Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Trading Symbol | gntof |
Entity Registrant Name | GENTOR RESOURCES INC. |
Entity Central Index Key | 1,346,917 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 21,906,742 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Cash | $ 66,938 | $ 1,309 |
Due from related parties | 145,325 | 41,734 |
Total current assets | 212,263 | 43,043 |
Capital assets | 189 | 444 |
Assets from discontinued operations | 5,531 | 27,567 |
Total assets | 217,983 | 71,054 |
Current | ||
Accounts payable | 304,110 | 299,574 |
Accrued liabilities | 161,461 | 161,047 |
Due to related parties | 255,826 | 230,306 |
Common share purchase warrants liability | 368,082 | 0 |
Total current liabilities | 1,089,479 | 690,927 |
Liabilities from discontinued operations | 5,358 | 682 |
Total liabilities | 1,094,837 | 691,609 |
SHAREHOLDERS' DEFICIENCY | ||
Authorized 62,500,000 Common Shares, $0.0008 per share par value Issued and outstanding 21,906,742 Common Shares (December 31, 2016 - 11,906,742) | 17,525 | 9,525 |
Additional paid-in capital | 42,655,469 | 42,604,878 |
Deficit accumulated during the exploration stage | (43,549,848) | (43,234,958) |
Total shareholders' deficiency | (876,854) | (620,555) |
Total liabilities and shareholders' deficiency | $ 217,983 | $ 71,054 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0.0008 | $ 0.0008 |
Common stock, shares authorized | 62,500,000 | 62,500,000 |
Common stock, shares issued | 21,906,742 | 11,906,742 |
Common stock, shares outstanding | 21,906,742 | 11,906,742 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expenses | |||
Management fees | $ 111,364 | $ 108,432 | $ 111,655 |
Consulting fees | 0 | 0 | 32,357 |
Professional fees | 62,871 | 72,234 | 112,845 |
General and administrative expenses | 79,927 | 116,135 | 241,645 |
Depreciation and amortization | 255 | 501 | 19,798 |
Net operating loss | (254,417) | (297,302) | (518,300) |
Other income | 212 | 46 | 539 |
Foreign exchange gain (loss) | (13,681) | 12,056 | (33,991) |
(Loss) gain on common share purchase warrants | (33,973) | 10,863 | 755,862 |
Net (loss) income from continuing operations | (301,859) | (274,337) | 204,110 |
Net loss from discontinued operations | (13,031) | (88) | (384,957) |
Net loss and comprehensive loss | $ (314,890) | $ (274,425) | $ (180,847) |
Net (loss) income per share - Continuing Operations - basic | $ (0.02) | $ (0.02) | $ 0.02 |
Net (loss) income per share - Continuing Operations - diluted | (0.02) | (0.02) | 0.02 |
Net (loss) per share - Discontinued Operations - basic and diluted | 0 | 0 | (0.03) |
Net (loss) per share - basic and diluted | $ (0.02) | $ (0.02) | $ (0.02) |
Weighted average number of basic and diluted common shares outstanding | 13,221,798 | 11,906,742 | 11,262,855 |
Weighted average number of shares - basic | 13,221,798 | 11,906,730 | 11,259,470 |
Weighted average number of shares - diluted | 12,463,220 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating activities: | |||
Net (loss) income from continuing operations | $ (301,859) | $ (274,337) | $ 204,110 |
Adjustments required to reconcile net loss with net cash used in operating activities | |||
Depreciation and amortization | 255 | 501 | 19,798 |
Loss (gain) on common share purchase warrants | 33,973 | (10,863) | (755,862) |
Stock based compensation | 0 | 3,208 | 28,600 |
Changes in non-cash working capital balances | |||
Prepaids and advances | 0 | 0 | 3,702 |
Due from related parties | (103,591) | 7,431 | (23,935) |
Due to related parties | 25,520 | 132,616 | (48,814) |
Accounts payable | 4,536 | (21,352) | 97,653 |
Accrued liabilities | 414 | 41,047 | (88,529) |
Cash utilized in operating activities | (340,752) | (121,749) | (563,277) |
Financing activities: | |||
Proceeds from share issuances, net of costs | 392,699 | 0 | 749,430 |
Cash provided by financing activities | 392,699 | 0 | 749,430 |
Investing activities | |||
Net cash inflow (outflow) | 51,947 | (121,749) | 186,153 |
Cash inflows (outflows) from discontinued operations | (469) | 9,970 | (351,680) |
Cash, beginning of year | 17,287 | 129,066 | 294,592 |
Cash, end of year | 68,765 | 17,287 | 129,066 |
Cash at the end of the year relates to: | |||
Continuing operations | 66,938 | 1,309 | 133,058 |
Discontinued operations | 1,827 | 15,978 | (3,993) |
Cash, end of the year | $ 68,765 | $ 17,287 | $ 129,065 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' (DEFICIT) EQUITY - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2014 | $ 8,025 | $ 42,081,820 | $ (42,779,687) | $ (689,842) |
Balance (Shares) at Dec. 31, 2014 | 80,253,840 | |||
Common shares issued, net of costs | $ 1,500 | 491,250 | 492,750 | |
Common shares issued, net of costs (Shares) | 15,000,000 | |||
Stock-based compensation expense | 28,600 | 28,600 | ||
Net loss for the year | (180,847) | (180,847) | ||
Balance at Dec. 31, 2015 | $ 9,525 | 42,601,670 | (42,960,534) | (349,339) |
Balance (Shares) at Dec. 31, 2015 | 95,253,840 | |||
Stock-based compensation expense | 3,208 | 3,208 | ||
Net loss for the year | (274,424) | (274,424) | ||
Balance at Dec. 31, 2016 | $ 9,525 | 42,604,878 | (43,234,958) | (620,555) |
Balance (Shares) at Dec. 31, 2016 | 95,253,840 | |||
Net loss for the year | (314,890) | (314,890) | ||
Share consolidation (Shares) | (83,347,098) | |||
Common shares issued | $ 8,000 | 50,591 | 58,591 | |
Common shares issued (Shares) | 10,000,000 | |||
Balance at Dec. 31, 2017 | $ 17,525 | $ 42,655,469 | $ (43,549,848) | $ (876,854) |
Balance (Shares) at Dec. 31, 2017 | 21,906,742 |
NATURE OF OPERATIONS AND GOING
NATURE OF OPERATIONS AND GOING CONCERN | 12 Months Ended |
Dec. 31, 2017 | |
NATURE OF OPERATIONS AND GOING CONCERN [Text Block] | 1. NATURE OF OPERATIONS AND GOING CONCERN NATURE OF OPERATIONS Gentor Resources Inc. (the “Company”), a Cayman Islands corporation, is an exploration stage corporation formed for the purpose of prospecting and developing mineral properties. The business of exploring for minerals involves a high degree of risk. Few properties that are explored are ultimately developed into producing mines. Major expenses may be required to establish ore reserves, to develop metallurgical processes, to acquire construction and operating permits and to construct mining and processing facilities. In November 2017, the Company announced that it intended to dispose of, for nominal consideration, its subsidiary which holds the Karaburun project (which was the Company’s only project). The Company has relinquished the Karaburun project, discontinued operations in Turkey and is currently evaluating new business opportunities. GOING CONCERN The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the year ended December 31, 2017, the Company had a net loss and comprehensive loss of $314,890 (2016 - $274,424 and 2015 - $180,847). The Company also had a deficit accumulated during the exploration stage of $43,549,848 as at December 31, 2017 (December 31, 2016 – $43,234,958), and a working capital deficiency of $509,134 as at December 31, 2017 (December 31, 2016 - $647,884). The Company intends to fund operations through equity financing arrangements. Such financings may be insufficient to fund its capital expenditure, working capital and other cash requirements. The Company’s continued existence is dependent upon it emerging from the exploration stage, obtaining additional financing to continue operations, exploring and developing mineral properties and the discovery, development and sale of ore reserves. These circumstances represent material uncertainties which cast substantial doubt on the Company’s ability to continue on a going concern basis. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. Such adjustments may be material. