Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-31819 |
Entity Registrant Name | GOLD RESERVE INC. |
Entity Central Index Key | 0001072725 |
Entity Incorporation, State or Country Code | A0 |
Entity Address, Address Line One | 999 West Riverside Avenue |
Entity Address, Address Line Two | Suite 401 |
Entity Address, City or Town | Spokane |
Entity Address, State or Province | WA |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | 99201 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 99,547,710 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 271 |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 999 West Riverside Avenue |
Entity Address, Address Line Two | Suite 401 |
Entity Address, City or Town | Spokane |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 99201 |
City Area Code | (509) |
Local Phone Number | 623-1500 |
Contact Personnel Name | Rockne J. Timm |
Contact Personnel Fax Number | 509-623-1634 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents (Note 3) | $ 15,380,489 | $ 49,117,630 |
Term deposits (Note 4) | 27,499,188 | |
Marketable equity securities (Note 5) | 98,053 | 105,218 |
Income tax receivable (Note 10) | 8,091,104 | 8,682,839 |
Prepaid expense and other | 458,939 | 506,663 |
Total current assets | 51,527,773 | 58,412,350 |
Property, plant and equipment, net (Note 6) | 1,416,152 | 2,153,678 |
Right of use asset | 74,415 | |
Total assets | 52,943,925 | 60,640,443 |
Current Liabilities: | ||
Accounts payable and accrued expenses (Note 2) | 647,283 | 473,226 |
Severance accrual (Note 9) | 531,981 | |
Lease liability | 77,093 | |
Contingent value rights (Note 2) | 172,077 | 60,242 |
Total current liabilities | 1,351,341 | 610,561 |
Total liabilities | $ 1,351,341 | 610,561 |
SHAREHOLDERS' EQUITY | ||
Preferred Stock, Shares Issued | 0 | |
Common shares | $ 302,679,682 | 302,679,682 |
Contributed surplus | 20,625,372 | 20,625,372 |
Stock options (Note 9) | 23,561,301 | 23,402,083 |
Accumulated deficit | (295,273,771) | (286,677,255) |
Total shareholders' equity | 51,592,584 | 60,029,882 |
Total liabilities and shareholders' equity | $ 52,943,925 | $ 60,640,443 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares, Issued | 99,547,710 | 99,547,710 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME (LOSS) | |||
Interest income | $ 582,523 | $ 31,095 | $ 294,277 |
Gain (loss) on disposition of property, plant and equipment (Note 6) | (8,410) | 58,562 | (30,476) |
Gain (loss) on marketable equity securities (Note 5) | (7,165) | 21,643 | 5,756 |
Foreign currency gain (loss) | (100,275) | (20,402) | 24,100 |
Total Other Income | 466,673 | 90,898 | 293,657 |
EXPENSES | |||
Corporate general and administrative (Notes 2 and 9) | 5,149,650 | 6,018,724 | 5,147,333 |
Contingent value rights (Note 2) | 461,835 | 59,549 | |
Siembra Minera Project and related costs (Note 7) | 223,237 | 1,675,469 | 1,568,741 |
Write-down of property, plant and equipment (Note 6) | 622,969 | 3,749,531 | |
Loss on impairment of cash in bank account (Note 3) | 1,166,529 | ||
Exploration costs | 62,096 | 118,259 | 73,683 |
Legal and accounting | 1,924,808 | 1,245,721 | 698,810 |
Settlement Agreement enforcement (Note 2) | 450,477 | 145,147 | 1,132,291 |
Equipment holding costs | 168,117 | 317,841 | 470,364 |
Total Expense | 9,063,189 | 10,687,690 | 12,900,302 |
Net loss before income tax benefit | (8,596,516) | (10,596,792) | (12,606,645) |
Income tax benefit (Note 10) | 1,089,360 | ||
Net loss and comprehensive loss for the year | $ (8,596,516) | $ (10,596,792) | $ (11,517,285) |
Net loss per share, basic and diluted | $ (0.09) | $ (0.11) | $ (0.12) |
Weighted average common shares outstanding, basic and diluted | 99,547,710 | 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) | |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2020 | 99,395,048 | ||||
Net loss for the year | (8,596,516) | (10,596,792) | |||
Stock option compensation (Note 9) | 159,218 | $ 1,992,415 | |||
Share issuance | 210,035 | ||||
[custom:SharesIssuedRetirementPlan] | 152,662 | ||||
Stock option compensation (Note 9) | 1,992,415 | ||||
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 | ||||
Net loss for the year | (8,596,516) | ||||
Stock option compensation (Note 9) | 159,218 | ||||
