Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Registrant Name | GENTOR RESOURCES INC. |
Entity Central Index Key | 0001346917 |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 38,906,742 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2022 |
Amendment Flag | false |
Entity Voluntary Filers | No |
Document Fiscal Year Focus | 2022 |
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 |
Document Registration Statement | false |
Entity File Number | 333-130386 |
Entity Incorporation, State or Country Code | A6 |
Entity Address, Address Line One | 4120 Yonge Street |
Entity Address, Address Line Two | Suite 304 |
Entity Address, City or Town | Toronto |
Entity Address, Postal Zip Code | M2P 2B8 |
Entity Address, Country | CA |
Document Accounting Standard | U.S. GAAP |
Entity Filer Category | Non-accelerated Filer |
Auditor Name | Kreston GTA LLP |
Auditor Location | Markham, Canada |
Auditor Firm ID | 6644 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Incorporation, State or Country Code | A6 |
Entity Address, Address Line One | 4120 Yonge Street |
Entity Address, Address Line Two | Suite 304 |
Entity Address, City or Town | Toronto |
Entity Address, Postal Zip Code | M2P 2B8 |
Entity Address, Country | CA |
Contact Personnel Name | Arnold T. Kondrat |
City Area Code | 416 |
Local Phone Number | 361-2510 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current | ||
Cash | $ 9,803 | $ 4,085 |
Advances receivable | 15,282 | 16,016 |
Total current assets | 25,085 | 20,101 |
Total assets | 25,085 | 20,101 |
Current | ||
Accounts payable | 115,976 | 144,313 |
Accrued liabilities | 62,514 | 72,284 |
Due to related parties | 888,484 | 588,377 |
Total current liabilities | 1,066,974 | 804,974 |
Loan | 25,976 | 25,079 |
Total liabilities | 1,092,950 | 830,053 |
SHAREHOLDERS' DEFICIENCY | ||
Authorized 500,000,000 Common Shares, $0.0008 per share par value Issued and outstanding 38,906,742 Common Shares (December 31, 2021 - 38,906,742) | 31,125 | 31,125 |
Additional paid-in capital | 43,325,272 | 43,325,272 |
Deficit accumulated during the exploration stage | (44,424,262) | (44,166,349) |
Total shareholders' deficiency | (1,067,865) | (809,952) |
Total liabilities and shareholders' deficiency | $ 25,085 | $ 20,101 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 38,906,742 |
Common stock, shares outstanding | 38,906,742 | 38,906,742 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses | |||
Professional fees | $ 24,374 | $ 60,474 | $ 56,874 |
Employee benefits | 154,826 | 155,346 | 167,328 |
Rent | 55,602 | 59,526 | 55,431 |
Travel | 0 | 1,383 | 12,449 |
Shareholder's information | 18,596 | 16,795 | 15,918 |
General and administrative expenses | 23,601 | 18,545 | 14,043 |
Accretion expense | 896 | 897 | 598 |
Net operating loss | (277,896) | (312,966) | (322,641) |
Interest income | 8 | 32 | 80 |
Foreign exchange loss (gain) | 6,605 | 114 | (8,634) |
Writeback/ adjustment of accounts payable and accrued liabilities | 13,370 | 334,014 | 0 |
Other income including government assistance | 0 | 0 | 30,110 |
Net (loss) income before tax | (257,913) | 21,194 | (301,085) |
Income tax expense | 0 | 0 | 0 |
Net (loss) income and comprehensive (loss) income | $ (257,913) | $ 21,194 | $ (301,085) |
Net (loss) income and comprehensive (loss) income per share - basic (in dollars per share) | $ (0.01) | $ 0 | $ (0.01) |
Net (loss) income and comprehensive (loss) income per share - diluted (in dollars per share) | $ (0.01) | $ 0 | $ (0.01) |
Weighted average number of shares - basic (in share) | 38,906,742 | 38,906,742 | 38,906,742 |
Weighted average number of shares - diluted (in share) | 38,906,742 | 39,946,742 | 38,906,742 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net (loss) income | $ (257,913) | $ 21,194 | $ (301,085) |
Adjustments required to reconcile net (loss) income with net cash generated by operating activities | |||
Fair value gain on government loan | 0 | 0 | (5,084) |
Accretion expense on government loan | 896 | 897 | 598 |
Changes in non-cash working capital balances | |||
Due from related parties | 0 | 319 | 115,701 |
Due to related parties | 300,107 | 292,896 | 73,390 |
Accounts receivable | 0 | 0 | 50,000 |
Advances receivable | 734 | (679) | 961 |
Accounts payable | (28,336) | (241,564) | 40,150 |
Accrued liabilities | (9,770) | (69,771) | (3,540) |
Cash generated by (utilized in) operating activities | 5,718 | 3,292 | (28,909) |
Financing activities: | |||
Loan received | 0 | 0 | 28,668 |
Cash provided by financing activities | 0 | 0 | 28,668 |
Net cash (outflow) inflow | 5,718 | 3,292 | (241) |
Cash, beginning of the year | 4,085 | 793 | 1,034 |
