Cover
Cover | 3 Months Ended |
Mar. 31, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2024 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2024 |
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, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents (Note 3) | $ 8,748,403 | $ 8,529,162 |
Term deposits (Note 4) | 27,458,553 | 29,361,215 |
Marketable equity securities (Note 5) | 2,106,668 | 1,175,892 |
Prepaid expense and other | 77,028 | 289,488 |
Total current assets | 38,390,652 | 39,355,757 |
Property, plant and equipment, net (Note 6) | 380,512 | 384,390 |
Total assets | 38,771,164 | 39,740,147 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 1,372,106 | 713,485 |
Income tax payable (Note 9) | 9,902,822 | 9,707,779 |
Severance accrual (Note 8) | 743,511 | |
Total current liabilities | 11,274,928 | 11,164,775 |
Total liabilities | 11,274,928 | 11,164,775 |
SHAREHOLDERS' EQUITY | ||
Contributed surplus | 20,625,372 | 20,625,372 |
Stock options (Note 8) | 23,708,349 | 23,661,590 |
Accumulated deficit | (319,787,790) | (318,392,763) |
Total shareholders' equity | 27,496,236 | 28,575,372 |
Total liabilities and shareholders' equity | $ 38,771,164 | $ 39,740,147 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares, Issued | 99,668,711 | 99,548,711 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INCOME (LOSS) | ||
Interest income | $ 471,950 | $ 457,330 |
Unrealized gain on equity securities (Note 5) | 930,776 | 35,932 |
Foreign currency loss | (9,738) | (5,305) |
Total Other Income | 1,392,988 | 487,957 |
EXPENSES | ||
Corporate general and administrative (Notes 2 and 8) | 1,060,683 | 1,053,080 |
Legal and accounting | 677,581 | 293,970 |
Enforcement of Arbitral Award (Note 2) | 847,934 | 183,931 |
Exploration costs | 6,774 | 10,434 |
Equipment holding costs | 40,608 | |
Total Expense | 2,592,972 | 1,582,023 |
Net loss before income tax for the period | (1,199,984) | (1,094,066) |
Income tax expense (Note 9) | (195,043) | |
Net loss and comprehensive loss for the period | (1,395,027) | (1,094,066) |
Net loss per share, basic and diluted | $ (0.01) | $ (0.01) |
Weighted average common shares outstanding, basic and diluted | 99,563,216 | 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] | Total |
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) | $ (1,094,066) | |||
Stock option compensation (Note 8) | |||||
Ending balance, value at Mar. 31, 2023 | $ 302,679,682 | 20,625,372 | 23,561,301 | (296,367,837) | |
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2023 | 99,547,710 | ||||
Beginning 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, Beginning Balance at Dec. 31, 2023 | 99,548,711 | ||||
Net loss for the period | (1,395,027) | (1,395,027) | |||
Stock option compensation (Note 8) | 123,891 | $ 123,891 | |||
Share issuance - stock option exercise | 269,132 | (77,132) | |||
Stock Issued During Period, Shares, New Issues | 120,000 | ||||
Ending balance, value at Mar. 31, 2024 | $ 302,950,305 | $ 20,625,372 | $ 23,708,349 | $ (319,787,790) | $ 27,496,236 |
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2024 | 99,668,711 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net loss for the period | $ (1,395,027) | $ (1,094,066) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock option compensation | 123,891 | |
Depreciation | 3,878 | 16,149 |
Unrealized gain on marketable equity securities | (930,776) | (35,932) |
Amortized interest on term deposits | (411,206) | (384,378) |
Changes in non-cash working capital: | ||
Increase in interest on income tax payable | 195,043 | |
Decrease in severance accrual | (743,511) | (531,981) |
Net decrease (increase) in prepaid expense and other | 212,460 | 328,139 |
Net increase (decrease) in payables and accrued expenses | 658,621 | (134,863) |
Net cash used in operating activities | (2,286,627) | (1,836,932) |
Cash Flows from Investing Activities: | ||
Purchase of term deposits | (6,235,307) | (13,077,305) |
Proceeds from maturity of term deposits | 8,549,175 | 10,200,000 |
Net cash provided by (used in) investing activities | 2,313,868 | (2,877,305) |
Cash Flows from Financing Activities: | ||
Proceeds from the exercise of stock options | 192,000 | |
