Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-31819 |
Entity Registrant Name | GOLD RESERVE INC. |
Entity Central Index Key | 0001072725 |
Entity Tax Identification Number | 00-0000000 |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | 999 West Riverside Avenue |
Entity Address, Address Line Two | Suite 401 |
Entity Address, Address Line Three | Spokane, Washington 99201 |
Entity Address, City or Town | Spokane |
Entity Address, State or Province | WA |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | 99201 |
City Area Code | 509 |
Local Phone Number | 623-1500 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 99,548,711 |
Document Financial Statement Error Correction [Flag] | false |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 271 |
Auditor Location | Vancouver, Canada |
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, Address Line Three | Spokane, Washington, 99201 |
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 | David P. Onzay |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents (Note 3) | $ 8,529,162 | $ 15,380,489 |
Term deposits (Note 4) | 29,361,215 | 27,499,188 |
Marketable equity securities (Note 5) | 1,175,892 | 98,053 |
Income tax receivable (Note 10) | 8,091,104 | |
Prepaid expense and other | 289,488 | 458,939 |
Total current assets | 39,355,757 | 51,527,773 |
Property, plant and equipment, net (Note 6) | 384,390 | 1,416,152 |
Total assets | 39,740,147 | 52,943,925 |
Current Liabilities: | ||
Accounts payable and accrued expenses (Note 2) | 713,485 | 647,283 |
Severance accrual (Note 9) | 743,511 | 531,981 |
Income tax payable (Note 10) | 9,707,779 | |
Contingent value rights (Note 2) | 172,077 | |
Total current liabilities | 11,164,775 | 1,351,341 |
Total liabilities | 11,164,775 | $ 1,351,341 |
SHAREHOLDERS' EQUITY | ||
Preferred Stock, Shares Issued | 0 | |
Contributed surplus | 20,625,372 | $ 20,625,372 |
Stock options (Note 9) | 23,661,590 | 23,561,301 |
Accumulated deficit | (318,392,763) | (295,273,771) |
Total shareholders' equity | 28,575,372 | 51,592,584 |
Total liabilities and shareholders' equity | $ 39,740,147 | $ 52,943,925 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares, Issued | 99,548,711 | 99,547,710 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INCOME (LOSS) | ||
Interest income | $ 1,911,292 | $ 582,523 |
Loss on disposition of property, plant and equipment (Note 6) | (8,410) | |
Unrealized gain (loss) on equity securities (Note 5) | 1,077,839 | (7,165) |
Foreign currency loss | (40,206) | (100,275) |
Total Other Income | 2,948,925 | 466,673 |
Corporate general and administrative (Notes 2 and 9) | 4,861,109 | 5,149,650 |
Legal and accounting | 1,914,004 | 1,924,808 |
Enforcement of Arbitral Award (Note 2) | 1,087,770 | 450,477 |
Exploration costs | 64,201 | 62,096 |
Equipment holding costs | 148,200 | 168,117 |
Write-down of equipment (Note 6) | 193,750 | 622,969 |
Contingent value rights (Note 2) | 461,835 | |
Siembra Minera Project and related costs (Note 7) | 223,237 | |
Total Expense | 8,269,034 | 9,063,189 |
Net loss before income tax expense | (5,320,109) | (8,596,516) |
Income tax expense (Note 10) | (17,798,883) | |
Net loss and comprehensive loss for the year | (23,118,992) | (8,596,516) |
Net loss per share, basic and diluted | $ (0.23) | $ (0.09) |
Weighted average common shares outstanding, basic and diluted | 99,548,080 | 99,547,710 |
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, 2020 | $ 302,679,682 | $ 20,625,372 | $ 23,402,083 | $ (286,677,255) | |
Net loss for the year | (8,596,516) | ||||
Stock option compensation (Note 9) | 159,218 | ||||
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) | 100,699 | 159,218 | |||
Net loss for the year | (23,118,992) | (8,596,516) | |||
Share issuance | 1,491 | (410) | |||
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 | ||||
Net loss for the year | (23,118,992) | ||||
Stock option compensation (Note 9) | 100,699 | ||||
Net loss for the year | $ (23,118,992) | ||||
Stock Issued During Period, Shares, New Issues | 1,001 | ||||
Ending balance, value at Dec. 31, 2023 | $ 302,681,173 | $ 20,625,372 | $ 23,661,590 | $ (318,392,763) | $ 28,575,372 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2023 | 99,548,711 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net loss for the year | $ (23,118,992) | $ (8,596,516) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock option compensation | 100,699 | 159,218 |
Depreciation | 63,012 | 104,143 |
Write-down of equipment | 193,750 | 622,969 |
Loss on disposition of property, plant and equipment | 8,410 | |
Unrealized (gain) loss on marketable equity securities | (1,077,839) | 7,165 |
Amortized interest on term deposits | (1,663,116) | (122,627) |
Changes in non-cash working capital: | ||
Decrease in income tax receivable | 591,735 | |
