Cover
Cover | 12 Months Ended |
Dec. 31, 2021 | |
Cover [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | Gold Reserve Inc. |
Entity Central Index Key | 0001072725 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 271 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents (Note 4) | $ 49,117,630 | $ 57,415,350 |
Marketable securities (Note 5) | 105,218 | 83,575 |
Income tax receivable (Note 10) | 8,682,839 | 8,682,839 |
Prepaid expense and other | 506,663 | 573,411 |
Total current assets | 58,412,350 | 66,755,175 |
Property, plant and equipment, net (Note 6) | 2,153,678 | 2,514,552 |
Right of use asset | 74,415 | 165,576 |
Total assets | 60,640,443 | 69,435,303 |
Current Liabilities: | ||
Accounts payable and accrued expenses (Note 3) | 473,226 | 780,925 |
Lease liability | 77,093 | 92,819 |
Contingent value rights (Note 3) | 60,242 | 60,242 |
Total current liabilities | 610,561 | 933,986 |
Lease liability | 77,093 | |
Total liabilities | $ 610,561 | 1,011,079 |
SHAREHOLDERS' EQUITY | ||
Preferred Stock, Shares Issued | 0 | |
Common shares | $ 302,679,682 | 302,469,647 |
Contributed surplus | 20,625,372 | 20,625,372 |
Stock options (Note 9) | 23,402,083 | 21,409,668 |
Accumulated deficit | (286,677,255) | (276,080,463) |
Total shareholders' equity | 60,029,882 | 68,424,224 |
Total liabilities and shareholders' equity | $ 60,640,443 | $ 69,435,303 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares, Issued | 99,547,710 | 99,395,048 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME (LOSS) | ||
Interest income | $ 31,095 | $ 294,277 |
Gain (loss) on disposition of property, plant and equipment (Note 6) | 58,562 | (30,476) |
Gain on marketable equity securities | 21,643 | 5,756 |
Foreign currency gain (loss) | (20,402) | 24,100 |
Total Other Income | 90,898 | 293,657 |
EXPENSES | ||
Corporate general and administrative (Notes 3 and 9) | 6,018,724 | 5,147,333 |
Contingent value rights (Note 3) | 59,549 | |
Siembra Minera Project and related costs (Note 7) | 1,675,469 | 1,568,741 |
Write-down of property, plant and equipment (Note 6) | 3,749,531 | |
Loss on impairment of cash in bank account (Note 4) | 1,166,529 | |
Exploration costs | 118,259 | 73,683 |
Legal and accounting | 1,245,721 | 698,810 |
Arbitration and settlement (Note 3) | 145,147 | 1,132,291 |
Equipment holding costs | 317,841 | 470,364 |
Total Expense | 10,687,690 | 12,900,302 |
Net loss before income tax benefit | (10,596,792) | (12,606,645) |
Income tax benefit (Note 10) | 1,089,360 | |
Net loss and comprehensive loss for the year | $ (10,596,792) | $ (11,517,285) |
Net loss per share, basic and diluted | $ (0.11) | $ (0.12) |
Weighted average common shares outstanding, basic and diluted | 99,481,626 | 99,395,048 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Options [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2018 | $ 302,469,647 | $ 20,625,372 | $ 20,752,893 | $ (264,563,178) | |
Net loss for the year | (11,517,285) | ||||
Stock option compensation (Note 9) | 656,775 | ||||
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2019 | 99,395,048 | ||||
Net loss for the year | (10,596,792) | $ (11,517,285) | |||
Stock option compensation (Note 9) | 656,775 | ||||
Ending balance, value at Dec. 31, 2020 | $ 302,469,647 | 20,625,372 | 21,409,668 | (276,080,463) | 68,424,224 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2020 | 99,395,048 | ||||
Net loss for the year | (10,596,792) | ||||
Stock option compensation (Note 9) | 1,992,415 | $ 1,992,415 | |||
Share issuance | 210,035 | ||||
[custom:SharesIssuedRetirementPlan] | 152,662 | ||||
Ending balance, value at Dec. 31, 2021 | $ 302,679,682 | $ 20,625,372 | $ 23,402,083 | $ (286,677,255) | $ 60,029,882 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 99,547,710 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss for the year | $ (10,596,792) | $ (11,517,285) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock option compensation | 1,992,415 | 656,775 |
Depreciation | 106,428 | 124,267 |
Write-down of property, plant and equipment | 3,749,531 | |
Loss (gain) on disposition of property, plant and equipment | (58,562) | 30,476 |
Gain on marketable equity securities | (21,643) | (5,756) |
Income tax recovery | (1,089,360) | |
Changes in non-cash working capital: | ||
Decrease in income tax receivable | 3,204,812 | |
Net decrease in prepaid expense and other | 66,748 | 174,461 |
Net increase (decrease) in accounts payable and accrued expenses | (99,322) | 113,270 |
Net cash used in operating activities | (8,610,728) | (4,558,809) |
Cash Flows from Investing Activities: | ||
Proceeds from disposition of marketable equity securities | 100,126 | |
Proceeds from sale of property, plant and equipment | 315,389 | 98,649 |
Purchase of property, plant and equipment | (2,381) | (46,753) |
Net cash provided by investing activities | 313,008 | 152,022 |
Cash Flows from Financing Activities: | ||
Net cash used in financing activities | ||
Change in Cash and Cash Equivalents: | ||
Net decrease in cash and cash equivalents | (8,297,720) | (4,406,787) |
Cash and cash equivalents - beginning of year | 57,415,350 | 61,822,137 |
Cash and cash equivalents - end of year | $ 49,117,630 | $ 57,415,350 |
The Company and Significant Acc
The Company and Significant Accounting Policies: | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
