Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.7.0.1
Intangible Assets
3 Months Ended
Jun. 30, 2017
Intangible Assets [Abstract]  
Intangible Assets
4. Intangible Assets

  

      Cost
$
    Accumulated 
amortization
$
    Impairment
$
    June 30,
2017
Net carrying value
$
    March 31,
2017
Net carrying value
$
 
  Patents and technical information     35,852,556       (4,116,374 )     (20,457,255 )     11,278,927       11,497,880  

 

On May 17, 2013, the Company entered into an Assignment of Assets agreement with EnviroTechnologies, Inc. (“Enviro”), a company with a common significant shareholder who has a significant influence on the operations of both companies. Pursuant to the agreement, 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”), a company controlled by a shareholder of the Company who has a significant influence n the Company’s operations, which was assigned to the Company. This shareholder became a director of the Company on May 8, 2017. The Company entered into share exchange agreements with Enviro shareholders pursuant to 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.