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (``US GAAP``). a) BASIS OF CONSOLIDATION The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Gentor International Limited (“Gentor International”). Gentor International was incorporated on December 12, 2011 under the laws of the British Virgin Islands. Intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. b) MINERAL PROPERTIES AND EXPLORATION COSTS Exploration costs pertaining to mineral properties with no proven reserves are charged to operations as incurred. When it is determined that mineral properties can be economically developed as a result of establishing proven and probable reserves, costs incurred to develop such properties are capitalized. Such costs will be depreciated using the units-of-production method over the estimated life of the proven and probable reserves. The Company is in the exploration stage and has not yet realized any revenue from operations. All exploration expenditures are expensed as incurred (See Note 6 Discontinued Operations). c) CAPITAL ASSETS Capital assets are recorded at cost less accumulated depreciation. Depreciation is recorded as follows: Vehicle - Straight line basis over a range of two to four years Mining equipment - Straight line basis over four years Office equipment - Straight line basis over four years Furniture and fixtures - 20% declining balance basis Leasehold improvement - Straight line basis over five years d) ASSET IMPAIRMENT The Company monitors events and changes in circumstances, which may require an assessment of the recoverability of its long-lived assets. If required, the Company would assess recoverability using estimated undiscounted future operating cash flows of the related asset or asset grouping. Assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the carrying amount of an asset is not recoverable, an impairment loss is recognized in operations, measured by comparing the carrying amount of the asset to its fair value. No impairment losses were recorded during the years ended December 31, 2017, 2016 and 2015. e) ASSET RETIREMENT OBLIGATIONS The fair value of the liability of an asset retirement obligation is recorded when it is incurred and the corresponding increase to the asset is depreciated over the estimated life of the asset. The liability is periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the asset retirement obligation. The Company has not identified or recorded any asset retirement obligations on its balance sheet as at December 31, 2017 and 2016. f) STOCK-BASED COMPENSATION The Company has a stock option plan, which is described in note 7(c). The Company uses the fair value method of accounting for stock options granted to directors, officers and employees whereby the fair value of options granted measured at the grant date is recorded as a compensation expense in the financial statements on a straight line basis over the requisite employee service period (usually the vesting period). Compensation expense on stock options granted to non-employees is measured at the earlier of the completion of performance and the date the options are vested using the fair value method and is recorded as an expense in the same period as if the Company had paid cash for the goods or services received. Any consideration paid by directors, officers, employees and consultants on exercise of stock options or purchase of shares is credited to capital stock. Shares are issued from treasury upon the exercise of stock options. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For 2017 and 2016, the Company estimated that all options previously granted will vest. As the stock options are exercisable in Canadian dollars, and the Company’s shares trade on a Canadian exchange, stock options are determined to be equity instruments. g) CASH Cash consists of bank balances. The Company maintains cash in bank deposit accounts in Canada that at times may exceed Canadian federally insured limits. The Company has not experienced any losses in such accounts. h) FOREIGN EXCHANGE The Company’s functional and reporting currency is United States dollars. The functional currency of the foreign operations is United States dollars. Amounts in other than the functional currency are translated as follows: monetary assets and liabilities are translated at the spot rates of exchange in effect at the end of the period; non- monetary items are translated at historical exchange rates in effect on the dates of the transactions. Revenues and expense items are translated at average rates of exchange in effect during the period, except for depreciation, which is translated at its corresponding historical rate. Realized and unrealized exchange gains and losses are included in the consolidated statements of operations. i) USE OF ESTIMATES The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from management's best estimates as additional information becomes available in the future. The Company bases its estimates and assumptions on historical experience, current facts, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Significant estimates and assumptions include those related to the recoverability of capital assets, estimation of deferred income taxes, tax loss recoverability, useful lives of depreciable assets, and fair value estimates for stock options and common share purchase warrants. j) FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Instruments 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 any 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 operations. Fair Value The Company follows “Accounting Standards Codification” ASC 820-10 Fair Value Measurements and Disclosures Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable in the market 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 include situations where there is little, if any, market activity. For the years ended December 31, 2017, 2016 and 2015, common share purchase warrants denominated in Canadian dollars were recognized as fair value derivative instruments. Derivative Financial Instruments The Company reviews the terms of its equity instruments and other financing arrangements to determine whether or not there are embedded derivative instruments that are required to be accounted for separately as a derivative financial instrument. Also, in connection with the issuance of financing instruments, the Company may issue freestanding options or warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity. The Company may also issue options or warrants to non-employees in connection with consulting or other services. Derivative financial instruments are measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to profit or loss. For warrant-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to estimate fair value of the derivative instruments. For more complex derivative financial instruments, the Company uses acceptable pricing models to estimate fair value of the derivative instrument. The classification of derivative instruments, including whether or not such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Any previous charges or credits to income for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. k) INCOME TAXES Deferred income taxes are reported for temporary differences between items of income or expense reported in the financial statements and those reported for income tax purposes, which require the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, and for the tax loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes deferred taxes for the estimated future tax effects attributable to deductible temporary differences and loss carryforwards when realization is more likely than not. The deferred taxes for the Company amount to nil at the balance sheet date. ASC 740, “Income Taxes” requires that the Company recognize the impact of a tax position in its financial statements if the position is more likely than not of being sustained upon examination and on the technical merits of the position. At December 31, 2017 and 2016, the Company has no material unrecognized tax benefits. The Company does not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months. l) (LOSS) INCOME PER SHARE Basic (loss) income per share calculations are based on the weighted-average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated using the treasury method. The treasury method assumes that outstanding stock options and warrants with an average exercise price below market price of the underlying shares are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period. m) DISCONTINUED OPERATION A discontinued operation is a component of the Company’s business, the operations and cash flows of which can be clearly distinguished from the rest of the operations. It represents a separate line of business or geographic area of operation that the Company has sold or made a plan to sell. When an operation is classified as a discontinued operation, the Company’s comparative consolidated financial statements must be represented as if the operation had been discontinued from the start of the comparative year and shown on the balance sheet as assets held for sale. On November 23, 2017, the Company announced that it intended to dispose of, for nominal consideration, its subsidiary which holds its mineral properties in Turkey (See Note 6). n) ACCOUNTING CHANGES During 2017, the Company adopted new standards, interpretations, amendments and improvements of existing standards including: 1. Accounting Standard Update (“ASU”) No.2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. This new standard and change did not have any material impact on the Company’s consolidated financial statements. 2. ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. This new standard and change did not have any material impact on the Company’s consolidated financial statements. o) ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE Certain new standards, interpretations, amendments and improvements to existing standards were issued that are mandatory for accounting periods beginning on or after January 1, 2018. Updates that are not applicable or are not consequential to the Company have been excluded. In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. This update provides guidance on specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company did not implement early adoption of this update and does not believe the implementation of this standard update would have a material impact on its consolidated financial statements. In May 2017, FASB issued ASU 2017-09, “Compensation – Stock Compensation (Topic 718): scope modification accounting”. The amendments in this ASU provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company did not implement early adoption and is currently evaluating its impact on the consolidated financial statements. |
MINERAL PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Dec. 31, 2017 | |
MINERAL PROPERTIES [Text Block] | 3. MINERAL PROPERTIES Turkey Project Following the identification by the Company of several surface gossans in distal volcanogenic massive sulphide (VMS) settings, the Company negotiated two joint venture option agreements with local Turkish entities. The first option agreement (the “Karaburun Option”) was signed with the first local partner for a 50% share of three permits in the Boyabat area in northern Turkey and the second option agreement was signed with a second local partner for a 50% interest in three additional permits in the Boyabat area in northern Turkey. The second option agreement expired unexercised on May 15, 2014. In September 2014, the Company announced that it had acquired a new licence as a result of a government tender process, which licence covers the remaining portion of the Karaburun VMS prospect, the southern part of which was covered by the Karaburun Option. In December 2014, the Company received the final forestry drill permit from the Ministry of Forestry and Water Resources in Turkey to undertake its planned Phase 1 diamond drilling program at the Karaburun project, which drilling program commenced in 2015. During 2015, the Company terminated the Karaburun Option. On November 23, 2017, the Company announced that it intended to dispose of, for nominal consideration, its subsidiary which holds the Karaburun project (being the Company’s only project). See Note 6. |
CAPITAL ASSETS
CAPITAL ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
CAPITAL ASSETS [Text Block] | 4. CAPITAL ASSETS December 31, 2017 Accumulated Net Book Cost Depreciation Value Office Equipment 45,566 (45,377 ) 189 Leasehold improvement 440,329 (440,329 ) - $ 485,895 $ (485,706 ) $ 189 December 31, 2016 Reclassified to Accumulated discontinued Net Book Cost Depreciation operation Value Mining Equipment $ 49,432 $ (49,432 ) - - Office Equipment 49,600 (49,156 ) - 444 Furniture and Fixtures 1,906 (1,587 ) (319 ) - Leasehold improvement 440,329 (440,329 ) - - $ 541,267 $ (540,504 ) $ (319 ) $ 444 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
RELATED PARTY TRANSACTIONS [Text Block] | 5. RELATED PARTY TRANSACTIONS As of December 31, 2017, an amount of $243,207 (December 31, 2016 - $217,763) was owed to Arnold Kondrat, a director, Chief Executive Officer and President of the Company, which includes both management fees in arrears and advances. As of December 31, 2017, an amount of $10,485 (December 31, 2016 – $10,485) was owed to Kuuhubb Inc. (formerly Delrand Resources Limited), a company with a common director, for the payment of general and administrative expenses by Kuuhubb. As of December 31, 2017, an amount of $145,325 (December 31, 2016 - $41,734) was owed from Loncor Resources Inc., a company with common directors, for the payment of general and administrative expenses by the Company. All of the above related party transactions are in the normal course of operations and are unsecured, non-interest bearing, due on demand, and measured at the exchange amount as determined by management. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
DISCONTINUED OPERATIONS [Text Block] | 6. DISCONTINUED OPERATIONS In November 2017, the Company announced that it intended to dispose of, for nominal consideration, its subsidiary which holds the Karaburun project in Turkey (being the Company’s only project). The Company has relinquished the Karaburun project, discontinued operations in Turkey and is currently evaluating new business opportunities. As a result of the foregoing, the assets and liabilities related to the Karaburun project were re-classified as held for sale as at December 31, 2017 and the comparative periods. The results of the discontinued operations were as follows: For the year ended For the year ended For the year ended December 31, 2017 December 31, 2016 December 31, 2015 Expenses Field camp expenses - 25,654 188,522 Geophysics - - 18,905 Drilling - - 93,138 Professional fees 2,149 2,494 1,194 General and administrative expenses 10,867 18,293 40,341 Impairments 295 - - Depreciation and amortization 24 10,408 30,652 Net operating loss (13,335 ) (56,849 ) (372,752 ) Other income - 57,226 1,751 Foreign exchange gain (loss) 304 (465 ) (13,956 ) Net loss from discontinued operations (13,031 ) (88 ) (384,957 ) Comparative figures for the years ended 2016 and 2015 were adjusted to reallocate expenses related to the discontinued operations from the expenses incurred from continuing operations. Cash flows from discontinued operations were as follows: For the year ended December 31, December 31, December 31, Cash Flows from discontinued operations 2017 2016 2015 Net loss from discontinued operations $ (13,031 ) $ (88 ) $ (384,957 ) Add items not affecting cash: Depreciation 24 10,408 30,652 Impairments 295 - - Change in non-cash working capital items Prepaids and advances 7,567 2,550 3,610 Accounts payable 4,676 (2,899 ) (985 ) Cash generated by /(utilized in) operating activities - discontinued operations (469 ) 9,970 (351,680 ) Cash flows from discontinued operations (469 ) 9,970 (351,680 ) Cash - discontinued operations 1,827 15,978 (3,993 ) The following adjustments were made for the restated December 31, 2016 consolidated balance sheets to reflect the discontinued operations: ASSETS December 31, December 31, As at 2016 Adjustments 2016 (restated) Current Cash $ 17,287 $ (15,978 ) $ 1,309 Prepaids and advances 11,270 (11,270 ) - Due from related parties 41,734 - 41,734 Total current assets 70,291 (27,248 ) 43,043 Capital assets 763 (319 ) 444 Assets from discontinued operations - 27,567 27,567 Total assets $ 71,054 $ - $ 71,054 LIABILITIES Current Accounts payable $ 300,256 $ (681 ) $ 299,575 Accrued liabilities 161,047 - 161,047 Due to related parties 230,306 - 230,306 Total current liabilities 691,609 (681 ) 690,928 Liabilities from discontinued operations - 681 681 Total liabilities $ 691,609 $ - $ 691,609 SHAREHOLDERS' DEFICIENCY Common shares amount 9,525 - 9,525 Additional paid-in capital 42,604,878 - 42,604,878 Deficit accumulated during the exploration stage (43,234,958 ) - (43,234,958 ) Total shareholders' deficiency (620,555 ) - (620,555 ) Total liabilities and shareholders' deficiency $ 71,054 $ - $ 71,054 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2017 | |
