     1,167,383       700,478       466,905  
                         
                    December 31,2017  
            Accumulated     Net Carrying  
    Cost     Depreciation     Value  
    $     $     $  
                         
Patents     1,213,314       636,917       576,397  

  

During the years ended December 31, 2018, and December 31, 2017, the Company recognized $91,911 and $87,994, 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   $ 89,077  
2020   $ 89,077  
2021   $ 89,077  
2022   $ 89,077  
2023   $ 89,077  
Greater than 5 years   $ 21,520  
Total Intangible Assets   $ 466,905  

  

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.