Cover
Cover | 3 Months Ended |
Mar. 31, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | GOLD RESERVE INC. |
Entity Central Index Key | 0001072725 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents (Note 3) | $ 10,666,252 | $ 15,380,489 |
Term deposits (Note 4) | 30,760,871 | 27,499,188 |
Marketable equity securities (Note 5) | 133,985 | 98,053 |
Income tax receivable (Note 10) | 8,091,104 | 8,091,104 |
Prepaid expense and other | 130,800 | 458,939 |
Total current assets | 49,783,012 | 51,527,773 |
Property, plant and equipment, net (Note 6) | 1,400,003 | 1,416,152 |
Total assets | 51,183,015 | 52,943,925 |
Current Liabilities: | ||
Accounts payable and accrued expenses (Note 2) | 512,420 | 647,283 |
Severance accrual (Note 9) | 531,981 | |
Contingent value rights (Note 2) | 172,077 | 172,077 |
Total current liabilities | 684,497 | 1,351,341 |
Total liabilities | 684,497 | $ 1,351,341 |
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 | 23,561,301 |
Accumulated deficit | (296,367,837) | (295,273,771) |
Total shareholders' equity | 50,498,518 | 51,592,584 |
Total liabilities and shareholders' equity | $ 51,183,015 | $ 52,943,925 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2023 | Dec. 31, 2022 |
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 ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INCOME (LOSS) | ||
Interest income | $ 457,330 | $ 12,098 |
Gain on marketable equity securities (Note 5) | 35,932 | 20,799 |
Foreign currency gain (loss) | (5,305) | 10,479 |
Total Other Income | 487,957 | 43,376 |
EXPENSES | ||
Corporate general and administrative (Notes 2 and 9) | 1,053,080 | 902,058 |
Siembra Minera Project and related costs (Note 7) | 223,237 | |
Exploration costs | 10,434 | 8,189 |
Legal and accounting | 293,970 | 398,606 |
Settlement Agreement enforcement (Note 2) | 183,931 | 18,177 |
Equipment holding costs | 40,608 | 38,496 |
Total Expense | 1,582,023 | 1,588,763 |
Net loss and comprehensive loss for the period | $ (1,094,066) | $ (1,545,387) |
Net loss per share, basic and diluted | $ (0.01) | $ (0.02) |
Weighted average common shares outstanding, basic and diluted | 99,547,710 | 99,547,710 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Deferred Compensation, Share-Based Payments [Member] | Retained Earnings [Member] |
Beginning balance, value at Dec. 31, 2021 | $ 302,679,682 | $ 20,625,372 | $ 23,402,083 | $ (286,677,255) |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 99,547,710 | |||
Net loss for the period | (1,545,387) | |||
Stock option compensation (Note 9) | 3,930 | |||
Ending balance, value at Mar. 31, 2022 | 302,679,682 | 20,625,372 | 23,406,013 | (288,222,642) |
Beginning balance, value at Dec. 31, 2022 | $ 302,679,682 | 20,625,372 | 23,561,301 | (295,273,771) |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 99,547,710 | |||
Net loss for the period | (1,094,066) | |||
Stock option compensation (Note 9) | ||||
Ending balance, value at Mar. 31, 2023 | $ 302,679,682 | $ 20,625,372 | $ 23,561,301 | $ (296,367,837) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net loss for the period | $ (1,094,066) | $ (1,545,387) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock option compensation | 3,930 | |
Depreciation | 16,149 | 26,716 |
Gain on marketable equity securities | (35,932) | (20,799) |
Amortized interest on term deposits | (384,378) | |
Changes in non-cash working capital: | ||
Decrease in severance accrual | (531,981) | |
Net decrease in prepaid expense and other | 328,139 | 291,989 |
Net increase (decrease) in payables and accrued expenses | (134,863) | 148,404 |
Net cash used in operating activities | (1,836,932) | (1,095,147) |
Cash Flows from Investing Activities: | ||
Purchase of term deposits | (13,077,305) | |
Proceeds from maturity of term deposits | 10,200,000 | |
Net cash used in investing activities | (2,877,305) | |
Cash Flows from Financing Activities: | ||
Net cash used in financing activities | ||
Change in Cash and Cash Equivalents: | ||
Net decrease in cash and cash equivalents | (4,714,237) | (1,095,147) |
Cash and cash equivalents - beginning of period | 15,380,489 | 49,117,630 |
Cash and cash equivalents - end of period | $ 10,666,252 | $ 48,022,483 |
The Company and Significant Acc
The Company and Significant Accounting Policies: | 3 Months Ended |