Ending balance, value at Dec. 31, 2022 | $ 302,679,682 | $ 20,625,372 | $ 23,561,301 | $ (295,273,771) | $ 51,592,584 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2022 | 99,547,710 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net loss for the year | $ (8,596,516) | $ (10,596,792) | $ (11,517,285) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock option compensation | 159,218 | 1,992,415 | 656,775 |
Depreciation | 104,143 | 106,428 | 124,267 |
Write-down of property, plant and equipment | 622,969 | 3,749,531 | |
Loss (gain) on disposition of property, plant and equipment | 8,410 | (58,562) | 30,476 |
Loss (gain) on marketable equity securities | 7,165 | (21,643) | (5,756) |
Income tax recovery | (1,089,360) | ||
Amortization of discount on term deposits | (122,627) | ||
Changes in non-cash working capital: | |||
Decrease in income tax receivable | 591,735 | 3,204,812 | |
Increase in severance accrual | 531,981 | ||
Increase in contingent value rights accrual | 111,835 | ||
Net decrease in prepaid expense and other | 47,724 | 66,748 | 174,461 |
Net increase (decrease) in accounts payable and accrued expenses | 171,379 | (99,322) | 113,270 |
Net cash used in operating activities | (6,362,584) | (8,610,728) | (4,558,809) |
Cash Flows from Investing Activities: | |||
Purchase of term deposits | (27,376,561) | ||
Proceeds from disposition of marketable equity securities | 100,126 | ||
Proceeds from disposition of property, plant and equipment | 2,004 | 315,389 | 98,649 |
Purchase of property, plant and equipment | (2,381) | (46,753) | |
Net cash provided by (used in) investing activities | (27,374,557) | 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 | (33,737,141) | (8,297,720) | (4,406,787) |
Cash and cash equivalents - beginning of year | 49,117,630 | 57,415,350 | 61,822,137 |
Cash and cash equivalents - end of year | $ 15,380,489 | $ 49,117,630 | $ 57,415,350 |
The Company and Significant Acc
The Company and Significant Accounting Policies: | 12 Months Ended |
Dec. 31, 2022 | |
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 evaluating, 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 included: the advancement of the Siembra Minera project (the "Siembra Minera Project") (including the related social and humanitarian efforts) and corporate and legal activities associated with the collection of the unpaid balance of the Award and the Resolution (as defined herein) of the Bolivarian Republic of Venezuela (“Venezuela”) Ministry of Mines to revoke the mining rights in connection with the Siembra Minera Project, along with planned activities if there is a successful appeal or other outcome of such Resolution. 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 Justice for Victims of Corrupt Foreign Officials Regulations Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) 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 (defined below) as well as the Resolution 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 and/or pursuing remedies with respect to the Resolution. Even if we are successful in appealing the Resolution by the Venezuelan Ministry of Mines to revoke 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 (as defined herein) 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 Use of Estimates Net Income (Loss) Per Share Marketable Equity Securities Equity accounted investments Financial Instruments |
Arbitral Award, Settlement Agre
Arbitral Award, Settlement Agreement and Mining Data Sale: | 12 Months Ended |
Dec. 31, 2022 | |
Arbitral Award Settlement Agreement And Mining Data Sale | |
Arbitral Award, Settlement Agreement and Mining Data Sale: | Note 2. 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 $972 $194 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. We have Contingent Value Rights ("CVRs") outstanding that entitle the holders to an aggregate of 5.466 $10 $60,000 As previously disclosed, a dispute existed between us and the holder of the majority of the CVRs, Steelhead Navigator Master, L.P., a related party that owns approximately 10.1 $350,000 $112,000 $85,000 14.8 $462,000 $112,000 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 $70,000 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, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents: | Note 3. Cash and Cash Equivalents: Cash and Cash Equivalents December 31, December 31, 2022 2021 Bank deposits $ 1,123,095 $ 1,846,842 Short term investments 14,257,394 47,270,788 Total $ 15,380,489 $ 49,117,630 The Company’s cash and cash equivalents are predominantly held in U.S. banks and Canadian chartered banks. 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, in the fourth quarter of 2021 the Company fully impaired the financial asset and recorded an impairment loss of $1,166,529 |
