Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets

Intangible Assets

Note 5 - 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.

					December 31, 2023
			Accumulated		Net Carrying
	Cost		Amortization		Value
	$		$		$
Patents		1,130,936		1,107,050		23,886
					December 31, 2022
			Accumulated		Net Carrying
	Cost		Amortization		Value
	$		$		$
Patents		1,104,103		993,598		110,505

During the years ended December 31, 2023 and December 31, 2022, the Company recognized $84,910 and $75,558, 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:

2024	$	23,886
Total Intangible Assets	$	23,886

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 as of December 31, 2023. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2023.