SHARE CAPITAL [Text Block] | 7. SHARE CAPITAL a) Authorized Share Capital The authorized share capital of the Company consists of 62,500,000 common shares with a par value of $0.0008 per share. Each common share entitles the holder to one vote and no holder of the common shares shall be entitled to any right of cumulative voting. b) Issued Share Capital In September 2017, the Company consolidated its outstanding common shares on an eight to one basis. Immediately prior to the consolidation, the Company had 95,253,840 common shares outstanding. Upon effecting the consolidation, the Company had 11,906,742 common shares outstanding. Unless otherwise indicated, all share and stock option numbers have been adjusted to reflect the share consolidation to provide more comparable information. In November 2017, the Company closed a non-brokered private placement of 10,000,000 units of the Company at a price of Cdn $0.05 per unit for total gross proceeds fo Cdn $500,000. Each such unit was comprised of one common share of the Company and one half of one warrant of the Company, with each full warrant entitling the holder to purchase one common share of the Company at a price of Cdn $0.075 for a period of two years. Directors and officers of the Company purchased 2,500,000 of the said units. As of December 31, 2017, the Company had outstanding 21,906,742 (December 31, 2016 – 11,906,742) common shares. c) Stock-Based Compensation On December 14, 2011, the Company established a new stock option plan (the “Plan”). In establishing the Plan, the Company’s board of directors also provided that no additional awards will be made under the Company’s 2010 Performance and Equity Incentive Plan (the “2010 Plan”) and terminated the 2010 Plan effective upon the exercise, expiry, termination or cancellation of all of the outstanding stock options that were granted under the 2010 Plan. Stock options may be granted under the Plan from time to time by the board of directors of the Company to such directors, officers, employees and consultants of the Company or a subsidiary of the Company, and in such numbers, as are determined by the board at the time of the granting of the stock options. The number of common shares of the Company reserved from time to time for issuance to optionees pursuant to stock options granted under the Plan shall not exceed 1,375,000 common shares. The exercise price of each stock option granted under the Plan shall be determined in the discretion of the board of directors of the Company at the time of the granting of the stock option, provided that the exercise price shall not be lower than the last closing price of the Company’s common shares on the TSX Venture Exchange prior to the date the stock option is granted. On May 23, 2014, 210,000 stock options were granted under the Plan. Each such stock option entitles the holder to purchase one common share of the Company at a purchase price of $1.12 (Cdn$1.20) for a period of 5 years. The options vested at a rate of 25% on each six-month anniversary of the grant date. The following table summarizes the stock option information for the year ended December 31, 2017 and 2016: Weighted Weighted average average Weighted remaining Number of exercise price average fair contractual life options ($Cdn) value ($Cdn) (in years) Closing Balance, December 31, 2015 266,250 3.04 1.36 3.10 Forfeited (97,500 ) 5.04 2.16 Closing Balance, September 30, 2016 168,750 1.84 0.88 2.46 Expired (12,500 ) 9.92 5.60 Closing Balance, December 31, 2016 156,250 1.20 0.48 2.64 Closing Balance, December 31, 2017 156,250 1.20 0.48 1.39 During the year ended December 31, 2017, the Company recognized as stock-based compensation expense (included in general and administrative expenses) $nil (year ended December 31, 2016 and 2015 – $3,208 and $28,600, respectively). As at December 31, 2017, the unrecognized stock based compensation expense is $nil (December 31, 2016 - $nil). The Black-Scholes option-pricing model is used to estimate values of all stock options granted based on the following assumptions for the options granted in 2014: (i) Risk-free interest rate: 1.57%, which is based on the Bank of Canada benchmark bonds, average yield 5 year rate in effect at the time of grant for bonds with maturity dates at the estimated term of the options (ii) Expected volatility: 102.04%, which is based on the Company’s historical stock prices (iii) Expected life: 5 years (iv) Expected dividends: $Nil d) Canadian Dollar Common Share Purchase Warrants As at December 31, 2017, the Company had outstanding and exercisable Canadian dollar common share purchase warrants entitling the holders to purchase a total of 5,000,000 common shares of the Company (December 31, 2016 – nil), as set out in the following table: Fair Value at Number of Fair value on Loss on December 31, Issue date warrants issuance derivatives 2017 November 13, 2017 5,000,000 $ 334,109 $ 33,973 $ 368,082 (1) The exercise price for the Canadian dollar common share purchase warrants is Cdn $0.075 for one share and converted at day of issue. As of December 31, 2017, the weighted average fair value per Canadian dollar common share purchase warrants was $0.06. The Black-Scholes option-pricing model is used to estimate the fair value of the common share purchase warrants using the following assumptions: (i) Risk-free interest rate: 1.68%, which is based on the Bank of Canada benchmark bonds with 2 years maturity (ii) Expected volatility: 100%, which is based on industry average (iii) Expected life: 2 years (iv) Expected dividends: $Nil e) Loss Per Share Basic and diluted loss per share was calculated on the basis of the weighted average number of common shares outstanding for the year ended December 31, 2017, amounting to 13,221,798 common shares (year ended December 31, 2016 and 2015 – 11,906,742 and 11,262,855, respectively). 156,250 stock options (December 31, 2016 – 156,250) and 5,000,000 common share purchase warrants (December 31, 2016 – nil) were not included in the weighted average number of diluted common shares outstanding as they were anti-dilutive. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
INCOME TAXES [Text Block] | 8. INCOME TAXES a) The reconciliation of income taxes at statutory income tax rates in the United States of 35% (2016 – 35%) to the income tax expense is as follows: Year ended December 31, 2017 2016 $ $ (Loss) for the year before income tax (302,000 ) (274,425 ) Expected income tax recovery based on statutory rate (106,000 ) (92,000 ) Adjustment to expected income tax benefit: permanent differences (104,000 ) 200,000 changes in benefit of tax assets not recognized 210,000 (108,000 ) - - b) Deferred income tax Deferred income tax assets have not been recognized in respect of the following deductible temporary differences: Year ended December 31, 2017 2016 $ $ Non-capital loss carryforwards $ 13,483,000 $ 13,491,000 Capital loss carryforwards 25,540,000 25,540,000 Capital assets 147,000 166,000 Others 328,000 452,000 Total: $ 39,498,000 $ 39,649,000 The Company has non-capital losses of approximately $12.5 million available, which may be applied against future taxable income and which expire as follows: 2025 $ 98,000 2026 224,000 2027 1,874,000 2028 3,340,000 2029 406,000 2030 952,000 2031 1,553,000 2032 1,483,000 2033 865,000 2034 667,000 2035 520,000 2036 238,000 2037 252,000 Total: $ 12,472,000 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2017 | |