Term Deposits_
Term Deposits: - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Term Deposits | ||
Term Deposits: | Note 4. Term Deposits: December 31, December 31, 2022 2021 U.S. Treasury Bills $ 27,499,188 $ – The Company has term deposits which are classified as held to maturity, carried at amortized cost and have original maturities of between 3 and 12 months. Term deposits consist of U.S. treasury bills purchased at a discount and amortized to face value over their respective terms. In 2022, the Company recorded non-cash interest income of $122,627 | |
U.S. Treasury Bills | $ 27,499,188 |
Marketable Securities_
Marketable Securities: | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Marketable Securities: | Note 5. Marketable Securities: December 31, December 31, Schedule of Marketable Securities Value 2022 2021 Equity securities Fair value and carrying value at beginning of year $ 105,218 $ 83,575 Increase (decrease) in fair value (7,165) 21,643 Fair value and carrying value at balance sheet date $ 98,053 $ 105,218 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, 2022 | |
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, 2022 Machinery and equipment $ 968,750 $ – $ 968,750 Furniture and office equipment 423,813 (357,690) 66,123 Transportation equipment 326,788 (296,053) 30,735 Leasehold improvements 29,390 (28,846) 544 Mineral property 350,000 – 350,000 $ 2,098,741 $ (682,589) $ 1,416,152 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 Machinery and equipment consists of a semi-autogenous grinding (SAG) mill shell 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. In 2022, we wrote down the value of the SAG mill shell based on an updated assessment of its market value. 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 $0.6 $3.7 $(8,410) $58,562 $(30,476 |
Empresa Mixta Ecosocialista Sie
Empresa Mixta Ecosocialista Siembra Minera, S.A.: | 12 Months Ended |
Dec. 31, 2022 | |
Empresa Mixta Ecosocialista Siembra Minera S.a. | |
Empresa Mixta Ecosocialista Siembra Minera, S.A.: | Note 7. Empresa Mixta Ecosocialista Siembra Minera, S.A.: In March 2022, the Ministry of Mines of Venezuela (“Ministry”) issued a resolution to revoke the mining rights of Siembra Minera for alleged non-compliance by Siembra Minera with certain Venezuelan mining regulations (the “Resolution”). Siembra Minera filed a reconsideration request in May 2022 which was denied by the Ministry. The Company disagrees with both the substantive and procedural grounds claimed by the Venezuelan government regarding the revocation of mining rights and the reconsideration request. We are evaluating all legal rights and remedies that are available to us under Venezuelan and other laws, under the Settlement Agreement and otherwise and, in late 2022, we filed for an appeal of the Resolution with the Venezuelan Supreme Court of Justice. We also requested a precautionary measure of suspension of the effects of the Resolution which was denied. Even if the Resolution is successfully annulled, the Sanctions, along with other constraints, could adversely impact our ability to finance, develop and operate the Siembra Minera Project or collect or repatriate sums under the Settlement Agreement. In August 2016, we executed the Contract for the Incorporation and Administration of the Mixed Company with the government of Venezuela and in October 2016, together with an affiliate of the government of Venezuela, we incorporated Siembra Minera by subscribing for shares in Siembra Minera for a nominal amount. The primary purpose of this entity is to develop the Siembra Minera Project. Siembra Minera is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation, and 45% by Gold Reserve. Siembra Minera was granted by the government of Venezuela 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. Project expenditures incurred in 2022, 2021 and 2020 primarily related to costs associated with the retention of technical consultants and, to a lesser degree, work related to compliance and reporting obligations, maintenance of the technical data-base, and costs of social work programs. The Company directly incurred the costs associated with the Siembra Minera Project which, beginning in 2016 through March 31, 2022, amounted to a total of approximately $22.9 $0.7 |