Increase in income tax payable | 9,707,779 | |
Increase in severance accrual | 211,530 | 531,981 |
Increase (decrease) in contingent value rights accrual | (172,077) | 111,835 |
Net decrease in prepaid expense and other | 169,451 | 47,724 |
Net increase in payables and accrued expenses | 66,202 | 171,379 |
Net cash used in operating activities | (7,428,497) | (6,362,584) |
Cash Flows from Investing Activities: | ||
Purchase of term deposits | (46,594,349) | (27,376,561) |
Proceeds from maturity of term deposits | 46,395,438 | |
Proceeds from disposition of property, plant and equipment | 775,000 | 2,004 |
Net cash provided by (used in) investing activities | 576,089 | (27,374,557) |
Cash Flows from Financing Activities: | ||
Proceeds from the exercise of stock options | 1,081 | |
Net cash provided by financing activities | 1,081 | |
Change in Cash and Cash Equivalents: | ||
Net decrease in cash and cash equivalents | (6,851,327) | (33,737,141) |
Cash and cash equivalents - beginning of year | 15,380,489 | 49,117,630 |
Cash and cash equivalents - end of year | $ 8,529,162 | $ 15,380,489 |
The Company and Significant Acc
The Company and Significant Accounting Policies: | 12 Months Ended |
Dec. 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") has historically been 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. The Company’s primary activities include those related to corporate and legal activities associated with the collection of the unpaid balance of the Award (defined below, see Note 2) and matters related to the Siembra Minera project (the “Siembra Minera Project”). The U.S. and Canadian governments have imposed various sanctions (the “Sanctions”) targeting the Bolivarian Republic of Venezuela ("Venezuela"). 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 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 prohibit or restrict the Company from working with Venezuelan government officials with respect to the Settlement Agreement (defined below) and/or payment of the remaining balance of the Award plus interest and /or pursuing remedies with respect to the Resolution (defined below) by the Venezuelan Ministry of Mines to revoke the mining rights in connection with the Siembra Minera Project and/or finance, develop and operate the Siembra Minera Project. Basis of Presentation and Principles of Consolidation 55 45 Cash and Cash Equivalents Exploration and Development Costs Property, Plant and Equipment. Assets Held for Sale . Impairment of Long-Lived Asset . 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 |
Enforcement of Arbitral Award_
Enforcement of Arbitral Award: | 12 Months Ended |
Dec. 31, 2023 | |
Enforcement Of Arbitral Award | |
Enforcement of Arbitral Award: | Note 2. Enforcement of Arbitral Award: 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 1.055 The interest rate provided for on any unpaid amounts pursuant to the Award (less legal costs and expenses) is specified as LIBOR plus 2%, compounded annually. With the phase out of LIBOR, the U.S. Congress enacted the Adjustable Interest Rate (LIBOR) Act to establish a process for replacing LIBOR in existing contracts. The U.S. Federal Reserve Board adopted a final rule that implements the Adjustable Interest Rate (LIBOR) Act by identifying benchmark rates based on the Secured Overnight Financing Rate (SOFR) that replaced LIBOR in certain financial contracts after June 30, 2023. Accordingly, effective July 1, 2023, the Company began calculating the interest due on the unpaid amount of the Award using a benchmark replacement rate based on SOFR plus two percent. We have Contingent Value Rights ("CVRs") outstanding that entitle the holders to an aggregate of 5.466 10 As previously disclosed, a dispute existed between the Company and the holder of the majority of the CVRs, Steelhead Navigator Master, L.P., a related party that owns approximately 10.1% of our shares and which is affiliated with our director James Michael Johnston. 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 in exchange for the release of claims made by the holder. The Company also decided to offer a pro-rata settlement with the other CVR holders of approximately $ 112,000 85,000 462,000 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% of the first $200 million and 6.4 4.4 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 Award 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, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents: | Note 3. Cash and Cash Equivalents: Cash and Cash Equivalents December 31, December 31, 2023 2022 Bank deposits $ 455,057 $ 1,123,095 Short term investments 8,074,105 14,257,394 Total $ 8,529,162 $ 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 ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Term Deposits | ||
