Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2015 |
Trading Symbol | xtgr |
Entity Registrant Name | XTRA-GOLD RESOURCES CORP |
Entity Central Index Key | 1,288,770 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 45,662,417 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current | |||
Cash and cash equivalents | $ 862,552 | $ 850,736 | $ 1,305,281 |
Investment in trading securities, at fair value cost of $651,580 (December 31, 2014 - $710,297, December 31, 2013 - $779,097) | 101,214 | 81,012 | 141,030 |
Receivables and other assets | 31,636 | 103,047 | 270,884 |
Inventory | 53,932 | 89,938 | 0 |
Total current assets | 1,049,334 | 1,124,733 | 1,717,195 |
Restricted cash | 221,322 | 221,322 | 221,322 |
Equipment | 486,525 | 632,735 | 820,813 |
Mineral properties | 734,422 | 734,422 | 857,422 |
TOTAL ASSETS | 2,491,603 | 2,713,212 | 3,616,752 |
Current | |||
Accounts payable and accrued liabilities | 246,721 | 230,798 | 310,912 |
Warrant liability | 0 | 0 | 992 |
Asset retirement obligation | 145,029 | 96,395 | 0 |
Total current liabilities | 391,750 | 327,193 | 311,904 |
Asset retirement obligations | 0 | 0 | 203,395 |
Total liabilities | 391,750 | 327,193 | 515,299 |
Equity | |||
Capital stock Authorized - 250,000,000 common shares with a par value of $0.001 Issued and outstanding 45,662,417 common shares (December 31, 2014 - 45,811,417 common shares, December 31, 2013 - 46,263,917 common shares) | 45,662 | 45,811 | 46,264 |
Additional paid in capital | 31,095,966 | 30,990,260 | 31,018,184 |
Deficit | (1,427,764) | (1,427,764) | (1,427,764) |
Deficit accumulated | (26,674,737) | (26,247,372) | (25,553,473) |
Total Xtra-Gold Resources Corp. stockholders' equity | 3,039,127 | 3,360,935 | 4,083,211 |
Non-controlling interest | (939,274) | (974,916) | (981,758) |
Total equity | 2,099,853 | 2,386,019 | 3,101,453 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,491,603 | $ 2,713,212 | $ 3,616,752 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Trading Securities, Cost | $ 651,580 | $ 710,297 | $ 779,097 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 45,662,417 | 45,811,417 | 46,263,917 |
Common Stock, Shares, Outstanding | 45,662,417 | 45,811,417 | 46,263,917 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
EXPENSES | |||
Amortization | $ 146,210 | $ 188,078 | $ 244,659 |
Exploration | 327,694 | 428,619 | 985,107 |
General and administrative | 435,651 | 438,506 | 468,938 |
LOSS BEFORE OTHER ITEMS | (909,555) | (1,055,203) | (1,698,704) |
OTHER ITEMS | |||
Foreign exchange gain (loss) | (110,873) | (19,592) | (93,155) |
Interest expense | (10,216) | (8,169) | (11,053) |
Realized gain on sales of trading securities | 11,885 | 9,051 | 21,440 |
Net unrealized loss on trading securities | (27,248) | (35,268) | (193,612) |
Other income | 6,239 | 9,980 | 342 |
Recovery of gold | 745,538 | 411,152 | 1,015,203 |
Loss contingency | 0 | 0 | (130,000) |
Warrant gain (expense) | 0 | 992 | 338,597 |
Provision for doubtful debts | (97,493) | 0 | 0 |
Total Other Items | 517,832 | 368,146 | 947,762 |
Consolidated loss for the year | (391,723) | (687,057) | (750,942) |
Net loss (gain) attributable to non-controlling interest | (35,642) | (6,842) | 8,849 |
Net loss attributable to Xtra-Gold Resources Corp. | $ (427,365) | $ (693,899) | $ (742,093) |
Basic and diluted loss attributable to common shareholders per common share | $ (0.01) | $ (0.02) | $ (0.02) |
Basic and diluted weighted average number of common shares outstanding | 45,721,507 | 45,996,481 | 46,481,748 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) | Common Stock [Member] | Additional Paid in Capital [Member] | Deficit [Member] | Non-Controlling Interest [Member] | Deficit Accumulated During the Exploration Stage [Member] | Total |
Beginning Balance at Dec. 31, 2012 | $ 46,540 | $ 31,070,399 | $ (1,427,764) | $ (972,909) | $ (24,811,380) | $ 3,904,886 |
Beginning Balance (Shares) at Dec. 31, 2012 | 46,539,917 | |||||
Stock-based compensation | 58,055 | 58,055 | ||||
Repurchase of shares | $ (276) | (110,270) | (110,546) | |||
Repurchase of shares (Shares) | (276,000) | |||||
Loss for the year | (8,849) | (742,093) | (750,942) | |||
Ending Balance at Dec. 31, 2013 | $ 46,264 | 31,018,184 | (1,427,764) | (981,758) | (25,553,473) | 3,101,453 |
Ending Balance (Shares) at Dec. 31, 2013 | 46,263,917 | |||||
Stock-based compensation | 108,302 | 108,302 | ||||
Repurchase of shares | $ (453) | (136,226) | (136,679) | |||
Repurchase of shares (Shares) | (452,500) | |||||
Loss for the year | 6,842 | (693,899) | (687,057) | |||
Ending Balance at Dec. 31, 2014 | $ 45,811 | 30,990,260 | (1,427,764) | (974,916) | (26,247,372) | 2,386,019 |
Ending Balance (Shares) at Dec. 31, 2014 | 45,811,417 | |||||
Stock-based compensation | 124,458 | 124,458 | ||||
Repurchase of shares | $ (149) | (18,752) | (18,901) | |||
Repurchase of shares (Shares) | (149,000) | |||||
Loss for the year | 35,642 | (427,365) | (391,723) | |||
Ending Balance at Dec. 31, 2015 | $ 45,662 | $ 31,095,966 | $ (1,427,764) | $ (939,274) | $ (26,674,737) | $ 2,099,853 |
Ending Balance (Shares) at Dec. 31, 2015 | 45,662,417 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Loss for the year | $ (391,723) | $ (687,057) | $ (750,942) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Amortization | 146,210 | 188,078 | 244,659 |
Change in asset retirement obligation | 48,634 | 16,000 | 16,000 |
Stock-based compensation | 124,458 | 108,302 | 58,055 |
Warrant expense (gain) | 0 | (992) | (338,597) |
Unrealized foreign exchange loss | 11,848 | 11,969 | 11,316 |
Purchase of trading securities | (62,742) | (118,289) | (174,547) |
Proceeds on sale of trading securities | 15,329 | 140,121 | 110,463 |
Realized gain on sale of trading securities | (11,885) | (9,051) | (21,440) |
Unrealized loss on trading securities | 27,248 | 35,268 | 193,612 |
Provision for doubtful debts | 97,493 | 0 | 0 |
Changes in non-cash working capital items: | |||
(Increase) decrease in receivables and other assets | (26,082) | 167,837 | (147,712) |
(Increase) decrease in inventory | 36,006 | (89,938) | 0 |
Increase (decrease) in accounts payable and accrued liabilities | 15,923 | (80,114) | (93,595) |
Net cash (used in) provided by operating activities | 30,717 | (317,866) | (892,728) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Restricted cash | 0 | 0 | (361) |
Net cash used in investing activities | 0 | 0 | (361) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repurchase of capital stock | (18,901) | (136,679) | (110,546) |
Net cash used in financing activities | (18,901) | (136,679) | (110,546) |
Change in cash and cash equivalents during the year | 11,816 | (454,545) | (1,003,635) |
Cash and cash equivalents, beginning of the year | 850,736 | 1,305,281 | 2,308,916 |
Cash and cash equivalents, end of the year | $ 862,552 | $ 850,736 | $ 1,305,281 |
HISTORY AND ORGANIZATION OF THE
HISTORY AND ORGANIZATION OF THE COMPANY | 12 Months Ended |
Dec. 31, 2015 | |
HISTORY AND ORGANIZATION OF THE COMPANY [Text Block] | 1. HISTORY AND ORGANIZATION OF THE COMPANY Silverwing Systems Corporation (the “Company”), a Nevada corporation, was incorporated on September 1, 1998. On June23, 1999, the Company completed the acquisition of Advertain On-Line Canada Inc. (“Advertain Canada”), a Canadian company operating in Vancouver, British Columbia, Canada. The Company changed its name to Advertain On-Line Inc. (“Advertain”) on August 19, 1999. Advertain Canada’s business was the operation of a web site, “Advertain.com”, whose primary purpose was to distribute entertainment advertising on the Internet. In May 2001, the Company, being unable to continue its funding of Advertain Canada’s operations, decided to abandon its interest in Advertain Canada. On June 15, 2001, the Company sold its investment in Advertain Canada back to Advertain Canada’s original shareholder. On June 18, 2001, the Company changed its name from Advertain to RetinaPharma International, Inc. (“RetinaPharma”) and became inactive. In 2003, the Company became a resource exploration company. On October 31, 2003, the Company acquired 100% of the issued and outstanding common stock of Xtra-Gold Resources, Inc. (“XGRI”). XGRI was incorporated in Florida on October24, 2003. On December 19, 2003, the Company changed its name from RetinaPharma to Xtra-Gold Resources Corp. In 2004, the Company acquired 100% of the issued and outstanding capital stock of Canadiana Gold Resources Limited (“Canadiana”) and 90% of the issued and outstanding capital stock of Goldenrae Mining Company Limited (“Goldenrae”). Both companies are incorporated in Ghana and the remaining 10% of the issued and outstanding capital stock of Goldenrae is held by the Government of Ghana. On October 20, 2005, XGRI changed its name to Xtra Energy Corp. (“Xtra Energy”). On October 20, 2005, the Company incorporated Xtra Oil & Gas Ltd. (“XOG”) in Alberta, Canada. This subsidiary was struck from the records in 2014. On December 21, 2005, Canadiana changed its name to Xtra-Gold Exploration Limited (“XG Exploration”). On January 13, 2006, Goldenrae changed its name to Xtra-Gold Mining Limited (“XG Mining”). On March 2, 2006, the Company incorporated Xtra Oil & Gas (Ghana) Limited (“XOGG”) in Ghana. On November 30, 2012, the Company changed its residency address from the USA to the British Virgin Islands. |
CONTINUANCE OF OPERATIONS
CONTINUANCE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
CONTINUANCE OF OPERATIONS [Text Block] | 2. CONTINUANCE OF OPERATIONS The Company is in the early stages of development and as is common with any exploration company, it raises financing for its exploration and acquisition activities. The Company has incurred a loss of $427,365 for the year ended December 31, 2015 and has accumulated a deficit during the exploration stage of $26,674,737. Results for the year ended December 31, 2015 are not necessarily indicative of future results. However, these losses raise substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan, which is typical for junior exploration companies. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management of the Company (“Management”) is of the opinion that sufficient financing will be obtained from external financing and further share issuances to meet the Company’s obligations. At December 31, 2015, the Company has working capital of $657,584, which would not be sufficient to fund the required exploration programs for a period greater than 12 months. The Company’s discretionary exploration activities do have considerable scope for flexibility in terms of the amount and timing of exploration expenditure, and expenditures may be adjusted accordingly if required. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 3. SIGNIFICANT ACCOUNTING POLICIES Generally accepted accounting principles These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America (“US GAAP”). Principles of consolidation These consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, Xtra Energy (from October 31, 2003), XG Exploration (from February 16, 2004), XOG (from October 20, 2005) and XOGG (from March 2, 2006) and its 90% owned subsidiary, XG Mining (from December 22, 2004). All intercompany accounts and transactions have been eliminated on consolidation. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties, inputs used in the calculation of stock-based compensation and warrants, inputs used in the calculation of the asset retirement obligation, and the valuation allowance applied to deferred income taxes. Actual results could differ from those estimates, and would impact future results of operations and cash flows. Cash and cash equivalents The Company considers highly liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2015, December 31, 2014, and December 31, 2013, cash and cash equivalents consisted of cash held at financial institutions. Receivables Management has evaluated all receivables and has provided allowances for accounts where it deems collection doubtful. As of December 31, 2015, December 31, 2014 and December 31, 2013, the Company recorded allowance for doubtful accounts of $97,493, $0, and $0, respectively. Inventory Inventories are initially recognized at cost and subsequently stated at the lower of cost and net realizable value. The Company’s inventory consists of raw gold. Costs are determined using the first-in, first-out (“ FIFO Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Inventories are written down to net realizable value when the cost of inventories is not estimated to be recoverable due to declining selling prices, or other issue related to the sale of gold. Recovery of gold Recovery of gold and other income is recognized when title and the risks and rewards of ownership to delivered bullion and commodities pass to the buyer and collection is reasonably assured. Trading securities The Company’s trading securities are reported at fair value, with realized and unrealized gains and losses included in earnings. Non-Controlling Interest The consolidated financial statements include the accounts of XG Mining (from December 22, 2004). All intercompany accounts and transactions have been eliminated upon consolidation. The Company records a non-controlling interest which reflects the 10% portion of the earnings (loss) of XG Mining allocable to the holders of the minority interest. Equipment Equipment is recorded at cost and is being amortized over its estimated useful lives using the declining balance method at the following annual rates: Furniture and equipment 20% Computer equipment 30% Vehicles 30% Mining equipment 20% Mineral properties and exploration and development costs The costs of acquiring mineral rights are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral property is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral properties are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves (which exclude non-recoverable reserves and anticipated processing losses). When the Company receives an option payment related to a property, the proceeds of the payment are applied to reduce the carrying value of the exploration asset. Long-lived assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. Asset retirement obligations The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the long-lived assets. The Company also records a corresponding asset which is amortized over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time (accretion expense) and changes in the estimated future cash flows underlying the obligation (asset retirement cost). Stock-based compensation The Company accounts for stock-based compensation under the provisions of ASC 718, “Compensation-Stock Compensation”. Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date for all stock-based awards to employees and directors and is recognized as an expense over the requisite service period, which is generally the vesting period. The Black-Scholes option valuation model is used to calculate fair value. The Company accounts for stock compensation arrangements with non-employees in accordance with ASC 505 which requires that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. Non-employee stock-based compensation charges are amortized over the vesting period on a straight-line basis. For stock options granted to non-employees, the fair value of the stock options is estimated using a Black-Scholes valuation model. Warrants The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value using the appropriate valuation methodology and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. The warrants are presented as a liability because they do not meet the criteria of Accounting Standard Codification (“ASC”) topic 480 for equity classification. Subsequent changes in the fair value of the warrants are recorded in the consolidated statement of operations. Income taxes The Company accounts for income taxes under the asset and liability 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. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax asset will not be recognized. Loss per share Basic loss per common share is computed using the weighted average number of common shares outstanding during the year. To calculate diluted loss per share, the Company uses the treasury stock method and the if converted Foreign exchange The Company’s functional currency is the U.S. dollar. Any monetary assets and liabilities that are in a currency other than the U.S. dollar are translated at the rate prevailing at year end. Revenue and expenses in a foreign currency are translated at rates that approximate those in effect at the time of translation. Gains and losses from translation of foreign currency transactions into U.S. dollars are included in current results of operations. Financial instruments The Company’s financial instruments consist of cash and cash equivalents, trading securities, receivables, accounts payable and accrued liabilities. It is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these financial instruments approximate their carrying values unless otherwise noted. Cash in Canada is primarily held in financial institutions. Balances on hand may exceed insured maximums. Cash in Ghana is held in banks with a strong international presence. Ghana does not insure bank balances. Fair value of financial assets and liabilities The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosure about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. Financial instruments, including cash and cash equivalents, accounts payable and accrued liabilities are carried at cost, which management believes approximates fair value due to the short term nature of these instruments. Investments in trading securities are classified as held for trading, with unrealized gains and losses being recognized in income. The following table presents information about the assets that are measured at fair value on a recurring basis as of December 31, 2015, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and included situations where there is little, if any, market activity for the asset. Significant Quoted Prices Other Significant in Active Observable Unobservable December 31, Markets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Assets: Cash and cash equivalents $ 862,552 $ 862,552 $ — $ — Restricted cash 221,322 221,322 — — Marketable securities 101,214 101,214 — — Total $ 1,185,088 $ 1,185,088 $ — $ — The fair values of cash and cash equivalents and marketable securities are determined through market, observable and corroborated sources. Concentration of credit risk The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. As of December 31, 2015, the Company held $468,750 (December 31, 2014 - $635,550, December 31, 2013 - $1,106,924) in low risk money market funds which are not federally insured. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. The company has contracted to sell all its recovered gold through a licensed exporter in Ghana. Recent accounting pronouncements In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis," which makes changes to both the variable interest model and voting interest model and eliminates the indefinite deferral of FASB Statement No. 167, included in ASU 2010-10, for certain investment funds. All reporting entities that hold a variable interest in other legal entities will need to re-evaluate their consolidation conclusions as well as disclosure requirements. This ASU is effective for annual periods beginning after December 15, 2015, and early adoption is permitted, including any interim period. The Company does not expect the adoption of this guidance to have an impact on the consolidated financial statements. |
INVESTMENTS IN TRADING SECURITI
INVESTMENTS IN TRADING SECURITIES | 12 Months Ended |
Dec. 31, 2015 | |
INVESTMENTS IN TRADING SECURITIES [Text Block] | 4. INVESTMENTS IN TRADING SECURITIES At December 31, 2015, the Company held investments classified as trading securities, which consisted of various equity securities. All trading securities are carried at fair value. As of December 31, 2015, the fair value of trading securities was $101,214 (December 31, 2014 – $81,012, December 31, 2013 – $141,030). December 31, December 31, December 31, 2015 2014 2013 Investments in trading securities at cost $ 651,580 $ 710,297 $ 779,097 Unrealized gains (losses) (550,366 ) (629,285 ) (638,067 ) Investments in trading securities at fair market value $ 101,214 $ 81,012 $ 141,030 |
EQUIPMENT
EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
EQUIPMENT [Text Block] | 5. EQUIPMENT December 31, 2015 Accumulated Net Book Cost Amortization Value Furniture and equipment $ 8,358 $ 8,358 $ — Computer equipment 20,274 20,274 — Exploration equipment 1,464,478 1,047,418 417,060 Vehicles 333,989 264,524 69,465 $ 1,827,099 $ 1,340,574 $ 486,525 The company expensed $146,210 for amortization in 2015. December 31, 2014 Accumulated Net Book Cost Amortization Value Furniture and equipment $ 8,358 $ 8,358 $ — Computer equipment 20,274 20,274 — Exploration equipment 1,464,478 930,979 533,499 Vehicles 333,989 234,753 99,236 $ 1,827,099 $ 1,194,364 $ 632,735 The company expensed $188,078 for amortization in 2014. December 31, 2013 Accumulated Net Book Cost Amortization Value Furniture and equipment $ 8,358 $ 8,358 $ — Computer equipment 20,274 20,274 — Exploration equipment 1,464,478 785,431 679,047 Vehicles 333,989 192,223 141,766 $ 1,827,099 $ 1,006,286 $ 820,813 The company expensed $244,659 for amortization in 2013. |
MINERAL PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Dec. 31, 2015 | |