FINANCIAL RISK MANAGEMENT [Text Block] | 9. FINANCIAL RISK MANAGEMENT a) FOREIGN CURRENCY RISK Foreign currency risk is the risk that a variation in exchange rates between the United States dollar and other foreign currencies will affect the Company’s operations and financial results. A portion of the Company’s transactions are denominated in Canadian dollars and Turkish lira. The Company is also exposed to the impact of currency fluctuations on its monetary assets and liabilities. Significant foreign currency gains or losses are reflected as a separate component in the consolidated statement of operations. The Company has not used derivatives instruments to reduce its exposure to foreign currency risk. The following table indicates the impact of foreign currency risk on net working capital as at December 31, 2017. The table below also provides a sensitivity analysis of a 10 percent strengthening of the US dollar against the Turkish lira and the Canadian dollar as identified which would have increased (decreased) the Company’s net loss by the amounts shown in the table below. A 10 percent weakening of the US dollar against the Turkish Lira and the Canadian dollar would have had an equal but opposite effect as at December 31, 2017. Canadian Turkish Dollar Lira Cash $ 83,652 $ 7,175 Prepaids and advances - 14,541 Accounts payable (305,973 ) (20,290 ) Accrued liabilities - - Total foreign currency working capital (222,321 ) 1,426 US$ exchange rate at December 31, 2017 0.7971 0.2547 Total foreign currency net working capital in US$ (177,212 ) 363 Impact of a 10% strengthening of the US$ on net loss (17,721 ) 36 b) MARKET RISK Market risk is the potential for financial loss from adverse changes in underlying market factors, including foreign- exchange rates, commodity prices and stock based compensation costs. c) DISCLOSURES OF FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES At December 31, 2017, the carrying values of the Company’s cash, accounts payable and accrued liabilities approximate fair value. |
ENVIRONMENTAL CONTINGENCY
ENVIRONMENTAL CONTINGENCY | 12 Months Ended |
Dec. 31, 2017 | |
ENVIRONMENTAL CONTINGENCY [Text Block] | 10. ENVIRONMENTAL CONTINGENCY The Company’s exploration and evaluation activities are subject to laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company believes its activities are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
SUBSEQUENT EVENTS [Text Block] | 11. SUBSEQUENT EVENTS In April 2018, the Company received working capital loans of US$120,000 and Cdn$40,000 from third parties. The said loans are repayable on demand and are non-interest bearing. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
BASIS OF CONSOLIDATION [Policy Text Block] | a) BASIS OF CONSOLIDATION The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Gentor International Limited (“Gentor International”). Gentor International was incorporated on December 12, 2011 under the laws of the British Virgin Islands. Intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. |
MINERAL PROPERTIES AND EXPLORATION COSTS [Policy Text Block] | b) MINERAL PROPERTIES AND EXPLORATION COSTS Exploration costs pertaining to mineral properties with no proven reserves are charged to operations as incurred. When it is determined that mineral properties can be economically developed as a result of establishing proven and probable reserves, costs incurred to develop such properties are capitalized. Such costs will be depreciated using the units-of-production method over the estimated life of the proven and probable reserves. The Company is in the exploration stage and has not yet realized any revenue from operations. All exploration expenditures are expensed as incurred (See Note 6 Discontinued Operations). |
ASSET IMPAIRMENT [Policy Text Block] | d) ASSET IMPAIRMENT The Company monitors events and changes in circumstances, which may require an assessment of the recoverability of its long-lived assets. If required, the Company would assess recoverability using estimated undiscounted future operating cash flows of the related asset or asset grouping. Assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the carrying amount of an asset is not recoverable, an impairment loss is recognized in operations, measured by comparing the carrying amount of the asset to its fair value. No impairment losses were recorded during the years ended December 31, 2017, 2016 and 2015. |
ASSET RETIREMENT OBLIGATIONS [Policy Text Block] | e) ASSET RETIREMENT OBLIGATIONS The fair value of the liability of an asset retirement obligation is recorded when it is incurred and the corresponding increase to the asset is depreciated over the estimated life of the asset. The liability is periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the asset retirement obligation. The Company has not identified or recorded any asset retirement obligations on its balance sheet as at December 31, 2017 and 2016. |
STOCK-BASED COMPENSATION [Policy Text Block] | f) STOCK-BASED COMPENSATION The Company has a stock option plan, which is described in note 7(c). The Company uses the fair value method of accounting for stock options granted to directors, officers and employees whereby the fair value of options granted measured at the grant date is recorded as a compensation expense in the financial statements on a straight line basis over the requisite employee service period (usually the vesting period). Compensation expense on stock options granted to non-employees is measured at the earlier of the completion of performance and the date the options are vested using the fair value method and is recorded as an expense in the same period as if the Company had paid cash for the goods or services received. Any consideration paid by directors, officers, employees and consultants on exercise of stock options or purchase of shares is credited to capital stock. Shares are issued from treasury upon the exercise of stock options. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For 2017 and 2016, the Company estimated that all options previously granted will vest. As the stock options are exercisable in Canadian dollars, and the Company’s shares trade on a Canadian exchange, stock options are determined to be equity instruments. |
CASH [Policy Text Block] | g) CASH Cash consists of bank balances. The Company maintains cash in bank deposit accounts in Canada that at times may exceed Canadian federally insured limits. The Company has not experienced any losses in such accounts. |
FOREIGN EXCHANGE [Policy Text Block] | h) FOREIGN EXCHANGE The Company’s functional and reporting currency is United States dollars. The functional currency of the foreign operations is United States dollars. Amounts in other than the functional currency are translated as follows: monetary assets and liabilities are translated at the spot rates of exchange in effect at the end of the period; non- monetary items are translated at historical exchange rates in effect on the dates of the transactions. Revenues and expense items are translated at average rates of exchange in effect during the period, except for depreciation, which is translated at its corresponding historical rate. Realized and unrealized exchange gains and losses are included in the consolidated statements of operations. |
USE OF ESTIMATES [Policy Text Block] | i) USE OF ESTIMATES The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from management's best estimates as additional information becomes available in the future. The Company bases its estimates and assumptions on historical experience, current facts, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Significant estimates and assumptions include those related to the recoverability of capital assets, estimation of deferred income taxes, tax loss recoverability, useful lives of depreciable assets, and fair value estimates for stock options and common share purchase warrants. |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Policy Text Block] | j) FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Instruments 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 any 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 operations. Fair Value The Company follows “Accounting Standards Codification” ASC 820-10 Fair Value Measurements and Disclosures Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable in the market 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 include situations where there is little, if any, market activity. For the years ended December 31, 2017, 2016 and 2015, common share purchase warrants denominated in Canadian dollars were recognized as fair value derivative instruments. Derivative Financial Instruments The Company reviews the terms of its equity instruments and other financing arrangements to determine whether or not there are embedded derivative instruments that are required to be accounted for separately as a derivative financial instrument. Also, in connection with the issuance of financing instruments, the Company may issue freestanding options or warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity. The Company may also issue options or warrants to non-employees in connection with consulting or other services. Derivative financial instruments are measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to profit or loss. For warrant-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to estimate fair value of the derivative instruments. For more complex derivative financial instruments, the Company uses acceptable pricing models to estimate fair value of the derivative instrument. The classification of derivative instruments, including whether or not such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Any previous charges or credits to income for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. |
