Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | GENTOR RESOURCES INC. |
Entity Central Index Key | 0001346917 |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Document Type | 20-F |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 38,906,742 |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Entity Voluntary Filers | No |
Document Fiscal Year Focus | 2019 |
Entity Shell Company | false |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
Cash | $ 1,034 | $ 6,054 |
Accounts receivable | 50,000 | |
Due from related parties | 116,020 | 156,830 |
Advances receivable | 16,298 | 14,529 |
Total current assets | 183,352 | 177,413 |
Total assets | 183,352 | 177,413 |
Current | ||
Accounts payable | 345,727 | 351,877 |
Accrued liabilities | 145,595 | 120,000 |
Due to related parties | 222,091 | 108,341 |
Common share purchase warrants liability | 0 | 59,740 |
Total current liabilities | 713,413 | 639,958 |
Total liabilities | 713,413 | 639,958 |
SHAREHOLDERS' DEFICIENCY | ||
Authorized 500,000,000 Common Shares, $0.0008 per share par value Issued and outstanding 38,906,742 Common Shares (December 31, 2018 - 33,906,742) | 31,125 | 27,125 |
Additional paid-in capital | 43,325,272 | 43,100,920 |
Deficit accumulated during the exploration stage | (43,886,458) | (43,590,590) |
Total shareholders' deficiency | (530,061) | (462,545) |
Total liabilities and shareholders' deficiency | $ 183,352 | $ 177,413 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2017 | Aug. 31, 2017 |
Statement of Financial Position [Abstract] | ||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.0008 | $ 0.0008 | ||
Common stock, shares issued | 38,906,742 | 33,906,742 | ||
Common stock, shares outstanding | 38,906,742 | 33,906,742 | 11,906,742 | 95,253,840 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expenses | |||
Management and consulting fees | $ 62,381 | $ 111,690 | $ 111,364 |
Professional fees | 66,159 | 63,111 | 62,871 |
General and administrative expenses | 365,016 | 196,488 | 79,927 |
Stock-based compensation expense | 41,227 | ||
Depreciation and amortization | 189 | 255 | |
Net operating loss | (534,783) | (371,478) | (254,416) |
Interest income | 522 | 591 | 212 |
Foreign exchange gain (loss) | (538) | 21,976 | (13,681) |
Gain on settlement | 300,000 | ||
Loss on disposal of investment in shares | (120,809) | ||
Gain on common share purchase warrants | 59,740 | 308,342 | (33,973) |
Net loss and comprehensive loss before discontinued operations | (295,868) | (40,569) | (301,859) |
Net loss from discontinued operations | (173) | (13,031) | |
Net loss and comprehensive loss | $ (295,868) | $ (40,742) | $ (314,890) |
Net loss per share - Continuing Operations - basic and diluted (in dollars per share) | $ (0.01) | $ 0 | $ (0.02) |
Net loss per share - Discontinued Operations - basic and diluted (in dollars per share) | 0 | 0 | |
Net loss per share - basic and diluted (in dollars per share) | $ (0.01) | $ 0 | $ (0.02) |
Weighted average number of shares - basic and diluted (in share) | 37,153,317 | 26,783,454 | 13,221,798 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net loss from continuing operations | $ (295,868) | $ (40,569) | $ (301,859) |
Adjustments required to reconcile net loss with net cash utilized in operating activities | |||
Depreciation and amortization | 189 | 255 | |
Gain on settlement | (300,000) | ||
Loss on disposal of investment in shares | 120,809 | ||
Stock-based compensation expense | 41,227 | ||
Gain on common share purchase warrants | (59,740) | (308,342) | 33,973 |
Changes in non-cash working capital balances | |||
Due from related parties | 40,810 | (11,505) | (103,591) |
Due to related parties | 113,750 | 44,218 | 25,520 |
Accounts receivable | 50,000 | ||
Advances receivable | (1,769) | (14,529) | |
Accounts payable | (6,150) | 47,767 | 4,536 |
Accrued liabilities | 25,595 | (41,461) | 414 |
Cash used in operating activities | (271,336) | (324,232) | (340,752) |
Investing activities | |||
Proceeds on disposal of investment in shares | 79,191 | ||
Cash provided by investing activities | 79,191 | ||
Financing activities: | |||
Proceeds from common shares issued, net of costs | 187,125 | 263,348 | 392,699 |
Cash provided by financing activities | 187,125 | 263,348 | 392,699 |
Net cash (outflow) inflow | (5,020) | (60,884) | 51,947 |
Cash outflows from discontinued operations | (1,827) | (469) | |
Cash, beginning of the year | 6,054 | 68,765 | 17,287 |
Cash, end of the year | 1,034 | 6,054 | 68,765 |
Cash at the end of the year relates to: | |||
Continuing operations | 1,034 | 6,054 | 66,938 |
