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Intangible Assets | 12 Months Ended
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Dec. 31, 2020
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 every year for amortization/impairment; the Company has determined that amortization/impairment is not necessary for the current year ended December 31, 2020. The change in intangible assets for the years ending December 31, 2020 and 2019 are as follows:
|  | 2020 |
|  | Patent |  |  | Website |  |  | Trademarks |  |  | Total |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance–January 1, 2020 |  | $ | 51,250 |  |  | $ | 3,500 |  |  | $ | 4,644 |  |  | $ | 59,394 |
Additions |  |  | 7,456 |  |  |  | - |  |  |  | 506 |  |  |  | 7,962 |
Balance–December 31, 2020 |  | $ | 58,706 |  |  | $ | 3,500 |  |  | $ | 5,150 |  |  | $ | 67,356 |
Accumulated Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance–January 1, 2020 |  | $ | (2,249 | ) |  | $ | - |  |  | $ | - |  |  | $ | (2,249 | )
Additions |  |  | (2,159 | ) |  |  | - |  |  |  | - |  |  |  | (2,159 | )
Balance–December 31, 2020 |  | $ | (4,408 | ) |  | $ | - |  |  | $ | - |  |  | $ | (4,408 | )
Net amount as at December 31, 2020 |  | $ | 54,298 |  |  | $ | 3,500 |  |  | $ | 5,150 |  |  | $ | 62,948 |
|  | 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 |  |  | $ | 4,644 |  |  | $ | 57,145 |
Amortization of the patent over the next five years and beyond December 31, 2020 is as follows:
2021 |  | $ | 2,160 |
2022 |  | $ | 2,160 |
2023 |  | $ | 2,160 |
2024 |  | $ | 2,160 |
2025 |  | $ | 2,160 |
2026 and later |  | $ | 38,201 |

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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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