Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2021 | Jun. 28, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | TOMBSTONE EXPLORATION CORPORATION | |
Entity Central Index Key | 0001072772 | |
Document Type | 20-F/A | |
Amendment Flag | true | |
Entity Voluntary Filers | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Well Known Seasoned Issuer | No | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Dec. 31, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Entity Common Stock Shares Outstanding | 12,210,746 | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity File Number | 000-29922 | |
Entity Incorporation State Country Code | Z4 | |
Entity Address Address Line 1 | 6529 E. Friess Drive | |
Entity Address Address Line 2 | 6529 E. Friess Drive | |
Entity Address City Or Town | Scottsdale | |
Entity Address State Or Province | AZ | |
Entity Address Country | AZ | |
Entity Address Postal Zip Code | 85254 | |
Amendment Description | This Amendment No. 1 to Form 20-F (the “Form 20-F/A”) amends our annual report on Form 20-F for the year ended December 31, 2021 (the “Annual Report”), which was originally filed with the U.S. Securities and Exchange Commission on June 29, 2022. The purpose of this Form 20-F/A is to amend: (i) various disclosure relating to the risk factors associated with mining, “Item 3.D. Risk Factors — Risks Associated with Mining” section of the Report, (ii) various disclosure relating to the Bonanza Project, “Item 4.B.Information on the Company — The Bonanza Project” section of the Report; (iii) various disclosure relating to “Item 4.B. Information on the Company — Recent Developments On Operations” section of the Report; (iv) various disclosure relating to “Item 4.B. Information on the Company — 2021 Updates” section of the Report; and, (v) various disclosure relating to “Item 4.B. Information on the Company — Tombstone Project” section of the Report. This Form 20-F/A does not reflect events occurring after the filing of the Annual Report and does not modify or update the disclosure therein in any way except as described above. No other changes have been made to the Annual Report. The filing of this Form 20-F/A should not be understood to mean that any statements contained in the Annual Report, as amended by this Form 20-F/A, are true or complete as of any date subsequent to the original filing date of the Annual Report. Accordingly, this Form 20-F/A should be read in conjunction with the Annual Report. | |
Icfr Auditor Attestation Flag | false | |
Auditor Name | RBSM LLP | |
Auditor Location | Las Vegas, Nevada | |
Auditor Firm Id | 587 | |
Security 12g Title | Common Shares Without Par Value | |
Entity Interactive Data Current | Yes | |
Entity Address Address Description | Address of principal executive offices | |
Document Shell Company Report | false | |
Document Registration Statement | false | |
Phone Fax Number Description | Name, address and telephone of Company contact person | |
Contained File Information File Name | Alan Brown | |
Document Accounting Standard | U.S. GAAP | |
Business Contact [Member] | ||
Document Information Line Items | ||
Entity Address Address Line 1 | 6529 E. Friess Drive | |
Entity Address City Or Town | Scottsdale | |
Entity Address Postal Zip Code | 85254 | |
City Area Code | 480 | |
Local Phone Number | 588-8920 | |
Contact Personnel Name | Alan Brown |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 166,747 | $ 176,120 |
Loan receivable (Note 3) | 180,000 | 0 |
Total current assets | 346,747 | 176,120 |
Non-current assets | ||
Investment (Note 3) | 2,691,807 | 2,874,972 |
Property and equipment, net | 1,136 | 1,420 |
Total non-current assets | 2,692,943 | 2,876,392 |
Total assets | 3,039,690 | 3,052,512 |
Current liabilities | ||
Accounts payable and accrued liabilities (Note 5) | 61,028 | 40,099 |
Due to related parties (Note 7) | 206,928 | 207,228 |
Notes payable to related parties, current (Note 5) | 577,500 | 298,500 |
Total liabilities | 845,456 | 545,827 |
Stockholders' Equity | ||
Common stock Authorized: unlimited common shares, with no par value Issued and outstanding: 11,540,746 and 10,472,079 shares, respectively | 28,656,154 | 27,638,254 |
Common stock issuable | 675,800 | 160,000 |
Additional paid-in capital | 5,339,652 | 5,339,652 |
Accumulated deficit | (32,477,372) | (30,631,221) |
Total stockholders' equity | 2,194,234 | 2,506,685 |
Total liabilities and stockholders' equity | $ 3,039,690 | $ 3,052,512 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Consolidated Balance Sheets | ||
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Common Stock, Shares, Issued | 11,540,746 | 10,472,079 |
Common Stock, Shares, Outstanding | 11,540,746 | 10,472,079 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating expenses | |||
Consulting services | $ 274,950 | $ 556,760 | $ 111,392 |
General and administrative | 33,854 | 17,239 | 29,665 |
Impairment of mineral property | 0 | 0 | 350,000 |
Management and directors' fees (Note 7) | 669,800 | 762,947 | 825,177 |
Mineral property costs | 11,872 | 9,791 | 5,991 |
Professional fees | 51,581 | 41,318 | 71,264 |
Total operating expenses | 1,042,057 | 1,388,055 | 1,393,489 |
Loss before other income (expense) | (1,042,057) | (1,388,055) | (1,393,489) |
Other income (expense) | |||
Accretion and interest expense | (20,929) | (52,120) | (65,870) |
Forgiveness of loans payable and accrued interest | 0 | 198,801 | 0 |
Gain (loss) on settlement of debt | 0 | (43,068) | (243,065) |
Proportionate loss on equity-method investment (Note 3) | (783,165) | (85,028) | 0 |
Total other income (expense) | (804,094) | 18,585 | (308,935) |
Net loss | $ (1,846,151) | $ (1,369,470) | $ (1,702,424) |
Net loss per share - basic and diluted | $ (0.17) | $ (0.16) | $ (0.35) |
Weighted average shares outstanding | 11,118,595 | 8,784,726 | 4,849,806 |
Statement of Changes in Shareho
Statement of Changes in Shareholders Equity (Deficit) - USD ($) | Total | Common Stock | Additional Paid-in Capital | Common Stock Issuable [Member] | Retained Earnings (Accumulated Deficit) |
Balance, shares at Dec. 31, 2018 | 3,333,256 | ||||
Balance, amount at Dec. 31, 2018 | $ (475,523) | $ 22,117,962 | $ 4,965,842 | $ 0 | $ (27,559,327) |
Issuance of common stock for cash, shares | 2,601,898 | ||||
Issuance of common stock for cash, amount | 1,571,000 | $ 1,561,000 | 0 | 10,000 | 0 |
Issuance of common stock for services and settlement of related party debt and accounts payable, shares | 867,893 | ||||
Issuance of common stock for services and settlement of related party debt and accounts payable, amount | 873,817 | $ 1,044,228 | (170,411) | 0 | 0 |
Issuance of common stock for services, shares | 125,000 | ||||