MINERAL PROPERTIES [Text Block] | 6. MINERAL PROPERTIES December 31, December 31, December 31, 2015 2014 2013 Acquisition costs $ 1,607,729 $ 1,607,729 $ 1,607,729 Asset retirement obligation (Note 7) 8,133 8,133 131,133 Option payments received (881,440 ) (881,440 ) (881,440 ) Total $ 734,422 $ 734,422 $ 857,422 Kibi, Kwabeng and Pameng Projects The Company holds an individual mining lease over the lease area of each of the Kibi Project, the Kwabeng Project and the Pameng Project, all of which are located in Ghana. The mining leases for the Kwabeng and Pameng Projects grant the Company mining rights to produce gold in the respective lease areas until July 26, 2019. We have applied for a 15 year extension/renewal of our Kibi Project (formerly known as the Apapam Project) which expired December 17, 2015. The extension is in accordance with the terms of application and payment of fees to the Minerals Commission of Ghana (“Mincom”). All gold production will be subject to a production royalty of the net smelter returns (“NSR”) payable to theGovernment of Ghana. Banso and Muoso Projects During the year ended December 31, 2010, the Company made an application to Mincom to convert a single prospecting license (“PL”) securing its interest in the Banso and Muoso Projects located in Ghana to a mining lease covering the lease area of each of these Projects. This application was approved by Mincom who subsequently made recommendation to the Minister of Lands, Forestry and Mines to grant an individual mining lease for each Project. Subsequent to the year ended December 31, 2010, the Government of Ghana granted two mining leases for these Projects dated January 6, 2011. These mining leases grant the Company mining rights to produce gold in the respective lease areas until January 5, 2025 with respect to the Banso Project and until January 5, 2024 with respect to the Muoso Project. These mining leases supersede the PL previously granted to the Company. Among other things, both mining leases require that the Company (i) pay the Government of Ghana a fee of $30,000 in consideration of granting of each lease (paid in the March 2011 quarter); (ii) pay annual ground rent of GH¢260.00 (USD$167) for the Banso Project and GH¢280.00 (USD$180) for the Muoso Project; (iii) commence commercial production of gold within two years from the date of the mining leases; and (iv) pay a production royalty to the Government of Ghana. The Company has filed for the necessary permits to commence work on the project. The permits were approved and work has commenced on the properties. The Company executed a letter of intent (“LOI”) with Buccaneer Gold Corp. (“Buccaneer”), formerly Verbina ResourcesInc., a company related by two directors in common, on July 21, 2010 whereby Buccaneer could acquire an undivided 55% interest in the Company’s interest in the mineral rights of the Company’s Banso and Muoso concessions (“Concessions”). On January 21, 2011, the terms of the agreement were amended. Pursuant to the 2011 LOI, Buccaneer can acquire a 55% legal and beneficial interest in the Company’s interest in the mineral rights of the Concessions (the “ 55% Interest”) pursuant to the following terms: Buccaneer shall (i) provide the Company, by February 28, 2011, with notice of its satisfactory completion of due diligence of the Concessions (provided on January 21, 2011), and receipt of regulatory acceptance by the TSX Venture Exchange of the 2011 LOI (received on February 16, 2011) (the “Effective Date”); (ii) make a cash payment to the Company of $425,000 consisting of $100,000 upon the Effective Date and $325,000 within 90 days of the Effective Date (received); (iii) issue 1,000,000 fully paid and non-assessable common shares of Buccaneer to the Company upon the Effective Date (issued in the March 2011 quarter); (iv) incur a total of $4,425,000 in exploration expenditures on the Concessions within five (5) years of the Effective Date with $500,000 to be incurred in the first year (completed) from the Effective Date and $1,000,000 in each year thereafter, except that in the final year the exploration expenditures shall be a minimum of $925,000 ; and (v) pay to the Company $300,000 in connection with a Versatile Time-domain Electromagnetic (“VTEM”), Magnetic and Radiometric survey to be flown over the Concessions by the Company, which payment shall be credited toward the $500,000 in exploration expenditures referred to above in subparagraph (iv). In 2013, Buccaneer ceased all activity at the Concession. At the time and in certain disclosures thereafter, the Company reported that it granted Buccaneer a two year extension to complete its obligation to incur the $4,425,000 in exploration expenditures. The Company further reported that Buccaneer had acquired a 55% interest in the alluvial rights relating to the Banso and Muoso projects by making a payment of $50,000 to the Company. The Company has been unable to locate any record of any such extension agreement or alluvial sales agreement or payment in respect thereof, and questions the validity/existence of the same. The circumstances of the reported extension and alluvial sales agreement, and disclosure made by the Company of same, are now under a review by the Company. Additionally, the Company reported on July 24, 2015, that Buccaneer filed an action in the Ontario Superior Court of Justice against the Company and Mark McGinnis (the “Action”). In the Action, Buccaneer alleges that in July, 2010, Buccaneer and the Company entered into a letter of intent to option the Company’s Banso and Muoso prospecting licenses in Ghana leading to a joint venture between the parties. Buccaneer also alleges that pursuant to the said joint venture, Buccaneer acquired an immediate 55% undivided interest in the alluvial mining rights of the Company’s Banso and Muoso Concessions (the “Concessions”) at the time of the agreement was reached and paid $50,000 for those rights. The Action claims against the defendants damages for breach of contract and breach of fiduciary duty and for an accounting of profits from the sale of alluvial gold recovered from the Concessions. Buccaneer seeks damages in the amount of $5,000,000 plus further amounts and costs to be determined at trial. The Company believes the claims in the Action are without merit and will vigorously defend the unfounded claims in the event they are raised in an appropriate forum. It is the Company’s position that the matters in issue in the Action are subject to an arbitration agreement and that the Action is not properly before the Ontario court and the Company intends to seek an order of the Ontario Superior Court of Justice staying the Action. In respect of the allegation in the Action by Buccaneer that it acquired an immediate 55% interest in the alluvial rights to the Concessions, the Company has been unable to locate any record of such alluvial sales agreement or payment in respect thereof, and questions the validity/existence of the same. The Company is reviewing the circumstances of the disclosure made by the Company in respect of an alleged agreement relating to alluvial rights to the Concessions. Mining lease and prospecting license commitments The Company is committed to expend, from time to time fees payable (a) to the Minerals Commission for: (i) an extension of an expiry date of a prospecting license (currently $15,000 for each occurrence); (ii) a grant of a mining lease (currently $100,000); (iii) an extension of a mining lease (currently $100,000); (iv) annual operating permits; and (v) the conversion of a reconnaissance license to a prospecting license (currently $20,000); (b) to the Environmental Protection Agency (“EPA”)(of Ghana) for: (i) processing and certificate fees with respect to EPA permits; (ii) the issuance of permits before the commencement of any work at a particular concession; or (iii) the posting of a bond in connection with any mining operations undertaken by the Company; (c) for a legal obligation associated with our mineral properties for clean up costs when work programs are completed; and (d) an aggregate of less than $500 in connection with annual ground rent and mining permits to enter upon and gain access to the areas covered by the Company’s mining leases and future reconnaissance and prospecting licenses and such other financial commitments arising out of any approved exploration programs in connection therewith. |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 12 Months Ended |
Dec. 31, 2015 | |
ASSET RETIREMENT OBLIGATION [Text Block] | 7. ASSET RETIREMENT OBLIGATION December 31, December 31, December 31, 2015 2014 2013 Balance, beginning of year $ 96,395 $ 203,395 $ 187,395 Change in obligation 48,634 (123,000 ) — Accretion expense — 16,000 16,000 Balance, end of year $ 145,029 $ 96,395 $ 203,395 The Company has a legal obligation associated with its mineral properties for clean up costs when work programs are completed. The undiscounted amount of cash flows, required over the estimated reserve life of the underlying assets, to settle the obligation, adjusted for inflation, is estimated at $145,029 (2014 - $96,395, 2013 - $220,000). During the 2013, the obligation was calculated using a credit-adjusted risk free discount rate of 10% and an inflation rate of 2%. During 2015 and 2014, the obligation was estimated based on actual reclamation cost experience on an average per acre basis and the remaining acres to be reclaimed. It is expected that this obligation will be funded from general Company resources at the time the costs are incurred. The Company has been required by the Ghanaian government to post a bond of US$221,322 which has been recorded in restricted cash. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2015 | |
CAPITAL STOCK [Text Block] | 8. CAPITAL STOCK Cancellation of shares During the year ended December 31, 2013, a total of 276,000 common shares were re-purchased for $110,546 and cancelled. During the year ended December 31, 2014, a total of 452,500 common shares were re-purchased for $136,679 and cancelled. During the year ended December 31, 2015, a total of 149,000 common shares were re-purchased for $18,901 and cancelled. Issuance of shares In December 2012, the Company issued 1,929,000 units at CAD$0.85 per unit for gross proceeds of $1,660,025. A cash commission of $126,324 was paid in relation to this financing. Each unit was comprised of one common share and one-half common share purchase warrant. Each full warrant was convertible into a common share of the Company at the rate of CAD$1.00 per share for a period of two years, expiring December 21, 2014. Stock options At June 30, 2011, the Company adopted a new 10% rolling stock option plan (the “2011 Plan”) and cancelled the 2005 equity compensation plan. Pursuant to the 2011 Plan, the Company is entitled to grant options and reserve for issuance up to 10% of the shares issued and outstanding at the time of grant. The terms and conditions of any options granted, including the number and type of options, the exercise period, the exercise price and vesting provisions, are determined by the Compensation Committee which makes recommendations to the board of directors for their approval. The maximum term of options granted cannot exceed 10 years. The TSX’s rules relating to security-based compensation arrangements require that every three years after the institution of a security-based compensation arrangement which does not have a fixed maximum aggregate of securities issuable, all unallocated options must be approved by a majority of the Company’s directors and by the Company’s shareholders. The Board approved all unallocated options under the Option Plan on March 26, 2014 which was approved by the Company’s shareholders at the annual and special meeting held on June 19, 2014. At December 31, 2015, the following stock options were outstanding: Number of Exercise Expiry Date Options Price 324,000 CDN$0.225 May 1, 2016 516,000 CDN$0.15 June 22, 2016 108,000 CDN$0.50 March 5, 2017 162,000 CDN$0.15 March 12, 2017 54,000 CAD$0.50 June 1, 2020 63,000 CDN$0.15 June 1, 2020 48,000 CDN$0.225 June 1, 2020 90,000 CDN$0.50 July 1, 2020 30,000 CDN$0.50 March 1, 2021 100,000 CDN$0.225 March 1, 2021 108,000 CDN$0.15 June 10, 2021 382,000 CDN$0.15 December 31, 2022 250,000 CDN$0.20 October 8, 2025 Stock option transactions and the number of stock options outstanding are summarized as follows: December 31, 2015 December 31, 2014 December 31, 2013 Weighted Weighted Weighted Average Number Average Average Number of Exercise of Exercise Number of Exercise Options Price