Mar. 31, 2023 | |
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: | 3 Months Ended |
Mar. 31, 2023 | |
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 $ 254 989 211 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. The holder believed that the Company's 45% interest in Siembra Minera represented "Proceeds" for purposes of the CVRs and as such the CVR holders were entitled to the value of 5.466% of that interest on the date of its acquisition. In December 2022, the Company and such holder agreed to settle their differences and entered into an agreement whereby the Company paid $ 350,000 112,000 85,000 462,000 112,000 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: | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents: | Note 3. Cash and Cash Equivalents: Cash and Cash Equivalents March 31, December 31, 2023 2022 Bank deposits $ 715,058 $ 1,123,095 Short term investments 9,951,194 14,257,394 Total $ 10,666,252 $ 15,380,489 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, certificates of deposit and U.S. treasury bills which mature in three months or less. |
Term Deposits_
Term Deposits: - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Term Deposits | ||
Term Deposits: | Note 4. Term Deposits: March 31, December 31, 2023 2022 U.S. Treasury Bills $ 28,231,080 $ 27,499,188 Certificates of deposit 2,529,791 – $ 30,760,871 $ 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 and bank certificates of deposit. In 2023, the Company recorded non-cash interest income of $ 384,378 | |
U.S. Treasury Bills | $ 28,231,080 | $ 27,499,188 |
Certificates of deposit | $ 2,529,791 |
Marketable Securities_
Marketable Securities: | 3 Months Ended |
Mar. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Marketable Securities: | Note 5. Marketable Securities: March 31, December 31, Schedule of Marketable Securities Value 2023 2022 Equity securities Fair value and carrying value at beginning of period $ 98,053 $ 105,218 Increase (decrease) in fair value 35,932 (7,165) Fair value and carrying value at balance sheet date $ 133,985 $ 98,053 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: | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment: | Note 6. Property, Plant and Equipment: Property, Plant and Equipment Accumulated Cost Depreciation Net March 31, 2023 Machinery and equipment $ 968,750 $ – $ 968,750 Furniture and office equipment 423,813 (365,986) 57,827 Transportation equipment 326,788 (303,770) 23,018 Leasehold improvements 29,390 (28,982) 408 Mineral property 350,000 – 350,000 $ 2,098,741 $ (698,738) $ 1,400,003 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 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. No impairment write-downs of property, plant and equipment were recorded during the three months ended March 31, 2023. During the fourth quarter of 2022, the Company recorded impairment write-downs of $ 0.6 |
Empresa Mixta Ecosocialista Sie
Empresa Mixta Ecosocialista Siembra Minera, S.A.: | 3 Months Ended |
Mar. 31, 2023 | |
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. 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 0.2 |
401(k) Plan_
401(k) Plan: | 3 Months Ended |
Mar. 31, 2023 | |
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 2022 plan year were approximately $ 140,000 . |
Stock Based Compensation Plans_
Stock Based Compensation Plans: | 3 Months Ended |
Mar. 31, 2023 | |
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 up to a maximum of 9,939,500 2,361,107 Stock option transactions for the three months ended March 31, 2023 and 2022 are as follows: 2023 2022 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding - beginning of period 7,578,393 $ 2.03 7,218,393 $ 2.08 0 0 0 0 Options outstanding - end of period 7,578,393 $ 2.03 7,218,393 $ 2.08 Options exercisable - end of period 7,578,393 $ 2.03 7,173,391 $ 2.08 The following table relates to stock options at March 31, 2023: 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 $ 67,550 9.59 360,000 $ 1.07 $ 67,550 9.59 $ 1.60 1.60 2,983,750 $ 1.60 0 8.51 2,983,750 $ 1.60 0 8.51 $ 1.61 1.93 435,000 $ 1.77 0 6.53 435,000 $ 1.77 0 6.53 $ 2.39 2.39 3,369,643 $ 2.39 0 3.88 3,369,643 $ 2.39 0 3.88 $ 3.15 3.26 430,000 $ 3.21 0 1.71 430,000 $ 3.21 0 1.71 $ 0.99 3.26 