Net cash provided by financing activities | 192,000 | |
Change in Cash and Cash Equivalents: | ||
Net increase (decrease) in cash and cash equivalents | 219,241 | (4,714,237) |
Cash and cash equivalents - beginning of period | 8,529,162 | 15,380,489 |
Cash and cash equivalents - end of period | $ 8,748,403 | $ 10,666,252 |
The Company and Significant Acc
The Company and Significant Accounting Policies: | 3 Months Ended |
Mar. 31, 2024 | |
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 Equivalent Exploration and Development Cost 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 |
Enforcement of Arbitral Award_
Enforcement of Arbitral Award: | 3 Months Ended |
Mar. 31, 2024 | |
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 $1.076 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 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: | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents: | Note 3. Cash and Cash Equivalents: Cash and Cash Equivalents March 31, December 31, 2024 2023 Bank deposits $ 488,466 $ 455,057 Short term investments 8,259,937 8,074,105 Total $ 8,748,403 $ 8,529,162 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: | 3 Months Ended |
Mar. 31, 2024 | |
Term Deposits | |
Term Deposits: | Note 4. Term Deposits: Term deposits March 31, December 31, 2024 2023 U.S. Treasury Bills $ 23,368,358 $ 25,407,439 Certificates of deposit 4,090,195 3,953,776 $ 27,458,553 $ 29,361,215 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 and certificates of deposit. During the three months ended March 31, 2024 and 2023, the Company recorded non-cash interest income of $411,206 $384,378 |
Marketable Securities_
Marketable Securities: | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Marketable Securities: | Note 5. Marketable Securities: March 31, December 31, Schedule of Marketable Securities Value 2024 2023 Equity securities Fair value and carrying value at beginning of period $ 1,175,892 $ 98,053 Increase in fair value 930,776 1,077,839 Fair value and carrying value at balance sheet date $ 2,106,668 $ 1,175,892 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: | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Furniture and office equipment $ 423,813 $ (393,301) $ 30,512 Transportation equipment 326,788 (326,788) – Leasehold improvements 29,390 (29,390) – Mineral property 350,000 – 350,000 $ 1,129,991 $ (749,479) $ 380,512 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 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. No impairment write-downs of property, plant and equipment were recorded during the three months ended March 31, 2024 and 2023. |
401(k) Plan_
401(k) Plan: | 3 Months Ended |
Mar. 31, 2024 | |
K Plan | |
401(k) Plan: | Note 7. 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 2023 plan year were approximately $ 103,000 |
Stock Based Compensation Plans_
Stock Based Compensation Plans: | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation Plans: | Note 8. 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 2,076,107 Stock option transactions for the three months ended March 31, 2024 and 2023 are as follows: 2024 2023 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding - beginning of period 7,722,392 $ 2.04 7,578,393 $ 2.03 Options granted 140,000 3.18 - - Options exercised (120,000) 1.60 - - Options outstanding - end of period 7,742,392 $ 2.06 7,578,393 $ 2.03 Options exercisable - end of period 7,742,392 $ 2.06 7,578,393 $ 2.03 The following table relates to stock options at March 31, 2024: 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 $ 697,718 8.59 358,999 $ 1.07 $ 697,718 8.59 $ 1.60 1.60 2,863,750 $ 1.60 4,037,888 7.51 2,863,750 $ 1.60 4,037,888 7.51 $ 1.61 1.93 435,000 $ 1.77 539,350 5.53 435,000 $ 1.77 539,350 5.53 $ 2.39 2.52 3,514,643 $ 2.40 2,160,229 3.16 3,514,643 $ 2.40 2,160,229 3.16 $ 3.15 3.26 570,000 $ 3.21 0 2.95 570,000 $ 3.21 0 2.95 $ 0.99 3.26 7,742,392 $ 2.06 $ 7,435,185 5.14 7,742,392 $ 2.06 $ 7,435,185 5.14 During the three months ended March 31, 2024, the Company granted 140,000 123,891 The weighted average fair value of the options granted in 2024 was calculated as $ 0.88 Risk free interest rate 4.67 Expected term 1.5 Expected volatility 52 Dividend yield 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 March 31, 2024, the amount payable to participants under the change of control agreements, in the event of a Change of Control, was approximately $ 5.3 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 March 31, 2024, the estimated maximum amount payable under the plan in the event of the achievement of the specific objectives was approximately $ 1.6 0.7 |