Cash, end of the year | $ 9,803 | $ 4,085 | $ 793 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' (DEFICIENCY) EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2019 | $ (530,061) | $ 31,125 | $ 43,325,272 | $ (43,886,458) |
Balance (Shares) at Dec. 31, 2019 | 38,906,742 | |||
Net income for the year | (301,085) | (301,085) | ||
Balance at Dec. 31, 2020 | (831,146) | $ 31,125 | 43,325,272 | (44,187,543) |
Balance (Shares) at Dec. 31, 2020 | 38,906,742 | |||
Net income for the year | 21,194 | 21,194 | ||
Balance at Dec. 31, 2021 | (809,952) | $ 31,125 | 43,325,272 | (44,166,349) |
Balance (Shares) at Dec. 31, 2021 | 38,906,742 | |||
Net income for the year | (257,913) | (257,913) | ||
Balance at Dec. 31, 2022 | $ (1,067,865) | $ 31,125 | $ 43,325,272 | $ (44,424,262) |
Balance (Shares) at Dec. 31, 2022 | 38,906,742 |
NATURE OF OPERATIONS AND GOING
NATURE OF OPERATIONS AND GOING CONCERN | 12 Months Ended |
Dec. 31, 2022 | |
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. Having relinquished its only project (the Karaburun project in Turkey) effective at the end of 2017, the Company currently does not have any commercial operations and has no material assets. The Company is currently evaluating new business opportuntiues. 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, 2022, the Company had a net loss and comprehensive loss of $257,913 (2021 - net income and comprehensive income of $21,194 and 2020 - net loss and comprehensive loss of $301,085, repectively). The Company also had a deficit accumulated during the exploration stage of $44,424,262 as at December 31, 2022 (December 31, 2021 - $44,166,349), and a working capital deficiency of $1,041,889 as at December 31, 2022 (December 31, 2021 - working capital deficiency of $784,873). 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, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. These audited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). a) 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) Exploration costs pertaining to any 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. c) Capital assets are recorded at cost less accumulated depreciation. Depreciation and amortization has been recorded as follows: Office Leasehold d) 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, 2022, 2021 and 2020. e) 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, 2022 and 2021. f) The Company has a stock option plan, which is described in note 6(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 2022 and 2021, 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 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) 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) 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. j) 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 instruments consist of cash, accounts payables, advances receiveable due to related parties and loans. 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. 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) 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) 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) Certain new standards, interpretations, amendments and improvements to existing standards were issued that are mandatory for accounting periods beginning on or after January 1, 2022. For the year ended December 31, 2022, there were no updates that are applicable or are consequential to the Company. |
ADVANCES RECEIVABLE
ADVANCES RECEIVABLE | 12 Months Ended |
Dec. 31, 2022 | |
Advances Receivable [Abstract] | |
ADVANCES RECEIVABLE [Text Block] | 3. ADVANCES RECEIVABLE The advances receivable include an unsecured loan of $15,282 (December 31, 2021 - $15,282), which is non-interest bearing and due on demand. Advances receivable as at December 31, 2022 also include prepaid expenses of $nil (December 31, 2021 - $734). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS [Text Block] | 4. As of December 31, 2022, an amount of $457,127 (December 31, 2021 - $359,938) was owed to Arnold Kondrat, a director, Chief Executive Officer and President of the Company, which includes both salary and management fees in arrears and advances. As of December 31, 2022, an amount of $431,357 was owed to Loncor Gold Inc. (December 31, 2021 - $228,439), a company with common directors, in relation to the payment of common general and administrative expenses. The amount included $63,963 of common expenses incurred for the year ended December 31, 2022 (for the year ended December 31 2021 - $68,660). 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. |
LOAN
LOAN | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