7,578,393 $ 2.03 $ 67,550 6.00 7,578,393 $ 2.03 $ 67,550 6.00 The Company recorded non-cash compensation during the three months ended March 31, 2023 and 2022 of $0 3,930 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 March 31, 2023, 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 March 31, 2023, 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: | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax: | Note 10. Income Tax: Income tax benefit for the three months ended March 31, 2023 and 2022 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: 2023 2022 Amount % Amount % Income tax benefit based on Canadian tax rates $ 273,517 25 $ 386,347 25 Decrease due to: Different tax rates on foreign subsidiaries (43,330) (4) (63,621) (4) Non-deductible expenses (110) - (1,256) - Change in valuation allowance and other (230,077) (21) (321,470) (21) $ 0 0 $ 0 0 No current income tax was recorded by the Company during the three months ended March 31, 2023 and 2022. The Company recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced if our estimate of future taxable income changes. As part of the US government response to the COVID-19 pandemic, the U.S. Congress passed the CARES act in late March 2020 which, among other things, allowed companies to carryback losses incurred in 2018, 2019 and 2020. The Company recorded an income tax benefit in prior years to reflect the carryback of U.S. taxable losses incurred in 2020 and 2019 to offset taxable income in 2018. 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 March 31, 2023 and December 31, 2022 were as follows: March 31, December 31, 2023 2022 Deferred income tax assets Net operating loss carry forwards $ 39,542,640 $ 39,298,070 Property, Plant and Equipment 2,129,380 2,129,038 Other 1,670,947 1,672,940 T otal deferred income tax asset 43,342,967 43,100,048 Valuation allowance (43,326,316) (43,090,943) Deferred income tax assets net of valuation allowance $ 16,651 $ 9,105 Deferred income tax liabilities Other (16,651) (9,105) Net deferred income tax asset $ - $ - At March 31, 2023, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 1,932,223 2026 3,585,953 2027 13,668,020 2028 12,953,284 2029 16,003,062 2030 17,919,724 2031 5,199,272 2032 7,558,671 2033 8,757,866 2034 12,501,208 2035 14,862,621 2036 11,208,455 2037 1,072,618 2038 2,795,550 2039 4,155,465 2040 15,042,299 2041 3,960,052 2042 838,094 2043 4,947,767 - $ 4,947,767 $ 154,014,437 |
The Company and Significant A_2
The Company and Significant Accounting Policies: (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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) | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents March 31, December 31, 2023 2022 Bank deposits $ 715,058 $ 1,123,095 Short term investments 9,951,194 14,257,394 Total $ 10,666,252 $ 15,380,489 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, certificates of deposit and U.S. treasury bills which mature in three months or less. |
Marketable Securities_ (Tables)
Marketable Securities: (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of Marketable Securities Value | March 31, December 31, Schedule of Marketable Securities Value 2023 2022 Equity securities Fair value and carrying value at beginning of period $ 98,053 $ 105,218 Increase (decrease) in fair value 35,932 (7,165) Fair value and carrying value at balance sheet date $ 133,985 $ 98,053 |
Property, Plant and Equipment_
Property, Plant and Equipment: (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Accumulated Cost Depreciation Net March 31, 2023 Machinery and equipment $ 968,750 $ – $ 968,750 Furniture and office equipment 423,813 (365,986) 57,827 Transportation equipment 326,788 (303,770) 23,018 Leasehold improvements 29,390 (28,982) 408 Mineral property 350,000 – 350,000 $ 2,098,741 $ (698,738) $ 1,400,003 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 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. No impairment write-downs of property, plant and equipment were recorded during the three months ended March 31, 2023. During the fourth quarter of 2022, the Company recorded impairment write-downs of $ 0.6 |
Stock Based Compensation Plan_2