INCOME TAXES [Policy Text Block] | k) INCOME TAXES Deferred income taxes are reported for temporary differences between items of income or expense reported in the financial statements and those reported for income tax purposes, which require the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, and for the tax loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes deferred taxes for the estimated future tax effects attributable to deductible temporary differences and loss carryforwards when realization is more likely than not. The deferred taxes for the Company amount to nil at the balance sheet date. ASC 740, “Income Taxes” requires that the Company recognize the impact of a tax position in its financial statements if the position is more likely than not of being sustained upon examination and on the technical merits of the position. At December 31, 2017 and 2016, the Company has no material unrecognized tax benefits. The Company does not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months. |
LOSS PER SHARE [Policy Text Block] | l) (LOSS) INCOME PER SHARE Basic (loss) income per share calculations are based on the weighted-average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated using the treasury method. The treasury method assumes that outstanding stock options and warrants with an average exercise price below market price of the underlying shares are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period. |
DISCONTINUED OPERATION [Policy Text Block] | m) DISCONTINUED OPERATION A discontinued operation is a component of the Company’s business, the operations and cash flows of which can be clearly distinguished from the rest of the operations. It represents a separate line of business or geographic area of operation that the Company has sold or made a plan to sell. When an operation is classified as a discontinued operation, the Company’s comparative consolidated financial statements must be represented as if the operation had been discontinued from the start of the comparative year and shown on the balance sheet as assets held for sale. On November 23, 2017, the Company announced that it intended to dispose of, for nominal consideration, its subsidiary which holds its mineral properties in Turkey (See Note 6). |
ACCOUNTING CHANGES [Policy Text Block] | n) ACCOUNTING CHANGES During 2017, the Company adopted new standards, interpretations, amendments and improvements of existing standards including: 1. Accounting Standard Update (“ASU”) No.2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. This new standard and change did not have any material impact on the Company’s consolidated financial statements. 2. ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. This new standard and change did not have any material impact on the Company’s consolidated financial statements. |
ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE [Policy Text Block] | o) ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE Certain new standards, interpretations, amendments and improvements to existing standards were issued that are mandatory for accounting periods beginning on or after January 1, 2018. Updates that are not applicable or are not consequential to the Company have been excluded. In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. This update provides guidance on specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company did not implement early adoption of this update and does not believe the implementation of this standard update would have a material impact on its consolidated financial statements. In May 2017, FASB issued ASU 2017-09, “Compensation – Stock Compensation (Topic 718): scope modification accounting”. The amendments in this ASU provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company did not implement early adoption and is currently evaluating its impact on the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule Of Capital Assets Depreciation Method [Table Text Block] | Vehicle - Straight line basis over a range of two to four years Mining equipment - Straight line basis over four years Office equipment - Straight line basis over four years Furniture and fixtures - 20% declining balance basis Leasehold improvement - Straight line basis over five years |
CAPITAL ASSETS (Tables)
CAPITAL ASSETS (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Table Text Block] | December 31, 2017 Accumulated Net Book Cost Depreciation Value Office Equipment 45,566 (45,377 ) 189 Leasehold improvement 440,329 (440,329 ) - $ 485,895 $ (485,706 ) $ 189 | December 31, 2016 Reclassified to Accumulated discontinued Net Book Cost Depreciation operation Value Mining Equipment $ 49,432 $ (49,432 ) - - Office Equipment 49,600 (49,156 ) - 444 Furniture and Fixtures 1,906 (1,587 ) (319 ) - Leasehold improvement 440,329 (440,329 ) - - $ 541,267 $ (540,504 ) $ (319 ) $ 444 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Results of the Discontinued Operation [Table Text Block] | For the year ended For the year ended For the year ended December 31, 2017 December 31, 2016 December 31, 2015 Expenses Field camp expenses - 25,654 188,522 Geophysics - - 18,905 Drilling - - 93,138 Professional fees 2,149 2,494 1,194 General and administrative expenses 10,867 18,293 40,341 Impairments 295 - - Depreciation and amortization 24 10,408 30,652 Net operating loss (13,335 ) (56,849 ) (372,752 ) Other income - 57,226 1,751 Foreign exchange gain (loss) 304 (465 ) (13,956 ) Net loss from discontinued operations (13,031 ) (88 ) (384,957 ) |
Schedule of Cash Flows from the Discontinued Operation [Table Text Block] | For the year ended December 31, December 31, December 31, Cash Flows from discontinued operations 2017 2016 2015 Net loss from discontinued operations $ (13,031 ) $ (88 ) $ (384,957 ) Add items not affecting cash: Depreciation 24 10,408 30,652 Impairments 295 - - Change in non-cash working capital items Prepaids and advances 7,567 2,550 3,610 Accounts payable 4,676 (2,899 ) (985 ) Cash generated by /(utilized in) operating activities - discontinued operations (469 ) 9,970 (351,680 ) Cash flows from discontinued operations (469 ) 9,970 (351,680 ) Cash - discontinued operations 1,827 15,978 (3,993 ) |
Schedule of Balance Sheets, Affect of Discontinued Operation [Table Text Block] | ASSETS December 31, December 31, As at 2016 Adjustments 2016 (restated) Current Cash $ 17,287 $ (15,978 ) $ 1,309 Prepaids and advances 11,270 (11,270 ) - Due from related parties 41,734 - 41,734 Total current assets 70,291 (27,248 ) 43,043 Capital assets 763 (319 ) 444 Assets from discontinued operations - 27,567 27,567 Total assets $ 71,054 $ - $ 71,054 LIABILITIES Current Accounts payable $ 300,256 $ (681 ) $ 299,575 Accrued liabilities 161,047 - 161,047 Due to related parties 230,306 - 230,306 Total current liabilities 691,609 (681 ) 690,928 Liabilities from discontinued operations - 681 681 Total liabilities $ 691,609 $ - $ 691,609 SHAREHOLDERS' DEFICIENCY Common shares amount 9,525 - 9,525 Additional paid-in capital 42,604,878 - 42,604,878 Deficit accumulated during the exploration stage (43,234,958 ) - (43,234,958 ) Total shareholders' deficiency (620,555 ) - (620,555 ) Total liabilities and shareholders' deficiency $ 71,054 $ - $ 71,054 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Stock Option Activity [Table Text Block] | Weighted Weighted average average Weighted remaining Number of exercise price average fair contractual life options ($Cdn) value ($Cdn) (in years) Closing Balance, December 31, 2015 266,250 3.04 1.36 3.10 Forfeited (97,500 ) 5.04 2.16 Closing Balance, September 30, 2016 168,750 1.84 0.88 2.46 Expired (12,500 ) 9.92 5.60 Closing Balance, December 31, 2016 156,250 1.20 0.48 2.64 Closing Balance, December 31, 2017 156,250 1.20 0.48 1.39 |
