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Intangible Assets | 12 Months Ended
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Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 6. Intangible Assets Intangible assets consist of costs incurred to establish the Worksport Tri-Fold and Smart Fold patent technology, Worksport trademarks, as well as the Company’s website. The patent was issued in 2014 and 2019. The patent will be amortized on a straight-line basis over its useful life of 25 years. The Company’s trademark and website are reassessed annually for impairment; the Company has determined that impairment is not necessary for the current year ended December 31, 2019. The change in intangible assets for the years ending December 31, 2019 and 2018 are as follows:
|  | 2019 |
|  | Patent |  |  | Website |  |  | Trademarks |  |  | Total |
Cost |  |  |  |  |  |  |  |  |  |  |  |
Balance – January 1, 2019 |  | $ | 10,574 |  |  | $ | 3,500 |  |  | $ | - |  |  | $ | 14,074 |
Additions |  |  | 40,676 |  |  |  | - |  |  |  | 4,644 |  |  |  | 45,320 |
Balance – December 31, 2019 |  | $ | 51,250 |  |  | $ | 3,500 |  |  | $ | 4,644 |  |  | $ | 59,394 |
Accumulated Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance – January 1, 2019 |  | $ | (1,401 | ) |  | $ | - |  |  | $ | - |  |  | $ | (1,401 | )
Additions |  |  | (848 | ) |  |  | - |  |  |  | - |  |  |  | (848 | )
Balance – December 31, 2019 |  | $ | (2,249 | ) |  | $ | - |  |  | $ | - |  |  | $ | (2,249 | )
Net amount as at December 31, 2019 |  | $ | 49,001 |  |  | $ | 3,500 |  |  | $ | 4,643 |  |  | $ | 57,145 |
|  | 2018 |
|  | Patent |  |  | Website |  |  | Trademarks |  |  | Total |
Cost |  |  |  |  |  |  |  |  |  |  |  |
Balance – January 1, 2018 |  | $ | 10,574 |  |  | $ | 3,500 |  |  | $ | - |  |  | $ | 14,074 |
Additions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance – December 31, 2018 |  | $ | 10,574 |  |  | $ | 3,500 |  |  | $ | - |  |  | $ | 14,074 |
Accumulated Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance – January 1, 2018 |  | $ | (978 | ) |  | $ | - |  |  | $ | - |  |  | $ | (978 | )
Additions |  |  | (423 | ) |  |  | - |  |  |  | - |  |  |  | (423 | )
Balance – December 31, 2018 |  | $ | (1,401 | ) |  | $ | - |  |  | $ | - |  |  | $ | (1,401 | )
Net amount as at December 31, 2018 |  | $ | 9,173 |  |  | $ | 3,500 |  |  | $ | - |  |  | $ | 12,673 |
Amortization of the patent over the next five years and beyond December 31, 2019 is as follows:
2020 |  | $ | 2,050 |
2021 |  | $ | 2,050 |
2022 |  | $ | 2,050 |
2023 |  | $ | 2,050 |
2024 |  | $ | 2,050 |
2025 and later |  | $ | 46,895 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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