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5 INTANGIBLE ASSETS
12 Months Ended
Feb. 28, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

 

NOTE 5:    INTANGIBLE ASSETS

 

The following is a summary of intangible assets at February 28, 2017 and February 29, 2016:

 

    February 28,     February 29,  
    2017     2016  
Intellectual property   $ -     $ 50,000  
Trademarks     24,100       24,100  
Patents     22,560       22,560  
      46,660       96,660  
Less: accumulated amortization     (46,660 )     (45,317 )
  Total   $ -     $ 51,343  

 

Intangible assets are amortized over their estimated useful economic lives of five years. Amortization expense related to intangibles was approximately $1,100 and $1,300 during the fiscal years ended February 28, 2017 and February 29, 2016, respectively.  During the year ended February 28, 2017, the Company identified that revenue related to the one specific product for this patent did not materialize and recorded an impairment charge in the amount of $50,000.

 

We previously held two patents, which have expired. The first patent was for the portable water filtration system with the filter cap assembly. The second patent was for a quick connect diverter valve. We cannot at this time estimate the financial impact of the expiration of these patents to Seychelle. We currently hold no patents.