Stock Based Compensation Plans: (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Transactions | 2023 2022 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding - beginning of period 7,578,393 $ 2.03 7,218,393 $ 2.08 0 0 0 0 Options outstanding - end of period 7,578,393 $ 2.03 7,218,393 $ 2.08 Options exercisable - end of period 7,578,393 $ 2.03 7,173,391 $ 2.08 |
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 $ 67,550 9.59 360,000 $ 1.07 $ 67,550 9.59 $ 1.60 1.60 2,983,750 $ 1.60 0 8.51 2,983,750 $ 1.60 0 8.51 $ 1.61 1.93 435,000 $ 1.77 0 6.53 435,000 $ 1.77 0 6.53 $ 2.39 2.39 3,369,643 $ 2.39 0 3.88 3,369,643 $ 2.39 0 3.88 $ 3.15 3.26 430,000 $ 3.21 0 1.71 430,000 $ 3.21 0 1.71 $ 0.99 3.26 7,578,393 $ 2.03 $ 67,550 6.00 7,578,393 $ 2.03 $ 67,550 6.00 |
Income Tax_ (Tables)
Income Tax: (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income tax benefit for the three months ended March 31, 2023 and 2022 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 three months ended March 31, 2023 and 2022 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: 2023 2022 Amount % Amount % Income tax benefit based on Canadian tax rates $ 273,517 25 $ 386,347 25 Decrease due to: Different tax rates on foreign subsidiaries (43,330) (4) (63,621) (4) Non-deductible expenses (110) - (1,256) - Change in valuation allowance and other (230,077) (21) (321,470) (21) $ 0 0 $ 0 0 No current income tax was recorded by the Company during the three months ended March 31, 2023 and 2022. The Company recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced if our estimate of future taxable income changes. As part of the US government response to the COVID-19 pandemic, the U.S. Congress passed the CARES act in late March 2020 which, among other things, allowed companies to carryback losses incurred in 2018, 2019 and 2020. The Company recorded an income tax benefit in prior years to reflect the carryback of U.S. taxable losses incurred in 2020 and 2019 to offset taxable income in 2018. 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 March 31, 2023 and December 31, 2022 were as follows: March 31, December 31, 2023 2022 Deferred income tax assets Net operating loss carry forwards $ 39,542,640 $ 39,298,070 Property, Plant and Equipment 2,129,380 2,129,038 Other 1,670,947 1,672,940 T otal deferred income tax asset 43,342,967 43,100,048 Valuation allowance (43,326,316) (43,090,943) Deferred income tax assets net of valuation allowance $ 16,651 $ 9,105 Deferred income tax liabilities Other (16,651) (9,105) Net deferred income tax asset $ - $ - At March 31, 2023, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 1,932,223 2026 3,585,953 2027 13,668,020 2028 12,953,284 2029 16,003,062 2030 17,919,724 2031 5,199,272 2032 7,558,671 2033 8,757,866 2034 12,501,208 2035 14,862,621 2036 11,208,455 2037 1,072,618 2038 2,795,550 2039 4,155,465 2040 15,042,299 2041 3,960,052 2042 838,094 2043 4,947,767 - $ 4,947,767 $ 154,014,437 |
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 | Mar. 31, 2023 | Mar. 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 | $ 989,000,000 | |||
Interest Due | $ 211,000,000 | |||
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:CVRSettlementSteelhead-0] | $ 350,000 | |||
[custom:CVRSettlementOthers-0] | 112,000 | |||
[custom:CVRSettlementGreywolf-0] | 85,000 | |||
[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 ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Bank deposits | $ 715,058 | $ 1,123,095 |
Short term investments | 9,951,194 | 14,257,394 |
Total | $ 10,666,252 | $ 15,380,489 |
Term Deposits_ (Details Narrati
Term Deposits: (Details Narrative) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Term Deposits | |
[custom:NonCashInterestIncome] | $ 384,378 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | ||
Fair value and carrying value at beginning of period | $ 98,053 | $ 105,218 |
Increase (decrease) in fair value | 35,932 | (7,165) |
Fair value and carrying value at balance sheet date | $ 133,985 | $ 98,053 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Net, Total | $ 1,400,003 | $ 1,416,152 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Machinery and Equipment, Gross | 968,750 | 968,750 |
[custom:MachineryAndEquipmentNet-0] | 968,750 | 968,750 |
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] | 57,827 | 66,123 |
