Intangible Assets

3 Months Ended

Mar. 31, 2024

Intangible Assets

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, 2024		December 31, 2023
	Cost $		Cost $
Patents		1,110,005		1,130,936
Licenses		176,220		-
Total Patents and Licenses		1,286,225		1,130,936
Less accumulated amortization		1,071,092		1,107,050
Total patents and Licenses, net		215,133		23,886

During the three-month periods ended March 31, 2024 and March 31, 2023, the Company recognized $(14,294) and $21,129, 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:

	Amount
	$
2024		12,887
2025		17,183
2026		17,183
2027		17,183
2028		17,183
Greater than 5 years		133,514
Total Intangible Assets		215,133

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 “Property, Plant and Equipment,” 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.