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Intangible Assets
 9 Months Ended
Sep. 30, 2025
Intangible Assets  
Intangible Assets

Note 4 - Intangible Assets

 

The Company’s intangible assets consist of patents, primarily 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,

2025

 

 

December 31,

2024

 

 

 

Cost $

 

 

Cost $

 

Patents and Licenses

 

 

1,513,134

 

 

 

1,354,274

 

Total Patents and Licenses

 

 

1,513,134

 

 

 

1,354,274

 

Less accumulated amortization

 

 

1,212,101

 

 

 

1,040,527

 

Total Patents and Licenses, net

 

 

301,033

 

 

 

313,747

 

 

During the nine-month periods ended September 30, 2025 and September 30, 2024, the Company recognized $17,864 and $(6,742), 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:

 

2025

 

$5,199

 

2026

 

$20,283

 

2027

 

$20,283

 

2028

 

$20,283

 

2029

 

$20,283

 

Greater than 5 years

 

$214,702

 

Total Intangible Assets

 

$301,033

 

 

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, 2024. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2024.