Note 5 - Intangible Assets |
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| Intangible Asset [Text Block] |
Note 5 - Intangible Assets
Intangible assets consist of costs incurred to establish the patent rights related to the quick latch and soft vinyl quad-fold tonneau cover technologies, Worksport trademarks, licenses, and software costs. The Company’s utility patents and design registrations were issued between 2014 and 2025. The patents and software are amortized on a straight-line basis over their useful life. The Company’s trademark, licenses, and other indefinite life intangible assets are reassessed every year for impairment. The Company determined that impairment is not necessary for the prior year ended December 31, 2025 and for the three and six months ended June 30, 2026.
The components of intangible assets are as follows:
Amortization expense for the three months ended June 30, 2026 and 2025 was $96,215 and $96,459, respectively. Amortization expense for the six months ended June 30, 2026 and 2025 was $192,674 and $192,918, respectively.
Estimated amortization of the patent and software over the next five calendar years and beyond June 30, 2026 is as follows:
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