Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 20, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-32917 | ||
Entity Registrant Name | PROTOKINETIX, INCORPORATED | ||
Entity Central Index Key | 0001128189 | ||
Entity Tax Identification Number | 94-3355026 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 109 W Main St | ||
Entity Address, City or Town | Dalton | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44618 | ||
City Area Code | 330 | ||
Local Phone Number | 455-4971 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,856,188 | ||
Entity Common Stock, Shares Outstanding | 346,713,485 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 731 | ||
Auditor Name | DAVIDSON & COMPANY LLP | ||
Auditor Location | Vancouver, Canada |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash | $ 20,408 | $ 25,550 |
Prepaid expenses and deposits (Note 3) | 1,050 | 1,050 |
Total current assets | 21,458 | 26,600 |
Intangible assets (Note 4) | 459,099 | 436,270 |
Total assets | 480,557 | 462,870 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 44,696 | 41,530 |
Total liabilities | 44,696 | 41,530 |
Stockholders' Equity | ||
Common stock, $0.0000053 par value; 500,000,000 common shares authorized; 346,213,485 and 322,880,151 shares issued and outstanding for 2023 and 2022 respectively (Note 7) | 1,850 | 1,726 |
Additional paid-in capital | 48,297,969 | 47,868,093 |
Accumulated deficit | (47,863,958) | (47,448,479) |
Total stockholders' equity | 435,861 | 421,340 |
Total liabilities and stockholders' equity | $ 480,557 | $ 462,870 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0000053 | $ 0.0000053 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 346,213,485 | 322,880,151 |
Common stock, shares outstanding | 346,213,485 | 322,880,151 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
EXPENSES | ||
Amortization – intangible assets (Note 4) | $ 48,259 | $ 58,450 |
General and administrative | 99,619 | 162,749 |
Professional fees (Note 8) | 155,157 | 166,254 |
Research and development | 112,444 | 448,873 |
Share-based compensation (Notes 5 and 8) | 1,070,983 | |
Operating Income (Expenses) | (415,479) | (1,907,309) |
Net loss for the year | $ (415,479) | $ (1,907,309) |
STATEMENTS OF OPERATIONS (Paren
STATEMENTS OF OPERATIONS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Net loss per common share (basic) | $ (0.01) | $ (0.01) |
Net loss per common share (diluted) | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding (basic) | 333,102,754 | 307,392,069 |
Weighted average number of common shares outstanding (diluted) | 333,102,754 | 307,392,069 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 1,591 | $ 45,892,545 | $ (45,541,170) | $ 352,966 |
Beginning balance, Shares at Dec. 31, 2021 | 297,393,485 | |||
Fair value of share-based compensation | 1,070,983 | 1,070,983 | ||
Issuance of common stock pursuant to private placement offering | $ 135 | 904,565 | 904,700 | |
Issuance of common stock pursuant to private placement offering, shares | 25,486,666 | |||
Net loss for the year | (1,907,309) | (1,907,309) | ||
Ending balance, value at Dec. 31, 2022 | $ 1,726 | 47,868,093 | (47,448,479) | 421,340 |
Ending balance, Shares at Dec. 31, 2022 | 322,880,151 | |||
Issuance of common stock pursuant to private placement offering | $ 124 | 429,876 | 430,000 | |
Issuance of common stock pursuant to private placement offering, shares | 23,333,334 | |||
Net loss for the year | (415,479) | (415,479) | ||
Ending balance, value at Dec. 31, 2023 | $ 1,850 | $ 48,297,969 | $ (47,863,958) | $ 435,861 |
Ending balance, Shares at Dec. 31, 2023 | 346,213,485 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS USED IN OPERATING ACTIVITIES | ||
Net loss for the year | $ (415,479) | $ (1,907,309) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Amortization – intangible assets | 48,258 | 58,450 |
Fair value of compensatory options granted | 1,070,983 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and deposits | 24,945 | |
Accounts payable and accrued liabilities | (8,768) | (51,738) |
Net cash used in operating activities | (375,989) | (804,669) |
CASH FLOWS USED IN INVESTING ACTIVITIES | ||
Purchase of intangible assets | (59,153) | (132,049) |
Net cash used in investing activities | (59,153) | (132,049) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of common stock for cash | 251,000 | 904,700 |
Issuance of common stock for shareholder advance | 179,000 | |
Net cash from financing activities | 430,000 | 904,700 |
Net change in cash | (5,142) | (32,018) |
Cash, beginning of year | 25,550 | 57,568 |
Cash, end of year | 20,408 | 25,550 |
Cash paid for interest | ||
Cash paid for income taxes | ||
Supplementary information – non-cash transactions: | ||
There were 10,783,334 shares issued in settlement of shareholder advance | 179,000 | |
Intangible asset costs remaining in accounts payable | $ 11,934 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure [Table] | ||
Net Income (Loss) Attributable to Parent | $ (415,479) | $ (1,907,309) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arrangements [Line Items] | |
Material Terms of Trading Arrangement | During the Company’s fourth quarter, no director or officer adopted terminated |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation _ Going C