The Company and Significant Accounting Policies: | Note 1. The Company and Significant Accounting Policies: Gold Reserve Inc. ("Gold Reserve," the "Company," "we," "us," or "our") is engaged in the business of acquiring, exploring and developing mining projects and was incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014. Gold Reserve Inc. is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. Management's primary activities have been focused on the July 2016 settlement agreement, (as amended, the "Settlement Agreement") with the Bolivarian Republic of Venezuela ("Venezuela") in regards to the payment of the Award (as defined herein), the advancement of the Siembra Minera project (the "Siembra Minera Project") (including the related social and humanitarian efforts) and the acquisition of our Mining Data (as defined herein) by Venezuela, identifying our legal options associated with the collection of the unpaid balance of the Award and the purported revocation of the mining rights in connection with the Siembra Minera Project, along with any future operational strategies if there is a successful appeal or overturning of such purported revocation. The U.S. and Canadian governments have imposed various sanctions targeting Venezuela (the "Sanctions"). The Sanctions, in aggregate, essentially prevent any dealings with Venezuelan government or state-owned or controlled entities and prohibit directors, management and employees of the Company who are U.S. Persons from dealing with certain Venezuelan individuals or entering into certain transactions. The Sanctions imposed by the U.S. government generally block all property of the government of Venezuela and prohibit directors, management and employees of the Company who are U.S. Persons (as defined by U.S. Sanction statutes) from dealing with the Venezuelan government and/or state-owned/controlled entities, entering into certain transactions or dealing with Specially Designated Nationals ("SDNs") and target corruption in, among other identified sectors, the gold sector of the Venezuelan economy, The Sanctions imposed by the Canadian government include asset freezes and prohibitions on dealings with certain named Venezuelan officials under the Special Economic Measures (Venezuela) Regulations of the Special Economic Measures Act and the Justice for Victims of Corrupt Foreign Officials Regulations of the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) The Sanctions have adversely impacted our ability to collect the remaining funds owed by Venezuela, which is expected to continue for an indeterminate period of time. Even if there is a successful appeal or overturning of the purported revocation by the Venezuelan Ministry of Mines of the mining rights in connection with the Siembra Minera Project, the Sanctions could adversely impact our ability to finance, develop and operate such project, and the Sanctions will continue indefinitely until modified by the U.S. government or the Canadian government. The cumulative impact of the Sanctions continues to restrict the Company from working with those Venezuelan government officials responsible for the payment and transfer of funds associated with the Settlement Agreement which adversely impacts our ability to collect the remaining balance of the Award plus interest and/or amounts due pursuant to the Settlement Agreement from Venezuela. Even if we are successful in appealing or otherwise overturning the purported revocation by the Venezuelan Ministry of Mines of the mining rights in connection with the Siembra Minera Project, the Sanctions continue to restrict the Company from working with those Venezuelan government officials responsible for the operation of Siembra Minera and the development of the Siembra Minera Project and, until Sanctions are lifted, would obstruct any ability for us to develop the Siembra Minera Project as originally planned. Basis of Presentation and Principles of Consolidation 55 45 Cash and Cash Equivalents Exploration and Development Costs Property, Plant and Equipment. Impairment of Long-Lived Assets . Foreign Currency Stock Based Compensation Income Taxes Uncertain Tax Positions likely to be realized upon settlement with taxing authorities. Management periodically evaluates positions taken in tax returns in situations in which applicable tax regulation is subject to interpretation. The Company establishes provisions where appropriate on the basis of amounts expected to be received from or paid to tax authorities. Use of Estimates Net Income (Loss) Per Share Marketable Securities Equity accounted investments Financial Instruments |
New Accounting Policies_
New Accounting Policies: | 12 Months Ended |
Dec. 31, 2021 | |
New Accounting Policies | |
New Accounting Policies: | Note 2. New Accounting Policies: Adopted in the year In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). This update is intended to clarify certain interactions between Topics which guide the accounting for certain equity securities and investments under the equity method of accounting. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. This update was effective for us commencing with the annual period beginning January 1, 2021, including interim periods within the year. The adoption of this standard did not have a significant impact on our financial statements. |
Arbitral Award, Settlement Agre
Arbitral Award, Settlement Agreement and Mining Data Sale: | 12 Months Ended |
Dec. 31, 2021 | |
Arbitral Award Settlement Agreement And Mining Data Sale | |
Arbitral Award, Settlement Agreement and Mining Data Sale: | Note 3. Arbitral Award, Settlement Agreement and Mining Data Sale: In October 2009 we initiated a claim (the "Brisas Arbitration") under the Additional Facility Rules of the International Centre for the Settlement of Investment Disputes ("ICSID") to obtain compensation for the losses caused by the actions of Venezuela that terminated our previous mining project known as the "Brisas Project." On September 22, 2014, we were granted an Arbitral Award (the "Award") totaling $ 740.3 In July 2016, we signed the Settlement Agreement, subsequently amended, whereby Venezuela agreed among other things to pay us a total of approximately $1.032 $792 $240 To date, the Company has received payments of approximately $254 $924 $146 payments, as management has not yet determined that payment from Venezuela is probable. This judgement was based on various factors including the Sanctions imposed on