Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Trading Symbol | gntof |
Entity Registrant Name | GENTOR RESOURCES INC. |
Entity Central Index Key | 0001346917 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 33,906,742 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current | ||
Cash | $ 6,054 | $ 66,938 |
Due from related parties | 156,830 | 145,325 |
Advances receivable | 14,529 | |
Total current assets | 177,413 | 212,263 |
Capital assets | 189 | |
Assets from discontinued operations | 5,531 | |
Total assets | 177,413 | 217,983 |
Current | ||
Accounts payable | 351,877 | 304,110 |
Accrued liabilities | 120,000 | 161,461 |
Due to related parties | 108,341 | 255,826 |
Common share purchase warrants liability | 59,740 | 368,082 |
Total current liabilities | 639,958 | 1,089,479 |
Liabilities from discontinued operations | 5,358 | |
Total liabilities | 639,958 | 1,094,837 |
SHAREHOLDERS' DEFICIENCY | ||
Authorized 500,000,000 Common Shares, $0.0008 per share par value Issued and outstanding 33,906,742 Common Shares (December 31, 2017 - 21,906,742) | 27,125 | 17,525 |
Additional paid-in capital | 43,100,920 | 42,655,469 |
Deficit accumulated during the exploration stage | (43,590,590) | (43,549,848) |
Total shareholders' deficiency | (462,545) | (876,854) |
Total liabilities and shareholders' deficiency | $ 177,413 | $ 217,983 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Aug. 31, 2017 |
Common stock, par value (in dollars per share) | $ 0.0008 | $ 0.0008 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, shares issued | 33,906,742 | 21,906,742 | ||
Common stock, shares outstanding | 33,906,742 | 21,906,742 | 11,906,742 | 95,253,840 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Expenses | |||
Management fees | $ 109,256 | $ 111,364 | $ 108,432 |
Consulting fees | 2,434 | ||
Professional fees | 63,111 | 62,871 | 72,234 |
General and administrative expenses | 196,488 | 79,927 | 116,135 |
Depreciation and amortization | 189 | 255 | 501 |
Net operating loss | (371,478) | (254,416) | (297,302) |
Other income | 591 | 212 | 46 |
Foreign exchange gain (loss) | 21,976 | (13,681) | 12,056 |
Gain (loss) on common share purchase warrants | 308,342 | (33,973) | 10,863 |
Net loss from continuing operations | (40,569) | (301,859) | (274,337) |
Net loss from discontinued operations | (173) | (13,031) | (88) |
Net loss and comprehensive loss | $ (40,742) | $ (314,890) | $ (274,424) |
Net loss per share - Continuing Operations - basic | $ 0 | $ (0.02) | $ (0.02) |
Net loss per share - Continuing Operations - diluted | 0 | (0.02) | (0.02) |
Net loss per share - Discontinued Operations - basic and diluted | 0 | 0 | 0 |
Net loss per share - basic and diluted | $ 0 | $ (0.02) | $ (0.02) |
Weighted average number of shares - basic and diluted | 26,783,454 | 13,221,798 | 11,906,730 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | |||
Net loss from continuing operations | $ (40,569) | $ (301,859) | $ (274,337) |
Adjustments required to reconcile net loss with net cash used in operating activities | |||
Depreciation and amortization | 189 | 255 | 501 |
(Gain) loss on common share purchase warrants | (308,342) | 33,973 | (10,863) |
Stock based compensation | 3,208 | ||
Changes in non-cash working capital balances | |||
Advances receivable | (14,529) | ||
Due from related parties | (11,505) | (103,591) | 7,431 |
Due to related parties | 44,218 | 25,520 | 132,616 |
Accounts payable | 47,767 | 4,536 | (21,352) |
Accrued liabilities | (41,461) | 414 | 41,047 |
Cash utilized in operating activities | (324,232) | (340,752) | (121,749) |
Financing activities: | |||
Proceeds from share issuances, net of costs | 263,348 | 392,699 | |
Cash provided by financing activities | 263,348 | 392,699 | |
Investing activities | |||
Net cash (outflow) inflow | (60,884) | 51,947 | (121,749) |
Cash (outflows) inflows from discontinued operations | (1,827) | (469) | 9,970 |
Cash, beginning of year | 68,765 | 17,287 | 129,066 |
Cash, end of year | 6,054 | 68,765 | 17,287 |
Cash at the end of the year relates to: | |||
Continuing operations | 6,054 | 66,938 | 1,309 |
Discontinued operations | 0 | 1,827 | 15,978 |
Cash, end of the year | $ 6,054 | $ 68,765 | $ 17,287 |
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, 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 | |||