Term Deposits: | Note 4. Term Deposits: December 31, December 31, 2023 2022 U.S. Treasury Bills $ 25,407,439 $ 27,499,188 Certificates of deposit 3,953,776 – $ 29,361,215 $ 27,499,188 The Company has term deposits which are classified as held to maturity, carried at amortized cost and have original maturities of greater than 3 months and less than 12 months. Term deposits consist of U.S. treasury bills purchased at a discount and amortized to face value over their respective terms. In 2023, the Company recorded non-cash interest income of $ 1,663,116 | |
U.S. Treasury Bills | $ 25,407,439 | $ 27,499,188 |
Certificates of deposit | $ 3,953,776 |
Marketable Securities_
Marketable Securities: | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Marketable Securities: | Note 5. Marketable Securities: December 31, December 31, Schedule of Marketable Securities Value 2023 2022 Equity securities Fair value and carrying value at beginning of year $ 98,053 $ 105,218 Increase (decrease) in fair value 1,077,839 (7,165) Fair value and carrying value at balance sheet date $ 1,175,892 $ 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 within “Income (Loss)" 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, 2023 | |
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, 2023 Furniture and office equipment 423,813 (389,423) 34,390 Transportation equipment 326,788 (326,788) – Leasehold improvements 29,390 (29,390) – Mineral property 350,000 – 350,000 $ 1,129,991 $ (745,601) $ 384,390 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 at December 31, 2022 consisted of a semi-autogenous grinding (SAG) mill shell which was sold in 2023. 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. During 2023 and 2022, the Company recorded an impairment charge of approximately $ 0.2 0.6 8,410 |
Empresa Mixta Ecosocialista Sie
Empresa Mixta Ecosocialista Siembra Minera, S.A.: | 12 Months Ended |
Dec. 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 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. 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. The Company withdrew its appeal of the Resolution with the Venezuelan Supreme Court of Justice and the appeal was terminated in October 2023. The Company is evaluating all additional legal rights and remedies that are available in relation to this matter including potential arbitration. 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. 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 0.9 |
401(k) Plan_
401(k) Plan: | 12 Months Ended |
Dec. 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 plan years 2023 and 2022 were approximately $ 103,000 140,000 |
Stock Based Compensation Plans_
Stock Based Compensation Plans: | 12 Months Ended |
Dec. 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 2,216,107 Stock option transactions for the years ended December 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 Options granted 145,000 2.52 360,000 1.07 Options exercised (1,001) 1.08 - - Options outstanding - end of period 7,722,392 $ 2.04 7,578,393 $ 2.03 The following table relates to stock options at December 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 1.28 358,999 $ 1.07 $ 611,558 8.84 358,999 $ 1.07 $ 611,558 8.84 $ 1.60 1.60 2,983,750 $ 1.60 $ 3,490,988 7.76 2,983,750 $ 1.60 $ 3,490,988 7.76 $ 1.61 1.93 435,000 $ 1.77 $ 434,950 5.78 435,000 $ 1.77 $ 434,950 5.78 $ 2.39 2.52 3,514,643 $ 2.40 $ 1,316,714 3.41 3,514,643 $ 2.40 $ 1,316,714 3.41 $ 3.15 3.26 430,000 $ 3.21 0 0.96 430,000 $ 3.21 0 0.96 $ 0.99 3.26 7,722,392 $ 2.04 $ 5,854,210 5.34 7,722,392 $ 2.04 $ 5,854,210 5.34 The Company granted 145,000 360,000 100,699 159,218 The weighted average fair value of the options granted in 2023 and 2022 was calculated as $ 0.70 0.41 2023 2022 Risk free interest rate 4.64 4.18 Expected term 1.5 2.73 Expected volatility 52 55 Dividend yield 0 0 The risk free interest rate is based on the US Treasury rate on the date of grant for a period equal to the expected term of the option. The expected term is based on historical exercise experience and projected post-vesting behavior. The expected volatility is based on historical volatility of our common stock over a period equal to the expected term of the option. Change of Control Agreements The Company maintains change of control agreements with certain officers and a consultant. 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, 2023, the amount payable to participants under the change of control agreements, in the event of a Change of Control, was approximately $ 8.7 Senior Management Employment Agreements In the fourth quarter of 2021, the Company and certain members of senior management entered into employment agreements as part of a three-year cost reduction program. The plan provides for the reduction of cash compensation and the payment of an incentive 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, 2023, the estimated maximum amount payable under the plan in the event of the achievement of the specific objectives was approximately $ 2.8 0.7 0.5 |
