Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.6.0.2
Intangible Assets
9 Months Ended
Dec. 31, 2016
Intangible Assets [Abstract]  
Intangible Assets
4. Intangible Assets

 

      Cost
$
    Accumulated amortization
$
    Impairment
$
    December 31,
2016
Net carrying value
$
    March 31,
2016
Net carrying value
$
 
                                           
  Patents and technical information     35,852,556       (3,685,605 )     (20,457,255 )     11,709,696       12,366,555  

 

On May 17, 2013, the Company entered into an Assignment of Assets agreement with EnviroTechnologies, Inc. (“Enviro”), whereby the Company acquired various patents and technical information related to the manufacture of a wet scrubber for removing sulphur, other pollutants, and the particulate matter from diesel engine exhaust. In exchange for these assets, the Company waived all obligations owing to the Company as well as agreed to return a total of 88,876,443 of Enviro’s shares back to Enviro. The obligations waived consisted of $237,156 owing to the Company as well as $93,721 of debt owing to Pacific Green Group Limited (“PGG”), which was assigned to the Company. The Company entered into share exchange agreements with Enviro shareholders in which it issued shares of its common stock in exchange for shares of Enviro on a one-for-ten basis. The intangible assets acquired were recorded at cost and is being amortized using the straight-line method over the estimated useful life of 17 years.