Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Note 10 - Intangible Assets

v3.19.2
Note 10 - Intangible Assets
12 Months Ended
Mar. 31, 2019
Statement Line Items [Line Items]  
Disclosure of intangible assets [text block]
10.
Intangible assets :
 
In
December 2012,
the Corporation entered into a prepayment agreement with Neptune pursuant to which the Corporation exercised its option under the License Agreement to pay in advance all of the future royalties payable. The license allows the Corporation to exploit the intellectual property rights in order to develop novel active pharmaceutical ingredients (“APIs”) into commercial products for the prescription drugs market. The license Agreement, together with the Corporation own IP, allows the “freedom to operate” for CaPre, which is currently the Corporation’s only prescription drug candidate in development. The Corporation believes that upon the expiry of the last licensed Neptune patent in
2022,
the Corporation’s expanding patent portfolio will cover CaPre, and that it will
not
require any license from Neptune to support the commercialization of CaPre.
 
    Patents     License     Total  
    $     $     $  
                   
Cost:                        
Balance at February 29, 2016, February 28, 2017 (Unaudited) and March 31, 2017    
362
     
24,330
     
24,692
 
Additions    
-
     
-
     
-
 
Balance at March 31, 2018    
362
     
24,330
     
24,692
 
Additions    
-
     
-
     
-
 
Balance at March 31, 2019    
362
     
24,330
     
24,692
 
                         
Accumulated amortization:                        
Balance at February 29, 2016    
362
     
9,425
     
9,787
 
Amortization for the twelve-month period (Unaudited)    
-
     
2,323
     
2,323
 
Balance at February 28, 2017 (Unaudited)    
362
     
11,748
     
12,110
 
Amortization for the one-month period (Unaudited)    
-
     
194
     
194
 
Amortization for the thirteen-month period    
-
     
2,517
     
2,517
 
Balance at March 31, 2017    
362
     
11,942
     
12,304
 
Amortization for the year    
-
     
2,323
     
2,323
 
Balance at March 31, 2018    
362
     
14,265
     
14,627
 
Amortization for the year    
-
     
2,322
     
2,322
 
Balance at March 31, 2019    
362
     
16,587
     
16,949
 
                         
Net carrying amounts:                        
March 31, 2018    
-
     
10,065
     
10,065
 
March 31, 2019    
-
     
7,743
     
7,743
 
 
Amortization expense and impairment loss for the period ended
March 31, 2019
and
2018,
the
thirteen
-month and
one
-month periods ended
March 31, 2017,
and the
twelve
-month period ended
February 
28,
 
2017
have been recorded in “research and development expenses” in the statements of earnings and comprehensive loss.