Net loss for the year | (40,742) | (40,742) | ||
Common shares issued | $ 9,600 | 445,451 | 455,051 | |
Common shares issued (Shares) | 12,000,000 | |||
Balance at Dec. 31, 2018 | $ 27,125 | $ 43,100,920 | $ (43,590,590) | $ (462,545) |
Balance (Shares) at Dec. 31, 2018 | 33,906,742 |
NATURE OF OPERATIONS AND GOING
NATURE OF OPERATIONS AND GOING CONCERN | 12 Months Ended |
Dec. 31, 2018 | |
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 its subsidiary which held the Karaburun project (which was the Company’s only project). The Company has relinquished the Karaburun project and discontinued operations in Turkey effective at the end of 2017, 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, 2018, the Company had a net loss and comprehensive loss of $40,742 (2017 - $314,890 and 2016 - $274,424). The Company also had a deficit accumulated during the exploration stage of $43,590,590 as at December 31, 2018 (December 31, 2017 – $43,549,848), and a working capital deficiency of $462,545 as at December 31, 2018 (December 31, 2017 - $877,216). The Company intends to fund operations through equity financing arrangements. Such financings may be insufficient to fund its ongoing 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, 2018 | |
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 have been expensed as incurred (See Note 6 Discontinued Operations). c) CAPITAL ASSETS Capital assets are recorded at cost less accumulated depreciation. Depreciation and amortization has been recorded as follows: Office equipment - Straight line basis over four years Leasehold improvements - 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, 2018, 2017 and 2016. 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, 2018 and 2017. 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 2018 and 2017, 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 and comprehensive loss. 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 estimation of deferred income taxes, tax loss recoverability 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, 2018, 2017 and 2016, common share purchase warrants denominated in Canadian dollars have been 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. 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 PER SHARE Basic loss 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 OPERATIONS 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 its subsidiary which held its mineral properties in Turkey (See Note 6). n) ACCOUNTING CHANGES During 2018, the Company adopted new standards, interpretations, amendments and improvements of existing standards including: 1. Accounting Standard Update (“ASU”) No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. This standard update did not have any material impact on the Company’s consolidated financial statements. 2. ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718): scope modification 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, 2019. Updates that are not applicable or are not consequential to the Company have been excluded. In June 2018, FASB issued ASU 2018-07 “Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”. The amendments in this ASU expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606 Revenue from Contract with Customers. The Company is currently evaluating its impact on the consolidated financial statements. |
MINERAL PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Dec. 31, 2018 | |
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 its subsidiary which held the Karaburun project (being the Company’s only project). The Company has relinquished the Karaburun project and discontinued operations in Turkey effective at the end of 2017. See Note 6. |
CAPITAL ASSETS
CAPITAL ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
CAPITAL ASSETS [Text Block] | 4. CAPITAL ASSETS December 31, 2018 Accumulated Net Book Cost Depreciation Value Office Equipment $ 45,566 $ (45,566 ) - Leasehold improvements 440,329 (440,329 ) - $ 485,895 $ (485,895 ) - December 31, 2017 Accumulated Net Book Cost Depreciation Value Office Equipment $ 45,566 $ (45,377 ) $ 189 Leasehold improvements 440,329 (440,329 ) - $ 485,895 $ (485,706 ) $ 189 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
