Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 16, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Western Uranium & Vanadium Corp. | |
Entity Central Index Key | 0001621906 | |
Amendment Flag | false | |
Trading Symbol | WUC | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 29,891,469 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 639,399 | $ 909,865 |
Prepaid expenses | 98,095 | 127,122 |
Marketable securities | 4,886 | 4,781 |
Other current assets | 127,076 | 93,841 |
Total current assets | 869,456 | 1,135,609 |
Restricted cash | 889,155 | 889,030 |
Mineral properties | 11,681,720 | 11,681,720 |
Ablation intellectual property | 9,488,051 | 9,488,051 |
Total assets | 22,928,382 | 23,194,410 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 556,532 | 493,320 |
Deferred revenue, current portion | 44,620 | 44,620 |
Total current liabilities | 601,152 | 537,940 |
Reclamation liability | 227,939 | 224,645 |
Deferred tax liability | 2,708,887 | 2,708,887 |
Deferred contingent consideration | 354,309 | 352,361 |
Deferred revenue, net of current portion | 36,565 | 47,720 |
Total liabilities | 3,928,852 | 3,871,553 |
Commitments | ||
Shareholders' Equity | ||
Common stock, no par value, unlimited authorized shares, 25,977,143 and 25,977,143 shares issued as of March 31, 2019 and December 31, 2018, respectively and 25,976,837 and 25,976,837 shares outstanding as of March 31, 2019 and December 31, 2018, respectively | 26,045,636 | 25,865,367 |
Treasury shares, 306 and 306 shares held in treasury as of March 31, 2019 and December 31, 2018, respectively | ||
Accumulated deficit | (7,103,217) | (6,584,342) |
Accumulated other comprehensive income | 57,111 | 41,832 |
Total shareholders' equity | 18,999,530 | 19,322,857 |
Total liabilities and shareholders' equity | $ 22,928,382 | $ 23,194,410 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Statement of Financial Position [Abstract] | ||
Common stock, par value | ||
Common stock, shares authorized | Unlimited | Unlimited |
Common stock, shares issued | 25,977,143 | 25,977,143 |
Common stock, shares outstanding | 25,976,837 | 25,976,837 |
Treasury shares held in treasury | 306 | 306 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Lease revenue | $ 11,155 | $ 11,155 |
Expenses | ||
Mining expenditures | 43,846 | 49,055 |
Professional fees | 93,317 | 179,226 |
General and administrative | 374,973 | 224,919 |
Consulting fees | 15,000 | 41,214 |
Total operating expenses | 527,136 | 494,414 |
Operating loss | (515,981) | (483,259) |
Interest expense, net | 2,894 | 14,605 |
Net loss | (518,875) | (497,864) |
Other comprehensive income | ||
Foreign exchange gain | 15,279 | (2,549) |
Comprehensive loss | $ (503,596) | $ (500,413) |
Loss per share - basic and diluted | $ (0.02) | $ (0.02) |
Weighted average shares outstanding, basic and diluted | 25,976,837 | 20,510,500 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock | Treasury Shares | Subscription Receivable | Accumulated Deficit | Accumulated Other Comprehensive Income | Total |
Balance at Dec. 31, 2017 | $ 22,657,529 | $ (4,540,143) | $ 36,134 | $ 18,153,520 | ||
Balance, shares at Dec. 31, 2017 | 20,510,500 | 306 | ||||
Stock based compensation - stock options | $ 69,832 | 69,832 | ||||
Foreign exchange gain | (2,549) | (2,549) | ||||
Net loss | (497,864) | (497,864) | ||||
Balance at Mar. 31, 2018 | $ 22,727,361 | (5,038,007) | 33,585 | 17,722,939 | ||
Balance, shares at Mar. 31, 2018 | 20,510,500 | 306 | ||||
Balance at Dec. 31, 2018 | $ 25,865,367 | (6,584,342) | 41,832 | 19,322,857 | ||
Balance, shares at Dec. 31, 2018 | 25,976,837 | 306 | ||||
Stock based compensation - stock options | $ 180,269 | 180,269 | ||||
Foreign exchange gain | 15,279 | 15,279 | ||||
Net loss | (518,875) | (518,875) | ||||
Balance at Mar. 31, 2019 | $ 26,045,636 | $ (7,103,217) | $ 57,111 | $ 18,999,530 | ||
Balance, shares at Mar. 31, 2019 | 25,976,837 | 306 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (518,875) | $ (497,864) |
Reconciliation of net loss to cash used in operating activities: | ||
Accretion of and additions to reclamation liability | 3,294 | 2,575 |
Amortization of debt discount on notes payable | 4,824 | |
Stock based compensation | 180,269 | 69,832 |
Change in foreign exchange on marketable securities | (105) | 19 |
Change in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (4,208) | 42,289 |
Accounts payable and accrued liabilities, net of shares issued for accounts payable | 63,212 | 14,292 |
