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Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2015
Notes to Financial Statements |
Note 5 - Intangible Assets | The Company's intangible assets consist of intellectual property and patents, mainly acquired in the acquisition of ValiBio SA. The patents and intellectual property are being amortized over their remaining lives, which range from 8 to 16 years.
|  |  |  |  |  |  |  | December 31, |
|  |  |  |  |  |  |  | 2015 |
|  |  |  |  | Accumulated |  |  | Net Carrying |
|  | Cost |  |  | Amortization |  |  | Value |
|  | $ |  |  | $ |  |  | $ |
Patents |  |  | 1,119,302 |  |  |  | 413,921 |  |  |  | 705,381 |
|  |  | 1,119,302 |  |  |  | 413,921 |  |  |  | 705,381 |
|  |  |  |  |  |  |  | December 31, |
|  |  |  |  |  |  |  | 2014 |
|  |  |  |  | Accumulated |  |  | Net Carrying |
|  | Cost |  |  | Amortization |  |  | Value |
|  | $ |  |  | $ |  |  | $ |
Patents |  |  | 1,173,593 |  |  |  | 364,867 |  |  |  | 808,726 |
|  |  | 1,173,593 |  |  |  | 364,867 |  |  |  | 808,726 |
On February 20, 2015, the Company purchased the Nucleosomics® WO2005019826: Detection of Histone Modifications in Cell-Free Nucleosomes patent (i.e. the patent that underlies the NuQ®-M tests) from Chroma Therapeutics Limited for the sum of $55,000. Prior to this date, the Company had held the exclusive license for the patent. During the years ended December 31, 2015 and 2014, the Company recognized $85,901 and $95,037 in amortization expense respectively. No impairment losses were recognized during the years ended December 31, 2014 and December 31, 2015. The Company amortizes the long-lived assets on a straight line basis with terms of 13 and 20 years. The annual estimated amortization schedule over the next five years is as follows:
2016 |  | $ | 85,378 |
2017 |  | $ | 85,378 |
2018 |  | $ | 85,378 |
2019 |  | $ | 85,378 |
2020 |  | $ | 85,378 |
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, 2015. The result of this review confirmed that the fair value of the patents exceeded their carrying value as of December 31, 2015.

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 + Details
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