Issuance of common stock for services, amount | 303,750 | $ 303,750 | 0 | 0 | 0 |
Shares issuable for interest | 17,500 | 0 | 0 | 17,500 | 0 |
Net loss for the year | (1,702,424) | $ 0 | 0 | 0 | (1,702,424) |
Balance, shares at Dec. 31, 2019 | 6,928,047 | ||||
Balance, amount at Dec. 31, 2019 | 588,120 | $ 25,026,940 | 4,795,431 | 27,500 | (29,261,751) |
Issuance of common stock for cash, shares | 2,896,677 | ||||
Issuance of common stock for cash, amount | 1,980,000 | $ 1,830,000 | 0 | 150,000 | 0 |
Issuance of common stock for services and settlement of related party debt and accounts payable, shares | 647,355 | ||||
Issuance of common stock for services and settlement of related party debt and accounts payable, amount | 1,308,035 | $ 781,314 | 544,221 | (17,500) | 0 |
Net loss for the year | (1,369,470) | $ 0 | 0 | 0 | (1,369,470) |
Balance, shares at Dec. 31, 2020 | 10,472,079 | ||||
Balance, amount at Dec. 31, 2020 | 2,506,685 | $ 27,638,254 | 5,339,652 | 160,000 | (30,631,221) |
Issuance of common stock for cash, shares | 943,667 | ||||
Issuance of common stock for cash, amount | 660,250 | $ 820,250 | 0 | (160,000) | 0 |
Issuance of common stock for services, shares | 125,000 | ||||
Issuance of common stock for services, amount | 197,650 | $ 197,650 | 0 | 0 | 0 |
Net loss for the year | (1,846,151) | 0 | 0 | 0 | (1,846,151) |
Share subscriptions received | 150,000 | 0 | 0 | 150,000 | 0 |
Shares issuable for director's fees | 525,800 | $ 0 | 0 | 525,800 | 0 |
Balance, shares at Dec. 31, 2021 | 11,540,746 | ||||
Balance, amount at Dec. 31, 2021 | $ 2,194,234 | $ 28,656,154 | $ 5,339,652 | $ 675,800 | $ (32,477,372) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net loss | $ (1,846,151) | $ (1,369,470) | $ (1,702,424) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Common stock issued for services | 197,650 | 997,158 | 698,766 |
Common stock issuable for directors' fee | 525,800 | 0 | 0 |
Depreciation expense | 284 | 353 | 61 |
Gain on forgiveness of loans payable | 0 | (198,801) | 0 |
Impairment of mineral property | 0 | 0 | 350,000 |
Loss (gain) on settlement of debt | 0 | 43,068 | 243,065 |
Proportionate loss on equity-method | 783,165 | 85,028 | 0 |
Changes in operating assets and liabilities: | |||
Accounts payable and accrued liabilities | 20,929 | 72,032 | 65,106 |
Due to related parties | (300) | 0 | 779 |
Net cash used in operating activities | (318,623) | (370,632) | (344,647) |
Investing Activities | |||
Advance on investments | (780,000) | (2,150,000) | (810,000) |
Acquisition of mineral property rights | 0 | 0 | (350,000) |
Purchase of property and equipment | 0 | 0 | (1,834) |
Net cash used in investing activities | (780,000) | (2,150,000) | (1,161,834) |
Financing Activities | |||
Proceeds from issuance of common stock | 810,250 | 1,980,000 | 1,571,000 |
Proceeds from issuance of notes payable | 0 | 150,000 | 362,000 |
Advances from related parties | 279,000 | 100,375 | 0 |
Net cash provided by financing activities | 1,089,250 | 2,230,375 | 1,933,000 |
Change in cash | (9,373) | (290,257) | 426,519 |
Cash, beginning of year | 176,120 | 466,377 | 39,858 |
Cash, end of year | 166,747 | 176,120 | 466,377 |
Non-cash Investing and Financing Activities | |||
Common stock issued to settle accounts payable | 0 | 62,980 | 25,051 |
Common stock issued to settle CEO loan | 0 | 0 | 150,000 |
Common stock issued to settle shareholder loan | 0 | 0 | 303,750 |
Common stock issuable for interest expense | 0 | 0 | 17,500 |
Non-recourse loans and interest applied as paid-in capital | 0 | 255,397 | 0 |
Settlement of common stock issuable | 0 | 10,000 | 0 |
Supplemental Disclosures | |||
Interest paid | 0 | 0 | 0 |
Income tax paid | $ 0 | $ 0 | $ 0 |
Nature of Operations and Contin
Nature of Operations and Continuance of Business | 12 Months Ended |
Dec. 31, 2021 | |
Nature of Operations and Continuance of Business | |
1. Nature of Operations and Continuance of Business | 1. Nature of Operations and Continuance of Business Tombstone Exploration Corporation (the “Company”) was incorporated under the Canada Business Corporations Act on October 30, 1997 as 3430502 Canada Ltd. On December 4, 1997, the Company changed its name to Four Crown Foods Inc. On June 5, 2000, the Company changed its name to Universal Domains Incorporated. In 2001, the Company withdrew from the domain registration business and acquired 100% of the issued and outstanding common shares of VCL Communications Corp. (“VCL”), a teleconferencing services company that targeted clients throughout North America. In November 2003, given the Company’s liabilities and the lack of profitability, the Company ceased all operations. On September 20, 2004, the Company changed its name to Pure Capital Inc., and focused its operations on the exploration and production of crude oil and natural gas properties. On November 1, 2006, the Company acquired 100% of the mineral claims located in Tombstone, Arizona in exchange for $100,000 and the issuance of 8,000,000 common shares of the Company. Effectively, on February 6, 2007, the Company changed its name to Tombstone Exploration Corporation. These consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has generated no revenues to date and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As at December 31, 2021, the Company did not record any revenues, and an accumulated deficit of $32,477,372. During the year ended December 31, 2021, the Company incurred a net loss of $1,846,151. In addition, the Company has defaulted on various notes payable from creditors due to insufficient cash flow to repay principal balances when they became due (refer to Note 5). The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company’s future business. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s plan of action over the next twelve months is to raise capital financing to conduct exploration and drilling on its mineral property claims held in Tombstone, Arizona as well as exploring for new mineral property claims in the United States. On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. Although the impact of COVID-19 on the Company’s operations was not material, the Company continues to monitor the potential impacts of the pandemic on future operations and business opportunities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
2. Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (a) Basis of Presentation and Principles of Consolidation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its subsidiary, Tombstone Exploration and Mining Corporation. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is December 31. (b) Use of Estimates The preparation of these consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of property and equipment, impairment of intangible assets, fair value of stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. (c) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As at December 31, 2021 and 2020, the Company had no cash equivalents. (d) Property and Equipment Property and equipment are recorded at the lower of cost or net book value, and are amortized based on the following rates: Equipment 5 years straight-line (e) Impairment of Long-Lived Assets In accordance with ASC 360, Property Plant and Equipment (f) Mineral Properties Mineral property acquisition and exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. (g) Stock-Based Compensation The Company records stock-based compensation in accordance with ASC 718, Share-Based Payments (i) Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740, Accounting for Income Taxes, (j) Comprehensive Loss ASC 220, Comprehensive Income, (k) Beneficial Conversion Features From time to time, the Company may issue convertible notes that may contain an embedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of the warrants, if related warrants have been granted. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective interest method. (l) Basic and Diluted Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with ASC 260, Earning per Share (n) Financial Instruments Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 and 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 and 825 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities, notes payable, and amounts due to related parties. Pursuant to ASC 820 and 825, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. The Company’s operations are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. As at December 31, 2021 and 2020, the Company had no outstanding derivative liabilities. (o) Foreign Currency Translation The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated in accordance with ASC 830 Foreign Currency Translation Matters, (p) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. There were no recent accounting pronouncements that would have a material impact on the financial statements, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Investment
Investment | 12 Months Ended |
Dec. 31, 2021 | |
Investment | |
3. Investment in Bonanza Project | 3. Investment On April 1, 2019, the Company entered into an option agreement (the “Agreement”) with Goldrock Resources Inc. (“Goldrock”), a non-related party incorporated in the state of Nevada, for a 40% interest in the Bonanza Project. Under the terms of the Agreement, the Company would earn its 40% interest by: (i) pay Goldrock $310,000 for funding of the project on the closing date of the agreement (paid); (ii) pay $500,000 for additional funding within 3 months of the closing date of the agreement (paid); and (iii) pay $2,750,000 of additional funding within 6 months of the closing date of the agreement. As the Company has made initial payments of $2,960,000 within the time frames of the Agreement, the Company can receive their initial investment back from Goldrock, without interest, from 20% of any net proceeds received from the Bonanza Project and the Agreement is still in good standing. On December 10, 2020, the Company were issued 4,000 shares of Bonanza Mining Company (“Bonanza”), which entitled the Company for 40% interest in the Bonanza Project and significant influence in Bonanza. The Company has recorded its investment in Bonanza in accordance with ASC 323-10, Investments – Equity Method and Joint Ventures During the year ended December 31, 2021, the Company completed its final investment of $600,000 to satisfy the initial terms of the Agreement. In addition, the Company invested a further $180,000 to the Bonanza Project for cost overruns and additional expenditures incurred. As at December 31, 2021, the Company has not amended the Agreement terms with Goldrock and the additional investment has been treated as a loan receivable from Bonanza until such time the Agreement has been amended for the Company’s proportionate interest into Bonanza. The loan receivable is unsecured, non-interest bearing, and due on demand. $ Balance, December 31, 2019 810,000 Cash investment 2,150,000 Proportionate net loss from December 10, 2020 to December 31, 2020 (85,028 ) Balance, December 31, 2020 2,874,972 Cash investment 600,000 Proportionate net loss for the year (783,165 ) Balance, December 31, 2021 2,691,807 |
Mineral Property
Mineral Property | 12 Months Ended |
Dec. 31, 2021 | |
Mineral Property | |
4. Mineral Property | 4. Mineral Property In January 2019, the Company acquired royalty rights from Bahamas Aggregates Inc. (“BAI”), a non-related party, where the Company would earn a royalty fee of $0.50 per tonne of aggregate minerals owned by BAI in exchange for $500,000. During the year ended December 31, 2019, the Company made total payments of $350,000 and the royalty fee was amended from $0.50 per tonne to $0.35 per tonne. During the year ended December 31, 2019, the Company received $nil from BAI as production on the property was halted due to a natural disaster. BAI is currently seeking legal advice to recover the lost value of aggregate minerals that were damaged due to the effects of the natural disaster. As a result, the Company recorded an impairment loss of $350,000 for the year ended December 31, 2019 which is recorded in the consolidated statement of operations. |
Notes Payable-Related Party
Notes Payable-Related Party | 12 Months Ended |
Dec. 31, 2021 | |
Notes Payable-Related Party | |
5. Notes Payable - Related Party | 5. Notes Payable – Related Party (a) As at December 31, 2021, the Company owed $147,500 (2020 - $147,500) of notes payable to a significant shareholder of the Company which is unsecured, non-interest bearing, and is due on demand. During the year ended December 31, 2021, the Company received advances of $nil (2020 - $100,000). (b) As at December 31, 2021, the Company owed $150,000 (2020 - $50,000) of notes payable to a significant shareholder of the Company which is unsecured, bears interest at 10% per annum upon maturity, of which $50,000 was due on January 1, 2021 and $100,000 was due on May 26, 2021. During the year ended December 31, 2021, the Company received an additional $100,000. As at December 31, 2021, the Company has recorded accrued interest of $10,956 (2020 - $nil). (c) As at December 31, 2021, the Company owed $50,000 (2020 - $50,000) of notes payable to a significant shareholder of the Company which is unsecured, bears interest at 10% per annum upon maturity, and was due on December 31, 2020. As at December 31, 2021, the Company has recorded accrued interest of $4,986 (2020 - $nil). (d) As at December 31, 2021, the Company owed $230,000 (2020 - $50,000) of notes payable to a significant shareholder of the Company which is unsecured, bears interest at 10% per annum upon maturity, of which $50,000 was due on December 31, 2020, $100,000 is due on June 3, 2022, and $80,000 is due on April 5, 2022. As at December 31, 2021, the Company has recorded accrued interest of $4,986 (2020 - $nil). |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Common Stock | |