Basis of Presentation – Going Concern Uncertainties | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation – Going Concern Uncertainties | Note 1. Basis of Presentation – Going Concern Uncertainties ProtoKinetix, Incorporated. (the "Company"), a development stage company, was incorporated under the laws of the State of Nevada on December 23, 1999. The Company is a medical research company whose mission is the advancement of human health care. The Company is currently researching the benefits and feasibility of synthesized Antifreeze Glycoproteins ("AFGP") or anti-aging glycoproteins, trademarked AAGP. During the year ended December 31, 2015, the Company acquired certain patents and rights for cash consideration of $ 30,000 10,000 6,000,000 25,000 The Company's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America applicable to a going concern. The Company has not developed a commercially viable product, has not generated any significant revenue to date, and has incurred losses since inception, resulting in a net accumulated deficit of $ 47,863,958 23,238 The Company needs additional working capital to continue its medical research or to be successful in any future business activities and continue to pay its liabilities. Therefore, continuation of the Company as a going concern is dependent upon obtaining the additional working capital necessary to accomplish its objective. Management is presently engaged in seeking additional working capital through equity financing or related party loans. In addition, any significant disruption of global financial markets, reducing our ability to access capital, could negatively affect our liquidity and ability to continue operations. The exact impact is and will remain unknown and is largely dependent upon future developments, including but not limited to changes in customer demand, additional mitigation strategies proposed by governmental authorities (including federal, state, or local stay at home or similar orders), restrictions on the activities of our domestic and international suppliers and shipment of goods. The accompanying financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company fail in any of the above objectives and is unable to operate for the coming year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and are expressed in United States dollars. Use of Estimates Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The more significant accounting estimates inherent in the preparation of the Company's financial statements include estimates as to valuation of equity- related instruments issued, deferred income taxes and the useful life and impairment of intangible assets. Cash Cash consists of funds held in checking accounts. Cash balances may exceed federally insured limits from time to time. Fair Value of Financial Instruments Financial instruments, which includes cash, accounts payable and accrued liabilities are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The Company measures the fair value of financial assets and liabilities pursuant to ASC 820 "Fair Value Measurements and Disclosures" which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The policy describes three levels of inputs that may be used to measure fair value: Level 1 – quoted prices in active markets for identical assets or liabilities. Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). At December 31, 2023, there were no other assets or liabilities subject to additional disclosure. Income Taxes The Company accounts for income taxes following the assets and liability method in accordance with the ASC 740 "Income Taxes." Under such method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company applies the accounting guidance issued to address the accounting for uncertain tax positions. This guidance clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements as well as provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years that the asset is expected to be recovered or the liability settled. Intangible assets – patent and patent application costs The Company owns intangible assets consisting of certain patents and patent applications. Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. As at December 31, 2023, the Company does not hold any intangible assets with indefinite lives. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization method and amortization period of an intangible asset with a finite life is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of the Company's patents, whereas no amortization has been recognized on the not yet approved patent application costs at December 31, 2023. Research and Development Costs Research and development costs are expensed as incurred. This includes all research consultant’s fees and costs of contract research organizations. Loss per Share and Potentially Dilutive Securities Basic loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding in the period. Diluted loss per share takes into consideration common shares outstanding (computed under basic earnings per share) and potentially dilutive securities. The effect of 94,290,000 94,290,000 13,300,000 13,300,000 Share-Based Compensation The Company has granted warrants and options to purchase shares of the Company's common stock to various parties for consulting services. The fair values of the warrants and options issued have been estimated using the Black-Scholes Option Pricing Model. The Company accounts for stock compensation with persons classified as employees for accounting purposes in accordance with ASC 718 "Compensation – Stock Compensation", which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. Cliff Vesting is used and awards vest on the last day of the vesting period. The fair value of stock options is determined using the Black-Scholes Option Pricing Model. The fair value of common shares issued for services is determined based