Options Price Options Price Outstanding, beginning of year 2,426,000 $ 0.43 2,489,000 $ 1.03 2,639,000 $ 1.02 Granted 250,000 $ 0.15 108,000 $ 0.43 — — Exercised — — — — — — Cancelled/Expired (441,000 ) $ 0.36 (171,000 ) $ 1.90 (150,000 ) $ 0.82 Outstanding, end of year 2,235,000 $ 0.16 2,426,000 $ 0.43 2,489,000 $ 1.03 Exercisable, end of year 2,235,000 $ 0.16 2,426,000 $ 0.43 2,462,000 $ 1.02 The aggregate intrinsic value for options vested as of December 31, 2015 is approximately $nil (December 31, 2014 - $nil, December 31, 2013 - $nil) and for total options outstanding is approximately $nil (December 31, 2014 - $nil, December 31, 2013 - $nil). The weighted average contractual term of stock options outstanding and exercisable as at December 31, 2015 is 3.67 years (December 31, 2014 – 5.05 years, December 31, 2013 – 5.86 years). The fair value of stock options granted, vested, and modified during the period ended December 31, 2015 totaled $124,458 (December 31, 2014 - $108,302, December 31, 2013 - $58,055) which has been included in general and administrative expense. During the year ended December 31, 2015, the Company re-priced 424,000 options previously granted to insiders of the Company and 48,000 options previously granted to non-insiders of the Company. The options were re-priced to $0.18 (CAD$0.225), resulting in a charge of $20,202 during the year. During the year ended December 31, 2015, the Company re-priced 1,231,000 options previously granted to insiders of the Company to $0.12 (CAD$0.15), resulting in a charge of $86,081 during the year. During the year ended December 31, 2014, 2,147,000 options previously granted to insiders of the Company and 171,000 options previously granted to non-insiders of the Company were re-priced to $0.43 (CAD$0.50), resulting in a charge of $59,304 during the year. There were no modifications and no charges in 2013 (December 31, 2012 - $418,317). Certain option maturity terms were extended during the 2012 year to ten years from the original issuance of the options. The following assumptions were used for the Black-Scholes valuation of stock options amended during the years ended December 31, 2015 and December 31, 2014: 2015 2014 2013 Risk-free interest rate 0.26% - 1.64% 1.25% — Expected life 0.8 to 5 years 5.0 years — Annualized volatility 58% - 74% 45% — Dividend rate — — — During the year ended December 31, 2015, the Company granted 250,000 options to insiders of the Company at $0.15 (CAD$0.20), During the year ended December 31, 2014, the Company granted 108,000 options to an insider of the Company at $0.43 (CAD$0.50), There were no option grants during 2013. The following assumptions were used for the Black-Scholes valuation of stock options granted during the years ended December 31, 2015, December 31, 2014 and December 31, 2013: 2015 2014 2013 Risk-free interest rate 1.75% 1.75% — Expected life 7.5 years 7.5 years — Annualized volatility 68% 95% — Dividend rate — — — The weighted average fair value of options granted in 2015 was $0.10 (2014 - $0.17, 2013 - $nil). Warrants At December 31, 2015, no warrants were outstanding. A total of 964,500 warrants expired unexercised during 2014. Warrant transactions and the number of warrants outstanding are summarized as follows: 2015 2014 2013 Balance, beginning of year — 964,500 CAD$ 1.00 964,500 CAD$ 1.00 Issued — — — Exercised — — — Expired — (964,500 ) — Balance, end of year — — 964,500 CAD$ 1.00 Under US GAAP when the strike price of the warrants is denominated in a currency other than an entity's functional currency, the warrants would not be considered indexed to the entity’s own stock, and would consequently be considered to be a derivative liability. The common share purchase warrants described above are denominated in CAD dollars and the Company’s functional currency is the US dollar. As a result, the Company determined that these warrants are not considered indexed to the Company’s own stock and characterized the fair value of these warrants as derivative liabilities upon issuance. The derivative will be subsequently marked to market through income. The Company determined that the fair value of the warrant liability at December 31, 2015 to be $nil (December 31, 2014 - $nil, December 31, 2013 - $992). The fair value of the warrants was being estimated using the Black-Scholes Options Pricing Model, using a volatility of 30%, risk free interest rate of 0.102%, expected life of 6 months, and a dividend yield of nil. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
RELATED PARTY TRANSACTIONS [Text Block] | 9. RELATED PARTY TRANSACTIONS During the years ended December 31, 2015, December 31, 2014 and December 31, 2013, the Company entered into the following transactions with related parties: December 31, December 31, December 2015 2014 31, 2013 Consulting fees paid or accrued to officers or their companies $ 495,683 $ 472,649 $ 458,976 Directors’ fees 4,692 18,845 18,535 Stock option grants to officers and directors 250,000 108,000 — Stock option grant price range CAD$0.20 $ CAD$0.50 — Of the total consulting fees noted above, $201,097 (December 31, 2014 - $144,394, December 31, 2013 - $225,365) was paid by the Company to a private company of which a related party is a 50% shareholder and director. The related party was entitled to receive $100,548 (December 31, 2014 - $72,197, December 31, 2013 - $112,683) of this amount. As at December 31, 2015, $51,096 (December 31, 2014, $28,974, December 31, 2013 - $nil) remains payable to this related company and $10,000 remains payable to the related party. As at December 31, 2015, $97,493 (December 31, 2014 - $97,493, December 31, 2013 - $nil) was due from Buccaneer for services performed by the Company during the periods. The Company has fully provided against this balance due to ongoing litigation between the Company and Buccaneer. A total of 1,231,000 stock options previously granted to related parties were amended in 2015 by re-pricing these options to CAD$0.15 per share and a total of 424,000 stock options previously granted to related parties were amended in 2015 by repricing these options to CAD$0.225 per share. A total of 2,147,000 stock options previously granted to related parties were amended in 2014 by re-pricing these options to CAD$0.50 per share. There were no stock option changes in 2013. |
SUPPLEMENTAL DISCLOSURE WITH RE
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
Dec. 31, 2015 | |
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS [Text Block] | 10. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS December 31, December 31, December 31, 2015 2014 2013 Cash paid during the period for: Interest $ 10,216 $ 8,169 $ 11,053 Income taxes $ — $ — $ — There were no significant non-cash transactions during the years ended December 31, 2015, December 31, 2014, or December 31, 2013. |
DEFERRED INCOME TAXES
DEFERRED INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
DEFERRED INCOME TAXES [Text Block] | 11. DEFERRED INCOME TAXES Income tax benefits attributable to losses from United States of America operations was $Nil for the years ended December 31, 2015, December 31, 2014 and 2013, and differed from the amounts computed by applying the United States of America federal income tax rate of 34% to pretax losses from operations as a result of the following: 2015 2014 2013 Loss for the year $ (391,722 ) $ (687,085 ) $ (750,942 ) Computed “expected” tax (benefit) expense $ (133,000 ) $ (234,000 ) $ (255,000 ) Non deductible (taxable) items (73,000 ) (10,000 ) (83,000 ) Change in statutory, foreign tax, foreign exchange and other 121,000 106,000 59,000 Valuation allowance 85,000 138,000 279,000 Net expected tax (benefit) expense $ — $ — $ — The tax effects of temporary differences that give rise to significant deferred tax assets and deferred tax liabilities are presented below: 2015 2014 2013 Deferred tax assets (liabilities): Trading securities $ 96,000 $ 125,000 108,000 Equipment 384,000 168,000 258,000 Net operating loss carryforwards - US 3,050,000 2,799,000 2,690,000 Net operating loss carryforwards - Ghana 159,000 2,494,000 2,392,000 Valuation allowance (3,689,000 ) (5,586,000 ) (5,448,000 ) Total deferred tax assets $ — $ — — The valuation allowance for deferred tax assets as of December 31, 2015 was $(3,689,000) and (December 31, 2014 – $(5,586,000), December 31, 2013 – $(5,448,000)) respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company has not provided for deferred income taxes on the difference between the carrying value of substantially all of its foreign subsidiairies and their corresponding tax basis as the earnings of those subsidiaries are intended to be permanently reinvested in their operations. As such, the investments are not anticipated to give rise to income taxes in the foreseeable future. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in assessing the realizability of deferred tax assets. In order to fully realize the deferred tax asset attributable to net operating loss carryforwards, the Company will need to generate future taxable income of approximately $9,636,000 prior to the expiration of the net operating loss carryforwards. Of the $9,636,000 of operating loss carryforwards, $8,972,000 is attributable to the US, and expires between 2016 and 2035, and the balance of $664,000 is attributable to Ghana and expires between 2016 and 2020. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENTED INFORMATION [Text Block] | 12. SEGMENTED INFORMATION The Company has one reportable segment, being the exploration and development of resource properties. Geographic information is as follows: December 31, December 31, December 31, 2015 2014 2013 Cash and restricted cash: Canada $ 564,633 $ 704,973 $ 1,163,651 Ghana 519,241 367,086 362,952 Total cash and restricted cash 1,083,874 1,072,059 1,526,603 Capital assets Canada — — — Ghana 1,220,947 1,367,157 1,678,235 Total capital assets 1,220,947 1,367,157 1, 678,235 Total $ 2,304,821 $ 2,439,216 $ 3,204,838 |
CONTINGENCY AND COMMITMENTS
CONTINGENCY AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2015 | |
