Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.19.3
Intangible Assets
6 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
6. Intangible Assets

 

    Cost
$
    Accumulated amortization
$
    Cumulative impairment
$
    September 30,
2019
Net carrying value
$
    March 31,
2019
Net carrying value
$
 
                                         
Patents and technical information     35,852,556       (6,087,779 )     (20,457,255 )     9,307,522       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.

 

No impairment charges were recorded or reversed in the year ended 2019 and 2018.