RELATED PARTY TRANSACTIONS [Text Block] | 5. RELATED PARTY TRANSACTIONS As of December 31, 2018, an amount of $97,856 (December 31, 2017 - $243,207) 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, 2018, an amount of $10,485 (December 31, 2017 – $10,485) was owed to Kuuhubb Inc. (formerly Delrand Resources Limited, “Kuuhubb”), a company with a common director, for the payment of general and administrative expenses by Kuuhubb. As of December 31, 2018, an amount of $156,830 (December 31, 2017 - $145,325) was owed by 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 occurred 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, 2018 | |
DISCONTINUED OPERATIONS [Text Block] | 6. DISCONTINUED OPERATIONS In November 2017, the Company announced that it intended to dispose of its subsidiary which held the Karaburun project in Turkey (being the Company’s only project). The Company has relinquished the Karaburun project and discontinued its operations in Turkey effective at the end of 2017, 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 period. For the year ended December 31, 2018, all assets and liabilities held for sale were disposed. The operating results of the discontinued operations were as follows: For the year For the year For the year ended December ended December ended December 31, 2018 31, 2017 31, 2016 Expenses Field camp expenses $ - $ - $ 25,654 Professional fees - 2,149 2,494 General and administrative expenses - 10,867 18,293 Impairments 173 295 - Depreciation and amortization - 24 10,408 Net operating loss (173 ) (13,335 ) (56,849 ) Other income - - 57,226 Foreign exchange (loss) gain - 304 (465 ) Net loss from discontinued operations $ (173 ) $ (13,031 ) $ (88 ) The cash flows from discontinued operations were as follows: For the year ended December 31, December 31, December 31, Cash Flows from discontinued operations 2018 2017 2016 Net loss from discontinued operations $ (173 ) $ (13,031 ) $ (88 ) Add items not affecting cash: Depreciation - 24 10,408 Impairments - 295 - Change in non-cash working capital items Prepaids and advances 3,704 7,567 2,550 Accounts payable (5,358 ) 4,676 (2,899 ) Cash (utilized in) / generated by operating activities - discontinued operations (1,827 ) (469 ) 9,970 Cash (outflows) inflows from discontinued operations $ (1,827 ) $ (469 ) $ 9,970 Cash - discontinued operations $ - $ 1,827 $ 15,978 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2018 | |
SHARE CAPITAL [Text Block] | 7. SHARE CAPITAL a) Authorized Share Capital The authorized share capital of the Company consists of 500,000,000 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 of Cdn $500,000 (US $392,700). 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. In June 2018 the Company closed a non-brokered private placement of 8,000,000 common shares of the Company at a price of Cdn$0.05 per share for gross proceeds of Cdn$400,000 (US $301,500). Mr. Arnold T. Kondrat (who is Chief Executive Officer, President and a director of the Company) purchased all of the said shares. In October 2018, the Company closed a non-brokered private placement of 4,000,000 common shares of the Company at a price of Cdn$0.05 per share for gross proceeds of Cdn$200,000 (US $153,551). Directors and officers of the Company purchased 3,075,000 of the said shares. As of December 31, 2018, the Company had 33,906,742 issued and outstanding common shares (December 31, 2017 – 21,906,742). 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 total number of common shares of the Company issuable upon the exercise of all outstanding stock options granted under the Plan shall not at any time exceed 10% of the total number of outstanding common shares, from time to time. 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$1.20) for a period of 5 years. The options vested at a rate of 25% on each six-month anniversary of the grant date. The following table summarizes the stock option information for the years ended December 31, 2018 and 2017: Weighted Weighted Weighted average average average grant date remaining Number of exercise fair value contractual options price ($Cdn) ($Cdn) life (in years) Closing Balance, December 31, 2016 156,250 1.20 0.48 2.39 Closing Balance, December 31, 2017 156,250 1.20 0.48 1.39 Forfeited (62,500 ) 1.20 0.48 Closing Balance, December 31, 2018 93,750 1.20 0.48 0.39 During the year ended December 31, 