on the Company's stock price on the date of issuance. Share-based compensation for non-employees in exchange for goods and services used or consumed in an entity’s own operations are also recorded at fair value on the measurement date and accounted for in accordance with ASC 718. The measurement of share-based compensation is subject to periodic adjustment as the underlying instruments vest. The fair value of stock options is estimated using the Black-Scholes Option Pricing Model and the compensation charges are amortized over the vesting period. Common stock Common stock issued for non-monetary consideration are recorded at their fair value on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty's performance is complete. Transaction costs directly attributable to the issuance of common stock, units and stock options are recognized as a deduction from equity, net of any tax effects. Related Party Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Recent Accounting Pronouncements The Company has determined that other significant newly issued accounting pronouncements are either not applicable to the Company’s business or that no material effect is expected on the financial statements as a result of future adoption. |
Prepaid Expenses and Deposits
Prepaid Expenses and Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses And Deposits | |
Prepaid Expenses and Deposits | Note 3. Prepaid Expenses and Deposits The following summarizes the Company's prepaid expenses and deposits outstanding as at December 31, 2023 and 2022: Schedule of prepaid expenses 2023 2022 Rental deposit $ 1,050 $ 1,050 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 4. Intangible Assets Intangible asset transactions are summarized as follows: Schedule of intangible asset transactions Intangible asset transactions Patent Rights Patent Application Total Cost Balance, December 31, 2021 $ 30,000 $ 352,171 $ 382,171 Additions — 132,049 132,049 Balance, December 31, 2022 $ 30,000 $ 484,220 $ 514,220 Additions — 71,088 71,088 Balance, December 31, 2023 $ 30,000 $ 555,308 $ 585,308 Accumulated amortization Balance, December 31, 2021 $ 19,500 $ — $ 19,500 Amortization 3,000 55,450 58,450 Balance, December 31, 2022 $ 22,500 $ 55,450 $ 77,950 Amortization 3,000 45,259 48,259 Balance, December 31, 2023 $ 25,500 $ 100,709 $ 126,209 Net carrying amounts December 31, 2022 $ 7,500 $ 428,770 $ 436,270 December 31, 2023 $ 4,500 $ 454,599 $ 459,099 During the year ended December 31, 2015, the Company entered into an Assignment of Patents and Patent Application (effective January 1, 2015) (the "Patent Assignment") with the Institut National des Sciences Appliquees de Rouen ("INSA") for the assignment of certain patents and all rights associated therewith (the "Patents"). The Company and INSA had previously entered into a licensing agreement for the Patents in August 2004. The Patent Assignment transfers all of the Patents and rights associated therewith to the Company upon payment to INSA in the sum of $ 30,000 48,259 58,450 During the year ended December 31, 2015, the Company entered into a Technology Transfer Agreement with Grant Young for the assignment of his 50% ownership of certain patents and all rights associated therewith (the "Patent Application Rights"). In exchange for the Patent Application Rights, the Company agreed to pay $ 10,000 6,000,000 71,088 The remaining 50% ownership of the Patent Application Rights was acquired from the Governors of the University of Alberta in exchange for a future gross revenue royalty of 5% from any product developed as a result of research done at the University. During the year ended December 31, 2016, the Company entered into a Universal Assignment with Grant Young for the assignment of his ownership of certain new and useful improvements in an invention entitled "Use of Anti-Aging Glycoprotein for Enhancing Survival of Neurosensory Precursor Cells" (the "New Patent Application Rights"). In exchange for the New Patent Application Rights, the Company agreed to pay $1 (paid). The Company incurred $ 2,415 The Company amortizes patents and licenses that have been filed over their useful lives which range between 18.5 20 |
Stock Options
Stock Options | 12 Months Ended |
Dec. 31, 2023 | |
Stock Options | |
Stock Options | Note 5. Stock Options Pursuant to an amendment on March 15, 2022, the aggregate number of shares that may be issued under the 2017 Stock Option and Stock Bonus Plan (the “2017 Plan”) is 97,700,000 shares, subject to adjustment as provided therein. The 2017 Plan is administered by the Company’s Board of Directors, or a committee appointed by the Board of Directors, and includes two types of options. Options intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended, are referred to as incentive options. Options that are not intended to qualify as incentive options are referred to as non-qualified options. The exercise price of an option may be paid in cash, in shares of the Company's common stock or other property having a fair market value equal to the exercise price of the option, or in a combination of cash, shares, other securities and property. As of December 31, 2023, there are 94,290,000 Stock option transactions are summarized as follows: Schedule of stock option transactions Number of Weighted Average Exercise Price Weighted Average Remaining Life Outstanding, December 31, 2021 84,690,000 0.15 Options cancelled (93,540,000 ) 0.14 Options expired (400,000 ) 0.06 Options granted 103,540,000 0.028 Outstanding, December 31, 2022, and 2023 94,290,000 0.03 4.92 During the year ended December 31, 2023, there