Venezuela, the current economic and political instability in Venezuela and the history of non-payment by Venezuela under the terms of the Settlement Agreement. The Award receivable and any associated liabilities will be recognized when, in management’s judgment, it is probable that payment from Venezuela will occur. The interest rate provided for on any unpaid amounts pursuant to the Award is specified as LIBOR plus two percent. With the phase out of LIBOR, if and when it is possible to engage with the Venezuelan government, we expect that, if necessary, we will either come to an agreement with Venezuela as to an appropriate replacement or, alternatively, petition the court responsible for the enforcement of our Award judgement to rule on a new interest rate benchmark. In addition to other constraints, the Sanctions restrict the Company from working with those Venezuelan government officials responsible for the payment and transfer of funds associated with the Settlement Agreement which adversely impacts our ability to collect the remaining balance of the Award plus interest and/or amounts due pursuant to the Settlement Agreement from Venezuela. The Company, with counsels’ assistance, continues to evaluate and pursue various options in regard to the Award and the Settlement Agreement. In March 2020, the U.S. Congress passed legislation which allows companies to carryback net operating losses incurred in 2018, 2019 and 2020 to offset income earned in prior years. In response to this legislation, management reduced its estimate of the U.S. related income tax due on amounts received in 2018 from the sale of Mining Data. The effect of this change in estimate was to increase the net proceeds subject to the CVR (as defined below) and the Bonus Plan (as defined below) and as a result, the Company recorded an increase in its obligation to the CVR holders and Bonus Plan participants by approximately $60 thousand and $70 thousand, respectively. We have Contingent Value Rights ("CVRs") outstanding that entitle the holders to an aggregate of 5.466 $10 $60 We maintain a bonus plan (the "Bonus Plan") which is intended to compensate the participants, including executive officers, employees, directors and consultants for their past and present contributions to the Company. The bonus pool under the Bonus Plan is comprised of the gross proceeds collected or the fair value of any consideration realized less applicable taxes multiplied by 1.28 6.4 $4.4 $70 Due to U.S. and Canadian Sanctions and the uncertainty of transferring the remaining amounts due from Venezuela to bank accounts outside of Venezuela, management only considers those funds received by the Company into its North American bank accounts as funds available for purposes of the CVR and Bonus Plan cash distributions. Following receipt, if any, of additional funds pursuant to the Settlement Agreement and after applicable payments to CVR holders and Bonus Plan participants, we expect to distribute to our shareholders a substantial majority of any remaining amounts, subject to applicable regulatory requirements and retaining sufficient reserves for operating expenses, contractual obligations, accounts payable and income taxes, and any obligations arising as a result of the collection of the remaining amount owed by Venezuela. |
Cash and Cash Equivalents_
Cash and Cash Equivalents: | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents: | Note 4. Cash and Cash Equivalents: Cash and Cash Equivalents December 31, December 31, 2021 2020 Bank deposits $ 1,846,842 $ 9,457,061 Short term investments 47,270,788 47,958,289 Total $ 49,117,630 $ 57,415,350 Short term investments include money market funds and U.S. treasury bills which mature in three months or less. One of the Company’s Barbadian subsidiaries has a U.S. dollar account in an Antiguan bank which is part of a banking group based in Venezuela. The account was intended to be used to fund the Company’s activities related to the Siembra Minera project. The Company has been unable to access these funds or transfer the funds out of the account. As a result, the Company has fully impaired the financial asset and recorded an impairment loss of $1,166,529 |
Marketable Securities_
Marketable Securities: | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Marketable Securities: | Note 5. Marketable Securities: December 31, December 31, Schedule of Marketable Securities Value 2021 2020 Equity securities Fair value and carrying value at beginning of year $ 83,575 $ 177,945 Increase (decrease) in fair value 21,643 5,756 Disposals during the year – (100,126) Fair value and carrying value at balance sheet date $ 105,218 $ 83,575 Marketable equity securities are classified as trading securities and accounted for at fair value, based on quoted market prices with unrealized gains or losses recorded in the Consolidated Statements of Operations. Accounting Standards Codification ("ASC") 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices in active markets for identical assets or liabilities, Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability and Level 3 inputs are unobservable inputs for the asset or liability that reflect the entity's own assumptions. The fair values of the Company's marketable equity securities as at the balance sheet date are based on Level 1 inputs. |
Property, Plant and Equipment_
