Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

6. Intangible Assets

Intangible assets consist of costs incurred to establish the Worksport Tri-Fold and Smart Fold patent technology, Worksport trademarks, as well as the Company’s website. The patent was issued in 2014 and 2019. The patent will be amortized on a straight-line basis over its useful life of 25 years. The Company’s trademark and website are reassessed every year for amortization/impairment; the Company has determined that amortization/impairment is not necessary for the current year ended December 31, 2020. The change in intangible assets for the years ending December 31, 2020 and 2019 are as follows:

	2020
	Patent			Website		Trademarks		Total
Cost
Balance–January 1, 2020	$	51,250		$	3,500	$	4,644	$	59,394
Additions		7,456			-		506		7,962
Balance–December 31, 2020	$	58,706		$	3,500	$	5,150	$	67,356
Accumulated Depreciation
Balance–January 1, 2020	$	(2,249	)	$	-	$	-	$	(2,249	)
Additions		(2,159	)		-		-		(2,159	)
Balance–December 31, 2020	$	(4,408	)	$	-	$	-	$	(4,408	)
Net amount as at December 31, 2020	$	54,298		$	3,500	$	5,150	$	62,948

	2019
	Patent			Website		Trademarks		Total
Cost
Balance–January 1, 2019	$	10,574		$	3,500	$	-	$	14,074
Additions		40,676			-		4,644		45,320
Balance–December 31, 2019	$	51,250		$	3,500	$	4,644	$	59,394
Accumulated Depreciation
Balance–January 1, 2019	$	(1,401	)	$	-	$	-	$	(1,401	)
Additions		(848	)		-		-		(848	)
Balance–December 31, 2019	$	(2,249	)	$	-	$	-	$	(2,249	)
Net amount as at December 31, 2019	$	49,001		$	3,500	$	4,644	$	57,145

Amortization of the patent over the next five years and beyond December 31, 2020 is as follows:

2021	$	2,160
2022	$	2,160
2023	$	2,160
2024	$	2,160
2025	$	2,160
2026 and later	$	38,201