Income Tax_
Income Tax: | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax: | Note 10. Income Tax: Income tax benefit (expense 2023 2022 Amount % Amount % Income tax benefit based on Canadian tax rates $ 1,330,027 25 $ 2,149,129 25 Decrease due to: Different tax rates on foreign subsidiaries (188,093) (3) (285,668) (3) Non-deductible expenses (21,848) (0) (91,510) (1) Write-down of property, plant and equipment (48,438) (1) Derecognition of previously recognized tax benefits (17,798,883) (335) 0 0 Change in valuation allowance and other (1,071,648) (21) (1,771,951) (21) Income tax expense $(17,798,883) (335) $ 0 - The Company recorded an income tax expense of $17,798,883 and $NIL for the years ended December 31, 2023 and 2022. Income tax expense in 2023 was a result of the derecognition of previously recognized tax benefits as outlined below. The 2017 through 2020 tax filings of the Company’s U.S. subsidiary are under examination by the Internal Revenue Service (IRS). Additionally, Canada Revenue Agency (CRA) is examining the Company’s 2018 and 2019 international transactions. The Company has received Notices of Proposed Adjustment (NOPA) from the IRS proposing to (i) disallow the worthless stock deductions (related to investments in the Brisas project) taken by the Company’s U.S. subsidiary for the 2017 tax year and (ii) tax income on or related to the Award that may be received by the Company in the future. ASC 740-10-25 requires that the Company recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The tax benefits of the worthless stock deductions referred to above were previously recorded in the Company’s financial statements on the basis that it was more likely than not that the tax filing position would be sustained. As of each balance sheet date, the Company reassesses the tax position and considers any changes in facts or circumstances that indicate factors underlying the sustainability assertion have changed and whether the amount of the recognized tax benefit is still appropriate. The Company disagrees with the IRS’s position and is evaluating and considering an appeal of the NOPAs. Moreover, the Company intends to pursue the competent authority process if and when appropriate to ensure no double taxation of the Award amounts by Canada and the U.S. However, given the increased uncertainty the IRS’s position has raised and in consideration of the ongoing CRA audit, the Company has determined that it is appropriate to derecognize the tax benefit of the worthless stock deductions. Accordingly, the Company recognized approximately $17.8 million in income tax expense (including interest of $1.8 million), as a result of the reversal of an $ 8.1 income tax receivable and the recognition of an income tax payable of $ 9.7 The Company also 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. Determining our tax liabilities requires the interpretation of complex tax regulations and significant judgment by management. There is no assurance that the tax examinations to which we are currently subject or any appeals of the NOPAs will result in favorable outcomes. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, exclusive of interest and penalties, is as follows: December 31, December 31, 2023 2022 Total amount of gross u nrecognized tax benefits at beginning of year $ - $ - Addition based on tax positions related to the current year - - Addition for tax positions of prior years 16,046,894 - Reductions for tax positions of prior years - - Settlements - - Total amount of gross u nrecognized tax benefits at end of period $ 16,046,894 $ - At December 31, 2023 and 2022, the amount of unrecognized tax benefits, inclusive of interest that, if recognized, would impact the Company’s effective tax rate were $17,798,883 and nil, respectively. The amount of unrecognized tax benefits does not include any penalties that may be assessed. The components of the Canadian and U.S. deferred income tax assets and liabilities as of December 31, 2023 and 2022 were as follows: December 31, 2023 2022 Deferred income tax assets Net operating loss carry forwards $ 43,223,586 $ 39,298,070 Property, Plant and Equipment (3,410) 2,129,038 Other 1,615,179 1,672,940 T otal deferred income tax asset 44,835,355 43,100,048 Valuation allowance (44,598,283) (43,090,943) Deferred income tax assets net of valuation allowance $ 237,072 $ 9,105 Deferred income tax liabilities Other (237,072) (9,105) Net deferred income tax asset $ - $ - At December 31, 2023, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 1,979,496 2026 3,673,687 2027 14,002,422 2028 13,270,198 2029 16,394,592 2030 18,358,148 2031 5,326,477 2032 7,743,602 2033 8,972,136 2034 12,807,063 2035 15,226,250 2036 11,482,681 2037 1,098,861 2038 2,863,946 2039 4,257,132 2040 15,410,324 2041 4,056,938 2042 10,964,907 2043 5,958,910 - $ 5,958,910 $ 167,888,860 |
