Intangible Assets

9 Months Ended

Sep. 30, 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.

	September 30, 2024		December 31, 2023
	Cost $		Cost $
Patents		1,148,969		1,130,936
Licenses		296,353		-
Total Patents and Licenses		1,445,322		1,130,936
Less accumulated amortization		1,110,013		1,107,050
Total patents and Licenses, net		335,309		23,886

During the nine-month periods ended September 30, 2024 and September 30, 2023, the Company recognized $(6,742) and $63,715, respectively, in amortization expense.

The Company amortizes the patents and licenses 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	$	5,187
2025	$	20,748
2026	$	20,748
2027	$	20,748
2028	$	20,748
Greater than 5 years	$	247,130
Total Intangible Assets	$	335,309

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.