Discontinued operations | 1,827 | ||
Cash, end of the year | $ 1,034 | $ 6,054 | $ 68,765 |
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, 2016 | $ 9,525 | $ 42,604,878 | $ (43,234,958) | $ (620,555) |
Balance (Shares) at Dec. 31, 2016 | 95,253,840 | |||
Share consolidation (Shares) | (83,347,098) | |||
Net loss for the year | (314,890) | (314,890) | ||
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 | |||
Net loss for the year | (295,868) | (295,868) | ||
Stock-based compensation expense | 41,227 | 41,227 | ||
Common shares issued | $ 4,000 | 183,125 | 187,125 | |
Common shares issued (Shares) | 5,000,000 | |||
Balance at Dec. 31, 2019 | $ 31,125 | $ 43,325,272 | $ (43,886,458) | $ (530,061) |
Balance (Shares) at Dec. 31, 2019 | 38,906,742 |
NATURE OF OPERATIONS AND GOING
NATURE OF OPERATIONS AND GOING CONCERN | 12 Months Ended |
Dec. 31, 2019 | |
Nature Of Operations And Going Concern[Abstract] | |
NATURE OF OPERATIONS AND GOING CONCERN [Text Block] | 1. NATURE OF OPERATIONS AND GOING CONCERN NATURE OF OPERATIONS Gentor Resources Inc. (the "Company" or "Gentor"), 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 audited 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, 2019, the Company had a net loss and comprehensive loss of $ (2018 - $ and 2017 - $ ). The Company also had a deficit accumulated during the exploration stage of $ as at December 31, 2019 (December 31, 2018 – $ ), and a working capital deficiency of $530,061 as at December 31, 2019 (December 31, 2018 - $462,545). 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 audited 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, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These audited 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 audited 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 Notes 3 and 7). 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 or reversals of previously recorded impairments were recorded during the years ended December 31, 2019, 2018 and 2017. 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, 2019 and 2018. f) STOCK-BASED COMPENSATION The Company has a stock option plan, which is described in note 8(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 2019 and 2018, 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 any 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 loss 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, 2019, 2018 and 2017, 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 Notes 3 and 7). n) ACCOUNTING CHANGES During the year ended December 31, 2019, the Company adopted Accounting Standard Update ("ASU") 2018-07 "Compensation-Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting". The adoption of this ASU 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. For the year ended December 31, 2019, there were no updates that are applicable or are consequential to the Company. |
MINERAL PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Dec. 31, 2019 | |
Mineral Industries Disclosures [Abstract] | |
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 7). |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE [Text Block] | 4. In June 2019, the Company entered into a settlement agreement (the "Settlement Agreement") with Savannah Resources plc ("Savannah") relating to the deferred consideration payable to Gentor pursuant to the terms of the sale by Gentor to Savannah in July 2014 of Gentor's properties in Oman (the "Oman Sale"). Savannah is an Alternative Investment Market-listed resource development company. The original consideration for the Oman Sale was comprised of a cash payment of $800,000, which was paid to the Company on closing, and the following deferred consideration (the "Deferred Consideration"): (a) $1,000,000, payable to Gentor upon a formal final investment decision being made for the development of the Block 5 license (one of the sold properties) in Oman; (b) $1,000,000, payable to Gentor upon the production of the first saleable concentrate or saleable product from ore derived from the Block 5 license in Oman; and (c) $1,000,000, payable to Gentor within six months of the payment referred to in (b) above. The Deferred Consideration remained outstanding as the related milestones as set out in (a), (b) and (c) were not achieved. The contingent Deferred Consideration has not been reflected in the consolidated financial statements according to ASC 450-30-25 Gain Contingencies Recognition As at December 31, 2019, the balance of $50,000 in accounts receivable is related to the Deferred Consideration under the Settlement Agreement due to the Company from Savannah, which has been received in Feburary 2020. During the year ended December 31, 2019, the Company sold 3,008,025 Savannah shares for proceeds of $79,121 and a realized loss on disposal of investment in shares of $120,209. |