6. Common Stock | 6. Common Stock The fair value of common shares issued for services or settlement of debt is based on the end of day trading price of the Company’s common stock on the date of issuance. The Company has an unlimited number of authorized common shares with no par value. Year Ended December 31, 2021 (a) On January 7, 2021, the Company issued 213,333 common shares at $0.75 per share for proceeds of $160,000, which was received as at December 31, 2020. (b) On January 21, 2021, the Company issued 227,000 common shares at $0.75 per share for proceeds of $170,250. (c) On January 21, 2021, the Company issued 5,000 common shares with a fair value of $12,450 to third party consultants for consulting services. (d) On February 8, 2021, the Company issued 53,334 common shares at $0.75 per shares for proceeds of $40,000. (e) On February 22, 2021, the Company issued 10,000 common shares at $1.00 per shares for proceeds of $10,000. (f) On May 12, 2021, the Company issued 75,000 common shares at $1.00 per shares for proceeds of $75,000 (g) On June 1, 2021, the Company agreed to issue 220,000 common shares with a fair value of $525,800 for compensation services to officers and directors of the Company as at June 1, 2021. As at December 31, 2021, the amounts are recorded as shares issuable. Refer to Note 9. (h) On July 29, 2021, the Company issued 100,000 common shares at $1.00 per shares for proceeds of $100,000. (i) On August 2, 2021, the Company issued 40,000 common shares with a fair value of $86,000 to third party consultants for consulting services. (j) On October 21, 2021, the Company issued 150,000 common shares at $1.00 per share for proceeds of $150,000. (k) On November 5, 2021, the Company issued 80,000 common shares for services with a fair value of $99,200. (l) On November 10, 2021, the Company issued 50,000 common shares at $1.00 per share for proceeds of $50.000. (m) On November 18, 2021, the Company issued 25,000 common shares at $1.00 per share for proceeds of $25,000. (n) On November 23, 2021, the Company issued 40,000 common shares at $1.00 per share for proceeds of $40,000. (o) On December 20, 2021, the Company received share subscription proceeds of $150,000 for common shares issued subsequent to December 31, 2021. Year Ended December 31, 2020 (a) On January 13, 2020, the Company issued 358,334 common shares at $0.60 per share for proceeds of $215,000, of which $10,000 was received as at December 31, 2019. (b) On February 27, 2020, the Company issued 41,667 common shares at $0.60 per share for proceeds of $25,000. (c) On March 20, 2020, the Company issued 16,521 common shares with a fair value of $31,390 to settle outstanding accounts payable. 6. Common Shares Year Ended December 31, 2020 (d) On March 25, 2020, the Company issued 333,335 common shares at $0.60 per shares for proceeds of $200,000. (e) On June 1, 2020, the Company issued 366,668 common shares with a fair value of $320,835 for compensation services to officers and directors of the Company. (f) On June 9, 2020, the Company issued 125,000 common shares with a fair value of $198,750 to third party consultants for consulting services. (g) On June 9, 2020, the Company issued 183,334 common shares at $0.60 per share for proceeds of $110,000. (h) On July 2, 2020, the Company issued 473,337 common shares at $0.60 per share for proceeds of $284,000. (i) On July 24, 2020, the Company issued 693,335 common shares at $0.60 per share for proceeds of $416,000. (j) On August 27, 2020, the Company issued 100,000 common shares at $0.60 per share for proceeds of $60,000. (k) On August 28, 2020, the Company issued 125,000 common shares with a fair value of $198,750 to third party consultants for consulting services. (l) On August 31, 2020, the Company issued 100,000 common shares at $0.60 per share for proceeds of $60,000. (m) On September 3, 2020, the Company issued 66,667 common shares at $0.60 per share for proceeds of $50,000. (n) On September 23, 2020, the Company issued 280,000 common shares at $0.60 per share for proceeds of $210,000. (o) On October 7, 2020, the Company issued 14,166 common shares for consulting services with a fair value of $31,500. (p) On October 8, 2020, the Company issued 133,334 common shares at $0.60 per share for proceeds of $100,000. (q) On October 23, 2020, the Company issued 133,334 common shares at $0.60 per share for proceeds of $100,000. (r) On December 31, 2020, the Company received proceeds of $160,000 for common shares issued subsequent to December 31, 2020. As at December 31, 2020, the amounts are recorded as shares issuable. Year Ended December 31, 2019 (s) On May 31, 2019, the Company issued 725,000 common shares at $0.60 per share for proceeds of $435,000, of which 333,333 common shares for proceeds of $200,000 were issued to directors of the Company. (t) On May 31, 2019, the Company issued 17,893 common shares with a fair value of $25,051 to settle debt of $10,736, resulting in a loss on settlement of debt of $14,315. (u) On May 31, 2019, the Company issued 250,000 common shares to settle debt owed to the President and Director of the Company of $150,000. The Company used a fair value of $350,000, being the end of day trading price of the Company’s common shares on the date of issuance, to value the shares issued which resulted in the excess charge of $200,000 recorded against additional paid-in capital. (v) On June 18, 2019, the Company issued 416,667 common shares at $0.60 per share for proceeds of $250,000, of which 83,333 common shares for proceeds of $50,000 were issued to a director of the Company. (w) On June 18, 2018, the Company issued 600,000 common shares with a fair value of $669,176 to directors and officers of the Company for services. (x) On August 5, 2019, the Company issued 133,333 common shares at $0.60 per share for proceeds of $80,000, of which 100,000 common shares for proceeds of $60,00 were issued to a director of the Company. (y) On August 30, 2019, the Company issued 311,668 common shares at $0.60 per share for proceeds of $187,000, of which 70,000 common shares for proceeds of $42,000 were issued to a director of the Company. (z) On September 27, 2019, the Company issued 358,335 common shares at $0.60 per share for proceeds of $215,000, of which 108,333 common shares for proceeds of $65,000 were issued to a director or family member of a director of the Company. (aa) On November 7, 2019, the Company issued 50,000 common shares at $0.60 per share for proceeds of $30,000. (bb) On November 20, 2019, the Company issued 83,334 common shares at $0.60 per share for proceeds of $50,000. (cc) On December 5, 2019, the Company issued 420,000 common shares at $0.60 per share for proceeds of $252,000. (dd) On December 20, 2019, the Company issued 103,334 common shares at $0.60 per share for proceeds of $62,000, of which 50,000 common shares for proceeds of $30,000 were issued to a director of the Company. (ee) On December 20, 2019, the Company issued 125,000 common shares with a fair value of $303,750 to a shareholder of the Company to settle shareholder loan with a fair value of $75,000, resulting in a loss on settlement of debt of $228,750. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes Payable-Related Party | |
