NOTE 9: ASSETS HELD FOR SALE

12 Months Ended

Dec. 31, 2019

Note 8 Assets Held For Sale

ASSETS HELD FOR SALE

During the year ended December 31, 2018, the Company had listed the facility and land in Portland, Oregon for sale. Prior to their classification as assets held for sale, the land and facility in Portland were reported under property and equipment (note 7). The assets held for sale are included at the lower of their carrying value and their fair market value. The fair market value was based on a sales agreement dated January 17, 2019 whereby the Company will receive net proceeds of $127,972 after selling costs. During the year ended December 31, 2018, the Company recorded an impairment loss of $57,072 to reduce the asset’s carrying value to its fair market value.

During the year ended December 31, 2019, the sales agreement dated January 17, 2019 was executed and the facility and land were sold. There was no gain or loss recorded on the sale as the Company received proceeds of $127,972 in the form of a promissory note for $122,500 (note 6) and cash of $5,472.

	Facility Portland			Land Portland			Total
Cost
Balance, December 31, 2016	$	70,297		$	119,703		$	190,000
Expenditures		—			—			—
Balance, December 31, 2017		70,297			119,703			190,000
Impairment loss		(20,151	)		(36,921	)		(57,072	)
Balance, December 31, 2018		50,146			82,782			132,928
Disposal		(50,146	)		(82,782	)		(132,928	)
Balance, December 31, 2019	$	—		$	—		$	—
Accumulated amortization
Balance, December 31, 2016, 2017 and 2018	$	(4,956	)	$	—		$	(4,956	)
Disposal		4,956			—			4,956
Balance, December 31, 2019	$	—		$	—		$	—
Carrying amount
Balance, December 31, 2017	$	65,341		$	119,703		$	185,044
Balance, December 31, 2018		45,190			82,782			127,972
Balance, December 31, 2019	$	—		$	—		$	—