ADVANCES RECEIVABLE
ADVANCES RECEIVABLE | 12 Months Ended |
Dec. 31, 2019 | |
Advances Receivable [Abstract] | |
ADVANCES RECEIVABLE [Text Block] | 5. The advances receivable include an unsecured loan of $15,282 (December 31, 2018 - $14,529), which is non-interest bearing and due on demand. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS [Text Block] | 6. RELATED PARTY TRANSACTIONS As of December 31, 2019, an amount of $222,091 (December 31, 2018 - $97,856) As of December 31, 2019, an amount of $116,020 (December 31, 2018 - $156,830) 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, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS [Text Block] | 7. 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 of. The operating results of the discontinued operations were as follows: For the year ended December 31, December 31, December 31, 2019 2018 2017 Expenses Professional fees — — 2,149 General and administrative expenses — — 10,867 Impairments — — 295 Depreciation and amortization — — 24 Net operating loss — — (13,335 ) Foreign exchange (loss) gain — (173 ) 304 Net loss from discontinued operations — (173 ) (13,031 ) The cash flows from discontinued operations were as follows: For the year ended December 31, December 31, December 31, 2019 2018 2017 Net loss from discontinued operations $ — $ (173 ) $ (13,031 ) Add items not affecting cash: Depreciation — — 24 Impairments — — 295 Change in non-cash working capital items Prepaids and advances — 3,703 7,567 Accounts payable — (5,358 ) 4,676 Cash utilized in operating activities - discontinued operations — (1,827 ) (469 ) Cash outflows from discontinued operations — (1,827 ) (469 ) Cash - discontinued operations — — 1,827 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
SHARE CAPITAL [Text Block] | 8. 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, warrant 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. In May 2019, the Company closed a non-brokered private placement of 5,000,000 common shares of the Company at a price of Cdn$0.05 per share for gross proceeds of Cdn$250,000 (US $187,125). Mr Kondrat purchased 3,000,000 of the said shares. As of December 31, 2019, the Company had 38,906,742 issued and outstanding common shares (December 31, 2018 - 33,906,742). c) Stock-Based Compensation The Company has a stock option plan (the "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. In May 2014 , 210,000 stock options were granted under the Plan. Each such stock option 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. In June 2019, 1,000,000 stock options were granted under the Plan to the Company's officers and directors. Each such stock option entitles the holder to purchase one common share of the Company at a purchase price of $0.05 (Cdn$0.065) for a period of 5 years. The options vested on the four month anniversary of the grant date. In July 2019, 40,000 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 $0.05 (Cdn$0.065) for a period of 5 years. The options vested on the four month anniversary of the grant date. The following table summarizes the stock option information for the years ended December 31, 2019 and 2018: Weighted Weighted Weighted average average average remaining Number of exercise fair value contractual options price ($Cdn) ($Cdn) life (in years) Closing Balance, December 31, 2017 156,250 1.200 0.480 1.389 Forfeited (62,500 ) 1.200 0.480 Closing Balance, December 31, 2018 93,750 1.200 0.480 0.389 Expired (93,750 ) 1.200 (0.480 ) Granted 1,040,000 0.065 0.065 4.490 Closing Balance, December 31, 2019 1,040,000 0.065 0.065 4.490 The Black-Scholes option-pricing model was used to estimate values of all stock options granted based on the following assumptions for the options granted in June and July 2019: (i) Risk-free interest rates: 1.53%, which are based on the Bank of Canada benchmark bonds, average yield 5-year rate in effect at the time of grant for bonds with maturity dates at the estimated term of the options ; (ii) Expected volatility: 119.56%, which is based on the Company’s historical stock prices; (iii) Expected life: 5 years ; and (iv) Expected dividends:$nil During the year ended December 31, 2019, the Company recognized $41,227 as stock-based compensation expense (years ended December 31, 2018 and 2017 - $nil and $nil, respectively). As at December 31, 2019, the unrecognized stock based compensation expense is $nil (December 31, 2018 - $nil). d) Canadian Dollar Common Share Purchase Warrants In November 2017, the Company issued 5,000,000 common share purchase warrants which entitled the holder of each warrant to purchase one common share of the Company at the price of Cdn$0.075 per common share, for a period of two years. These warrants expired unexercised in November 2019. 