7. Related Party Transactions | 7. Related Party Transactions (a) As at December 31, 2021, the Company owed $206,928 (2020 - $207,228) to the President of the Company for management fees and financing of day-to-day operations. The amounts owing are unsecured, non-interest bearing, and due on demand. During the year ended December 31, 2021, the Company incurred $144,000 (2020 - $144,000; 2019 - $156,000) to the President of the Company for management fees. (b) During the year ended December 31, 2021, the Company incurred $525,800 (2020 - $618,947; 2019 - $669,176) to directors of the Company for services. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
8. Income Taxes | 8. Income Taxes The Company has $16,925,200 of net operating losses to carry forward to offset taxable income in future years which expire through fiscal 2041. The components of the net deferred tax asset at December 31, 2021 and 2020, the statutory tax rate, the effective tax rate and the amount of the valuation allowance for the years ended December 31, 2021, 2020, and 2019 are indicated below: 2021 $ 2020 $ 2019 $ Loss Before Taxes (1,846,151 ) (1,369,470 ) (1,702,424 ) Statutory rate 21 % 21 % 21 % Computed expected tax recovery (387,692 ) (287,589 ) (357,509 ) Non-deductible expenses 60 (32,631 ) 51,044 Change in valuation allowance 387,632 320,220 306,465 Income tax expense - - - 2021 $ 2020 $ Deferred tax asset Cumulative net operating losses 3,566,071 3,178,439 Less valuation allowance (3,566,071 ) (3,178,439 ) Net deferred tax asset - - The following table lists the fiscal year in which the loss was incurred and the expiration date of the operating: Net Loss Expiry Date of Period Incurred $ Operating Losses December 31, 2006 159,600 2026 December 31, 2007 2,310,000 2027 December 31, 2008 2,638,800 2028 December 31, 2009 1,665,000 2029 December 31, 2010 944,400 2030 December 31, 2011 631,600 2031 December 31, 2012 391,900 2032 December 31, 2013 252,000 2033 December 31, 2014 444,900 2034 December 31, 2015 365,600 2035 December 31, 2016 971,100 2036 December 31, 2017 799,000 2037 December 31, 2018 521,100 2038 December 31, 2019 1,459,400 2039 December 31, 2020 1,524,900 2040 December 31, 2021 1,845,900 2041 16,925,200 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events (Note 9) | |
9. Subsequent Events | 9. Subsequent Events (a) On January 11, 2022, the Company issued 250,000 common shares at $1.00 per share for proceeds of $250,000, of which $150,000 was received as of December 31, 2021 (b) On January 12, 2022, the Company contributed an additional capital investment of $100,000 to the Bonanza Project. (c) On January 18, 2022, the Company issued 220,000 common shares to officers and directors of the Company relating to fiscal 2021 compensation. Refer to Note 6(g). (d) On January 18, 2022, the Company issued 100,000 common shares with a fair value of $146,000 to a third party for consulting services. The fair value of common shares was based on the end of day trading price of the Company’s common stock on the date of issuance. (e) On January 22, 2022, the Company issued 50,000 common shares with a fair value of $83,500 to the spouse of the Chief Executive Officer of the Company for consulting services. The fair value of common shares was based on the end of day trading price of the Company’s common stock on the date of issuance. (f) On January 22, 2022, the Company issued 50,000 common shares at $1.00 per share for proceeds of $50,000. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
(a) Basis of Presentation and Principles of Consolidation | These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its subsidiary, Tombstone Exploration and Mining Corporation. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is December 31. |
(b) Use of Estimates | The preparation of these consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of property and equipment, impairment of intangible assets, fair value of stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
(c) Cash and Cash Equivalents | The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As at December 31, 2021 and 2020, the Company had no cash equivalents. |
(d) Property and Equipment | Property and equipment are recorded at the lower of cost or net book value, and are amortized based on the following rates: Equipment 5 years straight-line |
(e) Impairment of Long-Lived Assets | In accordance with ASC 360, Property Plant and Equipment |
(f) Mineral Properties | Mineral property acquisition and exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. |
(g) Stock-Based Compensation | The Company records stock-based compensation in accordance with ASC 718, Share-Based Payments |
(i) Income Taxes | Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740, Accounting for Income Taxes, |
(j) Comprehensive Loss | ASC 220, Comprehensive Income, |
(k) Beneficial Conversion Features | From time to time, the Company may issue convertible notes that may contain an embedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of the warrants, if related warrants have been granted. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective interest method. |
(l) Basic and Diluted Net Income (Loss) Per Share | The Company computes net income (loss) per share in accordance with ASC 260, Earning per Share |
(n) Financial Instruments | Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 and 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 and 825 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities, notes payable, and amounts due to related parties. Pursuant to ASC 820 and 825, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. The Company’s operations are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. As at December 31, 2021 and 2020, the Company had no outstanding derivative liabilities. |