Accumulated Depreciation Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationFurnitureAndFixtures-0] | (365,986) | (357,690) |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:TransportationEquipmentGross-0] | 326,788 | 326,788 |
[custom:TransportationEquipmentNet-0] | 23,018 | 30,735 |
Accumulated Depreciation Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationTransportationEquipment-0] | (303,770) | (296,053) |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | 29,390 | 29,390 |
[custom:LeaseholdImprovementsNet-0] | 408 | 544 |
Accumulated Depreciation Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationLeaseholdImprovements-0] | (28,982) | (28,846) |
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 | 2,098,741 |
Property, Plant and Equipment, Net, Total | 1,400,003 | 1,416,152 |
Accumulated Depreciation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (698,738) | $ (682,589) |
Property, Plant and Equipment_2
Property, Plant and Equipment: (Details Narrative) $ in Millions | 3 Months Ended |
Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Abstract] | |
[custom:ImpairmentWritedown] | $ 0.6 |
Empresa Mixta Ecosocialista S_2
Empresa Mixta Ecosocialista Siembra Minera, S.A.: (Details Narrative) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Empresa Mixta Ecosocialista Siembra Minera S.a. | ||
[custom:SiembraMineraCostsToDate-0] | $ 22.9 | |
[custom:CostsPreviouslyClassifiedAsSiembraMinera-0] | $ 0.2 |
401(k) Plan_ (Details Narrative
401(k) Plan: (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
K Plan | |
[custom:CashContributionsToThePlan] | $ 140,000 |
Stock Option Transactions (Deta
Stock Option Transactions (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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 | 0 | 0 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | $ 0 |
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 | 7,578,393 | 7,218,393 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 2.03 | $ 2.08 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance | 7,578,393 | 7,218,393 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 2.03 | $ 2.08 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 7,578,393 | 7,173,391 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 2.03 | $ 2.08 |
Stock Options Oustanding and Ex
Stock Options Oustanding and Exercisable (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
[custom:OutstandingOptionsNumber99To128-0] | shares | 360,000 |
[custom:OutstandingOptionsAggregateIntrinsicValue99To128-0] | $ | $ 67,550 |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears99To128] | 9 years 7 months 2 days |
[custom:ExercisableOptionsNumber99To128-0] | shares | 360,000 |
[custom:ExercisableOptionsWeightedAverageExercisePrice99To128-0] | $ 1.07 |
[custom:ExercisableOptionsAggregateIntrinsicValue99To128-0] | $ | $ 67,550 |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears99To128] | 9 years 7 months 2 days |
[custom:OutstandingOptionsNumber160To160-0] | shares | 2,983,750 |
[custom:OutstandingOptionsAggregateIntrinsicValue160To160-0] | $ | $ 0 |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears160To160] | 8 years 6 months 3 days |
[custom:ExercisableOptionsNumber160To160-0] | shares | 2,983,750 |
[custom:ExercisableOptionsWeightedAverageExercisePrice160To160-0] | $ 1.60 |
[custom:ExercisableOptionsAggregateIntrinsicValue160To160-0] | $ | $ 0 |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears160To160] | 8 years 6 months 3 days |
[custom:OutstandingOptionsNumber161To193-0] | shares | 435,000 |
[custom:OutstandingOptionsAggregateIntrinsicValue161To193-0] | $ | $ 0 |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears161To193] | 6 years 6 months 10 days |
[custom:ExercisableOptionsNumber161To193-0] | shares | 435,000 |
[custom:ExercisableOptionsWeightedAverageExercisePrice177-0] | $ 1.77 |
[custom:ExercisableOptionsWeightedAverageExercisePrice161To193-0] | $ 0 |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears161To193] | 6 years 6 months 10 days |
[custom:OutstandingOptionsNumber239-0] | shares | 3,369,643 |
[custom:OutstandingOptionsAggregateIntrinsicValue239-0] | $ | $ 0 |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears239] | 3 years 10 months 17 days |
[custom:ExercisableOptionsNumber239-0] | shares | 3,369,643 |