401(k) Plan_
401(k) Plan: | 12 Months Ended |
Dec. 31, 2022 | |
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 plan years 2022 and 2021 were approximately $140,000 $163,000 $170,000 |
Stock Based Compensation Plans_
Stock Based Compensation Plans: | 12 Months Ended |
Dec. 31, 2022 | |
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 2,361,107 Stock option transactions for the years ended December 31, 2022, 2021 and 2020 are as follows: 2022 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding - beginning of period 7,218,393 $ 2.08 4,629,565 $ 2.36 4,369,565 $ 3.09 Options granted 360,000 1.07 3,033,750 1.60 260,000 1.72 Options expired - - (444,922) 1.85 - - Options outstanding - end of period 7,578,393 $ 2.03 7,218,393 $ 2.08 4,629,565 $ 2.36 The following table relates to stock options at December 31, 2022: 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) $0.99 $1.28 360,000 $1.07 $ 73,250 9.84 360,000 $1.07 $ 73,250 9.84 $1.60 $1.60 2,983,750 $1.60 0 8.76 2,983,750 $1.60 0 8.76 $1.61 $1.93 435,000 $1.77 0 6.78 435,000 $1.77 0 6.78 $2.39 $2.39 3,369,643 $2.39 0 4.13 3,369,643 $2.39 0 4.13 $3.15 $3.26 430,000 $3.21 0 1.95 430,000 $3.21 0 1.95 $0.99 $3.26 7,578,393 $2.03 $ 73,250 6.25 7,578,393 $2.03 $ 73,250 6.25 In 2022, the Company granted 360,000 $159,218 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 2022, 2021 and 2020 was calculated as $0.41 $0.64 $0.72 2022 2021 2020 Risk free interest rate 4.18 0.94 0.26 Expected term 2.73 5.0 5.0 Expected volatility 55 45 49 Dividend yield 0 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. 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, 2022, the amount payable to participants under the change of control agreements, in the event of a Change of Control, was approximately $4.9 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 a three-year cost reduction program. 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, 2022, the estimated maximum amount payable under the plan in the event of the achievement of the specific objectives was approximately $2.8 $0.5 |
Income Tax_
Income Tax: | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax: | Note 10. Income Tax: Income tax benefit for the years ended December 31, 2022, 2021 and 2020 differs from the amount that would result from applying Canadian tax rates to net loss before taxes. These differences result from the items noted below: 2022 2021 2020 Amount % Amount % Amount % Income tax benefit based on Canadian tax rates $ 2,149,129 25 $ 2,649,198 25 $ 3,151,661 25 Decrease due to: Different tax rates on foreign subsidiaries (285,668) (3) (658,471) (6) (382,207) (3) Non-deductible expenses (91,510) (1) (419,589) (4) (155,633) (1) Change in valuation allowance and other (1,771,951) (21) (1,571,138) (15) (1,524,461) (12) $ 0 0 $ 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 $8.1 $0.6 The components of the Canadian and U.S. deferred income tax assets and liabilities as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Deferred income tax assets Net operating loss carry forwards $ 39,298,070 $ 40,045,479 Property, Plant and Equipment 2,129,038 2,023,434 Other 1,672,940 1,537,637 Total deferred income tax asset 43,100,048 43,606,550 Valuation allowance (43,090,943) (43,557,562) Deferred income tax assets net of valuation allowance $ 9,105 $ 48,988 Deferred income tax liabilities Other (9,105) (48,988) Net deferred income tax asset $ - $ - At December 31, 2022, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 1,931,223 2026 3,584,098 2027 13,660,950 2028 12,946,583 2029 15,994,783 2030 17,910,454 2031 5,196,582 2032 7,554,761 2033 8,753,336 2034 12,494,741 2035 14,854,933 2036 11,202,657 2037 1,072,063 2038 2,794,104 2039 4,153,315 2040 15,034,518 2041 3,958,003 2042 4,875,207 - $ 4,875,207 $ 153,097,104 |
The Company and Significant A_2
The Company and Significant Accounting Policies: (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 |