were no stock options granted by Company. Total share-based compensation for year ended December 31, 2023 was $nil 0 (2022 – $ 1,070,983 ), stock options granted and vested during year ended December 31, 2023 was nil 0 103,540,000 0.00 0.03 Schedule of valuation assumptions for options December 31, 2023 December 31, 2022 Risk-free interest rate - % 3.50 % Dividend yield 0.00 % 0.00 % Expected stock price volatility - % 143.43 % Expected forfeiture rate 0.00 % 0.00 % Expected life - 6.00 The following non-qualified stock options were outstanding and exercisable at December 31, 2023: Schedule of options by exercise price Expiry date Exercise Price Number of Options Number of $ October 26, 2026 0.10 500,000 500,000 November 27, 2026 0.10 250,000 250,000 December 6, 2028 0.028 93,540,000 93,540,000 94,290,000 94,290,000 As at December 31, 2023, the aggregate intrinsic value of the Company's stock options is $Nil 0 |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Warrants | |
Warrants | Note 6. Warrants Warrant transactions are summarized as follows: Schedule of warrant transactions Number of Weighted Average Exercise Price $ Outstanding, December 31, 2021 12,081,143 0.17 Warrants granted 13,300,000 0.04 Warrants expired (6,081,143 ) 0.09 Warrants cancelled (6,000,000 ) 0.26 Outstanding, December 31, 2022, and 2023 13,300,000 0.04 The following warrants were outstanding and exercisable as at December 31, 2023: Schedule of outstanding and exercisable Number of Warrants Exercise Price Expiry Date 1,000,000 $ 0.05 March 15, 2024 200,000 0.05 March 15, 2024 1,000,000 0.05 March 15, 2024 600,000 0.05 March 15, 2024 1,000,000 0.05 March 15, 2024 500,000 0.05 March 15, 2024 1,000,000 0.05 March 15, 2024 2,000,000 0.05 March 15, 2024 6,000,000 0.028 December 12, 2028 13,300,000 In March, 2022 t he Company issued 4,300,000 1,000,000 2,000,000 6,000,000 0.26 July 14, 2024 6,000,000 0.028 December 12, 2028 Total share-based compensation for the reissued warrants during the year ended December 31, 2022 was $ 115,537 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7. Stockholders' Equity The Company is authorized to issue 500,000,000 (December 31, 2022 – 500,000,000 ) shares of $ 0.0000053 par value common stock. Each holder of common stock has the right to one vote but does not have cumulative voting rights. Shares of common stock are not subject to any redemption or sinking fund provisions, nor do they have any preemptive, subscription or conversion rights. Holders of common stock are entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding having priority rights as to dividends. 0 dividends have been declared or paid as of December 31, 2023 (December 31, 2022 - $Nil During the year ended December 2023, the Company: a) Issued 16,000,000 16,000,000 0.02 320,000 b) Issued 7,333,334 7,333,334 0.015 110,000 During the year ended December 2022, the Company: a) Issued 5,450,000 5,450,000 0.02 109,000 b) Issued 3,100,000 3,100,000 0.025 77,500 c) Issued 7,500,000 7,500,000 0.03 225,000 d) Issued 2,136,666 2,136,666 0.06 128,200 e) Issued 7,300,000 0.05 365,000 |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | Note 8. Related Party Transactions and Balances During the years ended December 31, 2023 and 2022, the Company entered into the following related party transactions: a) Pursuant to a consulting agreement with an effective date of November 14, 2017, a total of $ 60,000 60,000 6,000 11,025 b ) On December 7, 2022, the Company cancelled and concurrently replaced 32,350,000 80,105 32,350,000 6 0.028 December 6, 2028 c) On December 7, 2022, the Company cancelled and concurrently replaced 13,260,000 82,398 13,260,000 6 0.028 December 6, 2028 d) On March 15, 2022, the Company granted 4,750,000 500,000 5,250,000 8 0.06 March 14, 2030 e) On March 15, 2022, the Company granted 1,500,000 8 0.06 March 14, 2030 f) The Company recognized $nil 0 638,227 g) The Company recognized $nil 0 including modifications (2022 - $ 955,451 ) in share-based compensation during the year associated with stock options granted to key management personnel. The total incremental fair value of modifications to stock options, $nil 0 1,070,983 As at December 31, 2023 and December 31, 2022, there were $nil 0 |
Commitments and Contingency
Commitments and Contingency | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingency | Note 9. Commitments and Contingency Commitments As at December 31, 2023, the Company has the following commitments: a) Entered into a consulting agreement with an effective date of January 1, 2017 whereby the Company would pay the consultant $ 7,000 b) Entered into a consulting agreement effective April 1, 2019, whereby the Company would pay the consultant $ 1,500 Contingency The Company was delinquent in filing certain income tax returns with the U.S. Internal Revenue Service and reports disclosing its interest in foreign bank accounts on form TDF 90-22.1, "Report of Foreign Bank and Financial Accounts" ("FBARs"). In September 2015, the Company filed the delinquent income tax returns and has sought waivers of any penalties under the IRS Offshore Voluntary Disclosure Program for late filing of the returns and FBARs. Under the program, the IRS has indicated that it will not impose a penalty for the failure to file delinquent income tax returns if there are no under reported tax liabilities. On November 30, 2017, the Company received a letter from the IRS concluding their review of the Company's tax returns under the program and accepting the returns as filed. No penalties have been assessed by the IRS to date, and management does not believe that the Company will incur any penalties relating to the tax years submitted under the program. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes As a Nevada corporation, the Company is liable for taxes in the United States. As of December 31, 2023, the Company did not have any income for tax purposes and therefore, no tax liability or expense has been recorded in these financial statements (December 31, 2022 – $nil). A reconciliation of income taxes at statutory rates with the reported taxes is as follows: Schedule of effective income tax reconciliation 2023 2022 Net loss for the year $ (415,479 ) $ (1,907,309 ) Expected income tax recovery $ (87,250 ) $ (400,535 ) Non-deductible expenses $ — $ 224,907 Impact of change of future tax rate — — Adjustment to prior years provision versus statutory tax returns $ (257,615 ) $ 75,628 Expiration of losses $ 3,124 — Change in valuation allowance 341,741 $ 100,000 Total income tax expense (recovery) $ — $ — Schedule of deferred tax assets The Company’s deferred tax assets that have not been recognized are as follows: Schedule of Deferred Tax Assets Tax benefit of net operating loss carry forward $ 6,253,860 $ 6,400,000 Valuation allowance $ (6,253,860 ) $ (6,400,000 ) $ — $ — The Company has net operation loss carryforwards of approximately $ 29,800,000 30,500,000 The deferred tax asset associated with the tax loss carry forward is approximately $ 6,296,352 6,400,000 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events Subsequent to the year ended December 31, 2023, the Company: a) On February 26, 2024 the Company issued 500,000 500,000 0.015 7,500 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and are expressed in United States dollars. |
Use of Estimates | Use of Estimates Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The more significant accounting estimates inherent in the preparation of the Company's financial statements include estimates as to valuation of equity- related instruments issued, deferred income taxes and the useful life and impairment of intangible assets. |
Cash | Cash Cash consists of funds held in checking accounts. Cash balances may exceed federally insured limits from time to time. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments, which includes cash, accounts payable and accrued liabilities are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The Company measures the fair value of financial assets and liabilities pursuant to ASC 820 "Fair Value Measurements and Disclosures" which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The policy describes three levels of inputs that may be used to measure fair value: Level 1 – quoted prices in active markets for identical assets or liabilities. Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). At December 31, 2023, there were no other assets or liabilities subject to additional disclosure. |
Income Taxes | Income Taxes The Company accounts for income taxes following the assets and liability method in accordance with the ASC 740 "Income Taxes." Under such method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company applies the accounting guidance issued to address the accounting for uncertain tax positions. This guidance clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements as well as provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years that the asset is expected to be recovered or the liability settled. |
Intangible assets – patent and patent application costs | Intangible assets – patent and patent application costs The Company owns intangible assets consisting of certain patents and patent applications. Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. As at December 31, 2023, the Company does not hold any intangible assets with indefinite lives. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization method and amortization period of an intangible asset with a finite life is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of the Company's patents, whereas no amortization has been recognized on the not yet approved patent application costs at December 31, 2023. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. This includes all research consultant’s fees and costs of contract research organizations. |
Loss per Share and Potentially Dilutive Securities | Loss per Share and Potentially Dilutive Securities Basic loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding in the period. Diluted loss per share takes into consideration common shares outstanding (computed under basic earnings per share) and potentially dilutive securities. The effect of 94,290,000 94,290,000 13,300,000 13,300,000 |
Share-Based Compensation | Share-Based Compensation The Company has granted warrants and options to purchase shares of the Company's common stock to various parties for consulting services. The fair values of the warrants and options issued have been estimated using the Black-Scholes Option Pricing Model. The Company accounts for stock compensation with persons classified as employees for accounting purposes in accordance with ASC 718 "Compensation – Stock Compensation", which recognizes awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. Cliff Vesting is used and awards vest on the last day of the vesting period. The fair value of stock options is determined using the Black-Scholes Option Pricing Model. The fair value of common shares issued for services is determined based on the Company's stock price on the date of issuance. Share-based compensation for non-employees in exchange for goods and services used or consumed in an entity’s own operations are also recorded at fair value on the measurement date and accounted for in accordance with ASC 718. The measurement of share-based compensation is subject to periodic adjustment as the underlying instruments vest. The fair value of stock options is estimated using the Black-Scholes Option Pricing Model and the compensation charges are amortized over the vesting period. |