CONTINGENCY AND COMMITMENTS [Text Block] | 13. CONTINGENCY AND COMMITMENTS a) The Company leases 881 square feet for its corporate office located at Suite 902, 357 Bay Street, Toronto, Ontario. The lease has a 60 month term commencing November 1, 2012, at approximately CAD$3,667 (US$2,860) per month. b) In late 2009, the Government of Ghana announced an increase in the gross overriding royalty (“GOR”) required payable by all mining companies in the country from 3% to 5%. The industry standard remained at 3% due to stability agreements which were in place with a number of companies. From the commencement of gold recovery in July 2010 to September 2010, the Company paid the GOR at 5% and as of October 2010, the Company began to pay the GOR at 3% until July 1, 2011 when the Company again paid the royalty at 5%. As a result of this decision, there is a potential unrecorded liability of $84,300 related to 2010 activities and a recorded liability of $120,000 related to 2011 activities. Although the Company believes it is unlikely that these amounts will become payable a provision has been recorded due to the uncertainty of the timing of the increase. c) There was a theft of cash totaling $130,000 during the year ended December 31, 2013. The Company is actively pursuing the return of these funds by working with the appropriate authorities. Since the outcome of any recovery is currently not reasonably measurable, the Company has expensed these amounts. In the event that resolution of the dispute results in a recovery, the Company will recognize the recovery in the period that the final determination of the amount is made. d) The Government of Ghana has required an environmental bond of $385,000 for the Banso permit and $327,000 for the Muoso permit. The Company is negotiating these balances with the government. During the year ended December 31, 2014, the Company received environmental permits for its Banso and Muoso properties. These permits are subject to environmental bonds of $385,000 and $327,000 being posted within the year ended December 31, 2015. Should the bonds not be posted, the Company could lose the permits. The deadline to post the bonds has been extended and the Company is currently negotiating the final balance of the environmental bonds to be posted. e) In 2012, the Office of the Administrator of Stool Lands in Ghana has attempted to raise the land rents on the Company’s properties from less than $10,000 annually to over $300,000 annually. The Company disputes the increase and has responded by challenging the legality of the notices as prescribed by the Minister for Lands and Natural Resources as required by the Mineral and Mining Act 2006. |
SUBSEQUENT EVENT NOTE
SUBSEQUENT EVENT NOTE | 12 Months Ended |
Dec. 31, 2015 | |
SUBSEQUENT EVENT NOTE [Text Block] | 14. SUBSEQUENT EVENT NOTE Subsequent to December 31, 2015, an aggregate of 102,500 common shares were re-purchased for US$15,743 (CAD$22,288) and cancelled. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Generally accepted accounting principles [Policy Text Block] | Generally accepted accounting principles These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America (“US GAAP”). |
Principles of consolidation [Policy Text Block] | Principles of consolidation These consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, Xtra Energy (from October 31, 2003), XG Exploration (from February 16, 2004), XOG (from October 20, 2005) and XOGG (from March 2, 2006) and its 90% owned subsidiary, XG Mining (from December 22, 2004). All intercompany accounts and transactions have been eliminated on consolidation. |
Use of estimates [Policy Text Block] | Use of estimates The preparation of consolidated financial statements in conformity with US GAAP 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties, inputs used in the calculation of stock-based compensation and warrants, inputs used in the calculation of the asset retirement obligation, and the valuation allowance applied to deferred income taxes. Actual results could differ from those estimates, and would impact future results of operations and cash flows. |
Cash and cash equivalents [Policy Text Block] | Cash and cash equivalents The Company considers highly liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2015, December 31, 2014, and December 31, 2013, cash and cash equivalents consisted of cash held at financial institutions. |
Receivables [Policy Text Block] | Receivables Management has evaluated all receivables and has provided allowances for accounts where it deems collection doubtful. As of December 31, 2015, December 31, 2014 and December 31, 2013, the Company recorded allowance for doubtful accounts of $97,493, $0, and $0, respectively. |
Inventory [Policy Text Block] | Inventory Inventories are initially recognized at cost and subsequently stated at the lower of cost and net realizable value. The Company’s inventory consists of raw gold. Costs are determined using the first-in, first-out (“ FIFO Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Inventories are written down to net realizable value when the cost of inventories is not estimated to be recoverable due to declining selling prices, or other issue related to the sale of gold. |
Recovery of gold [Policy Text Block] | Recovery of gold Recovery of gold and other income is recognized when title and the risks and rewards of ownership to delivered bullion and commodities pass to the buyer and collection is reasonably assured. |
Trading securities [Policy Text Block] | Trading securities The Company’s trading securities are reported at fair value, with realized and unrealized gains and losses included in earnings. |
Non-Controlling Interest [Policy Text Block] | Non-Controlling Interest The consolidated financial statements include the accounts of XG Mining (from December 22, 2004). All intercompany accounts and transactions have been eliminated upon consolidation. The Company records a non-controlling interest which reflects the 10% portion of the earnings (loss) of XG Mining allocable to the holders of the minority interest. |
Equipment [Policy Text Block] | Equipment Equipment is recorded at cost and is being amortized over its estimated useful lives using the declining balance method at the following annual rates: Furniture and equipment 20% Computer equipment 30% Vehicles 30% Mining equipment 20% |
Mineral properties and exploration and development costs [Policy Text Block] | Mineral properties and exploration and development costs The costs of acquiring mineral rights are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral property is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral properties are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves (which exclude non-recoverable reserves and anticipated processing losses). When the Company receives an option payment related to a property, the proceeds of the payment are applied to reduce the carrying value of the exploration asset. |
Long-lived assets [Policy Text Block] | Long-lived assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. |
Asset retirement obligations [Policy Text Block] | Asset retirement obligations The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the long-lived assets. The Company also records a corresponding asset which is amortized over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time (accretion expense) and changes in the estimated future cash flows underlying the obligation (asset retirement cost). |
Stock-based compensation [Policy Text Block] | Stock-based compensation The Company accounts for stock-based compensation under the provisions of ASC 718, “Compensation-Stock Compensation”. Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date for all stock-based awards to employees and directors and is recognized as an expense over the requisite service period, which is generally the vesting period. The Black-Scholes option valuation model is used to calculate fair value. The Company accounts for stock compensation arrangements with non-employees in accordance with ASC 505 which requires that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. Non-employee stock-based compensation charges are amortized over the vesting period on a straight-line basis. For stock options granted to non-employees, the fair value of the stock options is estimated using a Black-Scholes valuation model. |
Warrants [Policy Text Block] | Warrants The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value using the appropriate valuation methodology and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. The warrants are presented as a liability because they do not meet the criteria of Accounting Standard Codification (“ASC”) topic 480 for equity classification. Subsequent changes in the fair value of the warrants are recorded in the consolidated statement of operations. |
Income taxes [Policy Text Block] | Income taxes The Company accounts for income taxes under the asset and liability 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. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax asset will not be recognized. |
Loss per share [Policy Text Block] | Loss per share Basic loss per common share is computed using the weighted average number of common shares outstanding during the year. To calculate diluted loss per share, the Company uses the treasury stock method and the if converted |
Foreign exchange [Policy Text Block] | Foreign exchange The Company’s functional currency is the U.S. dollar. Any monetary assets and liabilities that are in a currency other than the U.S. dollar are translated at the rate prevailing at year end. Revenue and expenses in a foreign currency are translated at rates that approximate those in effect at the time of translation. Gains and losses from translation of foreign currency transactions into U.S. dollars are included in current results of operations. |
Financial instruments [Policy Text Block] | Financial instruments The Company’s financial instruments consist of cash and cash equivalents, trading securities, receivables, accounts payable and accrued liabilities. It is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these financial instruments approximate their carrying values unless otherwise noted. Cash in Canada is primarily held in financial institutions. Balances on hand may exceed insured maximums. Cash in Ghana is held in banks with a strong international presence. Ghana does not insure bank balances. |
Fair value of financial assets and liabilities [Policy Text Block] | Fair value of financial assets and liabilities The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosure about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. Financial instruments, including cash and cash equivalents, accounts payable and accrued liabilities are carried at cost, which management believes approximates fair value due to the short term nature of these instruments. Investments in trading securities are classified as held for trading, with unrealized gains and losses being recognized in income. The following table presents information about the assets that are measured at fair value on a recurring basis as of December 31, 2015, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and included situations where there is little, if any, market activity for the asset. Significant Quoted Prices Other Significant in Active Observable Unobservable December 31, Markets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Assets: Cash and cash equivalents $ 862,552 $ 862,552 $ — $ — Restricted cash 221,322 221,322 — — Marketable securities 101,214 101,214 — — Total $ 1,185,088 $ 1,185,088 $ — $ — The fair values of cash and cash equivalents and marketable securities are determined through market, observable and corroborated sources. |
Concentration of credit risk [Policy Text Block] | Concentration of credit risk The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. As of December 31, 2015, the Company held $468,750 (December 31, 2014 - $635,550, December 31, 2013 - $1,106,924) in low risk money market funds which are not federally insured. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. The company has contracted to sell all its recovered gold through a licensed exporter in Ghana. |
Recent accounting pronouncements [Policy Text Block] | Recent accounting pronouncements In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis," which makes changes to both the variable interest model and voting interest model and eliminates the indefinite deferral of FASB Statement No. 167, included in ASU 2010-10, for certain investment funds. All reporting entities that hold a variable interest in other legal entities will need to re-evaluate their consolidation conclusions as well as disclosure requirements. This ASU is effective for annual periods beginning after December 15, 2015, and early adoption is permitted, including any interim period. The Company does not expect the adoption of this guidance to have an impact on the consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI22