Income Tax_
Income Tax: | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax: | Note 9. Income Tax: Income tax benefit (expense) 2024 2023 Amount % Amount % Income tax benefit based on Canadian tax rates $ 299,996 25 $ 273,517 25 Difference due to: Different tax rates on foreign subsidiaries 18,572 3 (43,330) (4) Non-deductible expenses (26,279) (4) (110) 0 Change in valuation allowance and other (292,289) (24) (230,077) (21) Interest on income tax payable (195,043) (28) 0 0 Income tax expense $ (195,043) (28) $ 0 0 The Company recorded income tax expense of $195,043 and nil during the three months ended March 31, 2024 and 2023. Income tax expense in 2024 was a result of interest related to the 2023 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. In 2023, the Company determined it appropriate to derecognize the tax benefit of the worthless stock deductions given the increased uncertainty the IRS’s position has raised and in consideration of the ongoing CRA audit. 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 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: March 31, December 31, 2024 2023 Total amount of gross u nrecognized tax benefits at beginning of year $ 16,046,894 $ - 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 $ 16,046,894 At March 31, 2024 and December 31, 2023, the amount of unrecognized tax benefits, inclusive of interest that, if recognized, would impact the Company’s effective tax rate were $ 17,993,926 17,798,883 The components of the Canadian and U.S. deferred income tax assets and liabilities as of March 31, 2024 and December 31, 2023 were as follows: March 31, December 31, 2024 2023 Deferred income tax assets Net operating loss carry forwards $ 42,654,043 $ 43,223,586 Property, Plant and Equipment (3,089) (3,410) Other 1,651,110 1,615,179 T otal deferred income tax asset 44,302,064 44,835,355 Valuation allowance (43,869,529) (44,598,283) Deferred income tax assets net of valuation allowance $ 432,535 $ 237,072 Deferred income tax liabilities Other (432,535) (237,072) Net deferred income tax asset $ - $ - At March 31, 2024, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 1,930,082 2026 3,581,981 2027 13,652,878 2028 12,938,934 2029 15,985,333 2030 17,899,872 2031 5,193,512 2032 7,550,298 2033 8,748,164 2034 12,487,359 2035 14,846,156 2036 11,196,038 2037 1,071,430 2038 2,792,453 2039 4,150,861 2040 15,025,635 2041 3,955,665 2042 10,691,190 2043 1,883,734 2044 5,993,568 - $ 5,993,568 $ 165,581,575 |
Subsequent Events_
Subsequent Events: | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events | |
Subsequent Events: | Note 10. Subsequent Events: In May 2024, the Company announced that it had entered into an agreement with its agents to undertake a best-efforts private placement of Class A common shares of the Company for gross proceeds of up to US$15.0 million at a price per Common Share of US$3.50. The number of Common Shares to be sold will be determined in the context of the market in conjunction with the marketing efforts and there can be no assurance as to completion of the offering. The Company has also entered into a binding term sheet to obtain a borrowing facility which allows the Company, in its sole discretion, to borrow up to US$50 million. The sole purpose of the facility is to fund any cash deposits required by the Company with respect to a potential transaction in relation to the sale of the common shares of PDV Holdings, Inc., the indirect parent company of CITGO Petroleum Corp, pursuant to the sales and bidding procedures managed by the Special Master of the U.S. District Court for the District of Delaware. In April 2024, the Company determined that an unauthorized third party gained access to its network due to a firewall vulnerability. Upon learning of the incident, the Company promptly engaged cyber security experts, remedied the vulnerability, restored its systems and enhanced security over its network. Remediation is substantially complete. The total costs associated with this cybersecurity incident are estimated at approximately $1.0 |