Use of Estimates | Use of Estimates |
Net Income (Loss) Per Share | Net Income (Loss) Per Share |
Marketable Equity Securities | Marketable Equity 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, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents December 31, December 31, 2022 2021 Bank deposits $ 1,123,095 $ 1,846,842 Short term investments 14,257,394 47,270,788 Total $ 15,380,489 $ 49,117,630 The Company’s cash and cash equivalents are predominantly held in U.S. banks and Canadian chartered banks. 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, in the fourth quarter of 2021 the Company fully impaired the financial asset and recorded an impairment loss of $1,166,529 |
Marketable Securities_ (Tables)
Marketable Securities: (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Schedule of Marketable Securities Value | December 31, December 31, Schedule of Marketable Securities Value 2022 2021 Equity securities Fair value and carrying value at beginning of year $ 105,218 $ 83,575 Increase (decrease) in fair value (7,165) 21,643 Fair value and carrying value at balance sheet date $ 98,053 $ 105,218 |
Property, Plant and Equipment_
Property, Plant and Equipment: (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Accumulated Cost Depreciation Net December 31, 2022 Machinery and equipment $ 968,750 $ – $ 968,750 Furniture and office equipment 423,813 (357,690) 66,123 Transportation equipment 326,788 (296,053) 30,735 Leasehold improvements 29,390 (28,846) 544 Mineral property 350,000 – 350,000 $ 2,098,741 $ (682,589) $ 1,416,152 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 Machinery and equipment consists of a semi-autogenous grinding (SAG) mill shell 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. In 2022, we wrote down the value of the SAG mill shell based on an updated assessment of its market value. 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 $0.6 $3.7 $(8,410) $58,562 $(30,476 |
Stock Based Compensation Plan_2
Stock Based Compensation Plans: (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Transactions | 2022 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding - beginning of period 7,218,393 $ 2.08 4,629,565 $ 2.36 4,369,565 $ 3.09 Options granted 360,000 1.07 3,033,750 1.60 260,000 1.72 Options expired - - (444,922) 1.85 - - Options outstanding - end of period 7,578,393 $ 2.03 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) $0.99 $1.28 360,000 $1.07 $ 73,250 9.84 360,000 $1.07 $ 73,250 9.84 $1.60 $1.60 2,983,750 $1.60 0 8.76 2,983,750 $1.60 0 8.76 $1.61 $1.93 435,000 $1.77 0 6.78 435,000 $1.77 0 6.78 $2.39 $2.39 3,369,643 $2.39 0 4.13 3,369,643 $2.39 0 4.13 $3.15 $3.26 430,000 $3.21 0 1.95 430,000 $3.21 0 1.95 $0.99 $3.26 7,578,393 $2.03 $ 73,250 6.25 7,578,393 $2.03 $ 73,250 6.25 |
Income Tax_ (Tables)
Income Tax: (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income tax benefit for the years ended December 31, 2022, 2021 and 2020 differs from the amount that would result from applying Canadian tax rates to net loss before taxes. These differences result from the items noted below: | Income tax benefit for the years ended December 31, 2022, 2021 and 2020 differs from the amount that would result from applying Canadian tax rates to net loss before taxes. These differences result from the items noted below: 2022 2021 2020 Amount % Amount % Amount % Income tax benefit based on Canadian tax rates $ 2,149,129 25 $ 2,649,198 25 $ 3,151,661 25 Decrease due to: Different tax rates on foreign subsidiaries (285,668) (3) (658,471) (6) (382,207) (3) Non-deductible expenses (91,510) (1) (419,589) (4) (155,633) (1) Change in valuation allowance and other (1,771,951) (21) (1,571,138) (15) (1,524,461) (12) $ 0 0 $ 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 $8.1 $0.6 The components of the Canadian and U.S. deferred income tax assets and liabilities as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Deferred income tax assets Net operating loss carry forwards $ 39,298,070 $ 40,045,479 Property, Plant and Equipment 2,129,038 2,023,434 Other 1,672,940 1,537,637 Total deferred income tax asset 43,100,048 43,606,550 Valuation allowance (43,090,943) (43,557,562) Deferred income tax assets net of valuation allowance $ 9,105 $ 48,988 Deferred income tax liabilities Other (9,105) (48,988) Net deferred income tax asset $ - $ - At December 31, 2022, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 1,931,223 2026 3,584,098 2027 13,660,950 2028 12,946,583 2029 15,994,783 2030 17,910,454 2031 5,196,582 2032 7,554,761 2033 8,753,336 2034 12,494,741 2035 14,854,933 2036 11,202,657 2037 1,072,063 2038 2,794,104 2039 4,153,315 2040 15,034,518 2041 3,958,003 2042 4,875,207 - $ 4,875,207 $ 153,097,104 |