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Equipment, Declining Method Annual Rates [Table Text Block] | Furniture and equipment 20% Computer equipment 30% Vehicles 30% Mining equipment 20% |
Schedule of Fair Value of Financial Assets And Liabilities [Table Text Block] | Significant Quoted Prices Other Significant in Active Observable Unobservable December 31, Markets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Assets: Cash and cash equivalents $ 862,552 $ 862,552 $ — $ — Restricted cash 221,322 221,322 — — Marketable securities 101,214 101,214 — — Total $ 1,185,088 $ 1,185,088 $ — $ — |
INVESTMENTS IN TRADING SECURI23
INVESTMENTS IN TRADING SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Investments [Table Text Block] | December 31, December 31, December 31, 2015 2014 2013 Investments in trading securities at cost $ 651,580 $ 710,297 $ 779,097 Unrealized gains (losses) (550,366 ) (629,285 ) (638,067 ) Investments in trading securities at fair market value $ 101,214 $ 81,012 $ 141,030 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equipment [Table Text Block] | December 31, 2015 Accumulated Net Book Cost Amortization Value Furniture and equipment $ 8,358 $ 8,358 $ — Computer equipment 20,274 20,274 — Exploration equipment 1,464,478 1,047,418 417,060 Vehicles 333,989 264,524 69,465 $ 1,827,099 $ 1,340,574 $ 486,525 | December 31, 2014 Accumulated Net Book Cost Amortization Value Furniture and equipment $ 8,358 $ 8,358 $ — Computer equipment 20,274 20,274 — Exploration equipment 1,464,478 930,979 533,499 Vehicles 333,989 234,753 99,236 $ 1,827,099 $ 1,194,364 $ 632,735 | December 31, 2013 Accumulated Net Book Cost Amortization Value Furniture and equipment $ 8,358 $ 8,358 $ — Computer equipment 20,274 20,274 — Exploration equipment 1,464,478 785,431 679,047 Vehicles 333,989 192,223 141,766 $ 1,827,099 $ 1,006,286 $ 820,813 |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Mineral Properties Acquired [Table Text Block] | December 31, December 31, December 31, 2015 2014 2013 Acquisition costs $ 1,607,729 $ 1,607,729 $ 1,607,729 Asset retirement obligation (Note 7) 8,133 8,133 131,133 Option payments received (881,440 ) (881,440 ) (881,440 ) Total $ 734,422 $ 734,422 $ 857,422 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Asset Retirement Obligations [Table Text Block] | December 31, December 31, December 31, 2015 2014 2013 Balance, beginning of year $ 96,395 $ 203,395 $ 187,395 Change in obligation 48,634 (123,000 ) — Accretion expense — 16,000 16,000 Balance, end of year $ 145,029 $ 96,395 $ 203,395 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Stock Options Oustanding [Table Text Block] | Number of Exercise Expiry Date Options Price 324,000 CDN$0.225 May 1, 2016 516,000 CDN$0.15 June 22, 2016 108,000 CDN$0.50 March 5, 2017 162,000 CDN$0.15 March 12, 2017 54,000 CAD$0.50 June 1, 2020 63,000 CDN$0.15 June 1, 2020 48,000 CDN$0.225 June 1, 2020 90,000 CDN$0.50 July 1, 2020 30,000 CDN$0.50 March 1, 2021 100,000 CDN$0.225 March 1, 2021 108,000 CDN$0.15 June 10, 2021 382,000 CDN$0.15 December 31, 2022 250,000 CDN$0.20 October 8, 2025 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | December 31, 2015 December 31, 2014 December 31, 2013 Weighted Weighted Weighted Average Number Average Average Number of Exercise of Exercise Number of Exercise Options Price Options Price Options Price Outstanding, beginning of year 2,426,000 $ 0.43 2,489,000 $ 1.03 2,639,000 $ 1.02 Granted 250,000 $ 0.15 108,000 $ 0.43 — — Exercised — — — — — — Cancelled/Expired (441,000 ) $ 0.36 (171,000 ) $ 1.90 (150,000 ) $ 0.82 Outstanding, end of year 2,235,000 $ 0.16 2,426,000 $ 0.43 2,489,000 $ 1.03 Exercisable, end of year 2,235,000 $ 0.16 2,426,000 $ 0.43 2,462,000 $ 1.02 |
Schedule of Share-based Compensation, Stock Options Black-Scholes Valuation Assumptions [Table Text Block] | 2015 2014 2013 Risk-free interest rate 0.26% - 1.64% 1.25% — Expected life 0.8 to 5 years 5.0 years — Annualized volatility 58% - 74% 45% — Dividend rate — — — |
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | 2015 2014 2013 Balance, beginning of year — 964,500 CAD$ 1.00 964,500 CAD$ 1.00 Issued — — — Exercised — — — Expired — (964,500 ) — Balance, end of year — — 964,500 CAD$ 1.00 |
Amended Stock Options [Member] | |
Schedule of Share-based Compensation, Stock Options Black-Scholes Valuation Assumptions [Table Text Block] | 2015 2014 2013 Risk-free interest rate 1.75% 1.75% — Expected life 7.5 years 7.5 years — Annualized volatility 68% 95% — Dividend rate — — — |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Related Party Transactions [Table Text Block] | December 31, December 31, December 2015 2014 31, 2013 Consulting fees paid or accrued to officers or their companies $ 495,683 $ 472,649 $ 458,976 Directors’ fees 4,692 18,845 18,535 Stock option grants to officers and directors 250,000 108,000 — Stock option grant price range CAD$0.20 $ CAD$0.50 — |
SUPPLEMENTAL DISCLOSURE WITH 29
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | December 31, December 31, December 31, 2015 2014 2013 Cash paid during the period for: Interest $ 10,216 $ 8,169 $ 11,053 Income taxes $ — $ — $ — |
DEFERRED INCOME TAXES (Tables)
DEFERRED INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Loss for the year $ (391,722 ) $ (687,085 ) $ (750,942 ) Computed “expected” tax (benefit) expense $ (133,000 ) $ (234,000 ) $ (255,000 ) Non deductible (taxable) items (73,000 ) (10,000 ) (83,000 ) Change in statutory, foreign tax, foreign exchange and other 121,000 106,000 59,000 Valuation allowance 85,000 138,000 279,000 Net expected tax (benefit) expense $ — $ — $ — |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 2013 Deferred tax assets (liabilities): Trading securities $ 96,000 $ 125,000 108,000 Equipment 384,000 168,000 258,000 Net operating loss carryforwards - US 3,050,000 2,799,000 2,690,000 Net operating loss carryforwards - Ghana 159,000 2,494,000 2,392,000 Valuation allowance (3,689,000 ) (5,586,000 ) (5,448,000 ) Total deferred tax assets $ — $ — — |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Segmented Information [Table Text Block] | December 31, December 31, December 31, 2015 2014 2013 Cash and restricted cash: Canada $ 564,633 $ 704,973 $ 1,163,651 Ghana 519,241 367,086 362,952 Total cash and restricted cash 1,083,874 1,072,059 1,526,603 Capital assets Canada — — — Ghana 1,220,947 1,367,157 1,678,235 Total capital assets 1,220,947 1,367,157 1, 678,235 Total $ 2,304,821 $ 2,439,216 $ 3,204,838 |
HISTORY AND ORGANIZATION OF T32
HISTORY AND ORGANIZATION OF THE COMPANY (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
History And Organization Of The Company 1 | 100.00% |
History And Organization Of The Company 2 | 100.00% |
History And Organization Of The Company 3 | 90.00% |
History And Organization Of The Company 4 | 10.00% |
CONTINUANCE OF OPERATIONS (Narr
CONTINUANCE OF OPERATIONS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)mo | |
Continuance Of Operations 1 | $ 427,365 |
Continuance Of Operations 2 | 26,674,737 |
Continuance Of Operations 3 | $ 657,584 |
Continuance Of Operations 4 | mo | 12 |
SIGNIFICANT ACCOUNTING POLICI34
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Significant Accounting Policies 1 | 90.00% |
Significant Accounting Policies 2 | $ 97,493 |
Significant Accounting Policies 3 | 0 |
Significant Accounting Policies 4 | $ 0 |
Significant Accounting Policies 5 | 10.00% |
Significant Accounting Policies 6 | shares | 0 |
Significant Accounting Policies 7 | 0 |
Significant Accounting Policies 8 | 964,500 |
Significant Accounting Policies 9 | shares | 2,235,000 |
Significant Accounting Policies 10 | 2,426,000 |
Significant Accounting Policies 11 | 2,489,000 |
Significant Accounting Policies 12 | $ 468,750 |
Significant Accounting Policies 13 | 635,550 |
Significant Accounting Policies 14 | $ 1,106,924 |
INVESTMENTS IN TRADING SECURI35
INVESTMENTS IN TRADING SECURITIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Investments In Trading Securities 1 | $ 101,214 |
Investments In Trading Securities 2 | 81,012 |
Investments In Trading Securities 3 | $ 141,030 |
EQUIPMENT (Narrative) (Details)
EQUIPMENT (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Equipment 1 | $ 146,210 |
Equipment 2 | 188,078 |
Equipment 3 | $ 244,659 |
MINERAL PROPERTIES (Narrative)
MINERAL PROPERTIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)yrd | |
Mineral Properties 1 | yr | 15 |
Mineral Properties 2 | $ 30,000 |
Mineral Properties 3 | 167 |
Mineral Properties 4 | $ 180 |
Mineral Properties 5 | 55.00% |
Mineral Properties 6 | 55.00% |
Mineral Properties 7 | 55.00% |
Mineral Properties 8 | $ 425,000 |
Mineral Properties 9 | 100,000 |
Mineral Properties 10 | $ 325,000 |
Mineral Properties 11 | d | 90 |
Mineral Properties 12 | 1,000,000 |
Mineral Properties 13 | $ 4,425,000 |
Mineral Properties 14 | 500,000 |
Mineral Properties 15 | 1,000,000 |
Mineral Properties 16 | 925,000 |
Mineral Properties 17 | 300,000 |
Mineral Properties 18 | 500,000 |
Mineral Properties 19 | $ 4,425,000 |
Mineral Properties 20 | 55.00% |
Mineral Properties 21 | $ 50,000 |
Mineral Properties 22 | 55.00% |
Mineral Properties 23 | $ 50,000 |
Mineral Properties 24 | $ 5,000,000 |
Mineral Properties 25 | 55.00% |
Mineral Properties 26 | $ 15,000 |
Mineral Properties 27 | 100,000 |
Mineral Properties 28 | 100,000 |
Mineral Properties 29 | 20,000 |
Mineral Properties 30 | $ 500 |
ASSET RETIREMENT OBLIGATION (Na
ASSET RETIREMENT OBLIGATION (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Asset Retirement Obligation 1 | $ 145,029 |
Asset Retirement Obligation 2 | 96,395 |
Asset Retirement Obligation 3 | $ 220,000 |
Asset Retirement Obligation 4 | 10.00% |
Asset Retirement Obligation 5 | 2.00% |
Asset Retirement Obligation 6 | $ 221,322 |
CAPITAL STOCK (Narrative) (Deta
CAPITAL STOCK (Narrative) (Details) - 12 months ended Dec. 31, 2015 | USD ($)moyrshares | CADmoyrCAD / sharesshares |
Capital Stock 1 | shares | 276,000 | 276,000 |
Capital Stock 2 | $ 110,546 | |
Capital Stock 3 | shares | 452,500 | 452,500 |
Capital Stock 4 | $ 136,679 | |
Capital Stock 5 | shares | 149,000 | 149,000 |
Capital Stock 6 | $ 18,901 | |
Capital Stock 7 | shares | 1,929,000 | 1,929,000 |
Capital Stock 8 | CAD / shares | CAD 0.85 | |
Capital Stock 9 | $ 1,660,025 | |
Capital Stock 10 | $ 126,324 | |
Capital Stock 11 | CAD / shares | CAD 1 | |
Capital Stock 12 | 10.00% | 10.00% |
Capital Stock 13 | 10.00% | 10.00% |
Capital Stock 14 | yr | 10 | 10 |
Capital Stock 15 | $ 0 | |
Capital Stock 16 | 0 | |
Capital Stock 17 | 0 | |
Capital Stock 18 | 0 | |
Capital Stock 19 | 0 | |
Capital Stock 20 | $ 0 | |
Capital Stock 21 | yr | 3.67 | 3.67 |
Capital Stock 22 | yr | 5.05 | 5.05 |
Capital Stock 23 | yr | 5.86 | 5.86 |
Capital Stock 24 | $ 124,458 | |
Capital Stock 25 | 108,302 | |
Capital Stock 26 | $ 58,055 | |
Capital Stock 27 | shares | 424,000 | 424,000 |
Capital Stock 28 | shares | 48,000 | 48,000 |
Capital Stock 29 | $ 0.18 | |
Capital Stock 30 | CAD | CAD 0.225 | |