The Company and Significant A_2
The Company and Significant Accounting Policies: (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation 55 45 |
Cash and Cash Equivalent | Cash and Cash Equivalent |
Exploration and Development Cost | Exploration and Development Cost |
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, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents March 31, December 31, 2024 2023 Bank deposits $ 488,466 $ 455,057 Short term investments 8,259,937 8,074,105 Total $ 8,748,403 $ 8,529,162 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_ (Tables)
Term Deposits: (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Term Deposits | |
Term deposits | Term deposits March 31, December 31, 2024 2023 U.S. Treasury Bills $ 23,368,358 $ 25,407,439 Certificates of deposit 4,090,195 3,953,776 $ 27,458,553 $ 29,361,215 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 and certificates of deposit. During the three months ended March 31, 2024 and 2023, the Company recorded non-cash interest income of $411,206 $384,378 |
Marketable Securities_ (Tables)
Marketable Securities: (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Schedule of Marketable Securities Value | March 31, December 31, Schedule of Marketable Securities Value 2024 2023 Equity securities Fair value and carrying value at beginning of period $ 1,175,892 $ 98,053 Increase in fair value 930,776 1,077,839 Fair value and carrying value at balance sheet date $ 2,106,668 $ 1,175,892 |
Property, Plant and Equipment_
Property, Plant and Equipment: (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Accumulated Cost Depreciation Net March 31, 2024 Furniture and office equipment $ 423,813 $ (393,301) $ 30,512 Transportation equipment 326,788 (326,788) – Leasehold improvements 29,390 (29,390) – Mineral property 350,000 – 350,000 $ 1,129,991 $ (749,479) $ 380,512 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 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. No impairment write-downs of property, plant and equipment were recorded during the three months ended March 31, 2024 and 2023. |
Stock Based Compensation Plan_2
Stock Based Compensation Plans: (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Transactions | 2024 2023 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding - beginning of period 7,722,392 $ 2.04 7,578,393 $ 2.03 Options granted 140,000 3.18 - - Options exercised (120,000) 1.60 - - Options outstanding - end of period 7,742,392 $ 2.06 7,578,393 $ 2.03 Options exercisable - end of period 7,742,392 $ 2.06 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 $ 697,718 8.59 358,999 $ 1.07 $ 697,718 8.59 $ 1.60 1.60 2,863,750 $ 1.60 4,037,888 7.51 2,863,750 $ 1.60 4,037,888 7.51 $ 1.61 1.93 435,000 $ 1.77 539,350 5.53 435,000 $ 1.77 539,350 5.53 $ 2.39 2.52 3,514,643 $ 2.40 2,160,229 3.16 3,514,643 $ 2.40 2,160,229 3.16 $ 3.15 3.26 570,000 $ 3.21 0 2.95 570,000 $ 3.21 0 2.95 $ 0.99 3.26 7,742,392 $ 2.06 $ 7,435,185 5.14 7,742,392 $ 2.06 $ 7,435,185 5.14 |
Income Tax_ (Tables)
Income Tax: (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income tax benefit (expense) | Income tax benefit (expense) 2024 2023 Amount % Amount % Income tax benefit based on Canadian tax rates $ 299,996 25 $ 273,517 25 Difference due to: Different tax rates on foreign subsidiaries 18,572 3 (43,330) (4) Non-deductible expenses (26,279) (4) (110) 0 Change in valuation allowance and other (292,289) (24) (230,077) (21) Interest on income tax payable (195,043) (28) 0 0 Income tax expense $ (195,043) (28) $ 0 0 The Company recorded income tax expense of $195,043 and nil during the three months ended March 31, 2024 and 2023. Income tax expense in 2024 was a result of interest related to the 2023 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. In 2023, the Company determined it appropriate to derecognize the tax benefit of the worthless stock deductions given the increased uncertainty the IRS’s position has raised and in consideration of the ongoing CRA audit. 