Common stock | Common stock Common stock issued for non-monetary consideration are recorded at their fair value on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty's performance is complete. Transaction costs directly attributable to the issuance of common stock, units and stock options are recognized as a deduction from equity, net of any tax effects. |
Related Party Transactions | Related Party Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has determined that other significant newly issued accounting pronouncements are either not applicable to the Company’s business or that no material effect is expected on the financial statements as a result of future adoption. |
Prepaid Expenses and Deposits (
Prepaid Expenses and Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses And Deposits | |
Schedule of prepaid expenses | Schedule of prepaid expenses 2023 2022 Rental deposit $ 1,050 $ 1,050 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible asset transactions | Schedule of intangible asset transactions Intangible asset transactions Patent Rights Patent Application Total Cost Balance, December 31, 2021 $ 30,000 $ 352,171 $ 382,171 Additions — 132,049 132,049 Balance, December 31, 2022 $ 30,000 $ 484,220 $ 514,220 Additions — 71,088 71,088 Balance, December 31, 2023 $ 30,000 $ 555,308 $ 585,308 Accumulated amortization Balance, December 31, 2021 $ 19,500 $ — $ 19,500 Amortization 3,000 55,450 58,450 Balance, December 31, 2022 $ 22,500 $ 55,450 $ 77,950 Amortization 3,000 45,259 48,259 Balance, December 31, 2023 $ 25,500 $ 100,709 $ 126,209 Net carrying amounts December 31, 2022 $ 7,500 $ 428,770 $ 436,270 December 31, 2023 $ 4,500 $ 454,599 $ 459,099 |
Stock Options (Tables)
Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock Options | |
Schedule of stock option transactions | Schedule of stock option transactions Number of Weighted Average Exercise Price Weighted Average Remaining Life Outstanding, December 31, 2021 84,690,000 0.15 Options cancelled (93,540,000 ) 0.14 Options expired (400,000 ) 0.06 Options granted 103,540,000 0.028 Outstanding, December 31, 2022, and 2023 94,290,000 0.03 4.92 |
Schedule of valuation assumptions for options | Schedule of valuation assumptions for options December 31, 2023 December 31, 2022 Risk-free interest rate - % 3.50 % Dividend yield 0.00 % 0.00 % Expected stock price volatility - % 143.43 % Expected forfeiture rate 0.00 % 0.00 % Expected life - 6.00 |
Schedule of options by exercise price | Schedule of options by exercise price Expiry date Exercise Price Number of Options Number of $ October 26, 2026 0.10 500,000 500,000 November 27, 2026 0.10 250,000 250,000 December 6, 2028 0.028 93,540,000 93,540,000 94,290,000 94,290,000 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Warrants | |
Schedule of warrant transactions | Schedule of warrant transactions Number of Weighted Average Exercise Price $ Outstanding, December 31, 2021 12,081,143 0.17 Warrants granted 13,300,000 0.04 Warrants expired (6,081,143 ) 0.09 Warrants cancelled (6,000,000 ) 0.26 Outstanding, December 31, 2022, and 2023 13,300,000 0.04 |
Schedule of outstanding and exercisable | Schedule of outstanding and exercisable Number of Warrants Exercise Price Expiry Date 1,000,000 $ 0.05 March 15, 2024 200,000 0.05 March 15, 2024 1,000,000 0.05 March 15, 2024 600,000 0.05 March 15, 2024 1,000,000 0.05 March 15, 2024 500,000 0.05 March 15, 2024 1,000,000 0.05 March 15, 2024 2,000,000 0.05 March 15, 2024 6,000,000 0.028 December 12, 2028 13,300,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective income tax reconciliation | Schedule of effective income tax reconciliation 2023 2022 Net loss for the year $ (415,479 ) $ (1,907,309 ) Expected income tax recovery $ (87,250 ) $ (400,535 ) Non-deductible expenses $ — $ 224,907 Impact of change of future tax rate — — Adjustment to prior years provision versus statutory tax returns $ (257,615 ) $ 75,628 Expiration of losses $ 3,124 — Change in valuation allowance 341,741 $ 100,000 Total income tax expense (recovery) $ — $ — |
Schedule of deferred tax assets | Schedule of deferred tax assets The Company’s deferred tax assets that have not been recognized are as follows: Schedule of Deferred Tax Assets Tax benefit of net operating loss carry forward $ 6,253,860 $ 6,400,000 Valuation allowance $ (6,253,860 ) $ (6,400,000 ) $ — $ — |
Basis of Presentation _ Going_2
Basis of Presentation – Going Concern Uncertainties (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash consideration | $ 30,000 | ||
Additional patent applications | $ 10,000 | ||
Warrant issued | 6,000,000 | ||
Fair value adjustment of warrants | $ 25,000 | ||
Accumulated deficit | $ 47,863,958 | $ 47,448,479 | |
Working capital deficiency | $ 23,238 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Warrant [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Antidilutive shares | 13,300,000 | 13,300,000 |
Equity Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Antidilutive shares | 94,290,000 | 94,290,000 |
Prepaid Expenses and Deposits_2
Prepaid Expenses and Deposits (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expenses And Deposits | ||