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% |
Siembra Minera beneficial ownership by Company | 45% |
Arbitral Award, Settlement Ag_2
Arbitral Award, Settlement Agreement and Mining Data Sale: (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Arbitral Award Settlement Agreement And Mining Data Sale | ||
Total Award | $ 740,300,000 | |
Settlement Agreement | 1,032,000,000 | |
[custom:VenezuelaAgreedToPayForAward-0] | 792,000,000 | |
Venezuela Agreed To Pay For Mining Data | 240,000,000 | |
Payments Made Pursuant To Settlement Agreement | 254,000,000 | |
Amount Due And Unpaid Including Interest | 972,000,000 | |
Interest Due | $ 194,000,000 | |
Amount Of Proceeds Cvr Holders Entitled To | 5.466% | |
Cumulative Amount Paid To Cvr Holders | $ 10,000,000 | |
Increase In Obligation To Cvr Holders | $ 60,000 | |
[custom:ShareOwnershipSteelhead-0] | 1,010% | |
[custom:CVRSettlementSteelhead-0] | $ 350,000 | |
[custom:CVRSettlementOthers-0] | 112,000 | |
[custom:CVRSettlementGreywolf-0] | $ 85,000 | |
[custom:ShareOwnershipGreywolf-0] | 1,480% | |
[custom:CVRExpense2022] | $ 462,000 | |
[custom:CVRPayable-0] | $ 112,000 | |
Bonus Percentage Of First Two Hundred Million Collected | 1.28% | |
Bonus Percentage Thereafter | 6.40% | |
Cumulative Amount Paid To Bonus Plan Participants | $ 4,400,000 | |
Increase In Obligation To Bonus Plan Participants | $ 70,000 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Bank deposits | $ 1,123,095 | $ 1,846,842 |
Short term investments | 14,257,394 | 47,270,788 |
Total | $ 15,380,489 | $ 49,117,630 |
Cash and Cash Equivalents_ (Det
Cash and Cash Equivalents: (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Cash and Cash Equivalents [Abstract] | |
[custom:BankAccountImpairment] | $ 1,166,529 |
Term Deposits_ (Details Narrati
Term Deposits: (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Term Deposits | |
[custom:NonCashInterestIncome] | $ 122,627 |
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 | $ 105,218 | $ 83,575 |
Increase (decrease) in fair value | (7,165) | 21,643 |
Fair value and carrying value at balance sheet date | $ 98,053 | $ 105,218 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Net, Total | $ 1,416,152 | $ 2,153,678 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Machinery and Equipment, Gross | 968,750 | 1,602,133 |
[custom:MachineryAndEquipmentNet-0] | 968,750 | 1,602,133 |
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 | 423,813 |
[custom:FurnitureAndFixturesNet-0] | 66,123 | 101,424 |
Accumulated Depreciation Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationFurnitureAndFixtures-0] | (357,690) | (322,389) |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:TransportationEquipmentGross-0] | 326,788 | 326,788 |
[custom:TransportationEquipmentNet-0] | 30,735 | 96,093 |
Accumulated Depreciation Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationTransportationEquipment-0] | (296,053) | (230,695) |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | 29,390 | 29,390 |
[custom:LeaseholdImprovementsNet-0] | 544 | 4,028 |
Accumulated Depreciation Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationLeaseholdImprovements-0] | (28,846) | (25,362) |
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 | 2,098,741 | 2,732,124 |
Property, Plant and Equipment, Net, Total | 1,416,152 | 2,153,678 |
Accumulated Depreciation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (682,589) | $ (578,446) |
Property, Plant and Equipment_2
Property, Plant and Equipment: (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
[custom:ImpairmentWritedown] | $ 600,000 | $ 3,700,000 | |
[custom:GainOnDispositionOfEquipment] | $ (8,410) | $ 58,562 | $ (30,476) |
Empresa Mixta Ecosocialista S_2
Empresa Mixta Ecosocialista Siembra Minera, S.A.: (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2022 | Mar. 31, 2022 |