(o) Foreign Currency Translation | The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated in accordance with ASC 830 Foreign Currency Translation Matters, |
(p) Recent Accounting Pronouncements | The Company has implemented all new accounting pronouncements that are in effect. There were no recent accounting pronouncements that would have a material impact on the financial statements, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Investment (Tables)
Investment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment | |
Schedule of Investment | $ Balance, December 31, 2019 810,000 Cash investment 2,150,000 Proportionate net loss from December 10, 2020 to December 31, 2020 (85,028 ) Balance, December 31, 2020 2,874,972 Cash investment 600,000 Proportionate net loss for the year (783,165 ) Balance, December 31, 2021 2,691,807 |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Tables) | |
Schedule of Components of the net deferred tax asset | 2021 $ 2020 $ 2019 $ Loss Before Taxes (1,846,151 ) (1,369,470 ) (1,702,424 ) Statutory rate 21 % 21 % 21 % Computed expected tax recovery (387,692 ) (287,589 ) (357,509 ) Non-deductible expenses 60 (32,631 ) 51,044 Change in valuation allowance 387,632 320,220 306,465 Income tax expense - - - |
Schedule of Deferred Tax Assets and Liabilities | 2021 $ 2020 $ Deferred tax asset Cumulative net operating losses 3,566,071 3,178,439 Less valuation allowance (3,566,071 ) (3,178,439 ) Net deferred tax asset - - |
Schedule of fiscal year in which the loss was incurred and the expiration date | Net Loss Expiry Date of Period Incurred $ Operating Losses December 31, 2006 159,600 2026 December 31, 2007 2,310,000 2027 December 31, 2008 2,638,800 2028 December 31, 2009 1,665,000 2029 December 31, 2010 944,400 2030 December 31, 2011 631,600 2031 December 31, 2012 391,900 2032 December 31, 2013 252,000 2033 December 31, 2014 444,900 2034 December 31, 2015 365,600 2035 December 31, 2016 971,100 2036 December 31, 2017 799,000 2037 December 31, 2018 521,100 2038 December 31, 2019 1,459,400 2039 December 31, 2020 1,524,900 2040 December 31, 2021 1,845,900 2041 16,925,200 |
Nature of Operations and Cont_2
Nature of Operations and Continuance of Business (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 04, 2006 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss incurred | $ (1,846,151) | |||
Accumulated deficit | (32,477,372) | $ (30,631,221) | ||
Cash paid for acquisition of mineral claims | $ 0 | $ 0 | $ 350,000 | |
Tombstone, Arizona mineral claims acquired | ||||
Interest acquired | 100% | |||
Cash paid for acquisition of mineral claims | $ 100,000 | |||
Shares issued for acquisition of mineral claims | 8,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Equipment [Member] | |
Property and Equipment Useful life | 5 years |
Investment (Details)
Investment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investment | ||
Investment, Beginning | $ 2,874,972 | $ 810,000 |
Cash investment | 600,000 | 2,150,000 |
Proportionate net loss | (783,165) | (85,028) |
Investment, ending | $ 2,691,807 | $ 2,874,972 |
Investment (Details Narrative)
Investment (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 10, 2020 | Apr. 01, 2019 | Dec. 31, 2021 | |
Investment | $ 600,000 | ||
Goldrock [Member] | |||
Project interest | 40% | ||
Agreement Description | the Company would earn its 40% interest by: (i) pay Goldrock $310,000 for funding of the project on the closing date of the agreement (paid); (ii) pay $500,000 for additional funding within 3 months of the closing date of the agreement (paid); and (iii) pay $2,750,000 of additional funding within 6 months of the closing date of the agreement. As the Company has made initial payments of $2,960,000 within the time frames of the Agreement, the Company can receive their initial investment back from Goldrock, without interest, from 20% of any net proceeds received from the Bonanza Project and the Agreement is still in good standing | ||
Bonanza [Member] | |||
Investment | $ 180,000 | ||
Shares issued | 4,000 | ||
Project interest | 40% |
Mineral Property (Details Narra
Mineral Property (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Royality payment | $ 350,000 | |||
Due to related parties | $ 206,928 | $ 207,228 | ||
Bahamas Aggregates Inc. [Member] | ||||
Royalty fee per tonne | $ 0.50 | |||
Business acquisition | $ 500,000 | |||
Minimum [Member] | ||||
Royalty fee per tonne | $ 0.35 | |||
Maximum [Member] | ||||
Royalty fee per tonne | $ 0.50 | |||
Related Party Transaction #1 | ||||
Due to related parties | $ 207,853 | $ 206,928 | $ 207,228 |
Notes Payable - Related Party (
Notes Payable - Related Party (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Maturity date | Jan. 31, 2021 | ||
Proceeds from related party | $ 279,000 | $ 100,375 | $ 0 |
Note 4 | |||
Maturity date | Dec. 31, 2020 | ||
Debt amount | $ 50,000 | ||
Due to related party | $ 230,000 | 50,000 | |
Bearing interest rate | 10% | ||
Accrued interest | $ 4,986 | 0 | |
Note 4 | June 3, 2022 | |||
Maturity date | Jun. 03, 2022 | ||
Debt amount | $ 100,000 | ||
Note 4 | April 5, 2022 | |||
Maturity date | Apr. 05, 2022 | ||
Debt amount | $ 80,000 | ||
Note 1 | |||
Due to related party | 147,500 | 147,500 | |
Advances from related party | $ 0 | 100,000 | |
Note 2 | |||
Maturity date | Jan. 01, 2021 | ||
Debt amount | $ 50,000 | 100,000 | |
Proceeds from related party | 100,000 | ||
Due to related party | 150,000 | 50,000 | |
Advances from related party | $ 10,956 | 0 | |
Bearing interest rate | 10% | ||
Accrued interest | $ 10,956 | 0 | |
Note 3 | |||
Maturity date | Dec. 31, 2020 | ||
Due to related party | $ 50,000 | 50,000 | |
Bearing interest rate | 10% | ||
Accrued interest | $ 4,986 | $ 0 |
Common Shares (Details Narrativ
Common Shares (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss on debt settlement | $ 0 | $ (43,068) | $ (243,065) |
Share issued for services, value | $ 197,650 | $ 303,750 | |
Shares Transaction 1 | |||
Sale of Stock, Transaction Date | Jan. 07, 2021 | ||
Stock Issued During Period, Shares, New Issues | 213,333 | ||
Sale of Stock, Price Per Share | $ 0.75 | ||
Stock Issued | $ 160,000 | ||
Shares Transaction 2 | |||
Sale of Stock, Transaction Date | Jan. 21, 2021 | ||
Stock Issued During Period, Shares, New Issues | 227,000 | ||
Sale of Stock, Price Per Share | $ 0.75 | ||
Stock Issued | $ 170,250 | ||
Shares Transaction 3 | |||
Sale of Stock, Transaction Date | Jan. 21, 2021 | ||
Stock Issued During Period, Shares, New Issues | 5,000 | ||
Stock Issued | $ 12,450 | ||
Shares Transaction 5 | |||
Sale of Stock, Transaction Date | Feb. 22, 2021 | ||
Stock Issued During Period, Shares, New Issues | 10,000 | ||
Sale of Stock, Price Per Share | $ 1 | ||
