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Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

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