Intangible Assets, net
 12 Months Ended
Feb. 28, 2023
Intangible Assets, net  
Intangible Assets, net

7. Intangible Assets, net

 

 

 

As at

February 28,

 

 

As at

February 28,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Patents, at cost – beginning of year

 

$1,154,169

 

 

$859,048

 

Additions in the year – patents

 

 

360,225

 

 

 

294,955

 

Patents, at cost – end of year

 

 

1,514,394

 

 

 

1,154,003

 

 

 

 

 

 

 

 

 

 

Patents, accumulated depreciation – beginning of year

 

 

(140,368)

 

 

(64,154)

Amortization of patents

 

 

(91,187)

 

 

(76,214)

Patents, accumulated depreciation – end of year

 

 

231,555)

 

 

(140,368)

 

 

 

 

 

 

 

 

 

Foreign exchange effect

 

 

(72,880)

 

 

166

 

Patents, net – end of year

 

$1,209,959

 

 

$1,013,801

 

 

On April 9, 2019, the first GEN II U.S. patent was issued. During the year ending February 28, 2023, the Company continued to develop its next Generation II (“GEN II”) technology and filed various patents in jurisdictions around the world.

 

The GEN II technology portfolio currently consists of four patent families for which the company has six issued U.S. patents and four pending U.S. applications. Internationally, the Company also has issued or allowed patents in Algeria, Bangladesh, and Morocco for certain aspects of the technology and pending applications in Canada, China, the Eurasian Patent Organization, Europe, the Gulf Cooperation Council, India, Japan, Mexico, Singapore, South Korea, and various other countries. All patents and patent applications, if granted are expected to expire between 2037 and 2040, not including any patent term extension.

 

Amortization expense amounted to $91,187 for the year ended February 28, 2023 (2022 - $76,214).