The Company and Significant A_2
The Company and Significant Accounting Policies: (Policies) | 12 Months Ended |
Dec. 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. |
Assets Held for Sale | Assets Held for Sale . |
Impairment of Long-Lived Asset | Impairment of Long-Lived Asset . |
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, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents December 31, December 31, 2023 2022 Bank deposits $ 455,057 $ 1,123,095 Short term investments 8,074,105 14,257,394 Total $ 8,529,162 $ 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) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of Marketable Securities Value | December 31, December 31, Schedule of Marketable Securities Value 2023 2022 Equity securities Fair value and carrying value at beginning of year $ 98,053 $ 105,218 Increase (decrease) in fair value 1,077,839 (7,165) Fair value and carrying value at balance sheet date $ 1,175,892 $ 98,053 |
Property, Plant and Equipment_
Property, Plant and Equipment: (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Accumulated Cost Depreciation Net December 31, 2023 Furniture and office equipment 423,813 (389,423) 34,390 Transportation equipment 326,788 (326,788) – Leasehold improvements 29,390 (29,390) – Mineral property 350,000 – 350,000 $ 1,129,991 $ (745,601) $ 384,390 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 at December 31, 2022 consisted of a semi-autogenous grinding (SAG) mill shell which was sold in 2023. 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. During 2023 and 2022, the Company recorded an impairment charge of approximately $ 0.2 0.6 8,410 |
Stock Based Compensation Plan_2
Stock Based Compensation Plans: (Tables) | 12 Months Ended |
Dec. 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 Options granted 145,000 2.52 360,000 1.07 Options exercised (1,001) 1.08 - - Options outstanding - end of period 7,722,392 $ 2.04 7,578,393 $ 2.03 |
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 1.28 358,999 $ 1.07 $ 611,558 8.84 358,999 $ 1.07 $ 611,558 8.84 $ 1.60 1.60 2,983,750 $ 1.60 $ 3,490,988 7.76 2,983,750 $ 1.60 $ 3,490,988 7.76 $ 1.61 1.93 435,000 $ 1.77 $ 434,950 5.78 435,000 $ 1.77 $ 434,950 5.78 $ 2.39 2.52 3,514,643 $ 2.40 $ 1,316,714 3.41 3,514,643 $ 2.40 $ 1,316,714 3.41 $ 3.15 3.26 430,000 $ 3.21 0 0.96 430,000 $ 3.21 0 0.96 $ 0.99 3.26 7,722,392 $ 2.04 $ 5,854,210 5.34 7,722,392 $ 2.04 $ 5,854,210 5.34 |
Income Tax_ (Tables)
Income Tax: (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income tax benefit (expense | Income tax benefit (expense 2023 2022 Amount % Amount % Income tax benefit based on Canadian tax rates $ 1,330,027 25 $ 2,149,129 25 Decrease due to: Different tax rates on foreign subsidiaries (188,093) (3) (285,668) (3) Non-deductible expenses (21,848) (0) (91,510) (1) Write-down of property, plant and equipment (48,438) (1) Derecognition of previously recognized tax benefits (17,798,883) (335) 0 0 Change in valuation allowance and other (1,071,648) (21) (1,771,951) (21) Income tax expense $(17,798,883) (335) $ 0 - The Company recorded an income tax expense of $17,798,883 and $NIL for the years ended December 31, 2023 and 2022. Income tax expense in 2023 was a result of the derecognition of previously recognized tax benefits as outlined below. The 2017 through 2020 tax filings of the Company’s U.S. subsidiary are under examination by the Internal Revenue Service (IRS). Additionally, Canada Revenue Agency (CRA) is examining the Company’s 2018 and 2019 international transactions. The Company has received Notices of Proposed Adjustment (NOPA) from the IRS proposing to (i) disallow the worthless stock deductions (related to investments in the Brisas project) taken by the Company’s U.S. subsidiary for the 2017 tax year and (ii) tax income on or related to the Award that may be received by the Company in the future. ASC 740-10-25 requires that the Company recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The tax benefits of the worthless stock deductions referred to above were previously recorded in the Company’s financial statements on the basis that it was more likely than not that the tax filing position would be sustained. As of each balance sheet date, the Company reassesses the tax position and considers any changes in facts or circumstances that indicate factors underlying the sustainability assertion have changed and whether the amount of the recognized tax benefit is still appropriate. The Company disagrees with the IRS’s position and is evaluating and considering an appeal of the