[custom:ExercisableOptionsWeightedAverageExercisePrice239-0] | $ 2.39 |
[custom:ExercisableOptionsAggregateIntrinsicValue239-0] | $ | $ 0 |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears239] | 3 years 10 months 17 days |
[custom:OutstandingOptionsNumber315To326-0] | shares | 430,000 |
[custom:OutstandingOptionsAggregateIntrinsicValue315To326-0] | $ | $ 0 |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears315To326] | 1 year 8 months 15 days |
[custom:ExercisableOptionsNumber315To326-0] | shares | 430,000 |
[custom:ExercisableOptionsWeightedAverageExercisePrice315To326-0] | $ 3.21 |
[custom:ExercisableOptionsAggregateIntrinsicValue315To326-0] | $ | $ 0 |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears315To326] | 1 year 8 months 15 days |
Outstanding Options Number Total | shares | 7,578,393 |
Outstanding Options Aggregate Intrinsic Value Total | $ | $ 67,550 |
Outstanding Options Weighted Average Remaining Contractual Term Years Total | 6 years |
Exercisable Options Number Total | shares | 7,578,393 |
Exercisable Options Weighted Average Exercise Price Total | $ 2.03 |
Exercisable Options Aggregate Intrinsic Value Total | $ | $ 67,550 |
Exercisable Options Weighted Average Remaining Contractual Term Years Total | 6 years |
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 | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
[custom:MaximumNumberOfOptionsAvailableUnderThePlan-0] | 9,939,500 | ||
[custom:OptionsAvailableForGrant-0] | 2,361,107 | ||
[custom:OptionExpense] | $ 0 | $ 3,930 | |
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 thre
Income tax benefit for the three months ended March 31, 2023 and 2022 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 ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Benefit Based On Canadian Tax Rates | $ 273,517 | $ 386,347 | |
[custom:IncomeTaxBenefitBasedOnCanadianTaxRatesPercentage] | 25% | 25% | |
Different Tax Rates On Foreign Subsidiaries | $ (43,330) | $ (63,621) | |
[custom:DifferentTaxRatesOnForeignSubsidiariesPercentage] | (4.00%) | (4.00%) | |
Nondeductible Expenses | $ (110) | $ (1,256) | |
[custom:NondeductibleExpensesPercentage] | |||
Change In Valuation Allowance And Other | $ (230,077) | $ (321,470) | |
[custom:ChangeInValuationAllowanceAndOtherPercentage] | (21.00%) | (21.00%) | |
Income Tax Benefit | $ 0 | $ 0 | |
Deferred income tax assets | |||
Net operating loss carry forwards | 39,542,640 | $ 39,298,070 | |
Property, Plant and Equipment | 2,129,380 | 2,129,038 | |
Other | 1,670,947 | 1,672,940 | |
Total deferred income tax asset | 43,342,967 | 43,100,048 | |
Valuation allowance | (43,326,316) | (43,090,943) | |
Deferred income tax assets net of valuation allowance | 16,651 | 9,105 | |
Deferred income tax liabilities | |||
Other | (16,651) | (9,105) | |
Net deferred income tax asset | |||
Canadian Tax Loss Carryforward Expiring 2026 | 1,932,223 | ||
Canadian Tax Loss Carryforward Expiring 2027 | 3,585,953 | ||
Canadian Tax Loss Carryforward Expiring 2028 | 13,668,020 | ||
Canadian Tax Loss Carryforward Expiring 2029 | 12,953,284 | ||
Canadian Tax Loss Carryforward Expiring 2030 | 16,003,062 | ||
Canadian Tax Loss Carryforward Expiring 2031 | 17,919,724 | ||
Canadian Tax Loss Carryforward Expiring 2032 | 5,199,272 | ||
Canadian Tax Loss Carryforward Expiring 2033 | 7,558,671 | ||
Canadian Tax Loss Carryforward Expiring 2034 | 8,757,866 | ||
Canadian Tax Loss Carryforward Expiring 2035 | 12,501,208 | ||
Canadian Tax Loss Carryforward Expiring 2036 | 14,862,621 | ||
Canadian Tax Loss Carryforward Expiring 2037 | 11,208,455 | ||
Canadian Tax Loss Carryforward Expiring 2038 | 1,072,618 | ||
Canadian Tax Loss Carryforward Expiring 2039 | 2,795,550 | ||
Canadian Tax Loss Carryforward Expiring 2040 | 4,155,465 | ||
[custom:CanadianTaxLossCarryforwardExpiring2041-0] | 15,042,299 | ||
[custom:CanadianTaxLossCarryforwardExpiring2042-0] | 3,960,052 | ||
[custom:CanadianTaxLossCarryforwardExpiring2043-0] | 838,094 | ||
[custom:UsTaxLossCarryforward-0] | 4,947,767 | ||
Total Us Tax Loss Carryforward | 4,947,767 | ||
Total Canadian Tax Loss Carryforward | $ 154,014,437 |
Income Tax_ (Details Narrative)
Income Tax: (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
The Companys Income Tax Receivable | $ 8.1 | |
Proceeds from Income Tax Refunds | $ 0.6 |