2018, the Company recognized $nil as stock-based compensation expense (included in general and administrative expenses) (year ended December 31, 2017 and 2016 - $nil and $3,208, respectively). As at December 31, 2018, the unrecognized stock based compensation expense is $nil (December 31, 2017 - $nil). The Black-Scholes option-pricing model was 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, 2018, 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, 2017 – 5,000,000), as set out in the following table: Fair value as at Number of Fair value on Fair value as at December 31, Gain on Issue date warrants issuance December 31, 2017 2018 derivatives November 13, 2017 5,000,000 $ 334,109 $ 368,082 $ 59,740 $ 308,342 (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, 2018, the weighted average fair value per Canadian dollar common share purchase warrants was $0.06 (2017 - $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: 1.86% (2017 – 1.68%), which is based on the Bank of Canada benchmark bonds with 2 years maturity (ii) Expected volatility: 94% (2017 – 100%) (iii) Expected life: 0.87 year (2017 – 2 year) (iv) Expected dividends: $Nil (2017 - $Nil) (v) Exercise price in Canadian dollars: $0.075 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, 2018, amounting to 26,783,454 common shares (years ended December 31, 2017 and 2016 – 13,221,798 and 11,906,730, respectively). 93,750 stock options (December 31, 2017 – 156,250) and 5,000,000 common share purchase warrants (years ended December 31, 2017 and 2016 – 5,000,000 and nil, respectively) have not been included in the calculation of the weighted average number of diluted common shares outstanding as they are anti-dilutive. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
INCOME TAXES [Text Block] | 8. INCOME TAXES a) The reconciliation of income taxes at statutory income tax rates in the United States of 21% (2017 and 2016 - 35%) to the income tax expense is as follows: Year ended December 31, 2018 2017 2016 $ $ $ Loss for the year before income tax (41,000 ) (302,000 ) (274,425 ) Expected income tax recovery based on statutory rate (9,000 ) (106,000 ) (92,000 ) Adjustment to expected income tax benefit: permanent differences 44,000 (104,000 ) 200,000 change in taxe rate 5,360,000 210,000 (108,000 ) Change in Benefit of tax assets not recognized (5,395,000 ) - - - - - b) Deferred income tax Deferred income tax assets have not been recognized in respect of the following deductible temporary differences: Year ended December 31, 2018 2017 $ $ Non-capital loss carryforwards 13,330,000 13,483,000 Capital loss carryforwards 25,540,000 25,540,000 Capital assets 127,000 147,000 Others 264,000 328,000 Total: $ 39,261,000 $ 39,498,000 The Company has non-capital losses in the United States of approximately $12.9 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 276,000 2038 369,000 12,865,000 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2018 | |
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. 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 and comprehensive loss. 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, 2018. The table below also provides a sensitivity analysis of a 10 percent strengthening of the US dollar against the Canadian dollar 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 Canadian dollar would have had an equal but opposite effect as at December 31, 2018. Canadian Dollars Cash $ 7,351 Prepaids and advances - Accounts payable (105,899 ) Accrued liabilities - Total foreign currency working capital (98,548 ) US$ exchange rate at December 31, 2018 0.7330 Total foreign currency net working capital in US$ (72,236 ) Impact of a 10% strengthening of the US$ on net loss (7,224 ) 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, 2018, the carrying values of the Company’s cash, due from related parties, advances receivable, accounts payable, due to related parties and accrued liabilities approximate fair value. |
ENVIRONMENTAL CONTINGENCY
ENVIRONMENTAL CONTINGENCY | 12 Months Ended |
Dec. 31, 2018 | |
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 EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2018 | |