NOPAs. Moreover, the Company intends to pursue the competent authority process if and when appropriate to ensure no double taxation of the Award amounts by Canada and the U.S. However, given the increased uncertainty the IRS’s position has raised and in consideration of the ongoing CRA audit, the Company has determined that it is appropriate to derecognize the tax benefit of the worthless stock deductions. Accordingly, the Company recognized approximately $17.8 million in income tax expense (including interest of $1.8 million), as a result of the reversal of an $ 8.1 income tax receivable and the recognition of an income tax payable of $ 9.7 The Company also 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. Determining our tax liabilities requires the interpretation of complex tax regulations and significant judgment by management. There is no assurance that the tax examinations to which we are currently subject or any appeals of the NOPAs will result in favorable outcomes. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, exclusive of interest and penalties, is as follows: December 31, December 31, 2023 2022 Total amount of gross u nrecognized tax benefits at beginning of year $ - $ - Addition based on tax positions related to the current year - - Addition for tax positions of prior years 16,046,894 - Reductions for tax positions of prior years - - Settlements - - Total amount of gross u nrecognized tax benefits at end of period $ 16,046,894 $ - At December 31, 2023 and 2022, the amount of unrecognized tax benefits, inclusive of interest that, if recognized, would impact the Company’s effective tax rate were $17,798,883 and nil, respectively. The amount of unrecognized tax benefits does not include any penalties that may be assessed. The components of the Canadian and U.S. deferred income tax assets and liabilities as of December 31, 2023 and 2022 were as follows: December 31, 2023 2022 Deferred income tax assets Net operating loss carry forwards $ 43,223,586 $ 39,298,070 Property, Plant and Equipment (3,410) 2,129,038 Other 1,615,179 1,672,940 T otal deferred income tax asset 44,835,355 43,100,048 Valuation allowance (44,598,283) (43,090,943) Deferred income tax assets net of valuation allowance $ 237,072 $ 9,105 Deferred income tax liabilities Other (237,072) (9,105) Net deferred income tax asset $ - $ - At December 31, 2023, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 1,979,496 2026 3,673,687 2027 14,002,422 2028 13,270,198 2029 16,394,592 2030 18,358,148 2031 5,326,477 2032 7,743,602 2033 8,972,136 2034 12,807,063 2035 15,226,250 2036 11,482,681 2037 1,098,861 2038 2,863,946 2039 4,257,132 2040 15,410,324 2041 4,056,938 2042 10,964,907 2043 5,958,910 - $ 5,958,910 $ 167,888,860 |
The Company and Significant A_3
The Company and Significant Accounting Policies: (Details Narrative) | Dec. 31, 2023 |
Accounting Policies [Abstract] | |
Siembra Minera beneficial ownership by Venezuela | 55% |
Siembra Minera beneficial ownership by Company | 45% |
Enforcement of Arbitral Award_
Enforcement of Arbitral Award: (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Enforcement Of Arbitral Award | ||
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 | $ 1,055,000,000 | |
Amount Of Proceeds Cvr Holders Entitled To | 5.466% | |
Cumulative Amount Paid To Cvr Holders | $ 10,000,000 | |
[custom:CVRSettlementOthers-0] | 112,000 | |
[custom:CVRSettlementGreywolf-0] | $ 85,000 | |
[custom:CVRExpense2022] | $ 462,000 | |
Bonus Percentage Thereafter | 6.40% | |
Cumulative Amount Paid To Bonus Plan Participants | $ 4,400,000 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Bank deposits | $ 455,057 | $ 1,123,095 |
Short term investments | 8,074,105 | 14,257,394 |
Total | $ 8,529,162 | $ 15,380,489 |
Term Deposits_ (Details Narrati
Term Deposits: (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Term Deposits | |
[custom:NonCashInterestIncome] | $ 1,663,116 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | ||
Fair value and carrying value at beginning of year | $ 98,053 | $ 105,218 |
Increase (decrease) in fair value | 1,077,839 | (7,165) |
Fair value and carrying value at balance sheet date | $ 1,175,892 | $ 98,053 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 2,098,741 | |
Property, Plant and Equipment, Net, Total | $ 384,390 | 1,416,152 |
Property, Plant and Equipment, Gross | 2,098,741 | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and Fixtures, Gross | 423,813 | 423,813 |
[custom:FurnitureAndFixturesNet-0] | 34,390 | 66,123 |
Accumulated Depreciation Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationFurnitureAndFixtures-0] | (389,423) | (357,690) |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:TransportationEquipmentGross-0] | 326,788 | 326,788 |
[custom:TransportationEquipmentNet-0] | 30,735 | |