Property, Plant and Equipment: | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment: | Note 6. Property, Plant and Equipment: Property, Plant and Equipment Accumulated Cost Depreciation Net December 31, 2021 Machinery and equipment $ 1,602,133 $ – $ 1,602,133 Furniture and office equipment 423,813 (322,389) 101,424 Transportation equipment 326,788 (230,695) 96,093 Leasehold improvements 29,390 (25,362) 4,028 Mineral property 350,000 – 350,000 $ 2,732,124 $ (578,446) $ 2,153,678 Accumulated Cost Depreciation Net December 31, 2020 Machinery and equipment $ 1,858,959 $ – $ 1,858,959 Furniture and office equipment 421,432 (286,083) 135,349 Transportation equipment 326,788 (165,338) 161,450 Leasehold improvements 29,390 (20,596) 8,794 Mineral property 350,000 – 350,000 $ 2,986,569 $ (472,017) $ 2,514,552 Machinery and equipment consists of a semi-autogenous grinding (SAG) mill and minor infrastructure equipment originally intended for use on the Brisas Project. We evaluate our equipment and mineral property to determine whether events or changes in circumstances have occurred that may indicate that the carrying amount may not be recoverable. We regularly obtain comparable market data for similar equipment as evidence that our equipment’s fair value less cost to sell is in excess of the carrying amount. During the fourth quarter of 2020, the Company determined that the value of the motor for the SAG mill had declined to the extent that it should be disposed of in order to reduce equipment holding cost and accordingly it was written down to scrap value. The Company recorded impairment write-downs of property, plant and equipment of NIL and $3.7 $58,562 (30,476) |
Empresa Mixta Ecosocialista Sie
Empresa Mixta Ecosocialista Siembra Minera, S.A.: | 12 Months Ended |
Dec. 31, 2021 | |
Empresa Mixta Ecosocialista Siembra Minera S.a. | |
Empresa Mixta Ecosocialista Siembra Minera, S.A.: | Note 7. Empresa Mixta Ecosocialista Siembra Minera, S.A.: In October 2016, together with an affiliate of the government of Venezuela, we established Siembra Minera by our purchasing shares in Siembra Minera for a nominal amount and entering into the Contract for the Incorporation and Administration of the Mixed Company with the government of Venezuela (the "Mixed Company Formation Document"). The primary purpose of this entity is to develop the Siembra Minera Project, as defined below. Siembra Minera is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation, and 45% by Gold Reserve. Siembra Minera (pursuant to the agreement which governs the formation and operation of Siembra Minera) was granted certain gold, copper, silver and other strategic mineral rights (primarily comprised of the historical Brisas and Cristinas areas) contained within Bolivar State comprising the Siembra Minera Project (which has a twenty year term with two ten year extensions) and is, among other things authorized, via current or future Presidential Decrees and Ministerial resolutions, to carry on its business, pay a net smelter return royalty to Venezuela on the future sale of gold, copper, silver and any other strategic minerals over the life of the Siembra Minera Project and provide net profits participation based on the sales price of gold per ounce. A number of authorizations, which still have not been provided by the current administration, are critical to the future operation and economics of the Siembra Minera Project. Pursuant to the Settlement Agreement (as described in Note 3), both parties will retain their respective interest in Siembra Minera in the event all of the agreed upon Settlement Agreement payments are not made by Venezuela. In March 2022, the Ministry of Mines of Venezuela issued a Resolution that purports to revoke the mining rights of Siembra Minera for alleged non-compliance with certain Venezuelan mining regulations. We are considering all legal rights and remedies available under the Settlement Agreement and applicable law. On March 16, 2018, the Company announced the completion of a technical report for the Preliminary Economic Assessment ("PEA") for the Siembra Minera Project. The Company has directly incurred the costs associated with the Siembra Minera Project which, beginning in 2016 through December 31, 2021, amounted to a total of approximately $22.7 Even if the purported revocation of the mining rights in connection with the Siembra Minera Project is successfully appealed or overturned, the Sanctions, along with other constraints, could adversely impact our ability to finance, develop and operate the Siembra Minera Project. |
401(k) Plan_
401(k) Plan: | 12 Months Ended |
Dec. 31, 2021 | |
K Plan | |
401(k) Plan: | Note 8. 401(k) Plan: The 401(k) Plan, formerly entitled the KSOP Plan, was originally adopted in 1990 and was most recently restated effective January 1, 2021. The purpose of the 401(k) Plan is to offer retirement benefits to eligible employees of the Company. The 401(k) Plan provides for a salary deferral, a non-elective contribution of 3% of each eligible Participant’s annual compensation and discretionary contributions. Allocation of Class A common shares or cash to participants' accounts, subject to certain limitations, is at the discretion of the Board. Cash contributions for the 2021 plan year were approximately $163,000 $170,000 |
Stock Based Compensation Plans_
Stock Based Compensation Plans: | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation Plans: | Note 9. Stock Based Compensation Plans: Equity Incentive Plan The Company's equity incentive plan provides for the grant of stock options to purchase the Company’s Class A common shares. During the second quarter of 2021, the number of shares available under the plan was increased to a maximum of 9,939,500 2,721,107 Stock option transactions for the years ended December 31, 2021 and 2020 are as follows: 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding - beginning of period 4,629,565 $ 2.36 4,369,565 $ 3.09 Options granted 3,033,750 1.60 260,000 1.72 Options expired (444,922) 1.85 - Options outstanding - end of period 7,218,393 $ 2.08 4,629,565 $ 2.36 The following table relates to stock options at December 31, 2021: Outstanding Options Exercisable Options Exercise Price Number Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Term (Years) Number Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Term (Years) $1.60 $1.60 2,983,750 $1.60 $ 0 9.76 2,983,750 $1.60 $ 0 9.76 $1.61 $1.93 435,000 $1.77 