SUBSEQUENT EVENTS [Text Block] | 11. SUBSEQUENT EVENT On March 25, 2019 the Company announced a proposed non-brokered private placement of up to 6,000,000 common shares of the Company at a price of Cdn$0.05 per share for gross proceeds of up to Cdn$300,000. Directors and officers of the Company may purchase some or all of the said shares. Closing of this financing is subject to receipt of all necessary approvals. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 have been expensed as incurred (See Note 6 Discontinued Operations). |
CAPITAL ASSETS [Policy Text Block] | c) CAPITAL ASSETS Capital assets are recorded at cost less accumulated depreciation. Depreciation and amortization has been recorded as follows: Office equipment - Straight line basis over four years Leasehold improvements - Straight line basis over five years |
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, 2018, 2017 and 2016. |
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, 2018 and 2017. |
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 2018 and 2017, 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 and comprehensive loss. |
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 estimation of deferred income taxes, tax loss recoverability 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, 2018, 2017 and 2016, common share purchase warrants denominated in Canadian dollars have been 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. 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 PER SHARE Basic loss 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 OPERATIONS [Policy Text Block] | m) DISCONTINUED OPERATIONS 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 its subsidiary which held its mineral properties in Turkey (See Note 6). |
ACCOUNTING CHANGES [Policy Text Block] | n) ACCOUNTING CHANGES During 2018, the Company adopted new standards, interpretations, amendments and improvements of existing standards including: 1. Accounting Standard Update (“ASU”) No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. This standard update did not have any material impact on the Company’s consolidated financial statements. 2. ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718): scope modification 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, 2019. Updates that are not applicable or are not consequential to the Company have been excluded. In June 2018, FASB issued ASU 2018-07 “Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”. The amendments in this ASU expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606 Revenue from Contract with Customers. The Company is currently evaluating its impact on the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule Of Capital Assets Depreciation Method [Table Text Block] | Office equipment - Straight line basis over four years Leasehold improvements - Straight line basis over five years |
CAPITAL ASSETS (Tables)
CAPITAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Property, Plant and Equipment [Table Text Block] | December 31, 2018 Accumulated Net Book Cost Depreciation Value Office Equipment $ 45,566 $ (45,566 ) - Leasehold improvements 440,329 (440,329 ) - $ 485,895 $ (485,895 ) - December 31, 2017 Accumulated Net Book Cost Depreciation Value Office Equipment $ 45,566 $ (45,377 ) $ 189 Leasehold improvements 440,329 (440,329 ) - $ 485,895 $ (485,706 ) $ 189 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Results of the Discontinued Operation [Table Text Block] | For the year For the year For the year ended December ended December ended December 31, 2018 31, 2017 31, 2016 Expenses Field camp expenses $ - $ - $ 25,654 Professional fees - 2,149 2,494 General and administrative expenses - 10,867 18,293 Impairments 173 295 - Depreciation and amortization - 24 10,408 Net operating loss (173 ) (13,335 ) (56,849 ) Other income - - 57,226 Foreign exchange (loss) gain - 304 (465 ) Net loss from discontinued operations $ (173 ) $ (13,031 ) $ (88 ) |