Empresa Mixta Ecosocialista Siembra Minera S.a. | ||
[custom:SiembraMineraCostsToDate-0] | $ 22.9 | |
[custom:CostsPreviouslyClassifiedAsSiembraMinera-0] | $ 0.7 |
401(k) Plan_ (Details Narrative
401(k) Plan: (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
K Plan | |||
[custom:CashContributionsToThePlan] | $ 140,000 | $ 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, 2022 | 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 | 360,000 | 3,033,750 | 260,000 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.07 | $ 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 | 7,218,393 | 4,629,565 | 4,369,565 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 2.08 | $ 2.36 | $ 3.09 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance | 7,218,393 | 7,578,393 | 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 | $ 2.03 | $ 2.08 | $ 2.36 |
Stock Options Oustanding and Ex
Stock Options Oustanding and Exercisable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
[custom:OutstandingOptionsNumber99To128-0] | 360,000 | ||
[custom:OutstandingOptionsAggregateIntrinsicValue99To128-0] | $ 73,250 | ||
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears99To128] | 9 years 10 months 2 days | ||
[custom:ExercisableOptionsNumber99To128-0] | 360,000 | ||
[custom:ExercisableOptionsWeightedAverageExercisePrice99To128-0] | $ 1.07 | ||
[custom:ExercisableOptionsAggregateIntrinsicValue99To128-0] | $ 73,250 | ||
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears99To128] | 9 years 10 months 2 days | ||
[custom:OutstandingOptionsNumber160To160-0] | 2,983,750 | ||
[custom:OutstandingOptionsAggregateIntrinsicValue160To160-0] | $ 0 | ||
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears160To160] | 8 years 9 months 3 days | ||
[custom:ExercisableOptionsNumber160To160-0] | 2,983,750 | ||
[custom:ExercisableOptionsWeightedAverageExercisePrice160To160-0] | $ 1.60 | ||
[custom:ExercisableOptionsAggregateIntrinsicValue160To160-0] | $ 0 | ||
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears160To160] | 8 years 9 months 3 days | ||
[custom:OutstandingOptionsNumber161To193-0] | 435,000 | ||
[custom:OutstandingOptionsAggregateIntrinsicValue161To193-0] | $ 0 | ||
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears161To193] | 6 years 9 months 10 days | ||
[custom:ExercisableOptionsNumber161To193-0] | 435,000 | ||
[custom:ExercisableOptionsWeightedAverageExercisePrice177-0] | $ 1.77 | ||
[custom:ExercisableOptionsWeightedAverageExercisePrice161To193-0] | $ 0 | ||
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears161To193] | 6 years 9 months 10 days | ||
[custom:OutstandingOptionsNumber239-0] | 3,369,643 | ||
[custom:OutstandingOptionsAggregateIntrinsicValue239-0] | $ 0 | ||
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears239] | 4 years 1 month 17 days | ||
[custom:ExercisableOptionsNumber239-0] | 3,369,643 | ||
[custom:ExercisableOptionsWeightedAverageExercisePrice239-0] | $ 2.39 | ||
[custom:ExercisableOptionsAggregateIntrinsicValue239-0] | $ 0 | ||
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears239] | 4 years 1 month 17 days | ||
[custom:OutstandingOptionsNumber315To326-0] | 430,000 | ||
[custom:OutstandingOptionsAggregateIntrinsicValue315To326-0] | $ 0 | ||
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears315To326] | 1 year 11 months 12 days | ||
[custom:ExercisableOptionsNumber315To326-0] | 430,000 | ||
[custom:ExercisableOptionsWeightedAverageExercisePrice315To326-0] | $ 3.21 | ||
[custom:ExercisableOptionsAggregateIntrinsicValue315To326-0] | $ 0 | ||
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears315To326] | 1 year 11 months 12 days | ||
Outstanding Options Number Total | 7,578,393 | ||
Outstanding Options Aggregate Intrinsic Value Total | $ 73,250 | ||
Outstanding Options Weighted Average Remaining Contractual Term Years Total | 6 years 3 months | ||
Exercisable Options Number Total | 7,578,393 | ||
Exercisable Options Weighted Average Exercise Price Total | $ 2.03 | ||
Exercisable Options Aggregate Intrinsic Value Total | $ 73,250 | ||
Exercisable Options Weighted Average Remaining Contractual Term Years Total | 6 years 3 months | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.18% | 0.94% | 0.26% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 2 years 8 months 23 days | 5 years | 5 years |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 55% | 45% | 49% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | 0% |