Capital Stock 31 | $ 20,202 | |
Capital Stock 32 | shares | 1,231,000 | 1,231,000 |
Capital Stock 33 | $ 0.12 | |
Capital Stock 34 | CAD | CAD 0.15 | |
Capital Stock 35 | $ 86,081 | |
Capital Stock 36 | shares | 2,147,000 | 2,147,000 |
Capital Stock 37 | shares | 171,000 | 171,000 |
Capital Stock 38 | $ 0.43 | |
Capital Stock 39 | CAD | CAD 0.50 | |
Capital Stock 40 | 59,304 | |
Capital Stock 41 | $ 418,317 | |
Capital Stock 42 | shares | 250,000 | 250,000 |
Capital Stock 43 | $ 0.15 | |
Capital Stock 44 | CAD | CAD 0.20 | |
Capital Stock 45 | shares | 108,000 | 108,000 |
Capital Stock 46 | $ 0.43 | |
Capital Stock 47 | CAD | CAD 0.50 | |
Capital Stock 48 | 0.10 | |
Capital Stock 49 | 0.17 | |
Capital Stock 50 | $ 0 | |
Capital Stock 51 | shares | 964,500 | 964,500 |
Capital Stock 52 | $ 0 | |
Capital Stock 53 | 0 | |
Capital Stock 54 | $ 992 | |
Capital Stock 55 | 30.00% | 30.00% |
Capital Stock 56 | 0.102% | 0.102% |
Capital Stock 57 | mo | 6 | 6 |
Capital Stock 58 | 0 | 0 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - 12 months ended Dec. 31, 2015 | USD ($)shares | CAD / shares |
Related Party Transactions 1 | $ 201,097 | |
Related Party Transactions 2 | 144,394 | |
Related Party Transactions 3 | $ 225,365 | |
Related Party Transactions 4 | 50.00% | |
Related Party Transactions 5 | $ 100,548 | |
Related Party Transactions 6 | 72,197 | |
Related Party Transactions 7 | 112,683 | |
Related Party Transactions 8 | 51,096 | |
Related Party Transactions 9 | 28,974 | |
Related Party Transactions 10 | 0 | |
Related Party Transactions 11 | 10,000 | |
Related Party Transactions 12 | 97,493 | |
Related Party Transactions 13 | 97,493 | |
Related Party Transactions 14 | $ 0 | |
Related Party Transactions 15 | shares | 1,231,000 | |
Related Party Transactions 16 | CAD / shares | CAD 0.15 | |
Related Party Transactions 17 | shares | 424,000 | |
Related Party Transactions 18 | CAD / shares | 0.225 | |
Related Party Transactions 19 | shares | 2,147,000 | |
Related Party Transactions 20 | CAD / shares | CAD 0.50 |
DEFERRED INCOME TAXES (Narrativ
DEFERRED INCOME TAXES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Deferred Income Taxes 1 | $ 0 |
Deferred Income Taxes 2 | 34.00% |
Deferred Income Taxes 3 | $ (3,689,000) |
Deferred Income Taxes 4 | (5,586,000) |
Deferred Income Taxes 5 | (5,448,000) |
Deferred Income Taxes 6 | 9,636,000 |
Deferred Income Taxes 7 | 9,636,000 |
Deferred Income Taxes 8 | 8,972,000 |
Deferred Income Taxes 9 | $ 664,000 |
CONTINGENCY AND COMMITMENTS (Na
CONTINGENCY AND COMMITMENTS (Narrative) (Details) - 12 months ended Dec. 31, 2015 | USD ($)mo$ / mo | CADmo$ / mo |
Contingency And Commitments 1 | 881 | 881 |
Contingency And Commitments 2 | mo | 60 | 60 |
Contingency And Commitments 3 | CAD | CAD 3,667 | |
Contingency And Commitments 4 | $ / mo | 2,860 | 2,860 |
Contingency And Commitments 5 | 3.00% | 3.00% |
Contingency And Commitments 6 | 5.00% | 5.00% |
Contingency And Commitments 7 | 3.00% | 3.00% |
Contingency And Commitments 8 | 5.00% | 5.00% |
Contingency And Commitments 9 | 3.00% | 3.00% |
Contingency And Commitments 10 | 5.00% | 5.00% |
Contingency And Commitments 11 | $ 84,300 | |
Contingency And Commitments 12 | 120,000 | |
Contingency And Commitments 13 | 130,000 | |
Contingency And Commitments 14 | 385,000 | |
Contingency And Commitments 15 | 327,000 | |
Contingency And Commitments 16 | 385,000 | |
Contingency And Commitments 17 | 327,000 | |
Contingency And Commitments 18 | 10,000 | |
Contingency And Commitments 19 | $ 300,000 |
SUBSEQUENT EVENT NOTE (Narrativ
SUBSEQUENT EVENT NOTE (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)shares | Dec. 31, 2015CADshares | |
Subsequent Event Note 1 | shares | 102,500 | 102,500 |
Subsequent Event Note 2 | $ | $ 15,743 | |
Subsequent Event Note 3 | CAD | CAD 22,288 |
Schedule of Equipment, Declinin
Schedule of Equipment, Declining Method Annual Rates (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies Schedule Of Equipment, Declining Method Annual Rates 1 | 20.00% |
Significant Accounting Policies Schedule Of Equipment, Declining Method Annual Rates 2 | 30.00% |
Significant Accounting Policies Schedule Of Equipment, Declining Method Annual Rates 3 | 30.00% |
Significant Accounting Policies Schedule Of Equipment, Declining Method Annual Rates 4 | 20.00% |
Schedule of Fair Value of Finan
Schedule of Fair Value of Financial Assets And Liabilities (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 1 | $ 862,552 |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 2 | 862,552 |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 3 | 221,322 |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 4 | 221,322 |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 5 | 0 |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 6 | 0 |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 7 | 101,214 |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 8 | 101,214 |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 9 | 0 |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 10 | 0 |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 11 | 1,185,088 |
Significant Accounting Policies Schedule Of Fair Value Of Financial Assets And Liabilities 12 | $ 1,185,088 |
Schedule of Investments (Detail
Schedule of Investments (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Investments In Trading Securities Schedule Of Investments 1 | $ 651,580 |
Investments In Trading Securities Schedule Of Investments 2 | 710,297 |
Investments In Trading Securities Schedule Of Investments 3 | 779,097 |
Investments In Trading Securities Schedule Of Investments 4 | (550,366) |
Investments In Trading Securities Schedule Of Investments 5 | (629,285) |
Investments In Trading Securities Schedule Of Investments 6 | (638,067) |
Investments In Trading Securities Schedule Of Investments 7 | 101,214 |
Investments In Trading Securities Schedule Of Investments 8 | 81,012 |
Investments In Trading Securities Schedule Of Investments 9 | $ 141,030 |
Schedule of Equipment (Details)
Schedule of Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equipment Schedule Of Equipment 1 | $ 8,358 | ||
Equipment Schedule Of Equipment 2 | 8,358 | ||
Equipment Schedule Of Equipment 3 | 20,274 | ||
Equipment Schedule Of Equipment 4 | 20,274 | ||
Equipment Schedule Of Equipment 5 | 0 | ||
Equipment Schedule Of Equipment 6 | 1,464,478 | ||
Equipment Schedule Of Equipment 7 | 1,047,418 | ||
Equipment Schedule Of Equipment 8 | 417,060 | ||
Equipment Schedule Of Equipment 9 | 333,989 | ||
Equipment Schedule Of Equipment 10 | 264,524 | ||
Equipment Schedule Of Equipment 11 | 69,465 | ||
Equipment Schedule Of Equipment 12 | 1,827,099 | ||
Equipment Schedule Of Equipment 13 | 1,340,574 | ||
Equipment Schedule Of Equipment 14 | $ 486,525 | ||
Equipment Schedule Of Equipment 1 | $ 8,358 | ||
Equipment Schedule Of Equipment 2 | 8,358 | ||
Equipment Schedule Of Equipment 3 | 20,274 | ||
Equipment Schedule Of Equipment 4 | 20,274 | ||
Equipment Schedule Of Equipment 5 | 0 | ||
Equipment Schedule Of Equipment 6 | 1,464,478 | ||
Equipment Schedule Of Equipment 7 | 930,979 | ||
Equipment Schedule Of Equipment 8 | 533,499 | ||
Equipment Schedule Of Equipment 9 | 333,989 | ||
Equipment Schedule Of Equipment 10 | 234,753 | ||
Equipment Schedule Of Equipment 11 | 99,236 | ||
Equipment Schedule Of Equipment 12 | 1,827,099 | ||
Equipment Schedule Of Equipment 13 | 1,194,364 | ||
Equipment Schedule Of Equipment 14 | $ 632,735 | ||
Equipment Schedule Of Equipment 1 | $ 8,358 | ||
Equipment Schedule Of Equipment 2 | 8,358 | ||
Equipment Schedule Of Equipment 3 | 20,274 | ||
Equipment Schedule Of Equipment 4 | 20,274 | ||
Equipment Schedule Of Equipment 5 | 0 | ||
Equipment Schedule Of Equipment 6 | 1,464,478 | ||
Equipment Schedule Of Equipment 7 | 785,431 | ||
Equipment Schedule Of Equipment 8 | 679,047 | ||
Equipment Schedule Of Equipment 9 | 333,989 | ||
Equipment Schedule Of Equipment 10 | 192,223 | ||
Equipment Schedule Of Equipment 11 | 141,766 | ||
Equipment Schedule Of Equipment 12 | 1,827,099 | ||
Equipment Schedule Of Equipment 13 | 1,006,286 | ||
Equipment Schedule Of Equipment 14 | $ 820,813 |
Schedule of Mineral Properties
Schedule of Mineral Properties Acquired (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Mineral Properties Schedule Of Mineral Properties Acquired 1 | $ 1,607,729 |
Mineral Properties Schedule Of Mineral Properties Acquired 2 | 1,607,729 |
Mineral Properties Schedule Of Mineral Properties Acquired 3 | 1,607,729 |
Mineral Properties Schedule Of Mineral Properties Acquired 4 | 8,133 |
Mineral Properties Schedule Of Mineral Properties Acquired 5 | 8,133 |
Mineral Properties Schedule Of Mineral Properties Acquired 6 | 131,133 |
Mineral Properties Schedule Of Mineral Properties Acquired 7 | (881,440) |
Mineral Properties Schedule Of Mineral Properties Acquired 8 | (881,440) |
Mineral Properties Schedule Of Mineral Properties Acquired 9 | (881,440) |
Mineral Properties Schedule Of Mineral Properties Acquired 10 | 734,422 |
Mineral Properties Schedule Of Mineral Properties Acquired 11 | 734,422 |
Mineral Properties Schedule Of Mineral Properties Acquired 12 | $ 857,422 |
Schedule of Asset Retirement Ob
Schedule of Asset Retirement Obligations (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 1 | $ 96,395 |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 2 | 203,395 |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 3 | 187,395 |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 4 | 48,634 |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 5 | (123,000) |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 6 | 0 |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 7 | 0 |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 8 | 16,000 |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 9 | 16,000 |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 10 | 145,029 |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 11 | 96,395 |
Asset Retirement Obligation Schedule Of Asset Retirement Obligations 12 | $ 203,395 |
Schedule of Stock Options Ousta
Schedule of Stock Options Oustanding (Details) - 12 months ended Dec. 31, 2015 | USD ($) | CAD |
Capital Stock Schedule Of Stock Options Oustanding 1 | $ | $ 324,000 | |
Capital Stock Schedule Of Stock Options Oustanding 2 | CAD | CAD 0.225 | |
Capital Stock Schedule Of Stock Options Oustanding 3 | $ | 516,000 | |
Capital Stock Schedule Of Stock Options Oustanding 4 | CAD | 0.15 | |
Capital Stock Schedule Of Stock Options Oustanding 5 | $ | 108,000 | |
Capital Stock Schedule Of Stock Options Oustanding 6 | CAD | 0.50 | |
Capital Stock Schedule Of Stock Options Oustanding 7 | $ | 162,000 | |
Capital Stock Schedule Of Stock Options Oustanding 8 | CAD | 0.15 | |
Capital Stock Schedule Of Stock Options Oustanding 9 | $ | 54,000 | |
Capital Stock Schedule Of Stock Options Oustanding 10 | CAD | 0.50 | |
Capital Stock Schedule Of Stock Options Oustanding 11 | $ | 63,000 | |
Capital Stock Schedule Of Stock Options Oustanding 12 | CAD | 0.15 | |
Capital Stock Schedule Of Stock Options Oustanding 13 | $ | 48,000 | |
Capital Stock Schedule Of Stock Options Oustanding 14 | CAD | 0.225 | |
Capital Stock Schedule Of Stock Options Oustanding 15 | $ | 90,000 | |
Capital Stock Schedule Of Stock Options Oustanding 16 | CAD | 0.50 | |
Capital Stock Schedule Of Stock Options Oustanding 17 | $ | 30,000 | |
Capital Stock Schedule Of Stock Options Oustanding 18 | CAD | 0.50 | |