Schedule of Derivative Financial Instruments Activity [Table Text Block] | Fair Value at Number of Fair value on Loss on December 31, Issue date warrants issuance derivatives 2017 November 13, 2017 5,000,000 $ 334,109 $ 33,973 $ 368,082 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2017 2016 $ $ (Loss) for the year before income tax (302,000 ) (274,425 ) Expected income tax recovery based on statutory rate (106,000 ) (92,000 ) Adjustment to expected income tax benefit: permanent differences (104,000 ) 200,000 changes in benefit of tax assets not recognized 210,000 (108,000 ) - - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year ended December 31, 2017 2016 $ $ Non-capital loss carryforwards $ 13,483,000 $ 13,491,000 Capital loss carryforwards 25,540,000 25,540,000 Capital assets 147,000 166,000 Others 328,000 452,000 Total: $ 39,498,000 $ 39,649,000 |
Summary of Operating Loss Carryforwards [Table Text Block] | 2025 $ 98,000 2026 224,000 2027 1,874,000 2028 3,340,000 2029 406,000 2030 952,000 2031 1,553,000 2032 1,483,000 2033 865,000 2034 667,000 2035 520,000 2036 238,000 2037 252,000 Total: $ 12,472,000 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule Of Foreign Currency Risk On Net Working Capital and Sensitivity Analysis [Table Text Block] | Canadian Turkish Dollar Lira Cash $ 83,652 $ 7,175 Prepaids and advances - 14,541 Accounts payable (305,973 ) (20,290 ) Accrued liabilities - - Total foreign currency working capital (222,321 ) 1,426 US$ exchange rate at December 31, 2017 0.7971 0.2547 Total foreign currency net working capital in US$ (177,212 ) 363 Impact of a 10% strengthening of the US$ on net loss (17,721 ) 36 |
NATURE OF OPERATIONS AND GOIN25
NATURE OF OPERATIONS AND GOING CONCERN (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Income Loss | $ 314,890 | $ 274,424 | $ 180,847 |
Deficit accumulated during the exploration stage | 43,549,848 | 43,234,958 | |
Working Capital | $ 509,134 | $ 647,884 |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | Dec. 31, 2017USD ($) |
Deferred Tax Assets | $ 0 |
MINERAL PROPERTIES (Narrative)
MINERAL PROPERTIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Joint Venture Option Agreements, Description | Following the identification by the Company of several surface gossans in distal volcanogenic massive sulphide (VMS) settings, the Company negotiated two joint venture option agreements with local Turkish entities. The first option agreement (the “Karaburun Option”) was signed with the first local partner for a 50% share of three permits in the Boyabat area in northern Turkey and the second option agreement was signed with a second local partner for a 50% interest in three additional permits in the Boyabat area in northern Turkey. |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Due to related parties | $ 255,826 | $ 230,306 |
Director [Member] | ||
Due to related parties | 243,207 | 217,763 |
Delrand Resources Limited [Member] | ||
Due to related parties | 10,485 | 10,485 |
Loncor Resources Inc. [Member] | ||
Due to related parties | $ 145,325 | $ 41,734 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2017$ / shares$ / shares | Nov. 30, 2017CAD ($)$ / sharesshares | May 31, 2014$ / sharesshares | May 31, 2014$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | Sep. 30, 2017shares | |
Common stock, shares authorized | 62,500,000 | 62,500,000 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0008 | $ 0.0008 | ||||||
Common stock, shares outstanding | 21,906,742 | 11,906,742 | 95,253,840 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 102.04% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.57% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | |||||||
Weighted average number of basic and diluted common shares outstanding | 13,221,798 | 11,906,742 | 11,262,855 | |||||
Unrecognized Stock Based Compensation Expense | $ | $ 0 | $ 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ | 0 | |||||||
Stock Issued During Period Under Private Placement | 10,000,000 | |||||||
Shares Issued, Price Per Share | $ / shares | $ 0.05 | $ 0.05 | ||||||
Proceeds from Issuance of Private Placement | $ | $ 500,000 | |||||||
Warrant Entitling to Purchase Common Stock Price per Share | $ / shares | $ 0.075 | |||||||
Units to be purchased | 2,500,000 | |||||||
Number of Options, Granted | 210,000 | 210,000 | ||||||
Weighted Average Exercise Price | (per share) | $ 1.12 | $ 1.20 | ||||||
Contractual Life | 5 years | 5 years | ||||||
Options Vesting Rate | 25.00% | 25.00% | ||||||
Share-based Compensation | $ | $ 0 | $ 3,208 | $ 28,600 | |||||
Warrant exercise price | $ / shares | $ 0.06 | |||||||
New Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,375,000 | |||||||
Purchase Warrant [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.68% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 100.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ | $ 0 | |||||||
Anti-dilutive shares | 5,000,000 | 0 | ||||||
Stock Options [Member] | ||||||||
Anti-dilutive shares | 156,250 | 156,250 | ||||||
Canadian Dollar [Member] | ||||||||
Number of warrants issuable | 5,000,000 | 0 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loss carryforwards | $ 13,483,000 | $ 13,491,000 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 35.00% | 35.00% |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 12,472,000 | |
Operating Loss Carryforwards | $ 12,500,000 |
FINANCIAL RISK MANAGEMENT (Narr
FINANCIAL RISK MANAGEMENT (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Foreign Currency Strength Percentage | 10.00% |
Foreign Currency Weakness Percentage | 10.00% |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - 12 months ended Dec. 31, 2017 | USD ($) | CAD ($) |
Working capital loans | $ 120,000 | $ 40,000 |
Schedule Of Capital Assets Depr
Schedule Of Capital Assets Depreciation Method (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Assets Depreciaion Method | 20% declining balance basis |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Cost | $ 485,895 | $ 541,267 |
Accumulated Depreciation | (485,706) | (540,504) |
Reclassified to Discontinued Operation | (319) | |
Net Book Value | 189 | 444 |
Mining Equipment [Member] | ||
Cost | 49,432 | |
Accumulated Depreciation | (49,432) | |
Reclassified to Discontinued Operation | 0 | |
Net Book Value | 0 | |
Office Equipment [Member] | ||
Cost | 45,566 | 49,600 |
Accumulated Depreciation | (45,377) | (49,156) |
Reclassified to Discontinued Operation | 0 | |
Net Book Value | 189 | 444 |
Furniture and Fixtures [Member] | ||
Cost | 1,906 | |
Accumulated Depreciation | (1,587) | |
Reclassified to Discontinued Operation | (319) | |
Net Book Value | 0 | |
Leasehold improvement [Member] | ||
Cost | 440,329 | 440,329 |
Accumulated Depreciation | (440,329) | (440,329) |
Reclassified to Discontinued Operation | 0 | |
Net Book Value | $ 0 | $ 0 |
Schedule of Results of the Disc
Schedule of Results of the Discontinued Operation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expenses | |||
Professional Fees | $ 62,871 | $ 72,234 | $ 112,845 |
General and administrative expenses | 79,927 | 116,135 | 241,645 |
Depreciation and amortization | 255 | 501 | 19,798 |
Net operating loss | (254,417) | (297,302) | (518,300) |
Other income | 212 | 46 | 539 |
Foreign exchange gain (loss) | (13,681) | 12,056 | (33,991) |
Net loss from discontinued operations | (13,031) | (88) | (384,957) |
Discontinued Operations [Member] | |||
Expenses | |||
Field camps expenses | 0 | 25,654 | 188,522 |
Geophysics | 0 | 0 | 18,905 |
Drilling | 0 | 0 | 93,138 |
Professional Fees | 2,149 | 2,494 | 1,194 |
General and administrative expenses | 10,867 | 18,293 | 40,341 |
Impairment of mineral properties | 295 | 0 | 0 |
Depreciation and amortization | 24 | 10,408 | 30,652 |
Net operating loss | (13,335) | (56,849) | (372,752) |
Other income | 0 | 57,226 | 1,751 |
Foreign exchange gain (loss) | 304 | (465) | (13,956) |
Net loss from discontinued operations | $ (13,031) | $ (88) | $ (384,957) |
Schedule of Cash Flows from the
Schedule of Cash Flows from the Discontinued Operation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Net loss from discontinued operations | $ (13,031) | $ (88) | $ (384,957) |