Stock Issued | $ 10,000 | ||
Shares Transaction 45 | |||
Sale of Stock, Transaction Date | Dec. 20, 2019 | ||
Stock Issued During Period, Shares, New Issues | 103,334 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 62,000 | ||
Share issued to director | 50,000 | ||
Share issued to director, value | $ 30,000 | ||
Shares Transaction 46 | |||
Sale of Stock, Transaction Date | Dec. 20, 2019 | ||
Stock Issued During Period, Shares, New Issues | 125,000 | ||
Stock Issued | $ 303,750 | ||
Debt settled | 75,000 | ||
Loss on debt settlement | $ 228,750 | ||
Shares Transaction 6 | |||
Sale of Stock, Transaction Date | May 12, 2021 | ||
Stock Issued During Period, Shares, New Issues | 75,000 | ||
Sale of Stock, Price Per Share | $ 1 | ||
Stock Issued | $ 75,000 | ||
Shares Transaction 7 | |||
Sale of Stock, Transaction Date | Jun. 01, 2021 | ||
Stock Issued During Period, Shares, New Issues | 220,000 | ||
Stock Issued | $ 525,800 | ||
Shares Transaction 8 | |||
Sale of Stock, Transaction Date | Jul. 29, 2021 | ||
Stock Issued During Period, Shares, New Issues | 100,000 | ||
Sale of Stock, Price Per Share | $ 1 | ||
Stock Issued | $ 100,000 | ||
Shares Transaction 9 | |||
Sale of Stock, Transaction Date | Aug. 02, 2021 | ||
Stock Issued During Period, Shares, New Issues | 40,000 | ||
Stock Issued | $ 86,000 | ||
Shares Transaction 10 | |||
Sale of Stock, Transaction Date | Oct. 21, 2021 | ||
Stock Issued During Period, Shares, New Issues | 150,000 | ||
Sale of Stock, Price Per Share | $ 1 | ||
Stock Issued | $ 150,000 | ||
Shares Transaction 11 | |||
Sale of Stock, Transaction Date | Nov. 05, 2021 | ||
Stock Issued During Period, Shares, New Issues | 80,000 | ||
Stock Issued | $ 99,200 | ||
Shares Transaction 12 | |||
Sale of Stock, Transaction Date | Nov. 10, 2021 | ||
Stock Issued During Period, Shares, New Issues | 50,000 | ||
Sale of Stock, Price Per Share | $ 1 | ||
Stock Issued | $ 50 | ||
Shares Transaction 13 | |||
Sale of Stock, Transaction Date | Nov. 18, 2021 | ||
Stock Issued During Period, Shares, New Issues | 25,000 | ||
Sale of Stock, Price Per Share | $ 1 | ||
Stock Issued | $ 25,000 | ||
Shares Transaction 16 | |||
Sale of Stock, Transaction Date | Jan. 13, 2020 | ||
Stock Issued During Period, Shares, New Issues | 358,334 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 215,000 | ||
Shares Transaction 17 | |||
Sale of Stock, Transaction Date | Feb. 27, 2020 | ||
Stock Issued During Period, Shares, New Issues | 41,667 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 25,000 | ||
Shares Transaction 18 | |||
Sale of Stock, Transaction Date | Mar. 20, 2020 | ||
Stock Issued During Period, Shares, New Issues | 16,521 | ||
Outstanding accounts payable | $ 31,390 | ||
Shares Transaction 20 | |||
Sale of Stock, Transaction Date | Jun. 01, 2020 | ||
Stock Issued During Period, Shares, New Issues | 366,668 | ||
Stock Issued | $ 60,000 | ||
Compensation service | $ 320,835 | ||
Shares Transaction 21 | |||
Sale of Stock, Transaction Date | Jun. 09, 2020 | ||
Stock Issued During Period, Shares, New Issues | 125,000 | ||
Consulting service | 198,750 | ||
Shares Transaction 22 | |||
Sale of Stock, Transaction Date | Jun. 09, 2020 | ||
Stock Issued During Period, Shares, New Issues | 183,334 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 110,000 | ||
Shares Transaction 23 | |||
Sale of Stock, Transaction Date | Jul. 02, 2020 | ||
Stock Issued During Period, Shares, New Issues | 473,337 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 284,000 | ||
Shares Transaction 24 | |||
Sale of Stock, Transaction Date | Jul. 24, 2020 | ||
Stock Issued During Period, Shares, New Issues | 693,335 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 416,000 | ||
Shares Transaction 25 | |||
Sale of Stock, Transaction Date | Aug. 27, 2020 | ||
Stock Issued During Period, Shares, New Issues | 100,000 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 60,000 | ||
Shares Transaction 26 | |||
Sale of Stock, Transaction Date | Aug. 28, 2020 | ||
Stock Issued During Period, Shares, New Issues | 125,000 | ||
Consulting service | 198,750 | ||
Shares Transaction 27 | |||
Sale of Stock, Transaction Date | Aug. 31, 2020 | ||
Stock Issued During Period, Shares, New Issues | 100,000 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 60,000 | ||
Shares Transaction 28 | |||
Sale of Stock, Transaction Date | Sep. 03, 2020 | ||
Stock Issued During Period, Shares, New Issues | 66,667 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 50,000 | ||
Shares Transaction 29 | |||
Sale of Stock, Transaction Date | Sep. 23, 2020 | ||
Stock Issued During Period, Shares, New Issues | 280,000 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 210,000 | ||
Shares Transaction 30 | |||
Sale of Stock, Transaction Date | Oct. 07, 2020 | ||
Stock Issued | $ 14,166 | ||
Consulting service | 31,500 | ||
Shares Transaction 31 | |||
Sale of Stock, Transaction Date | Oct. 08, 2020 | ||
Stock Issued During Period, Shares, New Issues | 133,334 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 100,000 | ||
Shares Transaction 32 | |||
Sale of Stock, Transaction Date | Oct. 23, 2020 | ||
Stock Issued During Period, Shares, New Issues | 133,334 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 100,000 | ||
Shares Transaction 33 | |||
Shares, Issued | 160,000 | ||
Shares Transaction 34 | |||
Sale of Stock, Transaction Date | May 31, 2019 | ||
Stock Issued During Period, Shares, New Issues | 725,000 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 435,000 | ||
Share issued to director | 333,333 | ||
Share issued to director, value | $ 200,000 | ||
Shares Transaction 35 | |||
Sale of Stock, Transaction Date | May 31, 2019 | ||
Stock Issued During Period, Shares, New Issues | 17,893 | ||
Stock Issued | $ 25,051 | ||
Debt settled | 10,736 | ||
Loss on debt settlement | $ 14,315 | ||
Shares Transaction 19 | |||
Sale of Stock, Transaction Date | Mar. 25, 2020 | ||
Stock Issued During Period, Shares, New Issues | 333,335 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 200,000 | ||
Shares Transaction 14 | |||
Sale of Stock, Transaction Date | Nov. 23, 2021 | ||
Stock Issued During Period, Shares, New Issues | 40,000 | ||
Sale of Stock, Price Per Share | $ 1 | ||
Stock Issued | $ 40,000 | ||
Shares Transaction 15 | |||
Sale of Stock, Transaction Date | Dec. 20, 2021 | ||
Stock Issued During Period,subscription proceeds | 150,000 | ||
Shares Transaction 36 | |||
Sale of Stock, Transaction Date | May 31, 2019 | ||
Stock Issued During Period, Shares, New Issues | 250,000 | ||
Stock Issued | $ 350,000 | ||
Debt owed to President and Director | 150,000 | ||
Additional paid in capital | $ 200,000 | ||
Shares Transaction 37 | |||
Sale of Stock, Transaction Date | Jun. 18, 2019 | ||