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 2018 2017 2016 Net loss from discontinued operations $ (173 ) $ (13,031 ) $ (88 ) Add items not affecting cash: Depreciation - 24 10,408 Impairments - 295 - Change in non-cash working capital items Prepaids and advances 3,704 7,567 2,550 Accounts payable (5,358 ) 4,676 (2,899 ) Cash (utilized in) / generated by operating activities - discontinued operations (1,827 ) (469 ) 9,970 Cash (outflows) inflows from discontinued operations $ (1,827 ) $ (469 ) $ 9,970 Cash - discontinued operations $ - $ 1,827 $ 15,978 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Stock Option Activity [Table Text Block] | Weighted Weighted Weighted average average average grant date remaining Number of exercise fair value contractual options price ($Cdn) ($Cdn) life (in years) Closing Balance, December 31, 2016 156,250 1.20 0.48 2.39 Closing Balance, December 31, 2017 156,250 1.20 0.48 1.39 Forfeited (62,500 ) 1.20 0.48 Closing Balance, December 31, 2018 93,750 1.20 0.48 0.39 |
Schedule of Derivative Financial Instruments Activity [Table Text Block] | Fair value as at Number of Fair value on Fair value as at December 31, Gain on Issue date warrants issuance December 31, 2017 2018 derivatives November 13, 2017 5,000,000 $ 334,109 $ 368,082 $ 59,740 $ 308,342 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2018 2017 2016 $ $ $ Loss for the year before income tax (41,000 ) (302,000 ) (274,425 ) Expected income tax recovery based on statutory rate (9,000 ) (106,000 ) (92,000 ) Adjustment to expected income tax benefit: permanent differences 44,000 (104,000 ) 200,000 change in taxe rate 5,360,000 210,000 (108,000 ) Change in Benefit of tax assets not recognized (5,395,000 ) - - - - - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year ended December 31, 2018 2017 $ $ Non-capital loss carryforwards 13,330,000 13,483,000 Capital loss carryforwards 25,540,000 25,540,000 Capital assets 127,000 147,000 Others 264,000 328,000 Total: $ 39,261,000 $ 39,498,000 |
Schedule 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 276,000 2038 369,000 12,865,000 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of foreign currency risk on net working capital and sensitivity analysis [Table Text Block] | Canadian Dollars Cash $ 7,351 Prepaids and advances - Accounts payable (105,899 ) Accrued liabilities - Total foreign currency working capital (98,548 ) US$ exchange rate at December 31, 2018 0.7330 Total foreign currency net working capital in US$ (72,236 ) Impact of a 10% strengthening of the US$ on net loss (7,224 ) |
NATURE OF OPERATIONS AND GOIN_2
NATURE OF OPERATIONS AND GOING CONCERN (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Income Loss | $ 40,742 | $ 314,890 | $ 274,424 |
Deficit accumulated during the exploration stage | 43,590,590 | 43,549,848 | |
Working Capital | $ 462,545 | $ 877,216 |
MINERAL PROPERTIES (Narrative)
MINERAL PROPERTIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 | Dec. 31, 2017 |
Due to related parties | $ 108,341 | $ 255,826 |
Director [Member] | ||
Due to related parties | 97,856 | 243,207 |
Delrand Resources Limited [Member] | ||
Due to related parties | 10,485 | 10,485 |
Loncor Resources Inc. [Member] | ||
Due to related parties | $ 156,830 | $ 145,325 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2018USD ($)shares | Oct. 31, 2018CAD ($)$ / sharesshares | Jun. 30, 2018USD ($)shares | Jun. 30, 2018CAD ($)$ / sharesshares | Nov. 30, 2017USD ($)shares | Nov. 30, 2017CAD ($)$ / sharesshares | May 23, 2014$ / sharesshares | May 23, 2014$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2018$ / sharesshares | Sep. 30, 2017shares | Aug. 31, 2017shares | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0008 | $ 0.0008 | ||||||||||||
Common stock, shares outstanding | 33,906,742 | 21,906,742 | 33,906,742 | 11,906,742 | 95,253,840 | |||||||||
Common stock, shares issued | 33,906,742 | 21,906,742 | 33,906,742 | |||||||||||
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 Volatility Rate, Minimum | 102.04% | |||||||||||||
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 | 26,783,454 | 13,221,798 | 11,906,730 | |||||||||||
Unrecognized Stock Based Compensation Expense | $ | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ | ||||||||||||||
Stock Issued During Period Under Private Placement | 4,000,000 | 4,000,000 | 10,000,000 | 10,000,000 | ||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.05 | $ 0.05 | ||||||||||||
Proceeds from Issuance of Private Placement | $ 153,551 | $ 200,000 | $ 392,700 | $ 500,000 | ||||||||||
Warrant Entitling to Purchase Common Stock Price per Share | $ / shares | $ 0.075 | |||||||||||||
Warrant Entitling to Purchase Common Share Period | 2 years | 2 years | ||||||||||||