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. The calculation of the gain on the common share purchase warrants is shown 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, 2018 2019 derivatives November 13, 2017 5,000,000 $ 334,109 $ 59,740 $ — $ 59,740 (1) The exercise price for the Canadian dollar common share purchase warrants was Cdn $0.075 for one share and converted at day of issue. The warrants expired in November 2019. 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, 2019, amounting to 37,153,317 common shares (years ended December 31, 2018 and 2017 - 26,783,454 and 13,221,798, respectively). The calculation of the weighted average number of diluted common shares outstanding does not include 1,040,000 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES [Text Block] | 9. INCOME TAXES a) The reconciliation of income taxes at statutory income tax rates in the United States of 21 35 Year ended December 31, 2019 2018 2017 $ $ $ Loss for the year before income tax (296,000 ) (41,000 ) (302,000 ) Expected income tax recovery based on statutory rate (62,000 ) (9,000 ) (106,000 ) Adjustment to expected income tax benefit: permanent differences (4,000 ) 44,000 (104,000 ) change in taxe rate — 5,360,000 210,000 change in benefit of tax assets not recognized 66,000 (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, 2019 2018 $ $ Non-capital loss carryforwards 14,098,000 13,330,000 Capital loss carryforwards 25,540,000 25,540,000 Capital assets 108,000 127,000 Others 115,000 264,000 Total: 39,861,000 39,261,000 The Company has non-capital losses in the United States of approximately $13.8 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 504,000 2030 1,017,000 2031 1,810,000 2032 1,690,000 2033 865,000 2034 667,000 2035 520,000 2036 238,000 2037 276,000 2038 361,000 2039 313,000 $ 13,797,000 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
FINANCIAL RISK MANAGEMENT [Text Block] | 10. 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 loss and comprehensive loss. The Company has not used derivative 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, 2019. 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 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, 2019. Canadian Dollars Cash $ 1,236 Accounts payable (356,118 ) (354,882 ) US$ exchange rate at December 31, 2019 0.7699 (273,224 ) (27,322 ) 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, 2019, the carrying values of the Company's cash, accounts receivable, 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, 2019 | |
Disclosure of Environmental Contingency [Abstract] | |
ENVIRONMENTAL CONTINGENCY [Text Block] | 11. ENVIRONMENTAL CONTINGENCY Any exploration and evaluation activities of the Company 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. |
EVENTS AFTER REPORTING PERIOD
EVENTS AFTER REPORTING PERIOD | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
EVENTS AFTER REPORTING PERIOD [Text Block] | 12. EVENTS AFTER REPORTING PERIOD Since December 31, 2019, the COVID-19 pandemic is causing a widespread health crisis that has affected economies and financial markets around the world resulting in an economic downturn. In response to the outbreak, governmental authorities in Canada and internationally have introduced various recommendations and measures to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing. The COVID-19 outbreak and the response of governmental authorities to try to limit it are having a significant impact on the private sector and individuals, including unprecedented business, employment and economic disruptions. The continued spread of COVID-19 nationally and globally could have an adverse impact on the Company's business, operations and financial results, as well as a deterioration of general economic conditions including a possible national or global recession. Due to the speed with which the COVID-19 situation is developing and the uncertainty of its magnitude, outcome and duration, it is not possible to estimate its impact on the Company's business, operations or financial results, including the Company's ability to secure financing; however, the impact could be material. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF CONSOLIDATION [Policy Text Block] | a) BASIS OF CONSOLIDATION The Company's audited 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 Notes 3 and 7). |