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 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: March 31, December 31, 2024 2023 Total amount of gross u nrecognized tax benefits at beginning of year $ 16,046,894 $ - 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 $ 16,046,894 At March 31, 2024 and December 31, 2023, the amount of unrecognized tax benefits, inclusive of interest that, if recognized, would impact the Company’s effective tax rate were $ 17,993,926 17,798,883 The components of the Canadian and U.S. deferred income tax assets and liabilities as of March 31, 2024 and December 31, 2023 were as follows: March 31, December 31, 2024 2023 Deferred income tax assets Net operating loss carry forwards $ 42,654,043 $ 43,223,586 Property, Plant and Equipment (3,089) (3,410) Other 1,651,110 1,615,179 T otal deferred income tax asset 44,302,064 44,835,355 Valuation allowance (43,869,529) (44,598,283) Deferred income tax assets net of valuation allowance $ 432,535 $ 237,072 Deferred income tax liabilities Other (432,535) (237,072) Net deferred income tax asset $ - $ - At March 31, 2024, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 1,930,082 2026 3,581,981 2027 13,652,878 2028 12,938,934 2029 15,985,333 2030 17,899,872 2031 5,193,512 2032 7,550,298 2033 8,748,164 2034 12,487,359 2035 14,846,156 2036 11,196,038 2037 1,071,430 2038 2,792,453 2039 4,150,861 2040 15,025,635 2041 3,955,665 2042 10,691,190 2043 1,883,734 2044 5,993,568 - $ 5,993,568 $ 165,581,575 |
The Company and Significant A_3
The Company and Significant Accounting Policies: (Details Narrative) | Mar. 31, 2024 |
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) $ in Millions | Mar. 31, 2024 USD ($) |
Enforcement Of Arbitral Award | |
Total Award | $ 740.3 |
Settlement Agreement | 1,032 |
[custom:VenezuelaAgreedToPayForAward-0] | 792 |
Venezuela Agreed To Pay For Mining Data | 240 |
Payments Made Pursuant To Settlement Agreement | 254 |
Amount Due And Unpaid Including Interest | $ 1,076 |
Amount Of Proceeds Cvr Holders Entitled To | 5.466% |
Cumulative Amount Paid To Cvr Holders | $ 10 |
Bonus Percentage Thereafter | 6.40% |
Cumulative Amount Paid To Bonus Plan Participants | $ 4.4 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||
Bank deposits | $ 488,466 | $ 455,057 |
Short term investments | 8,259,937 | 8,074,105 |
Total | $ 8,748,403 | $ 8,529,162 |
Term deposits (Details)
Term deposits (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Term Deposits | ||
U.S. Treasury Bills | $ 23,368,358 | $ 25,407,439 |
Certificates of deposit | $ 4,090,195 | $ 3,953,776 |
Term Deposits_ (Details Narrati
Term Deposits: (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Term Deposits | ||
[custom:NonCashInterestIncome] | $ 411,206 | $ 384,378 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | ||
Fair value and carrying value at beginning of period | $ 1,175,892 | $ 98,053 |
Increase in fair value | 930,776 | 1,077,839 |
Fair value and carrying value at balance sheet date | $ 2,106,668 | $ 1,175,892 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 1,129,991 | |
Property, Plant and Equipment, Net, Total | $ 380,512 | 384,390 |
Property, Plant and Equipment, Gross | 1,129,991 | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and Fixtures, Gross | 423,813 | 423,813 |
[custom:FurnitureAndFixturesNet-0] | 30,512 | 34,390 |
Accumulated Depreciation Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationFurnitureAndFixtures-0] | (393,301) | (389,423) |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:TransportationEquipmentGross-0] | 326,788 | 326,788 |
[custom:TransportationEquipmentNet-0] | ||
Accumulated Depreciation Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationTransportationEquipment-0] | (326,788) | (326,788) |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | 29,390 | 29,390 |
[custom:LeaseholdImprovementsNet-0] | ||
Accumulated Depreciation Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationLeaseholdImprovements-0] | (29,390) | (29,390) |
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 | 380,512 | 384,390 |
