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Intangible Assets | 9 Months Ended
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Sep. 30, 2023
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, 2023 |
|  | Cost $ |  |  | Accumulated Amortization $ |  |  | Net Carrying Value $ |
Patents |  |  | 1,091,356 |  |  |  | 1,043,080 |  |  |  | 48,276 |
|  |  |  |  |  |  |  |  |  | December 31, 2022 |
|  | Cost $ |  |  | Accumulated Amortization $ |  |  | Net Carrying Value $ |
Patents |  |  | 1,104,103 |  |  |  | 993,598 |  |  |  | 110,505 |
During the nine-month periods ended September 30, 2023 and September 30, 2022, the Company recognized $63,715 and $62,286, 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:
2023 |  | $ | 19,630 |
2024 |  | $ | 28,646 |
Total Intangible Assets |  | $ | 48,276 |
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, 2022. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2022.

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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/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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