LOAN [Text Block] | 5. In May 2020, the Company received a $28,668 (Cdn$40,000) line of credit ("CEBA LOC") with Toronto-Dominion Bank under the Canada Emergency Business Account ("CEBA") program funded by the Government of Canada. The CEBA LOC is non-interest bearing and can be repaid at any time without penalty. On January 1, 2021, the outstanding balance of the CEBA LOC automatically converted to a 2-year interest free term loan ("CEBA Term Loan"). The CEBA Term Loan may be repaid at any time without notice or the payment of any penalty. If 75% of the CEBA Term Loan is repaid on or before December 31, 2023, the repayment of the remining 25% of such CEBA Term Loan shall be forgiven. The amount of the CEBA Term Loan outstanding on January 1, 2024 shall bear an interest rate of 5% per annum and shall be repayable in full by December 2025. The Company recorded the CEBA LOC upon initial recognition at its fair value of $23,584 (Cdn$32,906) as at May 5th, 2020 using an effective interest rate of 3.45%. The difference of $5,084 between the fair value and the total amount of the CEBA LOC received has been recorded as a fair value gain on loans advanced in the consolidated statement of income (loss) and comprehensive income (loss). During the year ended December 31, 2022, interest of $896 has been accreted on the CEBA LOC and is included in the consolidated statement of income (loss) and comprehensive income (loss) (years ended December 31, 2021 and 2020 - $897 and $598, respectively). As at December 31, 2022, the CEBA LOC is valued at $25,976 (Cdn$35,183) (December 31, 2021 - $25,079 (Cdn$31,794)). |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
SHARE CAPITAL [Text Block] | 6. a) 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) As of December 31, 2022, the Company had 38,906,742 issued and outstanding common shares (December 31, 2021 - 38,906,742). c) 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 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$0.065) for a period of 5 years. The options vested on the four month anniversary of the grant date. The following table summarizes the stock option information for the years ended December 31, 2022 and 2021: Weighted average Weighted remaining average Weighted contractual Number of exercise average fair life (in options price ($Cdn) value ($Cdn) years) Closing Balance, December 31, 2020 1,040,000 0.065 0.065 3.49 Closing Balance, December 31, 2021 1,040,000 0.065 0.065 2.49 Closing Balance, December 31, 2022 1,040,000 0.065 0.065 1.49 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) (ii) (iii) (iv) During the year ended December 31, 2022, the Company recognized $nil as stock-based compensation expense (years ended December 31, 2021 and 2020 - $nil and $nil, respectively). As at December 31, 2022, the unrecognized stock based compensation expense is $nil (December 31, 2021 - $nil). d) Basic (loss) income per share was calculated on the basis of the weighted average number of common shares outstanding for the year ended December 31, 2022, amounting to 38,906,742 common shares (years ended December 31, 2021 and 2020 - 38,906,742). The calculation of the weighted average number of diluted common shares outstanding does not include 1,040,000 stock options for the years ended December 31, 2022 and 2020 as they are anti-dilutive. For the year ended December 31, 2021 the income calculation includes the 1,040,000 stock options for a total diluted shares of 39,946,742. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES [Text Block] | 7. a) Year ended December 31, 2022 2021 2020 $ $ $ Gain(Loss) for the year before income tax (257,913 ) (48,023 ) (301,000 ) Expected income tax recovery based on statutory rate (54,000 ) (10,000 ) (63,000 ) Adjustment to expected income tax benefit: Permanent differences (1,575 ) - - Change in tax rate - - - Change in benefit of tax assets not recognized 55,575 10,000 63,000 Income tax charge / benefit (0 ) - - b) Deferred income tax assets have not been recognized in respect of the following deductible temporary differences: Year ended December 31, 2022 2021 $ $ Non-capital loss carryforwards 14,482,000 14,209,000 Capital loss carryforwards 25,540,000 25,540,000 Capital assets 108,000 108,000 Other 65,000 115,000 Total 40,195,000 39,972,000 The Company has non-capital losses in the United States of approximately $14.48 million available, which may be applied against future taxable income and which expire as follows: Year of expire Amount 2025 76,000 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 Indefinite 1,381,000 14,482,000 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