Add items not affecting cash: | |||
Depreciation and amortization | 255 | 501 | 19,798 |
Changes in non-cash working capital balances | |||
Prepaids and advances | 0 | 0 | 3,702 |
Accounts payable | 4,536 | (21,352) | 97,653 |
Discontinued Operations [Member] | |||
Operating activities: | |||
Net loss from discontinued operations | (13,031) | (88) | (384,957) |
Add items not affecting cash: | |||
Depreciation and amortization | 24 | 10,408 | 30,652 |
Impairment of mineral properties | 295 | 0 | 0 |
Changes in non-cash working capital balances | |||
Prepaids and advances | 7,567 | 2,550 | 3,610 |
Accounts payable | 4,676 | (2,899) | (985) |
Cash generated by /(utilized in) operating activities - discontinued operations | (469) | 9,970 | (351,680) |
Cash flows from discontinued operations | (469) | 9,970 | (351,680) |
Cash - discontinued operations | $ 1,827 | $ 15,978 | $ (3,993) |
Schedule of Balance Sheets, Aff
Schedule of Balance Sheets, Affect of Discontinued Operation (Details) | Dec. 31, 2016USD ($) |
Current | |
Cash | $ 17,287 |
Due from related parties | 41,734 |
Total current assets | 43,043 |
Capital assets | 444 |
Assets from discontinued operation | 27,567 |
Total assets | 71,054 |
Current | |
Accounts payable | 299,574 |
Accrued liabilities | 161,047 |
Due to related parties | 230,306 |
Total current liabilities | 690,927 |
Liabilities from discontinued operation | 682 |
Total liabilities | 691,609 |
SHAREHOLDERS EQUITY | |
Common shares amount | 9,525 |
Additional paid-in capital | 42,604,878 |
Deficit accumulated during the exploration stage | (43,234,958) |
Total shareholders' deficiency | (620,555) |
Total liabilities and shareholders' deficiency | 71,054 |
Discontinued Operations [Member] | |
Current | |
Cash | 17,287 |
Prepaids and advances | 11,270 |
Due from related parties | 41,734 |
Total current assets | 70,291 |
Capital assets | 763 |
Assets from discontinued operation | 0 |
Total assets | 71,054 |
Current | |
Accounts payable | 300,256 |
Accrued liabilities | 161,047 |
Due to related parties | 230,306 |
Total current liabilities | 691,609 |
Liabilities from discontinued operation | 0 |
Total liabilities | 691,609 |
SHAREHOLDERS EQUITY | |
Common shares amount | 9,525 |
Additional paid-in capital | 42,604,878 |
Deficit accumulated during the exploration stage | (43,234,958) |
Total shareholders' deficiency | (620,555) |
Total liabilities and shareholders' deficiency | 71,054 |
Discontinued Operations [Member] | Adjustment [Member] | |
Current | |
Cash | (15,978) |
Prepaids and advances | (11,270) |
Due from related parties | 0 |
Total current assets | (27,248) |
Capital assets | (319) |
Assets from discontinued operation | 27,567 |
Total assets | 0 |
Current | |
Accounts payable | (681) |
Accrued liabilities | 0 |
Due to related parties | 0 |
Total current liabilities | (681) |
Liabilities from discontinued operation | 681 |
Total liabilities | 0 |
SHAREHOLDERS EQUITY | |
Common shares amount | 0 |
Additional paid-in capital | 0 |
Deficit accumulated during the exploration stage | 0 |
Total shareholders' deficiency | 0 |
Total liabilities and shareholders' deficiency | 0 |
Discontinued Operations [Member] | Restated [Member] | |
Current | |
Cash | 1,309 |
Prepaids and advances | 0 |
Due from related parties | 41,734 |
Total current assets | 43,043 |
Capital assets | 444 |
Assets from discontinued operation | 27,567 |
Total assets | 71,054 |
Current | |
Accounts payable | 299,575 |
Accrued liabilities | 161,047 |
Due to related parties | 230,306 |
Total current liabilities | 690,928 |
Liabilities from discontinued operation | 681 |
Total liabilities | 691,609 |
SHAREHOLDERS EQUITY | |
Common shares amount | 9,525 |
Additional paid-in capital | 42,604,878 |
Deficit accumulated during the exploration stage | (43,234,958) |
Total shareholders' deficiency | (620,555) |
Total liabilities and shareholders' deficiency | $ 71,054 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 31, 2014$ / sharesshares | May 31, 2014$ / sharesshares | Sep. 30, 2016$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / shares | |
Number of Options, Opening Balance | shares | 266,250 | 156,250 | 266,250 | |||
Weighted Average Exercise Price ($Cdn), Opening Balance | $ 3.04 | $ 1.20 | $ 3.04 | |||
Weighted Average Fair Value ($Cdn), Opening Balance | $ 1.36 | |||||
Weighted Average Remaining Contractual Life (In Years), Opening Balance | 3 years 1 month 6 days | |||||
Number of Options, Forfeited | shares | (97,500) | |||||
Weighted Average Exercise Price ($Cdn), Forfeited | $ 5.04 | |||||
Weighted Average Fair Value ($Cdn), Forfeitures | $ 2.16 | |||||
Number of Options, Expired | shares | (12,500) | |||||
Weighted Average Exercise Price ($Cdn),Expired | $ 9.92 | |||||
Weighted Average Fair Value ($Cdn), Expired | $ 5.60 | |||||
Number of Options, Granted | shares | 210,000 | 210,000 | ||||
Weighted Average Exercise Price ($Cdn), Granted | (per share) | $ 1.12 | $ 1.20 | ||||
Number of Options, Closing Balance | shares | 168,750 | 156,250 | 156,250 | |||
Weighted Average Exercise Price ($Cdn), Closing Balance | $ 1.84 | $ 1.20 | $ 1.20 | |||
Weighted Average Fair Value ($Cdn), Closing Balance | $ 0.88 | $ 0.48 | $ 0.48 | |||
Weighted Average Remaining Contracutal Life (In Years), Closing Balance | 2 years 5 months 16 days | 1 year 4 months 20 days | 2 years 7 months 20 days |
Schedule of Derivative Financia
Schedule of Derivative Financial Instruments Activity (Details) - November 13, 2017 [Member] | Dec. 31, 2017USD ($)shares |
Number of Warrants | shares | 5,000,000 |
Fair Value on Issuance | $ 334,109 |
Gain/Loss on Derivatives | 33,973 |
Fair Value, End of Period | $ 368,082 |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
(Loss) for the year before income tax | $ (302,000) | $ (274,425) |
Expected income tax recovery based on statutory rate | (106,000) | (92,000) |
permanent differences | (104,000) | 200,000 |
changes in benefit of tax assets not recognized | 210,000 | (108,000) |
Income Tax Reconciliation, Other Reconciling Items | $ 0 | $ 0 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Non-capital loss carryforwards | $ 13,483,000 | $ 13,491,000 |
Capital loss carryforwards | 25,540,000 | 25,540,000 |
Capital assets | 147,000 | 166,000 |
Others | 328,000 | 452,000 |
Total: | $ 39,498,000 | $ 39,649,000 |
Summary of Operating Loss Carry
Summary of Operating Loss Carryforwards (Details) | Dec. 31, 2017USD ($) |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 12,472,000 |
2025 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 98,000 |
2026 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 224,000 |
2027 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,874,000 |
2028 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 3,340,000 |
2029 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 406,000 |
2030 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 952,000 |
2031 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,553,000 |
2032 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,483,000 |
2033 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 865,000 |
2034 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 667,000 |
2035 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 520,000 |
2036 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 238,000 |
2037 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 252,000 |
Schedule Of Foreign Currency Ri
Schedule Of Foreign Currency Risk On Net Working Capital and Sensitivity Analysis (Details) | Dec. 31, 2017USD ($) |
Cash | $ 66,938 |
Accounts payable | (304,110) |
Accrued liabilities | (161,461) |
Canadian Dollar [Member] | |
Cash | 83,652 |
Prepaids and advances | 0 |
Accounts payable | (305,973) |
Accrued liabilities | 0 |
Total foreign currency working capital | (222,321) |
US$ exchange rate at December 31, 2017 | 0.7971 |
Total foreign currency net working capital in US$ | (177,212) |
Impact of a 10% strengthening of the US$ on net loss | (17,721) |
Turkish Lira [Member] | |
Cash | 7,175 |
Prepaids and advances | 14,541 |
Accounts payable | (20,290) |
Accrued liabilities | 0 |
Total foreign currency working capital | 1,426 |
US$ exchange rate at December 31, 2017 | 0.2547 |
Total foreign currency net working capital in US$ | 363 |
Impact of a 10% strengthening of the US$ on net loss | $ 36 |