| Intangible Assets |
Note 9 - Intangible Assets
Intangible assets as of December
31, 2015 and 2014 and the movements for the years then ended are as follows:
| |
|
|
|
|
Distributor & |
|
|
|
|
| |
|
Patents & |
|
|
Customer |
|
|
|
|
| |
|
Trademarks |
|
|
Relationships |
|
|
Totals |
|
| Cost or Deemed Cost |
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2013 |
|
$ |
3,851,494 |
|
|
$ |
1,270,639 |
|
|
$ |
5,122,133 |
|
| Additions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Disposal |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| At December 31, 2014 |
|
$ |
3,851,494 |
|
|
$ |
1,270,639 |
|
|
$ |
5,122,133 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2013 |
|
$ |
1,416,857 |
|
|
$ |
1,270,639 |
|
|
$ |
2,687,496 |
|
| Amortization Charge |
|
|
258,572 |
|
|
|
- |
|
|
|
258,572 |
|
| Disposal |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| At December 31, 2014 |
|
$ |
1,675,429 |
|
|
$ |
1,270,639 |
|
|
$ |
2,946,068 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Book Value |
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2013 |
|
$ |
2,434,637 |
|
|
$ |
- |
|
|
$ |
2,434,637 |
|
| At December 31, 2014 |
|
$ |
2,176,065 |
|
|
$ |
- |
|
|
$ |
2,176,065 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost or Deemed Cost |
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2014 |
|
$ |
3,851,495 |
|
|
$ |
1,270,639 |
|
|
$ |
5,122,134 |
|
| Additions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Disposal |
|
|
(1,224,499 |
) |
|
|
- |
|
|
|
(1,224,499 |
) |
| At December 31, 2015 |
|
$ |
2,626,996 |
|
|
$ |
1,270,639 |
|
|
$ |
3,897,635 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2014 |
|
$ |
1,675,430 |
|
|
$ |
1,270,639 |
|
|
$ |
2,946,069 |
|
| Amortization Charge |
|
|
236,706 |
|
|
|
- |
|
|
|
236,706 |
|
| Disposal |
|
|
(758,023 |
) |
|
|
- |
|
|
|
(758,023 |
) |
| At December 31, 2015 |
|
$ |
1,154,113 |
|
|
$ |
1,270,639 |
|
|
$ |
2,424,752 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Book Value |
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2014 |
|
$ |
2,176,065 |
|
|
$ |
- |
|
|
$ |
2,176,065 |
|
| At December 31, 2015 |
|
$ |
1,472,883 |
|
|
$ |
- |
|
|
$ |
1,472,883 |
|
On December 31, 2015, the Company
reassigned two fully amortized patents to the original holder as part of the settlement of a legal dispute.
During the years ended December
31, 2015 and 2014 amortization expense was $236,706 and $258,572.
The estimated aggregate amortization
expense for each of the five succeeding fiscal years is as follows:
| Period |
|
Amount |
|
| 2016 |
|
$ |
171,108 |
|
| 2017 |
|
$ |
171,108 |
|
| 2018 |
|
$ |
171,108 |
|
| 2019 |
|
$ |
171,108 |
|
| 2020 |
|
$ |
171,108 |
|
|