Rental deposit | $ 1,050 | $ 1,050 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost of beginning balance | $ 514,220 | $ 382,171 |
Additions | 71,088 | 132,049 |
Cost of ending balance | 585,308 | 514,220 |
Accumulated amortization of beginning balance | 77,950 | 19,500 |
Amortization | 48,259 | 58,450 |
Accumulated amortization of ending balance | 126,209 | 77,950 |
Net carrying amounts | 459,099 | 436,270 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost of beginning balance | 30,000 | 30,000 |
Additions | ||
Cost of ending balance | 30,000 | 30,000 |
Accumulated amortization of beginning balance | 22,500 | 19,500 |
Amortization | 3,000 | 3,000 |
Accumulated amortization of ending balance | 25,500 | 22,500 |
Net carrying amounts | 4,500 | 7,500 |
Patent Application Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost of beginning balance | 484,220 | 352,171 |
Additions | 71,088 | 132,049 |
Cost of ending balance | 555,308 | 484,220 |
Accumulated amortization of beginning balance | 55,450 | |
Amortization | 45,259 | 55,450 |
Accumulated amortization of ending balance | 100,709 | 55,450 |
Net carrying amounts | $ 454,599 | $ 428,770 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 59,153 | $ 132,049 | ||
Amortization of intangible assets | $ 48,259 | $ 58,450 | ||
Additional patent applications | $ 10,000 | |||
Warrant issued | 6,000,000 | |||
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets useful lives | 18 years 6 months | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets useful lives | 20 years | |||
Patent Application Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets | $ 30,000 | |||
Costs relating to intangible assets | $ 71,088 | |||
Direct operating costs | $ 2,415 |
Stock Options (Details)
Stock Options (Details) - Equity Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Stock Options, Beginning | 94,290,000 | 84,690,000 |
Weighted Average Exercise Price, Beginning | $ 0.03 | $ 0.15 |
Number of Stock Options, Cancelled | (93,540,000) | |
Weighted Average Exercise Price, Cancelled | $ 0.14 | |
Number of Stock Options, Exercised | (400,000) | |
Weighted Average Exercise Price, Exercised | $ 0.06 | |
Number of Stock Options, Granted | 0 | 103,540,000 |
Weighted Average Exercise Price, Granted | $ 0.028 | |
Number of Stock Options, Ending | 94,290,000 | 94,290,000 |
Number of Stock Options | 94,290,000 | 94,290,000 |
Weighted Average Exercise Price Ending | $ 0.03 | $ 0.03 |
Weighted Average Exercise Price | $ 0.03 | $ 0.03 |
Weighted Average Remaining Life | 4 years 11 months 1 day | 4 years 11 months 1 day |
Stock Options (Details 1)
Stock Options (Details 1) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock Options | ||
Risk-free interest rate | 3.50% | |
Dividend yield | 0% | 0% |
Expected stock price volatility | 143.43% | |
Expected forfeiture rate | 0% | 0% |
Expected life | 6 years |
Stock Options (Details 2)
Stock Options (Details 2) | Dec. 31, 2023 $ / shares shares |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 94,290,000 |
Number of Options Exercisable | 94,290,000 |
October 26, 2026 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise Price | $ / shares | $ 0.10 |
Number of Options Outstanding | 500,000 |
Number of Options Exercisable | 500,000 |
November 27, 2026 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise Price | $ / shares | $ 0.10 |
Number of Options Outstanding | 250,000 |
Number of Options Exercisable | 250,000 |
December 6, 2028 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise Price | $ / shares | $ 0.028 |
Number of Options Outstanding | 93,540,000 |
Number of Options Exercisable | 93,540,000 |
Stock Options (Details Narrativ
Stock Options (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based compensation | $ 0 | $ 1,070,983 |
Weighted average fair value of stock options granted | $ 0 | $ 0.03 |
Equity Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options granted | 94,290,000 | |
Options outstanding | 94,290,000 | |
Stock options granted | 0 | 103,540,000 |
Stock options vested | 0 | 103,540,000 |
Intrinsic value | $ 0 |
Warrants (Details)
Warrants (Details) - Warrant [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants outstanding, beginning | shares | 12,081,143 |
Warrants weighted average exercise price, beginning | $ / shares | $ 0.17 |
Warrants granted | shares | 13,300,000 |
Warrants weighted average exercise price, granted | $ / shares | $ 0.04 |
Warrants expired | shares | (6,081,143) |
Warrants weighted average exercise price, expired | $ / shares | $ 0.09 |
Warrants cancelled | shares | (6,000,000) |
Warrants weighted average exercise price, cancelled | $ / shares | $ 0.26 |
Warrants outstanding, ending | shares | 13,300,000 |
Warrants weighted average exercise price, ending | $ / shares | $ 0.04 |
Warrants (Details 1)
Warrants (Details 1) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants | 13,300,000 |
Warrant 1 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants | 1,000,000 |
Exercise Price | $ / shares | $ 0.05 |
Expiry Date | March 15, 2024 |
Warrant 2 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants | 200,000 |
Exercise Price | $ / shares | $ 0.05 |
Expiry Date | March 15, 2024 |
Warrant 3 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants | 1,000,000 |
Exercise Price | $ / shares | $ 0.05 |
Expiry Date | March 15, 2024 |
Warrant 4 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants | 600,000 |
Exercise Price | $ / shares | $ 0.05 |
Expiry Date | March 15, 2024 |
Warrant 5 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants | 1,000,000 |
Exercise Price | $ / shares | $ 0.05 |
Expiry Date | March 15, 2024 |