Units to be purchased | 2,500,000 | 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 | $ | $ 3,208 | |||||||||||||
Warrant exercise price | $ / shares | $ 0.06 | $ 0.06 | ||||||||||||
Chief Executive Officer [Member] | ||||||||||||||
Stock Issued During Period Under Private Placement | 8,000,000 | 8,000,000 | ||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.05 | |||||||||||||
Proceeds from Issuance of Private Placement | $ 301,500 | $ 400,000 | ||||||||||||
Directors And Officers [Member] | ||||||||||||||
Stock Issued During Period Under Private Placement | 3,075,000 | 3,075,000 | ||||||||||||
Purchase Warrant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.86% | 1.68% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 94.00% | 100.00% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 months 13 days | 2 years | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ | ||||||||||||||
Anti-dilutive shares | 5,000,000 | 5,000,000 | ||||||||||||
Bond Maturity Period | 2 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares | $ 0.075 | |||||||||||||
Stock Options [Member] | ||||||||||||||
Anti-dilutive shares | 93,750 | 156,250 | ||||||||||||
Canadian Dollar [Member] | ||||||||||||||
Number of warrants issuable | 5,000,000 | 5,000,000 | 5,000,000 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Loss carryforwards | $ 13,483,000 | $ 13,330,000 | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 21.00% | 35.00% | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 12,865,000 |
FINANCIAL RISK MANAGEMENT (Narr
FINANCIAL RISK MANAGEMENT (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Foreign Currency Strength Percentage | 10.00% |
Foreign Currency Weakness Percentage | 10.00% |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) | 1 Months Ended | ||||
Mar. 25, 2019CAD ($)$ / sharesshares | Oct. 31, 2018USD ($)shares | Oct. 31, 2018CAD ($)$ / sharesshares | Nov. 30, 2017USD ($)shares | Nov. 30, 2017CAD ($)$ / sharesshares | |
Stock Issued During Period Under Private Placement | 4,000,000 | 4,000,000 | 10,000,000 | 10,000,000 | |
Shares Issued, Price Per Share | $ / shares | $ 0.05 | $ 0.05 | |||
Proceeds from private placement | $ 153,551 | $ 200,000 | $ 392,700 | $ 500,000 | |
Directors And Officers [Member] | |||||
Stock Issued During Period Under Private Placement | 3,075,000 | 3,075,000 | |||
Subsequent Event [Member] | |||||
Stock Issued During Period Under Private Placement | 6,000,000 | ||||
Shares Issued, Price Per Share | $ / shares | $ 0.05 | ||||
Proceeds from private placement | $ | $ 300,000 |
Schedule Of Capital Assets Depr
Schedule Of Capital Assets Depreciation Method (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Office Equipment [Member] | |
Capital Assets Depreciaion Method | Straight line basis over four years |
Leasehold improvement [Member] | |
Capital Assets Depreciaion Method | Straight line basis over four years |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cost | $ 485,895 | $ 485,895 |
Accumulated Depreciation | (485,895) | (485,706) |
Net Book Value | 189 | |
Office Equipment [Member] | ||
Cost | 45,566 | 45,566 |
Accumulated Depreciation | (45,566) | (45,377) |
Net Book Value | 0 | 189 |
Leasehold improvement [Member] | ||
Cost | 440,329 | 440,329 |
Accumulated Depreciation | (440,329) | (440,329) |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Expenses | |||
Professional Fees | $ 63,111 | $ 62,871 | $ 72,234 |
General and administrative expenses | 196,488 | 79,927 | 116,135 |
Depreciation | 189 | 255 | 501 |
Net operating loss | (371,478) | (254,416) | (297,302) |
Other income | 591 | 212 | 46 |
Foreign exchange gain (loss) | 21,976 | (13,681) | 12,056 |
Net loss from discontinued operations | (173) | (13,031) | (88) |
Discontinued Operations [Member] | |||
Expenses | |||
Field camps expenses | 0 | 0 | 25,654 |
Professional Fees | 0 | 2,149 | 2,494 |
General and administrative expenses | 0 | 10,867 | 18,293 |
Impairments | 173 | 295 | 0 |
Depreciation | 0 | 24 | 10,408 |
Net operating loss | (173) | (13,335) | (56,849) |
Other income | 0 | 0 | 57,226 |
Foreign exchange gain (loss) | 0 | 304 | (465) |
Net loss from discontinued operations | $ (173) | $ (13,031) | $ (88) |
Schedule of Cash Flows from the
Schedule of Cash Flows from the Discontinued Operation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from discontinued operations | |||