Range 99to 128 [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 | $ 1.07 | ||
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 | 3.21 | ||
Range 99to 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 | 2.03 | ||
Minimum [Member] | Range 99to 128 [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 | 0.99 | ||
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 99to 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 | 0.99 | ||
Maximum [Member] | Range 99to 128 [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 | 1.28 | ||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | ||||
[custom:MaximumNumberOfOptionsAvailableUnderThePlan-0] | 9,939,500 | 9,939,500 | ||
[custom:OptionsAvailableForGrant-0] | 2,361,107 | 2,361,107 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | 3,000,000 | 360,000 | 3,033,750 | 260,000 |
[custom:OptionExpense] | $ 1,900,000 | $ 159,218 | $ 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 | $ 0.41 | $ 0.64 | $ 0.72 | |
Amount Payable In Event Of Change Of Control | $ 4,900,000 | |||
[custom:AmountPayableInEventOfMilestoneAchievement-0] | 2,800,000 | |||
[custom:SeveranceLiability-0] | $ 500,000 |
Income tax benefit for the year
Income tax benefit for the years ended December 31, 2022, 2021 and 2020 differs from the amount that would result from applying Canadian tax rates to net loss before taxes. These differences result from the items noted below: (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Benefit Based On Canadian Tax Rates | $ 2,149,129 | $ 2,649,198 | $ 3,151,661 |
[custom:IncomeTaxBenefitBasedOnCanadianTaxRatesPercentage] | 25% | 25% | 25% |
Different Tax Rates On Foreign Subsidiaries | $ (285,668) | $ (658,471) | $ (382,207) |
[custom:DifferentTaxRatesOnForeignSubsidiariesPercentage] | (3.00%) | (6.00%) | (3.00%) |
Nondeductible Expenses | $ (91,510) | $ (419,589) | $ (155,633) |
[custom:NondeductibleExpensesPercentage] | (1.00%) | (4.00%) | (1.00%) |
Change In Valuation Allowance And Other | $ (1,771,951) | $ (1,571,138) | $ (1,524,461) |
[custom:ChangeInValuationAllowanceAndOtherPercentage] | (21.00%) | (15.00%) | (12.00%) |
Income Tax Benefit | $ 0 | $ 0 | $ 1,089,360 |
[custom:IncomeTaxBenefitPercent] | 0% | 0% | 9% |
Deferred income tax assets | |||
Net operating loss carry forwards | $ 39,298,070 | $ 40,045,479 | |
Property, Plant and Equipment | 2,129,038 | 2,023,434 | |
Other | 1,672,940 | 1,537,637 | |
Total deferred income tax asset | 43,100,048 | 43,606,550 | |
Valuation allowance | (43,090,943) | (43,557,562) | |
Deferred income tax assets net of valuation allowance | 9,105 | 48,988 | |
Deferred income tax liabilities | |||
Other | (9,105) | (48,988) | |
Net deferred income tax asset | |||
Canadian Tax Loss Carryforward Expiring 2026 | 1,931,223 | ||
Canadian Tax Loss Carryforward Expiring 2027 | 3,584,098 | ||
Canadian Tax Loss Carryforward Expiring 2028 | 13,660,950 | ||
Canadian Tax Loss Carryforward Expiring 2029 | 12,946,583 | ||
Canadian Tax Loss Carryforward Expiring 2030 | 15,994,783 | ||
Canadian Tax Loss Carryforward Expiring 2031 | 17,910,454 | ||
Canadian Tax Loss Carryforward Expiring 2032 | 5,196,582 | ||
Canadian Tax Loss Carryforward Expiring 2033 | 7,554,761 | ||
Canadian Tax Loss Carryforward Expiring 2034 | 8,753,336 | ||
Canadian Tax Loss Carryforward Expiring 2035 | 12,494,741 | ||
Canadian Tax Loss Carryforward Expiring 2036 | 14,854,933 | ||
Canadian Tax Loss Carryforward Expiring 2037 | 11,202,657 | ||
Canadian Tax Loss Carryforward Expiring 2038 | 1,072,063 | ||
Canadian Tax Loss Carryforward Expiring 2039 | 2,794,104 | ||
Canadian Tax Loss Carryforward Expiring 2040 | 4,153,315 | ||
[custom:CanadianTaxLossCarryforwardExpiring2041-0] | 15,034,518 | ||
[custom:CanadianTaxLossCarryforwardExpiring2042-0] | 3,958,003 | ||
[custom:UsTaxLossCarryforward-0] | 4,875,207 | ||
Total Us Tax Loss Carryforward | 4,875,207 | ||
Total Canadian Tax Loss Carryforward | $ 153,097,104 |
Income Tax_ (Details Narrative)
Income Tax: (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Benefit Recorded By The Company | $ 0 | $ 1.1 | |
The Companys Income Tax Receivable | $ 8.1 | ||
Proceeds from Income Tax Refunds | $ 0.6 |