FINANCIAL RISK MANAGEMENT [Text Block] | 8. a) 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 income (loss) and comprehensive income (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, 2022. 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 income (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 year ending December 31, 2022, 2021 and 2020. Canadian Canadian Canadian Dollars Dollars Dollars 2022 2021 2020 Cash $ 12,453 $ 3,899 $ 325 Accounts payable (130,208 ) (138,709 ) (115,063 ) Loan (40,000 ) (40,000 ) (40,000 ) Total foreign currency working capital (157,755 ) (174,810 ) (154,738 ) US$ exchange rate 0.7383 0.7888 0.7854 Total foreign currency net working capital in US$ (116,471 ) (137,890 ) (121,531 ) Impact of a 10% strengthening of the US$ on net income (loss) (11,647 ) (13,789 ) (12,153 ) b) 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) Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument. Financial instruments that potentially subject the Company to credit risks are limited to cash. The Company does not have significant credit risk related to cash as the Company transacts with a bank with a high credit rating assigned by international credit-rating agencies. d) Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company is exposed to liquidity risk due to its limited cash resources. e) The Company's financial assets and liabilities are carried at amortised cost and belong to Level 2 of the fair value hierarchy. During the year ended December 31, 2022, there were no transfers between levels of the fair value hierarchy. The carrying amounts of these financial instruments are a reasonable estimate of their fair values because of their current nature. |
ENVIRONMENTAL CONTINGENCY
ENVIRONMENTAL CONTINGENCY | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Environmental Contingency [Abstract] | |
ENVIRONMENTAL CONTINGENCY [Text Block] | 9. 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF CONSOLIDATION [Policy Text Block] | a) 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) Exploration costs pertaining to any 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. |
CAPITAL ASSETS [Policy Text Block] | c) Capital assets are recorded at cost less accumulated depreciation. Depreciation and amortization has been recorded as follows: Office Leasehold |
ASSET IMPAIRMENT [Policy Text Block] | d) 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, 2022, 2021 and 2020. |
ASSET RETIREMENT OBLIGATIONS [Policy Text Block] | e) 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, 2022 and 2021. |
STOCK-BASED COMPENSATION [Policy Text Block] | f) The Company has a stock option plan, which is described in note 6(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 2022 and 2021, 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 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) 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) 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. |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Policy Text Block] | j) 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 instruments consist of cash, accounts payables, advances receiveable due to related parties and loans. 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. 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) 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 $nil at the balance sheet date. ASC 740, "Income Taxes" requires that the Company recognize the impact of a tax position in its financial statements if the position is more likely than not of being sustained upon examination and on the technical merits of the position. The Company does not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months. |
LOSS PER SHARE [Policy Text Block] | l) Basic loss per share calculations are based on the weighted-average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated using the treasury method. The treasury method assumes that outstanding stock options and warrants with an average exercise price below market price of the underlying shares are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period. |
ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE [Policy Text Block] | m) Certain new standards, interpretations, amendments and improvements to existing standards were issued that are mandatory for accounting periods beginning on or after January 1, 2022. For the year ended December 31, 2022, there were no updates that are applicable or are consequential to the Company. |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock Option Activity [Table Text Block] | Weighted average Weighted remaining average Weighted contractual Number of exercise average fair life (in options price ($Cdn) value ($Cdn) years) Closing Balance, December 31, 2020 1,040,000 0.065 0.065 3.49 Closing Balance, December 31, 2021 1,040,000 0.065 0.065 2.49 Closing Balance, December 31, 2022 1,040,000 0.065 0.065 1.49 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2022 2021 2020 $ $ $ Gain(Loss) for the year before income tax (257,913 ) (48,023 ) (301,000 ) Expected income tax recovery based on statutory rate (54,000 ) (10,000 ) (63,000 ) Adjustment to expected income tax benefit: Permanent differences (1,575 ) - - Change in tax rate - - - Change in benefit of tax assets not recognized 55,575 10,000 63,000 Income tax charge / benefit (0 ) - - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year ended December 31, 2022 2021 $ $ Non-capital loss carryforwards 14,482,000 14,209,000 Capital loss carryforwards 25,540,000 25,540,000 Capital assets 108,000 108,000 Other 65,000 115,000 Total 40,195,000 39,972,000 |
Schedule of Operating Loss Carryforwards [Table Text Block] | Year of expire Amount 2025 76,000 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 Indefinite 1,381,000 14,482,000 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule of Foreign Currency Risk on Net Working Capital and Sensitivity Analysis [Table Text Block] | Canadian Canadian Canadian Dollars Dollars Dollars 2022 2021 2020 Cash $ 12,453 $ 3,899 $ 325 Accounts payable (130,208 ) (138,709 ) (115,063 ) Loan (40,000 ) (40,000 ) (40,000 ) Total foreign currency working capital (157,755 ) (174,810 ) (154,738 ) US$ exchange rate 0.7383 0.7888 0.7854 Total foreign currency net working capital in US$ (116,471 ) (137,890 ) (121,531 ) Impact of a 10% strengthening of the US$ on net income (loss) (11,647 ) (13,789 ) (12,153 ) |
NATURE OF OPERATIONS AND GOIN_2
NATURE OF OPERATIONS AND GOING CONCERN (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Nature Of Operations And Going Concern[Abstract] | |||
Net loss and comprehensive loss | $ (257,913) | $ 21,194 | $ (301,085) |
Deficit accumulated during the exploration stage | 44,424,262 | 44,166,349 | |
Exploration Stage Accumulated Deficit | 44,166,349 | ||
Working capital deficiency | $ 1,041,889 | $ 784,873 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule Of Capital Assets Depreciation Method (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Capital assets, depreciation method | Straight line basis over four years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Capital assets, depreciation method | Straight line basis over five years |
ADVANCES RECEIVABLE (Narrative)
ADVANCES RECEIVABLE (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Advances Receivable [Abstract] | ||
Unsecured loan receivable | $ 15,282 | $ 15,282 |
Prepaids expenses | $ 0 | $ 734 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 888,484 | $ 588,377 |
Arnold Kondrat [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 457,127 | 359,938 |
Loncor Gold Inc. [Member] | General and Administrative Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 431,357 | 228,439 |
Loncor Gold Inc. [Member] | Operating Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 63,963 | $ 68,660 |
LOAN (Detail Textuals)
LOAN (Detail Textuals) | 1 Months Ended | 12 Months Ended | |||||||
May 31, 2020 CAD ($) | May 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | |
Line of Credit Facility [Line Items] | |||||||||
Loan received | $ 0 | $ 0 | $ 28,668 | ||||||
Accretion expense | $ 896 | 897 | 598 | ||||||
Loan | $ 25,976 | $ 25,079 | |||||||
Toronto Dominion Bank [Member] | Line of credit (CEBA LOC) [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Loan received | $ 40,000 | $ 28,668 | |||||||
Description of line of credit facility conversion to term loan | On January 1, 2021, the outstanding balance of the CEBA LOC automatically converted to a 2-year interest free term loan ("CEBA Term Loan"). The CEBA Term Loan may be repaid at any time without notice or the payment of any penalty. If 75% of the CEBA Term Loan is repaid on or before December 31, 2023, the repayment of the remining 25% of such CEBA Term Loan shall be forgiven. The amount of the CEBA Term Loan outstanding on January 1, 2024 shall bear an interest rate of 5% per annum and shall be repayable in full by December 2025. | ||||||||
Fair value of amount outstanding | $ 32,906 | 23,584 | |||||||
Interest rate | 3.45% | ||||||||
Gain (loss) on fair value of loans | $ 5,084 | ||||||||
Accretion expense | $ 896 | $ 897 | $ 598 | ||||||