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 or reversals of previously recorded impairments were recorded during the years ended December 31, 2019, 2018 and 2017. |
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, 2019 and 2018. |
STOCK-BASED COMPENSATION [Policy Text Block] | f) STOCK-BASED COMPENSATION The Company has a stock option plan, which is described in note 8(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 2019 and 2018, 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 any 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 loss 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, 2019, 2018 and 2017, 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 Notes 3 and 7). |
ACCOUNTING CHANGES [Policy Text Block] | n) ACCOUNTING CHANGES During the year ended December 31, 2019, the Company adopted Accounting Standard Update ("ASU") 2018-07 "Compensation-Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting". The adoption of this ASU 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. For the year ended December 31, 2019, there were no updates that are applicable or are consequential to the Company. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
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 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Results Of Discontinued Operation [Table Text Block] | For the year ended December 31, December 31, December 31, 2019 2018 2017 Expenses Professional fees — — 2,149 General and administrative expenses — — 10,867 Impairments — — 295 Depreciation and amortization — — 24 Net operating loss — — (13,335 ) Foreign exchange (loss) gain — (173 ) 304 Net loss from discontinued operations — (173 ) (13,031 ) |
Schedule of Cash Flows from Discontinued Operation [Table Text Block] | For the year ended December 31, December 31, December 31, 2019 2018 2017 Net loss from discontinued operations $ — $ (173 ) $ (13,031 ) Add items not affecting cash: Depreciation — — 24 Impairments — — 295 Change in non-cash working capital items Prepaids and advances — 3,703 7,567 Accounts payable — (5,358 ) 4,676 Cash utilized in operating activities - discontinued operations — (1,827 ) (469 ) Cash outflows from discontinued operations — (1,827 ) (469 ) Cash - discontinued operations — — 1,827 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock Option Activity [Table Text Block] | Weighted Weighted Weighted average average average remaining Number of exercise fair value contractual options price ($Cdn) ($Cdn) life (in years) Closing Balance, December 31, 2017 156,250 1.200 0.480 1.389 Forfeited (62,500 ) 1.200 0.480 Closing Balance, December 31, 2018 93,750 1.200 0.480 0.389 Expired (93,750 ) 1.200 (0.480 ) Granted 1,040,000 0.065 0.065 4.490 Closing Balance, December 31, 2019 1,040,000 0.065 0.065 4.490 |
Schedule of Stockholders' Equity Note, Warrants or Rights [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, 2018 2019 derivatives November 13, 2017 5,000,000 $ 334,109 $ 59,740 $ — $ 59,740 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2019 2018 2017 $ $ $ Loss for the year before income tax (296,000 ) (41,000 ) (302,000 ) Expected income tax recovery based on statutory rate (62,000 ) (9,000 ) (106,000 ) Adjustment to expected income tax benefit: permanent differences (4,000 ) 44,000 (104,000 ) change in taxe rate — 5,360,000 210,000 change in benefit of tax assets not recognized 66,000 (5,395,000 ) — — — — |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year ended December 31, 2019 2018 $ $ Non-capital loss carryforwards 14,098,000 13,330,000 Capital loss carryforwards 25,540,000 25,540,000 Capital assets 108,000 127,000 Others 115,000 264,000 Total: 39,861,000 39,261,000 |
Schedule of Operating Loss Carryforwards [Table Text Block] | 2025 $ 98,000 2026 224,000 2027 1,874,000 2028 3,340,000 2029 504,000 2030 1,017,000 2031 1,810,000 2032 1,690,000 2033 865,000 2034 667,000 2035 520,000 2036 238,000 2037 276,000 2038 361,000 2039 313,000 $ 13,797,000 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedule of foreign currency risk on net working capital and sensitivity analysis [Table Text Block] | Canadian Dollars Cash $ 1,236 Accounts payable (356,118 ) (354,882 ) US$ exchange rate at December 31, 2019 0.7699 (273,224 ) (27,322 ) |
NATURE OF OPERATIONS AND GOIN_2
NATURE OF OPERATIONS AND GOING CONCERN (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Nature Of Operations And Going Concern[Abstract] | |||