Accumulated Depreciation Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationTransportationEquipment-0] | (326,788) | (296,053) |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | 29,390 | 29,390 |
[custom:LeaseholdImprovementsNet-0] | 544 | |
Accumulated Depreciation Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationLeaseholdImprovements-0] | (29,390) | (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 | 1,129,991 | |
Property, Plant and Equipment, Net, Total | 384,390 | 1,416,152 |
Property, Plant and Equipment, Gross | 1,129,991 | |
Accumulated Depreciation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (745,601) | (682,589) |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Machinery and Equipment, Gross | 968,750 | |
[custom:MachineryAndEquipmentNet-0] | $ 968,750 |
Property, Plant and Equipment_2
Property, Plant and Equipment: (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||
[custom:ImpairmentWritedown] | $ 200,000 | $ 600,000 | |
[custom:GainOnDispositionOfEquipment] | $ 8,410 |
Empresa Mixta Ecosocialista S_2
Empresa Mixta Ecosocialista Siembra Minera, S.A.: (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2023 | Mar. 31, 2022 |
Empresa Mixta Ecosocialista Siembra Minera S.a. | ||
[custom:SiembraMineraCostsToDate-0] | $ 22.9 | |
[custom:CostsPreviouslyClassifiedAsSiembraMinera-0] | $ 0.9 |
401(k) Plan_ (Details Narrative
401(k) Plan: (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
K Plan | ||
[custom:CashContributionsToThePlan] | $ 103,000 | $ 140,000 |
Stock Option Transactions (Deta
Stock Option Transactions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 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 | 145,000 | 360,000 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.52 | $ 1.07 |
[custom:OptionsExercised] | (1,001) | |
[custom:OptionsExercisedWeightedAverageExercisePrice] | $ 1.08 | |
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 | 7,722,392 | 7,578,393 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 2.04 | $ 2.03 |
Stock Options Oustanding and Ex
Stock Options Oustanding and Exercisable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
[custom:OutstandingOptionsNumber99To128-0] | 358,999 | |
[custom:OutstandingOptionsAggregateIntrinsicValue99To128-0] | $ 611,558 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears99To128] | 8 years 10 months 2 days | |
[custom:ExercisableOptionsNumber99To128-0] | 358,999 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice99To128-0] | $ 1.07 | |
[custom:ExercisableOptionsAggregateIntrinsicValue99To128-0] | $ 611,558 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears99To128] | 8 years 10 months 2 days | |
[custom:OutstandingOptionsNumber160To160-0] | 2,983,750 | |
[custom:OutstandingOptionsAggregateIntrinsicValue160To160-0] | $ 3,490,988 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears160To160] | 7 years 9 months 3 days | |
[custom:ExercisableOptionsNumber160To160-0] | 2,983,750 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice160To160-0] | $ 1.60 | |
[custom:ExercisableOptionsAggregateIntrinsicValue160To160-0] | $ 3,490,988 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears160To160] | 7 years 9 months 3 days | |
[custom:OutstandingOptionsNumber161To193-0] | 435,000 | |
[custom:OutstandingOptionsAggregateIntrinsicValue161To193-0] | $ 434,950 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears161To193] | 5 years 9 months 10 days | |
[custom:ExercisableOptionsNumber161To193-0] | 435,000 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice177-0] | $ 1.77 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice161To193-0] | $ 434,950 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears161To193] | 5 years 9 months 10 days | |
[custom:OutstandingOptionsNumber239to252-0] | 3,514,643 | |
[custom:OutstandingOptionsAggregateIntrinsicValue239To252-0] | $ 1,316,714 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears239To252] | 3 years 4 months 28 days | |
[custom:ExercisableOptionsNumber239To252-0] | 3,514,643 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice240-0] | $ 2.40 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice239To252-0] | $ 1,316,714 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears239To252] | 3 years 4 months 28 days | |
[custom:OutstandingOptionsNumber315To326-0] | 430,000 | |
[custom:OutstandingOptionsAggregateIntrinsicValue315To326-0] | $ 0 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears315To326] | 11 months 15 days | |
[custom:ExercisableOptionsNumber315To326-0] | 430,000 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice315To326-0] | $ 3.21 | |
[custom:ExercisableOptionsAggregateIntrinsicValue315To326-0] | $ 0 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears315To326] | 11 months 15 days | |
Outstanding Options Number Total | 7,722,392 | |