0 7.78 389,998 $1.78 0 7.67 $2.39 $2.39 3,369,643 $2.39 0 5.13 3,369,643 $2.39 0 5.13 $3.15 $3.26 430,000 $3.2 0 2.95 430,000 $3.21 0 2.95 $1.60 $3.26 7,218,393 $2.08 $ 0 7.07 7,173,391 $2.08 $ 0 7.06 In October 2021, in conjunction with the implementation of a three-year cost reduction program which included the reduction of cash compensation, the Company granted approximately 3.0 $1.9 3,033,750 260,000 $1,992,415 $656,775 $1.6 $0.4 The weighted average fair value of the options granted in 2021 and 2020 was calculated as $0.64 $0.72 2021 2020 Risk free interest rate 0.94 0.26 Expected term 5.0 5.0 Expected volatility 45 49 Dividend yield 0 0 The risk-free interest rate is based on the US Treasury rate on the date of grant for a period equal to the expected term of the option. The expected term is based on historical exercise experience and projected post-vesting behavior. The expected volatility is based on historical volatility of our common stock over a period equal to the expected term of the option. In the third quarter of 2020, in order to reflect the decrease in the market price of the Class A Shares as a result of the return of capital transaction that was completed in 2019, the Company reduced the exercise price of 4,369,565 $0.76 $500,000 Change of Control Agreements The Company maintains change of control agreements with certain officers and employees. A Change of Control is generally defined as one or more of the following: the acquisition by any individual, entity or group, of beneficial ownership of 25 percent of the voting power of the Company’s outstanding Common Shares; a change in the composition of the Board that causes less than a majority of the current directors of the Board to be members of the incoming board; reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company; liquidation or dissolution of the Company; or any other event the Board reasonably determines constitutes a Change of Control. As of December 31, 2021, the amount payable under the change of control agreements, in the event of a Change of Control, was approximately $6.4 Milestone bonuses The Company implemented an incentive bonus plan in the fourth quarter of 2021 which involves senior management whose cash compensation was reduced as part of the three-year cost reduction program referred to above. The plan provides for the payment of a bonus upon the achievement of specific objectives related to the development of the Company’s business and prospects in Venezuela within certain time frames. As of December 31, 2021, the amount payable under the plan in the event of the achievement of the specific objectives was approximately $3.2 |
Income Tax_
Income Tax: | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax: | Note 10. Income Tax: Income tax benefit for the years ended December 31, 2021 and 2020 differs from the amount that would result from applying Canadian tax rates to net income before taxes. These differences result from the items noted below: 2021 2020 Amount % Amount % Income tax benefit based on Canadian tax rates $ 2,649,198 25 $ 3,151,661 25 Increase (decrease) due to: Different tax rates on foreign subsidiaries (658,471) (6) (382,207) (3) Non-deductible expenses (419,589) (4) (155,633) (1) Change in valuation allowance and other (1,571,138) (15) (1,524,461) (12) $ 0 0 $ 1,089,360 9 The Company recorded an income tax benefit of $0 $1.1 The Company has an income tax receivable of $8.7 The components of the Canadian and U.S. deferred income tax assets and liabilities as of December 31, 2021 and 2020 were as follows: December 31, 2021 2020 Deferred income tax assets Net operating loss carry forwards $ 40,045,479 $ 35,650,114 Property, Plant and Equipment 2,023,434 5,676,072 Other 1,537,637 1,638,122 Total deferred income tax asset 43,606,550 42,964,308 Valuation allowance (43,557,562) (42,958,243) Deferred income tax assets net of valuation allowance $ 48,988 $ 6,065 Deferred income tax liabilities Other (48,988) (6,065) Net deferred income tax asset $ - $ - At December 31, 2021, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 2,045,340 2026 3,795,885 2027 14,468,183 2028 13,711,604 2029 16,939,924 2030 18,968,793 2031 5,503,651 2032 8,001,176 2033 9,270,575 2034 13,233,063 2035 15,732,719 2036 11,864,629 2037 1,135,412 2038 2,959,210 2039 4,398,737 16,040,571 2040 2041 2,514,815 - $ 2,514,815 $ 158,069,472 |
The Company and Significant A_2
The Company and Significant Accounting Policies: (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation 55 45 |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Exploration and Development Costs | Exploration and Development Costs |
Property, Plant and Equipment. | Property, Plant and Equipment. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets . |
Foreign Currency | Foreign Currency |
Stock Based Compensation | Stock Based Compensation |
Income Taxes | Income Taxes |
Uncertain Tax Positions | Uncertain Tax Positions likely to be realized upon settlement with taxing authorities. Management periodically evaluates positions taken in tax returns in situations in which applicable tax regulation is subject to interpretation. The Company establishes provisions where appropriate on the basis of amounts expected to be received from or paid to tax authorities. |
Use of Estimates | Use of Estimates |
Net Income (Loss) Per Share | Net Income (Loss) Per Share |
Marketable Securities | Marketable Securities |
Equity accounted investments | Equity accounted investments |
Financial Instruments | Financial Instruments |
Cash and Cash Equivalents_ (Tab
Cash and Cash Equivalents: (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents December 31, December 31, 2021 2020 Bank deposits $ 1,846,842 $ 9,457,061 Short term investments 47,270,788 47,958,289 Total $ 49,117,630 $ 57,415,350 Short term investments include money market funds and U.S. treasury bills which mature in three months or less. |