Net loss and comprehensive loss | $ 295,868 | $ 40,742 | $ 314,890 |
Deficit accumulated during the exploration stage | 43,886,458 | 43,590,590 | |
Working capital deficiency | $ 530,061 | $ 462,545 |
MINERAL PROPERTIES (Narrative)
MINERAL PROPERTIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Mineral Industries Disclosures [Abstract] | |
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. The second option agreement expired unexercised on May 15, 2014. |
ACCOUNTS RECEIVABLE (Narrative)
ACCOUNTS RECEIVABLE (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gain on settlement | $ 300,000 | |
Accounts receivable | 50,000 | |
Proceeds on disposal of investment in shares | 79,191 | |
Realized loss on disposal of investment in shares | (120,809) | |
Settlement Agreement [Member] | Savannah Resources plc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash payment received from Oman sale | $ 800,000 | |
Outstanding deferred consideration recognized | 100,000 | |
Amount of shares received from related party | $ 200,000 | |
Shares received from related party | 3,008,025 | |
Gain on settlement | $ 300,000 | |
Accounts receivable | $ 50,000 | |
Number of investment shares sold | 3,008,025 | |
Proceeds on disposal of investment in shares | $ 79,121 | |
Realized loss on disposal of investment in shares | $ (120,209) | |
Settlement Agreement [Member] | Savannah Resources plc [Member] | Upon formal final investment decision made for development of Block 5 license [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Deferred consideration | 1,000,000 | |
Settlement Agreement [Member] | Savannah Resources plc [Member] | Upon production of first saleable concentrate or saleable product from ore derived from Block 5 license in Oman [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Deferred consideration | 1,000,000 | |
Settlement Agreement [Member] | Savannah Resources plc [Member] | Within six months of payment for first saleable concentrate from ore derived from Block 5 license [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Deferred consideration | 1,000,000 | |
Settlement Agreement [Member] | Savannah Resources plc [Member] | Payable 30 days from date of Settlement Agreement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding deferred consideration recognized | 50,000 | |
Settlement Agreement [Member] | Savannah Resources plc [Member] | Payable six months from date of Settlement Agreement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding deferred consideration recognized | $ 50,000 |
ADVANCES RECEIVABLE (Narrative)
ADVANCES RECEIVABLE (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Advances Receivable [Abstract] | ||
Unsecured loan receivable | $ 15,282 | $ 14,529 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 222,091 | $ 108,341 |
Due from related parties | 116,020 | 156,830 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 222,091 | 97,856 |
Loncor Resources Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | $ 116,020 | $ 156,830 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||
Jul. 31, 2019$ / sharesshares | Jul. 31, 2019$ / sharesshares | Jun. 30, 2019$ / sharesshares | Jun. 30, 2019$ / sharesshares | May 31, 2019CAD ($)$ / sharesshares | May 31, 2019USD ($)shares | Oct. 31, 2018CAD ($)$ / sharesshares | Oct. 31, 2018USD ($)shares | Jun. 30, 2018CAD ($)$ / sharesshares | Jun. 30, 2018USD ($)shares | Nov. 30, 2017CAD ($)$ / sharesshares | Nov. 30, 2017USD ($)shares | May 31, 2014$ / sharesshares | May 31, 2014$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2019$ / sharesshares | Sep. 30, 2017shares | Aug. 31, 2017shares | |
Stockholders Equity Note [Line Items] | |||||||||||||||||||||
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 | 38,906,742 | 33,906,742 | 38,906,742 | 11,906,742 | 95,253,840 | ||||||||||||||||
Common stock, shares issued | 38,906,742 | 33,906,742 | 38,906,742 | ||||||||||||||||||
Stock Issued During Period Under Private Placement | 5,000,000 | 5,000,000 | 4,000,000 | 4,000,000 | 10,000,000 | 10,000,000 | |||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | ||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 250,000 | $ 187,125 | $ 200,000 | $ 153,551 | $ 500,000 | $ 392,700 | |||||||||||||||
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 | 40,000 | 40,000 | 210,000 | 210,000 | 1,040,000 | ||||||||||||||||
Weighted Average Exercise Price | (per share) | $ 0.065 | $ 0.05 | $ 1.20 | $ 1.12 | $ 0.065 | ||||||||||||||||
Contractual Life | 5 years | 5 years | 5 years | 5 years | |||||||||||||||||
