Note 1 - Summary of Significant Accounting Policies: Intangible Assets (Policies)

12 Months Ended

Dec. 31, 2018

Policies

Intangible Assets

Intangible Assets

Costs associated with the acquisition of patents, trademarks, trade names, customer relationships, regulatory approvals & product certifications, license rights and non-compete agreements are capitalized, and are being amortized using the straight-line method over periods ranging from 5 to 20 years. UTMD’s goodwill is tested for impairment annually, in the fourth quarter of each year, using a fair value measurement test, in accordance with ASC 350. UTMD also performs impairment tests contemporaneously, if circumstances change that would more than likely reduce the fair value of goodwill below its net book value.  If UTMD determines that its goodwill is impaired, a second step is completed to measure the amount of the impairment loss. UTMD does not expect its goodwill to become impaired in the foreseeable future.  Estimated future amortization expenses on intangible assets held as of December 31, 2018, using the 2018 year-end 1.2760 USD/GBP and.7046 USD/AUD currency exchange rates, is about $2,047 in 2019 and 2020, and $2,041 in 2021 and 2022 (see note 2).