Marketable Securities_ (Tables)
Marketable Securities: (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Schedule of Marketable Securities Value | December 31, December 31, Schedule of Marketable Securities Value 2021 2020 Equity securities Fair value and carrying value at beginning of year $ 83,575 $ 177,945 Increase (decrease) in fair value 21,643 5,756 Disposals during the year – (100,126) Fair value and carrying value at balance sheet date $ 105,218 $ 83,575 |
Property, Plant and Equipment_
Property, Plant and Equipment: (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Accumulated Cost Depreciation Net December 31, 2021 Machinery and equipment $ 1,602,133 $ – $ 1,602,133 Furniture and office equipment 423,813 (322,389) 101,424 Transportation equipment 326,788 (230,695) 96,093 Leasehold improvements 29,390 (25,362) 4,028 Mineral property 350,000 – 350,000 $ 2,732,124 $ (578,446) $ 2,153,678 Accumulated Cost Depreciation Net December 31, 2020 Machinery and equipment $ 1,858,959 $ – $ 1,858,959 Furniture and office equipment 421,432 (286,083) 135,349 Transportation equipment 326,788 (165,338) 161,450 Leasehold improvements 29,390 (20,596) 8,794 Mineral property 350,000 – 350,000 $ 2,986,569 $ (472,017) $ 2,514,552 Machinery and equipment consists of a semi-autogenous grinding (SAG) mill and minor infrastructure equipment originally intended for use on the Brisas Project. We evaluate our equipment and mineral property to determine whether events or changes in circumstances have occurred that may indicate that the carrying amount may not be recoverable. We regularly obtain comparable market data for similar equipment as evidence that our equipment’s fair value less cost to sell is in excess of the carrying amount. During the fourth quarter of 2020, the Company determined that the value of the motor for the SAG mill had declined to the extent that it should be disposed of in order to reduce equipment holding cost and accordingly it was written down to scrap value. The Company recorded impairment write-downs of property, plant and equipment of NIL and $3.7 $58,562 (30,476) |
Stock Based Compensation Plan_2
Stock Based Compensation Plans: (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Transactions | 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding - beginning of period 4,629,565 $ 2.36 4,369,565 $ 3.09 Options granted 3,033,750 1.60 260,000 1.72 Options expired (444,922) 1.85 - Options outstanding - end of period 7,218,393 $ 2.08 4,629,565 $ 2.36 |
Stock Options Oustanding and Exercisable | Outstanding Options Exercisable Options Exercise Price Number Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Term (Years) Number Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Term (Years) $1.60 $1.60 2,983,750 $1.60 $ 0 9.76 2,983,750 $1.60 $ 0 9.76 $1.61 $1.93 435,000 $1.77 0 7.78 389,998 $1.78 0 7.67 $2.39 $2.39 3,369,643 $2.39 0 5.13 3,369,643 $2.39 0 5.13 $3.15 $3.26 430,000 $3.2 0 2.95 430,000 $3.21 0 2.95 $1.60 $3.26 7,218,393 $2.08 $ 0 7.07 7,173,391 $2.08 $ 0 7.06 |
Income Tax_ (Tables)
Income Tax: (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income tax benefit based on Canadian tax rates | Income tax benefit for the years ended December 31, 2021 and 2020 differs from the amount that would result from applying Canadian tax rates to net income before taxes. These differences result from the items noted below: 2021 2020 Amount % Amount % Income tax benefit based on Canadian tax rates $ 2,649,198 25 $ 3,151,661 25 Increase (decrease) due to: Different tax rates on foreign subsidiaries (658,471) (6) (382,207) (3) Non-deductible expenses (419,589) (4) (155,633) (1) Change in valuation allowance and other (1,571,138) (15) (1,524,461) (12) $ 0 0 $ 1,089,360 9 The Company recorded an income tax benefit of $0 $1.1 The Company has an income tax receivable of $8.7 The components of the Canadian and U.S. deferred income tax assets and liabilities as of December 31, 2021 and 2020 were as follows: December 31, 2021 2020 Deferred income tax assets Net operating loss carry forwards $ 40,045,479 $ 35,650,114 Property, Plant and Equipment 2,023,434 5,676,072 Other 1,537,637 1,638,122 Total deferred income tax asset 43,606,550 42,964,308 Valuation allowance (43,557,562) (42,958,243) Deferred income tax assets net of valuation allowance $ 48,988 $ 6,065 Deferred income tax liabilities Other (48,988) (6,065) Net deferred income tax asset $ - $ - At December 31, 2021, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 2,045,340 2026 3,795,885 2027 14,468,183 2028 13,711,604 2029 16,939,924 2030 18,968,793 2031 5,503,651 2032 8,001,176 2033 9,270,575 2034 13,233,063 2035 15,732,719 2036 11,864,629 2037 1,135,412 2038 2,959,210 2039 4,398,737 16,040,571 2040 2041 2,514,815 - $ 2,514,815 $ 158,069,472 |
At December 31, 2021, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. | At December 31, 2021, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 2,045,340 2026 3,795,885 2027 14,468,183 2028 13,711,604 2029 16,939,924 2030 18,968,793 2031 5,503,651 2032 8,001,176 2033 9,270,575 2034 13,233,063 2035 15,732,719 2036 11,864,629 2037 1,135,412 2038 2,959,210 2039 4,398,737 16,040,571 2040 2041 2,514,815 - $ 2,514,815 $ 158,069,472 |
The Company and Significant A_3
The Company and Significant Accounting Policies: (Details Narrative) | Dec. 31, 2021 |
Accounting Policies [Abstract] | |
Siembra Minera beneficial ownership by Venezuela | 55.00% |
Siembra Minera beneficial ownership by Company | 45.00% |
Arbitral Award, Settlement Ag_2
Arbitral Award, Settlement Agreement and Mining Data Sale: (Details Narrative) $ in Thousands | Dec. 31, 2021USD ($) |
Arbitral Award Settlement Agreement And Mining Data Sale | |
Total Award | $ 740,300 |
Settlement Agreement | 1,032,000 |
[custom:VenezuelaAgreedToPayForAward-0] | 792,000 |
Venezuela Agreed To Pay For Mining Data | 240,000 |
Payments Made Pursuant To Settlement Agreement | 254,000 |