Options Vesting Rate | 25.00% | 25.00% | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.40% | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.53% | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 119.33% | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 119.56% | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ | |||||||||||||||||||||
Share-based Compensation | $ | 41,227 | ||||||||||||||||||||
Unrecognized Stock Based Compensation Expense | $ | |||||||||||||||||||||
Number of warrants issuable | 5,000,000 | 5,000,000 | |||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.075 | ||||||||||||||||||||
Weighted average number of basic and diluted common shares outstanding | 37,153,317 | 26,783,454 | 13,221,798 | ||||||||||||||||||
Purchase Warrant [Member] | |||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||
Anti-dilutive shares | 5,000,000 | 5,000,000 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares | $ 0.075 | ||||||||||||||||||||
Stock Options [Member] | |||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||
Anti-dilutive shares | 1,040,000 | 93,750 | 156,250 | ||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||
Stock Issued During Period Under Private Placement | 3,000,000 | 3,000,000 | 8,000,000 | 8,000,000 | |||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.05 | ||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 400,000 | $ 301,500 | |||||||||||||||||||
Directors And Officers [Member] | |||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||
Stock Issued During Period Under Private Placement | 3,075,000 | 3,075,000 | |||||||||||||||||||
Number of Options, Granted | 1,000,000 | 1,000,000 | |||||||||||||||||||
Weighted Average Exercise Price | (per share) | $ 0.065 | $ 0.05 | |||||||||||||||||||
Contractual Life | 5 years | 5 years |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 21.00% | 21.00% | 35.00% |
Capital Loss Available for Future Use | $ 13.8 |
FINANCIAL RISK MANAGEMENT (Narr
FINANCIAL RISK MANAGEMENT (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Foreign Currency Strength Percentage | 10.00% |
Foreign Currency Weakness Percentage | 10.00% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule Of Capital Assets Depreciation Method (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Capital Assets Depreciaion Method | Straight line basis over four years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Capital Assets Depreciaion Method | Straight line basis over five years |
DISCONTINUED OPERATIONS - Sched
DISCONTINUED OPERATIONS - Schedule of Results of the Discontinued Operation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expenses | |||
Professional fees | $ 66,159 | $ 63,111 | $ 62,871 |
General and administrative expenses | 365,016 | 196,488 | 79,927 |
Depreciation and amortization | 189 | 255 | |
Net operating loss | (534,783) | (371,478) | (254,416) |
Foreign exchange (loss) gain | (538) | 21,976 | (13,681) |
Net loss from discontinued operations | (173) | (13,031) | |
Discontinued Operations [Member] | |||
Expenses | |||
Professional fees | 0 | 0 | 2,149 |
General and administrative expenses | 0 | 0 | 10,867 |
Impairments | 0 | 0 | 295 |
Depreciation and amortization | 0 | 0 | 24 |
Net operating loss | 0 | 0 | (13,335) |
Foreign exchange (loss) gain | 0 | (173) | 304 |
Net loss from discontinued operations | $ 0 | $ (173) | $ (13,031) |
DISCONTINUED OPERATIONS - Sch_2
DISCONTINUED OPERATIONS - Schedule of Cash Flows from the Discontinued Operation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from discontinued operations | |||
Net loss from discontinued operations | $ (173) | $ (13,031) | |
Add items not affecting cash: | |||
Depreciation | 189 | 255 | |
Change in non-cash working capital items | |||
Accounts payable | $ (6,150) | 47,767 | 4,536 |
Discontinued Operations [Member] | |||
Cash Flows from discontinued operations | |||
Net loss from discontinued operations | 0 | (173) | (13,031) |
Add items not affecting cash: | |||
Impairments | 0 | 0 | 295 |
Depreciation | 0 | 0 | 24 |
Change in non-cash working capital items | |||
Prepaids and advances | 0 | 3,703 | 7,567 |
Accounts payable | 0 | (5,358) | 4,676 |
Cash (utilized in) / generated by operating activities - discontinued operations | 0 | (1,827) | (469) |
Cash (outflows) inflows from discontinued operations | 0 | (1,827) | (469) |
Cash - discontinued operations | $ 0 | $ 0 | $ 1,827 |
SHARE CAPITAL - Schedule of Sto
SHARE CAPITAL - Schedule of Stock Option Activity (Details) | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2019$ / sharesshares | Jul. 31, 2019$ / sharesshares | May 31, 2014$ / sharesshares | May 31, 2014$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | |
