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Intangible Assets
 9 Months Ended
Sep. 30, 2013
Intangible Assets  
Note 4. Intangible Assets

The Company’s intangible assets consist of intellectual property, principally patents, acquired in the acquisition of ValiBio SA. The patents are being amortized over their remaining lives, which are 10 years and 18 years. 

         December 31,
         2012
      Accumulated  Net Carrying
   Cost  Amortization  Value
   $  $  $
          
 Patents    1,666,346    236,108    1,430,238 
                  
      1,666,346    236,108    1,430,238 
                  
                September 30, 
                2013 
           Accumulated    Net Carrying 
      Cost    Amortization    Value 
      $    $    $ 
                  
 Patents    1,693,034    328,052    1,364,982 
                  
      1,693,034    328,052    1,364,982 

 

During the nine month period ended September 30, 2013, and the year ended December 31, 2012, the Company recognized $85,603 and $112,056 in amortization expense respectively.

The Company amortizes the long-lived asset on a straight line basis with terms ranging from 13 to 20 years. The annual estimated amortization schedule over the next five years is as follows:

 2013 - remaining  $28,534 
 2014      $114,138 
 2015      $114,138 
 2016      $114,138 
 2017      $114,138 

 

The Company periodically reviews its long lived assets to ensure that their carrying value does not exceed their fair market value.