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 | $ (749,479) | $ (745,601) |
401(k) Plan_ (Details Narrative
401(k) Plan: (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
K Plan | |
[custom:CashContributionsToThePlan] | $ 103,000 |
Stock Option Transactions (Deta
Stock Option Transactions (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | 140,000 | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 3.18 | |
[custom:OptionsExercised] | (120,000) | |
[custom:OptionsExercisedWeightedAverageExercisePrice] | $ 1.60 | |
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 | 7,722,392 | 7,578,393 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 2.04 | $ 2.03 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance | 7,742,392 | 7,578,393 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 2.06 | $ 2.03 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 7,742,392 | 7,578,393 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 2.06 | $ 2.03 |
Stock Options Oustanding and Ex
Stock Options Oustanding and Exercisable (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
[custom:OutstandingOptionsNumber99To128-0] | 358,999 | |
[custom:OutstandingOptionsAggregateIntrinsicValue99To128-0] | $ 697,718 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears99To128] | 8 years 7 months 2 days | |
[custom:ExercisableOptionsNumber99To128-0] | 358,999 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice99To128-0] | $ 1.07 | |
[custom:ExercisableOptionsAggregateIntrinsicValue99To128-0] | $ 697,718 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears99To128] | 8 years 7 months 2 days | |
[custom:OutstandingOptionsNumber160To160-0] | 2,863,750 | |
[custom:OutstandingOptionsAggregateIntrinsicValue160To160-0] | $ 4,037,888 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears160To160] | 7 years 6 months 3 days | |
[custom:ExercisableOptionsNumber160To160-0] | 2,863,750 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice160To160-0] | $ 1.60 | |
[custom:ExercisableOptionsAggregateIntrinsicValue160To160-0] | $ 4,037,888 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears160To160] | 7 years 6 months 3 days | |
[custom:OutstandingOptionsNumber161To193-0] | 435,000 | |
[custom:OutstandingOptionsAggregateIntrinsicValue161To193-0] | $ 539,350 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears161To193] | 5 years 6 months 10 days | |
[custom:ExercisableOptionsNumber161To193-0] | 435,000 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice177-0] | $ 1.77 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice161To193-0] | $ 539,350 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears161To193] | 5 years 6 months 10 days | |
[custom:OutstandingOptionsNumber239to252-0] | 3,514,643 | |
[custom:OutstandingOptionsAggregateIntrinsicValue239To252-0] | $ 2,160,229 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears239To252] | 3 years 1 month 28 days | |
[custom:ExercisableOptionsNumber239To252-0] | 3,514,643 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice240-0] | $ 2.40 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice239To252-0] | $ 2,160,229 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears239To252] | 3 years 1 month 28 days | |
[custom:OutstandingOptionsNumber315To326-0] | 570,000 | |
[custom:OutstandingOptionsAggregateIntrinsicValue315To326-0] | $ 0 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears315To326] | 2 years 11 months 12 days | |
[custom:ExercisableOptionsNumber315To326-0] | 570,000 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice315To326-0] | $ 3.21 | |
[custom:ExercisableOptionsAggregateIntrinsicValue315To326-0] | $ 0 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears315To326] | 2 years 11 months 12 days | |
Outstanding Options Number Total | 7,742,392 | |
Outstanding Options Aggregate Intrinsic Value Total | $ 7,435,185 | |
Outstanding Options Weighted Average Remaining Contractual Term Years Total | 5 years 1 month 20 days | |
Exercisable Options Number Total | 7,742,392 | |
Exercisable Options Weighted Average Exercise Price Total | $ 2.06 | |
Exercisable Options Aggregate Intrinsic Value Total | $ 7,435,185 | |