Stockholders' Equity Note [Abstract] | |||||||
Number of Options, Opening Balance | shares | 93,750 | 156,250 | |||||
Weighted Average Exercise Price ($Cdn), Opening Balance | $ 1.200 | $ 1.200 | |||||
Weighted Average Fair Value ($Cdn), Opening Balance | $ 0.480 | $ 0.480 | |||||
Number of Options, Forfeited | shares | (62,500) | ||||||
Weighted Average Exercise Price ($Cdn), Forfeited | $ 1.200 | ||||||
Weighted Average Fair Value ($Cdn), Forfeitures | $ 0.480 | ||||||
Number of Options, Expired | shares | (93,750) | ||||||
Weighted Average Exercise Price ($Cdn),Expired | $ 1.200 | ||||||
Weighted Average Fair Value ($Cdn), Expired | $ (0.480) | ||||||
Number of Options, Granted | shares | 40,000 | 40,000 | 210,000 | 210,000 | 1,040,000 | ||
Weighted Average Exercise Price ($Cdn), Granted | (per share) | $ 0.065 | $ 0.05 | $ 1.20 | $ 1.12 | $ 0.065 | ||
Weighted Average Fair Value ($Cdn), Granted | $ 0.065 | ||||||
Number of Options, Closing Balance | shares | 1,040,000 | 93,750 | 156,250 | ||||
Weighted Average Exercise Price ($Cdn), Closing Balance | $ 0.065 | $ 1.200 | $ 1.200 | ||||
Weighted Average Fair Value ($Cdn), Closing Balance | $ 0.065 | $ 0.480 | $ 0.480 | ||||
Weighted average remaining contractual life (in years), granted | 4 years 5 months 26 days | ||||||
Weighted Average Remaining Contractual Life (In Years), Outstanding | 4 years 5 months 26 days | 4 months 20 days | 1 year 4 months 20 days |
SHARE CAPITAL - Schedule of Der
SHARE CAPITAL - Schedule of Derivative Financial Instruments Activity (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2017 |
Class of Warrant or Right [Line Items] | |||
Number of warrants | 5,000,000 | 5,000,000 | |
November 13, 2017 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of warrants | 5,000,000 | ||
Fair value on issuance | $ 334,109 | ||
Gain on derivatives | 59,740 | ||
Fair value, end of period | $ 0 | $ 59,740 |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Loss for the year before income tax | $ (296,000) | $ (41,000) | $ (302,000) |
Expected income tax recovery based on statutory rate | (62,000) | (9,000) | (106,000) |
permanent differences | (4,000) | 44,000 | (104,000) |
change in taxe rate | 5,360,000 | 210,000 | |
change in benefit of tax assets not recognized | 66,000 | (5,395,000) | 0 |
Income Tax Reconciliation, Other Reconciling Items | $ 0 | $ 0 | $ 0 |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Non-capital loss carryforwards | $ 14,098,000 | $ 13,330,000 |
Capital loss carryforwards | 25,540,000 | 25,540,000 |
Capital assets | 108,000 | 127,000 |
Others | 115,000 | 264,000 |
Total: | $ 39,861,000 | $ 39,261,000 |
INCOME TAXES - Summary of Opera
INCOME TAXES - Summary of Operating Loss Carryforwards (Details) | Dec. 31, 2019USD ($) |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 13,797,000 |
2025 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 98,000 |
2026 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 224,000 |
2027 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,874,000 |
2028 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 3,340,000 |
2029 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 504,000 |
2030 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,017,000 |
2031 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,810,000 |
2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,690,000 |
2033 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 865,000 |
2034 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 667,000 |
2035 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 520,000 |
2036 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 238,000 |
2037 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 276,000 |
2038 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 361,000 |
2039 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 313,000 |
FINANCIAL RISK MANAGEMENT - Sch
FINANCIAL RISK MANAGEMENT - Schedule Of Foreign Currency Risk On Net Working Capital and Sensitivity Analysis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Cash | $ 1,034 | $ 6,054 |
Accounts payable | (345,727) | $ (351,877) |
Canadian Dollar [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Cash | 1,236 | |
Accounts payable | (356,118) | |
Total foreign currency working capital | (354,882) | |
US$ exchange rate at December 31, 2019 | 0.7699 | |
Total foreign currency net working capital in US$ | (273,224) | |
Impact of a 10% strengthening of the US$ on net loss | $ (27,322) |