Outstanding Options Aggregate Intrinsic Value Total | $ 5,854,210 | |
Outstanding Options Weighted Average Remaining Contractual Term Years Total | 5 years 4 months 2 days | |
Exercisable Options Number Total | 7,722,392 | |
Exercisable Options Weighted Average Exercise Price Total | $ 2.04 | |
Exercisable Options Aggregate Intrinsic Value Total | $ 5,854,210 | |
Exercisable Options Weighted Average Remaining Contractual Term Years Total | 5 years 4 months 2 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.64% | 4.18% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 1 year 6 months | 2 years 8 months 23 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 52% | 55% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 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 239to 252 [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 | 2.40 | |
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 | 2.04 | |
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 239to 252 [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 | |
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 239to 252 [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 | 2.52 | |
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 ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
[custom:MaximumNumberOfOptionsAvailableUnderThePlan-0] | 9,939,500 | |
[custom:OptionsAvailableForGrant-0] | 2,216,107 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | 145,000 | 360,000 |
[custom:OptionExpense] | $ 100,699 | $ 159,218 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.70 | $ 0.41 |
Amount Payable In Event Of Change Of Control | $ 8,700,000 | |
[custom:AmountPayableInEventOfMilestoneAchievement-0] | 2,800,000 | |
[custom:SeveranceLiability-0] | $ 700,000 | $ 500,000 |
Income tax benefit (expense (De
Income tax benefit (expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Benefit Based On Canadian Tax Rates | $ 1,330,027 | $ 2,149,129 |
[custom:IncomeTaxBenefitBasedOnCanadianTaxRatesPercentage] | 25% | 25% |
Different Tax Rates On Foreign Subsidiaries | $ (188,093) | $ (285,668) |
[custom:DifferentTaxRatesOnForeignSubsidiariesPercentage] | (3.00%) | (3.00%) |
Nondeductible Expenses | $ (21,848) | $ (91,510) |
[custom:NondeductibleExpensesPercentage] | (0.00%) | (1.00%) |
[custom:DerecognitionOfPreviouslyRecognizedTaxBenefit] | $ (17,798,883) | $ 0 |
[custom:DerecognitionOfPreviouslyRecognizedTaxBenefitPercentage] | (335.00%) | 0% |
Change In Valuation Allowance And Other | $ (1,071,648) | $ (1,771,951) |
[custom:ChangeInValuationAllowanceAndOtherPercentage] | (21.00%) | (21.00%) |
[custom:IncomeTaxExpense] | $ (17,798,883) | |
[custom:IncomeTaxExpensePercentage] | (335.00%) | |
Income Tax Benefit | $ 0 | |
Addition for tax positions of prior years | $ 16,046,894 | |
Total amount of gross unrecognized tax benefits at end of period | 16,046,894 | |
Deferred income tax assets | ||
Net operating loss carry forwards | 43,223,586 | 39,298,070 |
Property, Plant and Equipment | (3,410) | 2,129,038 |
Other | 1,615,179 | 1,672,940 |
Total deferred income tax asset | 44,835,355 | 43,100,048 |
Valuation allowance | (44,598,283) | (43,090,943) |
Deferred income tax assets net of valuation allowance | 237,072 | 9,105 |
Deferred income tax liabilities | ||
Other | (237,072) | (9,105) |
Net deferred income tax asset | ||
Canadian Tax Loss Carryforward Expiring 2026 | 1,979,496 | |
Canadian Tax Loss Carryforward Expiring 2027 | 3,673,687 | |
Canadian Tax Loss Carryforward Expiring 2028 | 14,002,422 | |
Canadian Tax Loss Carryforward Expiring 2029 | 13,270,198 | |
Canadian Tax Loss Carryforward Expiring 2030 | 16,394,592 | |
Canadian Tax Loss Carryforward Expiring 2031 | 18,358,148 | |
Canadian Tax Loss Carryforward Expiring 2032 | 5,326,477 | |
Canadian Tax Loss Carryforward Expiring 2033 | 7,743,602 | |
Canadian Tax Loss Carryforward Expiring 2034 | 8,972,136 | |
Canadian Tax Loss Carryforward Expiring 2035 | 12,807,063 | |
Canadian Tax Loss Carryforward Expiring 2036 | 15,226,250 | |
Canadian Tax Loss Carryforward Expiring 2037 | 11,482,681 | |
Canadian Tax Loss Carryforward Expiring 2038 | 1,098,861 | |
Canadian Tax Loss Carryforward Expiring 2039 | 2,863,946 | |
Canadian Tax Loss Carryforward Expiring 2040 | 4,257,132 | |
[custom:CanadianTaxLossCarryforwardExpiring2041-0] | 15,410,324 | |
[custom:CanadianTaxLossCarryforwardExpiring2042-0] | 4,056,938 | |
[custom:CanadianTaxLossCarryforwardExpiring2043-0] | 10,964,907 | |
[custom:UsTaxLossCarryforward-0] | 5,958,910 | |
Total Us Tax Loss Carryforward | 5,958,910 | |
Total Canadian Tax Loss Carryforward | $ 167,888,860 |
Income Tax_ (Details Narrative)
Income Tax: (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
The Companys Income Tax Receivable | $ 8.1 | |
[custom:IncomeTaxPayable-0] | $ 9.7 |