Net loss from discontinued operations | $ (173) | $ (13,031) | $ (88) |
Add items not affecting cash: | |||
Depreciation | 189 | 255 | 501 |
Change in non-cash working capital items | |||
Accounts payable | 47,767 | 4,536 | (21,352) |
Discontinued Operations [Member] | |||
Cash Flows from discontinued operations | |||
Net loss from discontinued operations | (173) | (13,031) | (88) |
Add items not affecting cash: | |||
Depreciation | 0 | 24 | 10,408 |
Impairments | 173 | 295 | 0 |
Change in non-cash working capital items | |||
Prepaids and advances | 3,704 | 7,567 | 2,550 |
Accounts payable | (5,358) | 4,676 | (2,899) |
Cash (utilized in) / generated by operating activities - discontinued operations | (1,827) | (469) | 9,970 |
Cash (outflows) inflows from discontinued operations | (1,827) | (469) | 9,970 |
Cash - discontinued operations | $ 0 | $ 1,827 | $ 15,978 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) | 1 Months Ended | 12 Months Ended | ||||
May 23, 2014$ / sharesshares | May 23, 2014$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / shares$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | |
Number of Options, Opening Balance | 156,250 | 156,250 | 156,250 | |||
Weighted Average Exercise Price ($Cdn), Opening Balance | (per share) | $ 1.20 | $ 1.20 | ||||
Weighted Average Fair Value ($Cdn), Opening Balance | $ / shares | $ 0.48 | |||||
Weighted Average Remaining Contractual Life (In Years), Opening Balance | 1 year 4 months 21 days | |||||
Number of Options, Forfeited | (62,500) | |||||
Weighted Average Exercise Price ($Cdn), Forfeited | $ / shares | $ 1.20 | |||||
Weighted Average Fair Value ($Cdn), Forfeitures | $ / shares | $ 0.48 | |||||
Number of Options, Granted | 210,000 | 210,000 | ||||
Weighted Average Exercise Price ($Cdn), Granted | (per share) | $ 1.12 | $ 1.20 | ||||
Number of Options, Closing Balance | 93,750 | 156,250 | 156,250 | 156,250 | ||
Weighted Average Exercise Price ($Cdn), Closing Balance | (per share) | $ 1.20 | $ 1.20 | $ 1.20 | |||
Weighted Average Fair Value ($Cdn), Closing Balance | (per share) | $ 0.48 | $ 0.48 | $ 0.48 | $ 0.48 | ||
Weighted Average Remaining Contracutal Life (In Years), Closing Balance | 4 months 21 days | 2 years 4 months 21 days | 2 years 4 months 21 days | 2 years 4 months 21 days |
Schedule of Derivative Financia
Schedule of Derivative Financial Instruments Activity (Details) - November 13, 2017 [Member] - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Number of Warrants | 5,000,000 | |
Fair Value on Issuance | $ 59,740 | $ 334,109 |
Gain/Loss on Derivatives | $ 308,342 | |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss for the year before income tax | $ (41,000) | $ (302,000) | $ (274,425) |
Expected income tax recovery based on statutory rate | (9,000) | (106,000) | (92,000) |
permanent differences | 44,000 | (104,000) | 200,000 |
Change in taxe rate | 5,360,000 | 210,000 | (108,000) |
changes in benefit of tax assets not recognized | (5,395,000) | 0 | 0 |
Income Tax Reconciliation, Other Reconciling Items | $ 0 | $ 0 | $ 0 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Non-capital loss carryforwards | $ 13,330,000 | $ 13,483,000 |
Capital loss carryforwards | 25,540,000 | 25,540,000 |
Capital assets | 127,000 | 147,000 |
Others | 264,000 | 328,000 |
Total: | $ 39,261,000 | $ 39,498,000 |
Summary of Operating Loss Carry
Summary of Operating Loss Carryforwards (Details) | Dec. 31, 2018USD ($) |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 12,865,000 |
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 | 276,000 |
2038 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 369,000 |
Schedule Of Foreign Currency Ri
Schedule Of Foreign Currency Risk On Net Working Capital and Sensitivity Analysis (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cash | $ 6,054 | $ 66,938 |
Accounts payable | (351,877) | (304,110) |
Accrued liabilities | (120,000) | $ (161,461) |
Canadian Dollar [Member] | ||
Cash | 7,351 | |
Prepaids and advances | 0 | |
Accounts payable | (105,899) | |
Accrued liabilities | 0 | |
Total foreign currency working capital | (98,548) | |
US$ exchange rate at December 31, 2017 | 0.7330 | |
Total foreign currency net working capital in US$ | (72,236) | |
Impact of a 10% strengthening of the US$ on net loss | $ (7,224) |