Stock Issued During Period, Shares, New Issues | 416,667 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 250,000 | ||
Share issued to director | 83,333 | ||
Share issued to director, value | $ 50,000 | ||
Shares Transaction 38 | |||
Sale of Stock, Transaction Date | Jun. 18, 2018 | ||
Share issued for services | 600,000 | ||
Share issued for services, value | $ 669,176 | ||
Shares Transaction 39 | |||
Sale of Stock, Transaction Date | Aug. 05, 2019 | ||
Stock Issued During Period, Shares, New Issues | 133,333 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 80,000 | ||
Share issued to director | 100,000 | ||
Share issued to director, value | $ 60,000 | ||
Shares Transaction 40 | |||
Sale of Stock, Transaction Date | Aug. 30, 2019 | ||
Stock Issued During Period, Shares, New Issues | 311,668 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 187,000 | ||
Share issued to director | 70,000 | ||
Share issued to director, value | $ 42,000 | ||
Shares Transaction 41 | |||
Sale of Stock, Transaction Date | Sep. 27, 2019 | ||
Stock Issued During Period, Shares, New Issues | 358,335 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 215,000 | ||
Share issued to director or family members of director | 108,333 | ||
Share issued to director or family members of director, value | $ 65,000 | ||
Shares Transaction 42 | |||
Sale of Stock, Transaction Date | Nov. 07, 2019 | ||
Stock Issued During Period, Shares, New Issues | 50,000 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 30,000 | ||
Shares Transaction 43 | |||
Sale of Stock, Transaction Date | Nov. 20, 2019 | ||
Stock Issued During Period, Shares, New Issues | 83,334 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 50,000 | ||
Shares Transaction 44 | |||
Sale of Stock, Transaction Date | Dec. 05, 2019 | ||
Stock Issued During Period, Shares, New Issues | 420,000 | ||
Sale of Stock, Price Per Share | $ 0.60 | ||
Stock Issued | $ 252,000 | ||
Shares Transaction 4 | Minimum | |||
Sale of Stock, Transaction Date | Feb. 08, 2021 | ||
Stock Issued During Period, Shares, New Issues | 53,334 | ||
Sale of Stock, Price Per Share | $ 0.75 | ||
Stock Issued | $ 40,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Due to related parties | $ 206,928 | $ 207,228 | |
Related Party Transaction #1 | |||
Due to related parties | 206,928 | 207,228 | $ 207,853 |
Costs and Expenses, Related Party | 144,000 | 144,000 | 156,000 |
Related Party Transaction #2 | |||
Share-based Payment Arrangement, Noncash Expense | $ 525,800 | $ 618,947 | $ 669,176 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Loss Before Taxes | $ (1,846,151) | $ (1,369,470) | $ (1,702,424) |
Statutory rate | 21% | 21% | 21% |
Computed expected tax recovery | $ (387,692) | $ (287,589) | $ (357,509) |
Non-deductible expenses | 60 | (32,631) | 51,044 |
Change in valuation allowance | 387,632 | 320,220 | 306,465 |
Income tax expense | $ 0 | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax asset | ||
Cumulative net operating losses | $ 3,566,071 | $ 3,178,439 |
Less valuation allowance | (3,566,071) | (3,178,439) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Net operating losses | $ 16,925,200 |
Expiry date of operating losses | 2041 |
December 31, 2006 | |
Net operating losses | $ 159,600 |
Expiry date of operating losses | 2026 |
December 31, 2007 | |
Net operating losses | $ 2,310,000 |
Expiry date of operating losses | 2027 |
December 31, 2008 | |
Net operating losses | $ 2,638,800 |
Expiry date of operating losses | 2028 |
December 31, 2009 | |
Net operating losses | $ 1,665,000 |
Expiry date of operating losses | 2029 |
December 31, 2010 | |
Net operating losses | $ 944,400 |
Expiry date of operating losses | 2030 |
December 31, 2011 | |
Net operating losses | $ 631,600 |
Expiry date of operating losses | 2031 |
December 31, 2012 | |
Net operating losses | $ 391,900 |
Expiry date of operating losses | 2032 |
December 31, 2013 | |
Net operating losses | $ 252,000 |
Expiry date of operating losses | 2033 |
December 31, 2014 | |
Net operating losses | $ 444,900 |
Expiry date of operating losses | 2034 |
December 31, 2015 | |
Net operating losses | $ 365,600 |
Expiry date of operating losses | 2035 |
December 31, 2016 | |
Net operating losses | $ 971,100 |
Expiry date of operating losses | 2036 |
December 31, 2017 | |
Net operating losses | $ 799,000 |
Expiry date of operating losses | 2037 |
December 31, 2018 | |
Net operating losses | $ 521,100 |
Expiry date of operating losses | 2038 |
December 31, 2019 | |
Net operating losses | $ 1,459,400 |
Expiry date of operating losses | 2039 |
December 31, 2020 | |
Net operating losses | $ 1,524,900 |
Expiry date of operating losses | 2040 |
December 31, 2021 | |
Net operating losses | $ 1,845,900 |
Expiry date of operating losses | 2041 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Income Taxes | |
Net operating losses | $ 16,925,200 |
Expiry date of operating losses | 2041 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 USD ($) shares | |
Event 2 | |
Subsequent Event, Date | Jan. 12, 2022 |
Subsequent Event, Description | the Company contributed an additional capital investment of $100,000 to the Bonanza Project |
Additional capital investment | $ | $ 100,000 |
Event 3 | |
Subsequent Event, Date | Jan. 18, 2022 |
Subsequent Event, Description | the Company issued 220,000 common shares to officers and directors of the Company relating to fiscal 2021 compensation. Refer to Note 6(g |
Stock Issued During Period, Shares, New Issues | shares | 220,000 |
Event 4 | |
Subsequent Event, Date | Jan. 18, 2022 |
Stock Issued During Period, Shares, New Issues | shares | 100,000 |
Stock Issued | $ | $ 146,000 |
Event 5 | |
Subsequent Event, Date | Jan. 22, 2022 |
Subsequent Event, Description | the Company issued 50,000 common shares with a fair value of $83,500 to the spouse of the Chief Executive Officer of the Company for consulting services. The fair value of common shares was based on the end of day trading price of the Company’s common stock on the date of issuance |
Stock Issued During Period, Shares, New Issues | shares | 50,000 |
Stock Issued | $ | $ 83,500 |
Event 6 | |
Subsequent Event, Date | Jan. 22, 2022 |
Subsequent Event, Description | the Company issued 50,000 common shares at $1.00 per share for proceeds of $50,000 |
Stock Issued During Period, Shares, New Issues | shares | 50,000 |
Stock Issued | $ | $ 50,000 |
Common Stock | |
Subsequent Event, Date | Jan. 11, 2022 |
Subsequent Event, Description | the Company issued 250,000 common shares at $1.00 per share for proceeds of $250,000, of which $150,000 was received as of December 31, 2021 |
Stock Issued During Period, Shares, New Issues | shares | 250,000 |
Stock Issued | $ | $ 250,000 |