Amount Due And Unpaid Including Interest | 924,000 |
Interest Due | $ 146,000 |
Amount Of Proceeds Cvr Holders Entitled To | 5.466% |
Cumulative Amount Paid To Cvr Holders | $ 10,000 |
Increase In Obligation To Cvr Holders | $ 60 |
Bonus Percentage Of First Two Hundred Million Collected | 1.28% |
Bonus Percentage Thereafter | 6.40% |
Cumulative Amount Paid To Bonus Plan Participants | $ 4,400 |
Increase In Obligation To Bonus Plan Participants | $ 70 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | |||
Bank deposits | $ 1,846,842 | $ 9,457,061 | |
Short term investments | 47,270,788 | 47,958,289 | |
Total | $ 49,117,630 | $ 57,415,350 | $ 61,822,137 |
Cash and Cash Equivalents_ (Det
Cash and Cash Equivalents: (Details Narrative) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Cash and Cash Equivalents [Abstract] | |
[custom:BankAccountImpairment] | $ 1,166,529 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | ||
Fair value and carrying value at beginning of year | $ 83,575 | $ 177,945 |
Increase (decrease) in fair value | 21,643 | 5,756 |
Disposals during the year | (100,126) | |
Fair value and carrying value at balance sheet date | $ 105,218 | $ 83,575 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Net, Total | $ 2,153,678 | $ 2,514,552 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Machinery and Equipment, Gross | 1,602,133 | 1,858,959 |
[custom:MachineryAndEquipmentNet-0] | 1,602,133 | 1,858,959 |
Accumulated Depreciation Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationMachineryAndEquipment-0] | ||
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and Fixtures, Gross | 423,813 | 421,432 |
[custom:FurnitureAndFixturesNet-0] | 101,424 | 135,349 |
Accumulated Depreciation Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationFurnitureAndFixtures-0] | (322,389) | (286,083) |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:TransportationEquipmentGross-0] | 326,788 | 326,788 |
[custom:TransportationEquipmentNet-0] | 96,093 | 161,450 |
Accumulated Depreciation Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationTransportationEquipment-0] | (230,695) | (165,338) |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | 29,390 | 29,390 |
[custom:LeaseholdImprovementsNet-0] | 4,028 | 8,794 |
Accumulated Depreciation Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationLeaseholdImprovements-0] | (25,362) | (20,596) |
Mineral Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:MineralPropertyGross-0] | 350,000 | 350,000 |
[custom:MineralPropertyNet-0] | 350,000 | 350,000 |
Accumulated Depreciation Mineral Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationMineralProperty-0] | ||
Property, Plant and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 2,732,124 | 2,986,569 |
Property, Plant and Equipment, Net, Total | 2,153,678 | 2,514,552 |
Accumulated Depreciation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (578,446) | $ (472,017) |
Property, Plant and Equipment_2
Property, Plant and Equipment: (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
[custom:ImpairmentWritedown] | $ 3,700,000 | |
[custom:GainOnDispositionOfEquipment] | $ 58,562 | $ (30,476) |
Empresa Mixta Ecosocialista S_2
Empresa Mixta Ecosocialista Siembra Minera, S.A.: (Details Narrative) $ in Millions | Dec. 31, 2021USD ($) |
Empresa Mixta Ecosocialista Siembra Minera S.a. | |
[custom:SiembraMineraCostsToDate-0] | $ 22.7 |
401(k) Plan_ (Details Narrative
401(k) Plan: (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
K Plan | ||
[custom:CashContributionsToThePlan] | $ 163,000 | |
[custom:ShareValueKSOPContribution] | $ 170,000 |
Stock Option Transactions (Deta
Stock Option Transactions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 3,000,000 | 3,033,750 | 260,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.60 | $ 1.72 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (444,922) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 1.85 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 444,922 | ||
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 4,629,565 | 4,369,565 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 2.36 | $ 3.09 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 7,218,393 | 7,218,393 | 4,629,565 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 2.08 | $ 2.08 | $ 2.36 |
Stock Options Oustanding and Ex
Stock Options Oustanding and Exercisable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
[custom:OutstandingOptionsNumber160To160-0] | 2,983,750 | |
[custom:OutstandingOptionsAggregateIntrinsicValue160To160-0] | $ 0 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears160To160] | 9 years 9 months 3 days | |
[custom:ExercisableOptionsNumber160To160-0] | 2,983,750 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice160To160-0] | $ 1.60 | |
[custom:ExercisableOptionsAggregateIntrinsicValue160To160-0] | $ 0 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears160To160] | 9 years 9 months 3 days | |
[custom:OutstandingOptionsNumber161To193-0] | 435,000 | |
[custom:OutstandingOptionsAggregateIntrinsicValue161To193-0] | $ 0 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears161To193] | 7 years 9 months 10 days | |
[custom:ExercisableOptionsNumber161To193-0] | 389,998 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice161To193-0] | $ 1.78 | |
[custom:ExercisableOptionsAggregateIntrinsicValue161To193-0] | $ 0 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears161To193] | 7 years 8 months 1 day | |
[custom:OutstandingOptionsNumber239-0] | 3,369,643 | |
[custom:OutstandingOptionsAggregateIntrinsicValue239-0] | $ 0 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears239] | 5 years 1 month 17 days | |
[custom:ExercisableOptionsNumber239-0] | 3,369,643 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice239-0] | $ 2.39 | |
[custom:ExercisableOptionsAggregateIntrinsicValue239-0] | $ 0 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears239] | 5 years 1 month 17 days | |