Warrant 6 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants | 500,000 |
Exercise Price | $ / shares | $ 0.05 |
Expiry Date | March 15, 2024 |
Warrant 7 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants | 1,000,000 |
Exercise Price | $ / shares | $ 0.05 |
Expiry Date | March 15, 2024 |
Warrant 8 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants | 2,000,000 |
Exercise Price | $ / shares | $ 0.05 |
Expiry Date | March 15, 2024 |
Warrant 9 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Warrants | 6,000,000 |
Exercise Price | $ / shares | $ 0.028 |
Expiry Date | December 12, 2028 |
Warrants (Details Narrative)
Warrants (Details Narrative) - USD ($) | 12 Months Ended | ||||||
Jul. 15, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | May 12, 2022 | Apr. 04, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||||||
Share based compensation | $ 0 | $ 1,070,983 | |||||
Warrant [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Warrant exercise price | $ 0.04 | $ 0.17 | |||||
Share based compensation | $ 115,537 | ||||||
Warrant [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Warrants issued | 6,000,000 | ||||||
Number of shares cancelled | 6,000,000 | ||||||
Warrant exercise price | $ 0.26 | $ 0.028 | |||||
Warrant expiring date | Jul. 14, 2024 | Dec. 12, 2028 | |||||
Private Placement [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Warrants issued | 2,000,000 | 1,000,000 | 4,300,000 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||
Common stock shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value | $ 0.0000053 | $ 0.0000053 |
Dividends declared | $ 0 | $ 0 |
Private Placement [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares issued | 16,000,000 | 5,450,000 |
Share price | $ 0.02 | $ 0.02 |
Total proceeds | $ 320,000 | $ 109,000 |
Private Placement 1 [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares issued | 7,333,334 | 3,100,000 |
Share price | $ 0.015 | $ 0.025 |
Total proceeds | $ 110,000 | $ 77,500 |
Private Placement 2 [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares issued | 7,500,000 | |
Share price | $ 0.03 | |
Total proceeds | $ 225,000 | |
Private Placement 3 [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares issued | 2,136,666 | |
Share price | $ 0.06 | |
Total proceeds | $ 128,200 | |
Private Placement 4 [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares issued | 7,300,000 | |
Share price | $ 0.05 | |
Total proceeds | $ 365,000 |
Related Party Transactions an_2
Related Party Transactions and Balances (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 07, 2022 | Mar. 15, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||
Modification incremental fair value option | $ 0 | $ 1,070,983 | ||
Expected term | 8 years | |||
Exercisable price | $ 0.06 | |||
Option expiration date | Mar. 14, 2030 | |||
Warrant granted | 5,250,000 | |||
Share-based compensation during the period | 0 | 955,451 | ||
Due to related parties, current | 0 | 0 | ||
Equity Option [Member] | ||||
Related Party Transaction [Line Items] | ||||
Share-based compensation during the period | 0 | 638,227 | ||
Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Warrant granted | 4,750,000 | |||
Director [Member] | ||||
Related Party Transaction [Line Items] | ||||
Warrant granted | 500,000 | |||
Chief Financial Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 60,000 | 60,000 | ||
Due from officers and stockholders | $ 6,000 | $ 11,025 | ||
Number of shares cancelled | 13,260,000 | |||
Modification incremental fair value option | $ 82,398 | |||
Options granted | 13,260,000 | |||
Expected term | 6 years | 8 years | ||
Exercisable price | $ 0.028 | $ 0.06 | ||
Option expiration date | Dec. 06, 2028 | Mar. 14, 2030 | ||
Warrant granted | 1,500,000 | |||
Chief Executive and Director Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of shares cancelled | 32,350,000 | |||
Modification incremental fair value option | $ 80,105 | |||
Options granted | 32,350,000 | |||
Expected term | 6 years | |||
Exercisable price | $ 0.028 | |||
Option expiration date | Dec. 06, 2028 |
Commitments and Contingency (De
Commitments and Contingency (Details Narrative) - USD ($) | 12 Months Ended | |||
Apr. 02, 2019 | Jan. 02, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Research and development expense | $ 112,444 | $ 448,873 | ||
Consultant [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Research and development expense | $ 7,000 | |||
Travel expenses | $ 1,500 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Net loss for the year | $ (415,479) | $ (1,907,309) |
Expected income tax recovery | (87,250) | (400,535) |
Non-deductible expenses | 224,907 | |
Impact of change of future tax rate | ||
Adjustment to prior years provision versus statutory tax returns | (257,615) | 75,628 |
Expiration of losses | 3,124 | |
Change in valuation allowance | 341,741 | 100,000 |
Total income tax expense (recovery) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Tax benefit of net operating loss carry forward | $ 6,253,860 | $ 6,400,000 |
Valuation allowance | (6,253,860) | (6,400,000) |
Total deferred tax assets |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Net operation loss carryforwards | $ 29,800,000 | $ 30,500,000 |
Deferred tax assets capital loss carryforwards | $ 6,296,352 | $ 6,400,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] | Feb. 26, 2024 USD ($) $ / shares shares |
Subsequent Event [Line Items] | |
Number of shares issued | shares | 500,000 |
Share Price | $ / shares | $ 0.015 |
Total proceeds from shares issued | $ | $ 7,500 |