Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.21.1
Intangible Assets
3 Months Ended
Mar. 31, 2021
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,

 

 

 

 

 

2021

 

 

 

Accumulated

 

Net Carrying

 

Cost

 

Amortization

 

Value

 

$

 

$

 

$

Patents

1,210,241

 

922,238

 

288,003

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

2020

 

 

 

Accumulated

 

Net Carrying

 

Cost

 

Amortization

 

Value

 

$

 

$

 

$

Patents

1,256,064

 

934,423

 

321,641

 

During the three month periods ended March 31, 2021 and March 31, 2020, the Company recognized $23,293 and $21,420, 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:

 

2021 - remaining

 

$

68,261

 

2022

 

$

91,015

 

2023

 

$

91,015

 

2024

 

$

37,712

 

2025

 

$

-

 

Total Intangible Assets

 

$

288,003

 

 

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, 2020. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2020.