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Significant Accounting Policies
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Significant Accounting Policies

2. Significant Accounting Policies

 

The accounting polices used in the preparation of these interim financial statements are consistent with those of the Company’s audited financial statements for the year ended December 31, 2018.

 

The Company also implemented the following accounting standard effective January 1, 2019.

 

In January 2019, ASC 842 was implemented related to the valuation of leases. Under this guidance, leases should be capitalized that contain terms over one year and values over the capitalization policies. This standard became effective for the Company’s fiscal year beginning January 1, 2019. The Company has accounted for its leases upon adoption of ASC 842 whereby it recognizes a lease liability and a right-of-use asset at the date of initial application, being January 1, 2019. The lease liability is measured at the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate. The Company has measured the right-of-use asset at an amount equal to the lease liability.

 

Assets are depreciated over the useful life of the assets. The useful life of the following assets are as follows: warehouse equipment over 5 years, computers over 3 years, patents over 25 years, and leasehold improvements of 15 years. The Company does not take depreciation for the following items: product moulds, trademarks and website.