Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.19.2
Intangible Assets
3 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
6. Intangible Assets

 

    Cost
$
    Accumulated
amortization
$
    Cumulative
impairment
$
    June 30,
2019
Net carrying
value
$
    March 31,
2019
Net carrying
value
$
 
                               
Patents and technical information     35,852,556       (5,867,999 )     (20,457,255 )     9,527,302       9,746,255  

 

On May 17, 2013, the Company entered into an Assignment of Assets agreement with EnviroTechnologies, Inc. ("Enviro"), a non-related party, 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. The intangible assets were initially recorded at the estimated fair value of stock in a share exchange with Enviro, assumed obligations as well indebtedness forgiven. The patents and are being amortized using the straight-line method over the estimated useful life of 17 years.

 

In prior years, the Company determined that indicators of the impairment existed on these intangible assets. Based on a detailed review of the Company's operations, access to financing and complexities in the technologies, it was determined that management could not support the carrying value of these assets. Accordingly, the Company recorded impairment charges in prior years. No impairment charges were recorded or reversed in 2019 or 2018.