Exercisable Options Weighted Average Remaining Contractual Term Years Total | 5 years 1 month 20 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.67% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term | 1 year 6 months | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 52% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 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 | 2.06 | |
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 ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |||
[custom:MaximumNumberOfOptionsAvailableUnderThePlan-0] | 9,939,500 | ||
[custom:OptionsAvailableForGrant-0] | 2,076,107 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | 140,000 | ||
[custom:OptionExpense] | $ 123,891 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.88 | ||
Amount Payable In Event Of Change Of Control | $ 5,300,000 | ||
[custom:AmountPayableInEventOfMilestoneAchievement-0] | $ 1,600,000 | ||
[custom:SeveranceLiability-0] | $ 700,000 |
Income tax benefit (expense) (D
Income tax benefit (expense) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Benefit Based On Canadian Tax Rates | $ 299,996 | $ 273,517 | |
[custom:IncomeTaxBenefitBasedOnCanadianTaxRatesPercentage] | 25% | 25% | |
Different Tax Rates On Foreign Subsidiaries | $ 18,572 | $ (43,330) | |
[custom:DifferentTaxRatesOnForeignSubsidiariesPercentage] | 3% | (4.00%) | |
Nondeductible Expenses | $ (26,279) | $ (110) | |
[custom:NondeductibleExpensesPercentage] | (4.00%) | 0% | |
Change In Valuation Allowance And Other | $ (292,289) | $ (230,077) | |
[custom:ChangeInValuationAllowanceAndOtherPercentage] | (24.00%) | (21.00%) | |
Income Tax Examination, Interest Expense | $ (195,043) | $ 0 | |
[custom:InterestOnIncomeTaxPercentage] | (2800.00%) | 0% | |
[custom:IncomeTaxExpense] | $ (195,043) | $ 0 | |
[custom:IncomeTaxExpensePercentage] | (28.00%) | 0% | |
Total amount of gross unrecognized tax benefits at beginning of year | $ 16,046,894 | ||
Addition for tax positions of prior years | 16,046,894 | ||
Total amount of gross unrecognized tax benefits at end of period | 16,046,894 | 16,046,894 | |
Deferred income tax assets | |||
Net operating loss carry forwards | 42,654,043 | 43,223,586 | |
Property, Plant and Equipment | (3,089) | (3,410) | |
Other | 1,651,110 | 1,615,179 | |
Total deferred income tax asset | 44,302,064 | 44,835,355 | |
Valuation allowance | (43,869,529) | (44,598,283) | |
Deferred income tax assets net of valuation allowance | 432,535 | 237,072 | |
Deferred income tax liabilities | |||
Other | (432,535) | (237,072) | |
Net deferred income tax asset | |||
Canadian Tax Loss Carryforward Expiring 2026 | 1,930,082 | ||
Canadian Tax Loss Carryforward Expiring 2027 | 3,581,981 | ||
Canadian Tax Loss Carryforward Expiring 2028 | 13,652,878 | ||
Canadian Tax Loss Carryforward Expiring 2029 | 12,938,934 | ||
Canadian Tax Loss Carryforward Expiring 2030 | 15,985,333 | ||
Canadian Tax Loss Carryforward Expiring 2031 | 17,899,872 | ||
Canadian Tax Loss Carryforward Expiring 2032 | 5,193,512 | ||
Canadian Tax Loss Carryforward Expiring 2033 | 7,550,298 | ||
Canadian Tax Loss Carryforward Expiring 2034 | 8,748,164 | ||
Canadian Tax Loss Carryforward Expiring 2035 | 12,487,359 | ||
Canadian Tax Loss Carryforward Expiring 2036 | 14,846,156 | ||
Canadian Tax Loss Carryforward Expiring 2037 | 11,196,038 | ||
Canadian Tax Loss Carryforward Expiring 2038 | 1,071,430 | ||
Canadian Tax Loss Carryforward Expiring 2039 | 2,792,453 | ||
Canadian Tax Loss Carryforward Expiring 2040 | 4,150,861 | ||
[custom:CanadianTaxLossCarryforwardExpiring2041-0] | 15,025,635 | ||
[custom:CanadianTaxLossCarryforwardExpiring2042-0] | 3,955,665 | ||
[custom:CanadianTaxLossCarryforwardExpiring2043-0] | 10,691,190 | ||
[custom:CanadianTaxLossCarryforwardExpiring2044-0] | 1,883,734 | ||
[custom:UsTaxLossCarryforward-0] | 5,993,568 | ||
Total Us Tax Loss Carryforward | 5,993,568 | ||
Total Canadian Tax Loss Carryforward | $ 165,581,575 |
Income Tax_ (Details Narrative)
Income Tax: (Details Narrative) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Income Tax Disclosure [Abstract] | |||
The Companys Income Tax Receivable | $ 8,100,000 | ||
[custom:IncomeTaxPayable-0] | $ 9,700,000 | ||
[custom:UnrecognizedTaxBenefitsInclusiveOfInterest-0] | $ 17,993,926 | $ 17,798,883 |