Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.20.1
Intangible Assets
3 Months Ended
Mar. 31, 2020
Intangible Assets  
Note 4 - Intangible Assets

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

 

 

March 31,

 

2020

 

Accumulated

 

Net Carrying

 

Cost

 

Amortization

 

Value

 

$

 

$

 

$

 

Patents

 

1,129,591

 

783,561

 

346,030

 

December 31,

 

2019

 

Accumulated

 

Net Carrying

 

Cost

 

Amortization

 

Value

 

$

 

$

 

$

 

Patents

 

1,147,391

 

775,086

 

372,305

 

During the three-month periods ended March 31, 2020 and March 31, 2019, the Company recognized $21,420 and $22,103, 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:

 

2020 - remaining

 

$

64,639

 

2021

 

$

86,170

 

2022

 

$

86,170

 

2023

 

$

86,170

 

2024

 

$

22,881

 

Total Intangible Assets

 

$

346,030

 

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 Topic “Property, Plant and Equipment” as of December 31, 2019. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2019.