[custom:OutstandingOptionsNumber315To326-0] | 430,000 | |
[custom:OutstandingOptionsAggregateIntrinsicValue315To326-0] | $ 0 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears315To326] | 2 years 11 months 12 days | |
[custom:ExercisableOptionsNumber315To326-0] | 430,000 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice315To326-0] | $ 3.21 | |
[custom:ExercisableOptionsAggregateIntrinsicValue315To326-0] | $ 0 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears315To326] | 2 years 11 months 12 days | |
Outstanding Options Number Total | 7,218,393 | |
Outstanding Options Aggregate Intrinsic Value Total | $ 0 | |
Outstanding Options Weighted Average Remaining Contractual Term Years Total | 7 years 25 days | |
Exercisable Options Number Total | 7,173,391 | |
Exercisable Options Weighted Average Exercise Price Total | $ 2.08 | |
Exercisable Options Aggregate Intrinsic Value Total | $ 0 | |
Exercisable Options Weighted Average Remaining Contractual Term Years Total | 7 years 21 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.94% | 0.26% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 45.00% | 49.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Range 160to 160 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 1.60 | |
Range 161to 193 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 1.77 | |
Range 239 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 2.39 | |
Range 315to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 3.2 | |
Range 161to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 2.08 | |
Minimum [Member] | Range 160to 160 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 1.60 | |
Minimum [Member] | Range 161to 193 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 1.61 | |
Minimum [Member] | Range 315to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 3.15 | |
Minimum [Member] | Range 161to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 1.60 | |
Maximum [Member] | Range 161to 193 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 1.93 | |
Maximum [Member] | Range 315to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 3.26 | |
Maximum [Member] | Range 161to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 3.26 |
Stock Based Compensation Plan_3
Stock Based Compensation Plans: (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |||||
[custom:MaximumNumberOfOptionsAvailableUnderThePlan-0] | 9,939,500 | 9,939,500 | |||
[custom:OptionsAvailableForGrant-0] | 2,721,107 | 2,721,107 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 3,000,000 | 3,033,750 | 260,000 | ||
[custom:OptionExpense] | $ 1,900,000 | $ 1,992,415 | $ 656,775 | ||
[custom:OptionExpenseInGA] | 1,600,000 | ||||
[custom:OptionExpenseInSiembraMinera] | $ 400,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.64 | $ 0.72 | |||
[custom:RepricedOptions] | 4,369,565 | ||||
[custom:ReductionOfExercisePrice] | $ 0.76 | ||||
[custom:NoncashCompensationExpense] | $ 500,000 | ||||
Amount Payable In Event Of Change Of Control | 6,400,000 | $ 6,400,000 | |||
[custom:AmountPayableInEventOfMilestoneAchievement-0] | $ 3,200,000 | $ 3,200,000 |
Income tax benefit based on Can
Income tax benefit based on Canadian tax rates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Benefit Based On Canadian Tax Rates | $ 2,649,198 | $ 3,151,661 |
[custom:IncomeTaxBenefitBasedOnCanadianTaxRatesPercentage] | 25.00% | 25.00% |
Different Tax Rates On Foreign Subsidiaries | $ (658,471) | $ (382,207) |
[custom:DifferentTaxRatesOnForeignSubsidiariesPercentage] | (6.00%) | (3.00%) |
Nondeductible Expenses | $ (419,589) | $ (155,633) |
[custom:NondeductibleExpensesPercentage] | (4.00%) | (1.00%) |
Change In Valuation Allowance And Other | $ (1,571,138) | $ (1,524,461) |
[custom:ChangeInValuationAllowanceAndOtherPercentage] | (15.00%) | (12.00%) |
Income Tax Benefit | $ 0 | $ 1,089,360 |
[custom:IncomeTaxBenefitPercent] | 0.00% | 9.00% |
Deferred income tax assets | ||
Net operating loss carry forwards | $ 40,045,479 | $ 35,650,114 |
Property, Plant and Equipment | 2,023,434 | 5,676,072 |
Other | 1,537,637 | 1,638,122 |
Total deferred income tax asset | 43,606,550 | 42,964,308 |
Valuation allowance | (43,557,562) | (42,958,243) |
Deferred income tax assets net of valuation allowance | 48,988 | 6,065 |
Deferred income tax liabilities | ||
Other | (48,988) | (6,065) |
Net deferred income tax asset |
At December 31, 2021, we had th
At December 31, 2021, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. (Details) | Dec. 31, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
Canadian Tax Loss Carryforward Expiring 2026 | $ 2,045,340 |
Canadian Tax Loss Carryforward Expiring 2027 | 3,795,885 |
Canadian Tax Loss Carryforward Expiring 2028 | 14,468,183 |
Canadian Tax Loss Carryforward Expiring 2029 | 13,711,604 |
Canadian Tax Loss Carryforward Expiring 2030 | 16,939,924 |
Canadian Tax Loss Carryforward Expiring 2031 | 18,968,793 |
Canadian Tax Loss Carryforward Expiring 2032 | 5,503,651 |
Canadian Tax Loss Carryforward Expiring 2033 | 8,001,176 |
Canadian Tax Loss Carryforward Expiring 2034 | 9,270,575 |
Canadian Tax Loss Carryforward Expiring 2035 | 13,233,063 |
Canadian Tax Loss Carryforward Expiring 2036 | 15,732,719 |
Canadian Tax Loss Carryforward Expiring 2037 | 11,864,629 |
Canadian Tax Loss Carryforward Expiring 2038 | 1,135,412 |
Canadian Tax Loss Carryforward Expiring 2039 | 2,959,210 |
Canadian Tax Loss Carryforward Expiring 2040 | 4,398,737 |
[custom:CanadianTaxLossCarryforwardExpiring2041-0] | 16,040,571 |
[custom:UsTaxLossCarryforward-0] | 2,514,815 |
Total Us Tax Loss Carryforward | 2,514,815 |
Total Canadian Tax Loss Carryforward | $ 158,069,472 |
Income Tax_ (Details Narrative)
Income Tax: (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Benefit Recorded By The Company | $ 0 | $ 1.1 |
The Companys Income Tax Receivable | $ 8.7 |