Loan | $ 35,183 | $ 25,976 | $ 31,794 | $ 25,079 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2019 $ / shares shares | Jul. 31, 2019 $ / shares shares | Jun. 30, 2019 $ / shares shares | Jun. 30, 2019 $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Stockholders Equity Note [Line Items] | |||||||||
Common stock, shares authorized | 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 | 38,906,742 | |||||||
Common stock, shares issued | 38,906,742 | 38,906,742 | |||||||
Risk free interest rate, minimum | 1.40% | ||||||||
Risk free interest rate, maximum | 1.53% | ||||||||
Expected volatility rate, minimum | 119.33% | ||||||||
Expected volatility rate, maximum | 119.56% | ||||||||
Expected term | 5 years | ||||||||
Expected dividends | $ | $ 0 | ||||||||
Share-based Compensation | $ | 0 | $ 0 | $ 0 | ||||||
Unrecognized stock based compensation expense | $ | $ 0 | $ 0 | |||||||
Weighted average number of shares - basic (in share) | 38,906,742 | 38,906,742 | 38,906,742 | ||||||
Weighted average number of shares - diluted (in share) | 38,906,742 | 39,946,742 | 38,906,742 | ||||||
Stock Option Plan [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Number of Options, Granted | 40,000 | 40,000 | |||||||
Weighted Average Exercise Price | (per share) | $ 0.065 | $ 0.05 | |||||||
Contractual Life | 5 years | 5 years | |||||||
Stock Options [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Weighted average number of shares - basic (in share) | 1,040,000 | ||||||||
Weighted average number of shares - diluted (in share) | 39,946,742 | ||||||||
Anti-dilutive shares | 1,040,000 | 1,040,000 | |||||||
Directors And Officers [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
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 |
SHARE CAPITAL - Schedule of Sto
SHARE CAPITAL - Schedule of Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |||
Number of Options, Opening Balance | 1,040,000 | 1,040,000 | |
Weighted Average Exercise Price ($Cdn), Opening Balance | $ 0.065 | $ 0.065 | |
Weighted Average Fair Value ($Cdn), Opening Balance | $ 0.065 | $ 0.065 | |
Number of Options, Closing Balance | 1,040,000 | 1,040,000 | 1,040,000 |
Weighted Average Exercise Price ($Cdn), Closing Balance | $ 0.065 | $ 0.065 | $ 0.065 |
Weighted Average Fair Value ($Cdn), Closing Balance | $ 0.065 | $ 0.065 | $ 0.065 |
Weighted Average Remaining Contractual Life (In Years), Outstanding | 1 year 5 months 26 days | 2 years 5 months 26 days | 3 years 5 months 26 days |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 21% | 21% | 21% |
Capital Loss Available for Future Use | $ 14,480 |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Gain(Loss) for the year before income tax | $ (257,913) | $ (48,023) | $ (301,000) |
Expected income tax recovery based on statutory rate | (54,000) | (10,000) | (63,000) |
Adjustment to expected income tax benefit: | |||
Permanent differences | (1,575) | 0 | 0 |
Change in tax rate | 0 | 0 | 0 |
Change in benefit of tax assets not recognized | 55,575 | 10,000 | 63,000 |
Income tax reconciliation amount | $ 0 | $ 0 | $ 0 |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Non-capital loss carryforwards | $ 14,482,000 | $ 14,209,000 |
Capital loss carryforwards | 25,540,000 | 25,540,000 |
Capital assets | 108,000 | 108,000 |
Other | 65,000 | 115,000 |
Total | $ 40,195,000 | $ 39,972,000 |
INCOME TAXES - Schedule of Oper
INCOME TAXES - Schedule of Operating Loss Carryforwards (Details) | Dec. 31, 2022 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 14,482,000 |
2025 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 76,000 |
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 |
Indefinite [Member] | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 1,381,000 |
FINANCIAL RISK MANAGEMENT (Narr
FINANCIAL RISK MANAGEMENT (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Foreign currency strength percentage | 10% |
Foreign currency weakness percentage | 10% |
FINANCIAL RISK MANAGEMENT - Sch
FINANCIAL RISK MANAGEMENT - Schedule Of Foreign Currency Risk On Net Working Capital and Sensitivity Analysis (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |||
Cash | $ 9,803 | $ 4,085 | |
Accounts payable | (115,976) | (144,313) | |
Canadian Dollar [Member] | |||
Foreign Currency Fair Value Hedge Derivative [Line Items] | |||
Cash | 12,453 | 3,899 | $ 325 |
Accounts payable | (130,208) | (138,709) | (115,063) |
Loan | (40,000) | (40,000) | (40,000) |
Total foreign currency working capital | (157,755) | (174,810) | (154,738) |
US$ exchange rate at December 31, 2021 | 0.7383 | 0.7888 | 0.7854 |
Total foreign currency net working capital in US$ | (116,471) | (137,890) | (121,531) |
Impact of a 10% strengthening of the US$ on net income | $ (11,647) | $ (13,789) | $ (12,153) |