Capital Stock Schedule Of Stock Options Oustanding 19 | $ | 100,000 | |
Capital Stock Schedule Of Stock Options Oustanding 20 | CAD | 0.225 | |
Capital Stock Schedule Of Stock Options Oustanding 21 | $ | 108,000 | |
Capital Stock Schedule Of Stock Options Oustanding 22 | CAD | 0.15 | |
Capital Stock Schedule Of Stock Options Oustanding 23 | $ | 382,000 | |
Capital Stock Schedule Of Stock Options Oustanding 24 | CAD | 0.15 | |
Capital Stock Schedule Of Stock Options Oustanding 25 | $ | $ 250,000 | |
Capital Stock Schedule Of Stock Options Oustanding 26 | CAD | CAD 0.20 |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 1 | $ 2,426,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 2 | 0.43 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 3 | $ 2,489,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 4 | 1.03 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 5 | $ 2,639,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 6 | 1.02 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 7 | $ 250,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 8 | 0.15 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 9 | $ 108,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 10 | 0.43 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 11 | $ 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 12 | 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 13 | 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 14 | 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 15 | 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 16 | 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 17 | 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 18 | 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 19 | $ (441,000) |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 20 | 0.36 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 21 | $ (171,000) |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 22 | 1.90 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 23 | $ (150,000) |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 24 | 0.82 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 25 | $ 2,235,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 26 | 0.16 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 27 | $ 2,426,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 28 | 0.43 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 29 | $ 2,489,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 30 | 1.03 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 31 | $ 2,235,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 32 | 0.16 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 33 | $ 2,426,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 34 | 0.43 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 35 | $ 2,462,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 36 | 1.02 |
Schedule of Share-based Compe52
Schedule of Share-based Compensation, Stock Options Black-Scholes Valuation Assumptions (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)yr | |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 1 | 0.26% |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 2 | 1.64% |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 3 | 1.25% |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 4 | $ 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 5 | 0.8 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 6 | yr | 5 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 7 | yr | 5 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 8 | $ 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 9 | 58.00% |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 10 | 74.00% |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 11 | 45.00% |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 12 | $ 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 13 | 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 14 | 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 15 | $ 0 |
Amended Stock Options [Member] | |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 1 | 1.75% |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 2 | 1.75% |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 3 | $ 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 4 | yr | 7.5 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 5 | yr | 7.5 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 6 | $ 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 7 | 68.00% |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 8 | 95.00% |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 9 | $ 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 10 | 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 11 | 0 |
Capital Stock Schedule Of Share-based Compensation, Stock Options Black-scholes Valuation Assumptions 12 | $ 0 |
Schedule of Stockholders' Equit
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 1 | $ 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 2 | $ 964,500 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 3 | 1 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 4 | $ 964,500 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 5 | 1 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 6 | $ 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 7 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 8 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 9 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 10 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 11 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 12 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 13 | (964,500) |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 14 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 15 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 16 | 0 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 17 | $ 964,500 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 18 | 1 |
Schedule of Related Party Trans
Schedule of Related Party Transactions (Details) - 12 months ended Dec. 31, 2015 | USD ($) | CAD |
Related Party Transactions Schedule Of Related Party Transactions 1 | $ 31 | |
Related Party Transactions Schedule Of Related Party Transactions 2 | 495,683 | |
Related Party Transactions Schedule Of Related Party Transactions 3 | 472,649 | |
Related Party Transactions Schedule Of Related Party Transactions 4 | 458,976 | |
Related Party Transactions Schedule Of Related Party Transactions 5 | 4,692 | |
Related Party Transactions Schedule Of Related Party Transactions 6 | 18,845 | |
Related Party Transactions Schedule Of Related Party Transactions 7 | 18,535 | |
Related Party Transactions Schedule Of Related Party Transactions 8 | 250,000 | |
Related Party Transactions Schedule Of Related Party Transactions 9 | 108,000 | |
Related Party Transactions Schedule Of Related Party Transactions 10 | 0 | |
Related Party Transactions Schedule Of Related Party Transactions 11 | CAD | CAD 0.20 | |
Related Party Transactions Schedule Of Related Party Transactions 12 | CAD | CAD 0.50 | |
Related Party Transactions Schedule Of Related Party Transactions 13 | $ 0 |
Schedule of Cash Flow, Suppleme
Schedule of Cash Flow, Supplemental Disclosures (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 1 | $ 10,216 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 2 | 8,169 |
Supplemental Disclosure With Respect To Cash Flows Schedule Of Cash Flow, Supplemental Disclosures 3 | $ 11,053 |
Schedule of Income Tax Expense
Schedule of Income Tax Expense (Benefit) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 1 | $ (391,722) |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 2 | (687,085) |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 3 | (750,942) |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 4 | (133,000) |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 5 | (234,000) |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 6 | (255,000) |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 7 | (73,000) |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 8 | (10,000) |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 9 | (83,000) |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 10 | 121,000 |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 11 | 106,000 |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 12 | 59,000 |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 13 | 85,000 |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 14 | 138,000 |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 15 | 279,000 |
Deferred Income Taxes Schedule Of Income Tax Expense (benefit) 16 | $ 0 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 1 | $ 96,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 2 | 125,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 3 | 108,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 4 | 384,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 5 | 168,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 6 | 258,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 7 | 3,050,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 8 | 2,799,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 9 | 2,690,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 10 | 159,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 11 | 2,494,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 12 | 2,392,000 |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 13 | (3,689,000) |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 14 | (5,586,000) |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 15 | (5,448,000) |
Deferred Income Taxes Schedule Of Deferred Tax Assets And Liabilities 16 | $ 0 |
Schedule of Segmented Informati
Schedule of Segmented Information (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Segmented Information Schedule Of Segmented Information 1 | $ 564,633 |
Segmented Information Schedule Of Segmented Information 2 | 704,973 |
Segmented Information Schedule Of Segmented Information 3 | 1,163,651 |
Segmented Information Schedule Of Segmented Information 4 | 519,241 |
Segmented Information Schedule Of Segmented Information 5 | 367,086 |
Segmented Information Schedule Of Segmented Information 6 | 362,952 |
Segmented Information Schedule Of Segmented Information 7 | 1,083,874 |
Segmented Information Schedule Of Segmented Information 8 | 1,072,059 |
Segmented Information Schedule Of Segmented Information 9 | 1,526,603 |
Segmented Information Schedule Of Segmented Information 10 | 0 |
Segmented Information Schedule Of Segmented Information 11 | 0 |
Segmented Information Schedule Of Segmented Information 12 | 0 |
Segmented Information Schedule Of Segmented Information 13 | 1,220,947 |
Segmented Information Schedule Of Segmented Information 14 | 1,367,157 |
Segmented Information Schedule Of Segmented Information 15 | 1,678,235 |
Segmented Information Schedule Of Segmented Information 16 | 1,220,947 |
Segmented Information Schedule Of Segmented Information 17 | 1,367,157 |
Segmented Information Schedule Of Segmented Information 18 | 1 |
Segmented Information Schedule Of Segmented Information 19 | 678,235 |
Segmented Information Schedule Of Segmented Information 20 | 2,304,821 |
Segmented Information Schedule Of Segmented Information 21 | 2,439,216 |
Segmented Information Schedule Of Segmented Information 22 | $ 3,204,838 |