Deferred revenue | (11,155) | 25,805 |
Net cash used in operating activities | (287,568) | (338,228) |
Cash Flows From Financing Activities: | ||
Receipt of subscription receivable | 39,575 | |
Net cash provided by financing activities | 39,575 | |
Effect of foreign exchange rate on cash | 17,227 | (8,609) |
Net increase (decrease) in cash and restricted cash | (270,341) | (307,262) |
Cash and restricted cash - beginning | 1,798,895 | 1,247,454 |
Cash and restricted cash - ending | 1,528,554 | 940,192 |
Total | 1,528,554 | 1,247,454 |
Cash paid during the period for: | ||
Interest | ||
Income taxes |
Business
Business | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS | NOTE 1 – BUSINESS Nature of operations Western Uranium & Vanadium Corp. ("Western" or the "Company", formerly Western Uranium Corporation) was incorporated in December 2006 under the Ontario Business Corporations Act. On November 20, 2014, the Company completed a listing process on the Canadian Securities Exchange ("CSE"). As part of that process, the Company acquired 100% of the members' interests of Pinon Ridge Mining LLC ("PRM"), a Delaware limited liability company. The transaction constituted a reverse takeover ("RTO") of Western by PRM. Subsequent to obtaining appropriate shareholder approvals, the Company reconstituted its Board of Directors and senior management team. Effective September 16, 2015, Western completed its acquisition of Black Range Minerals Limited ("Black Range"). The Company has registered offices at 330 Bay Street, Suite 1400, Toronto, Ontario, Canada, M5H 2S8 and its common shares are listed on the CSE under the symbol "WUC." On April 22, 2016, the Company's shares of common stock began trading on the OTC Pink Open Market, and on May 23, 2016, the Company's common stock was approved for the commencement of trading on the OTCQX Best Market. Its principal business activity is the acquisition and development of uranium and vanadium resource properties in the states of Utah and Colorado in the United States of America ("United States"). On June 28, 2016, the Company's registration statement became effective and Western became a United States reporting issuer. Thereafter, the Company was approved for Depository Trust Company eligibility through the Depository Trust and Clearing Corporation, which facilitates electronic book-entry delivery, settlement and depository services for shares in the United States. On June 29, 2018, the shareholders of the Company approved the name change of the Company from "Western Uranium Corporation" to "Western Uranium & Vanadium Corp." The name change became effective in Ontario, Canada on October 1, 2018; thereafter on October 4, 2018 Western's shares started trading under the new name on the CSE and OTCQX and the Company announced the name change by news release. |
Liquidity and Going Concern
Liquidity and Going Concern | 3 Months Ended |
Mar. 31, 2019 | |
Liquidity and Going Concern [Abstract] | |
LIQUIDITY AND GOING CONCERN | Note 2 – Liquidity and going concern The Company has incurred continuing losses from its operations and as of March 31, 2019, the Company had an accumulated deficit of $7,103,217 and working capital of $268,304. Since inception, the Company has met its liquidity requirements principally through the issuance of notes and the sale of its shares of common stock. The Company’s ability to continue its operations and to pay its obligations when they become due is contingent upon the Company obtaining additional financing. Management’s plans include seeking to procure additional funds through debt and equity financings, to secure regulatory approval to fully utilize its ablation technology and to initiate the processing of ore to generate operating cash flows. There are no assurances that the Company will be able to raise capital on terms acceptable to the Company or at all, or that cash flows generated from its operations will be sufficient to meet its current operating costs. If the Company is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned product development, which could harm its financial condition and operating results, or it may not be able to continue to fund its ongoing operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern to sustain operations for at least one year from the issuance of these condensed consolidated financial statements. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 3 – SUMMARY OF Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10–Q and Rule 10 of Regulation S–X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been included in these statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10–K for the fiscal year ended December 31, 2018, as filed with the SEC on April 1, 2019. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending December 31, 2019. The accompanying condensed consolidated financial statements include the accounts of Western and its wholly-owned subsidiaries, Western Uranium Corp. (Utah), PRM, Black Range, Black Range Copper Inc., Ranger Resources Inc., Black Range Minerals Inc., Black Range Minerals Colorado LLC, Black Range Minerals Wyoming LLC, Haggerty Resources LLC, Ranger Alaska LLC, Black Range Minerals Utah LLC, Black Range Minerals Ablation Holdings Inc. and Black Range Development Utah LLC. All significant inter-company transactions and balances have been eliminated upon consolidation. The Company has established the existence of mineralized materials for certain uranium projects. The Company has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of its uranium projects. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. By their nature, these estimates are subject to measurement uncertainty and the effects on the financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management’s estimates and assumptions include determining the fair value of transactions involving common stock, assessment of the useful life and evaluation for impairment of intangible assets, valuation and impairment assessments on mineral properties, deferred contingent consideration, and the reclamation liability, valuation of stock-based compensation, valuation of available-for-sale securities and valuation of long-term debt. Other areas requiring estimates include allocations of expenditures, depletion and amortization of mineral rights and properties. Actual results could differ from those estimates. Foreign Currency Translation The reporting currency of the Company, including its subsidiaries, is the United States dollar. The financial statements of subsidiaries located outside of the U.S. are measured in their functional currency, which is the local currency. The functional currency of the parent (Western Uranium & Vanadium Corp. (Ontario)) is the Canadian dollar. Monetary assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Income and expense items are translated using average monthly exchange rates. Non-monetary assets are translated at their historical exchange rates. Translation adjustments are included in accumulated other comprehensive loss in the condensed consolidated balance sheets. Revenue Recognition The Company leases certain of its mineral properties for the exploration and production of oil and gas reserves. The Company accounts for lease revenue in accordance with ASC 842 “Leases”. Lease payments received in advance are deferred and recognized on a straight – line basis over the related lease term associated with the prepayment. Royalty payments are recognized as revenues when received. Fair Values of Financial Instruments The carrying amounts of cash, restricted cash, accounts payable, accrued liabilities, and notes payable approximate their fair value due to the short-term nature of these instruments. Marketable securities are adjusted to fair value at each balance sheet date based on quoted prices which are considered level 1 inputs. The reclamation deposits, which are reflected in restricted cash on the consolidated balance sheets, are deposits mainly invested in certificates of deposit at major financial institutions and their fair values were estimated to approximate their carrying values. The Company’s operations and financing activities are conducted primarily in United States dollars and as a result, the Company is not subject to significant exposure to market risks from changes in foreign currency rates. The Company is exposed to credit risk through its cash and restricted cash, but mitigates this risk by keeping these deposits at major financial institutions. ASC 820 “Fair Value Measurements and Disclosures” provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows: Fair Values of Financial Instruments Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly. Level 3 Significant unobservable inputs that cannot be corroborated by market data. The fair value of the Company’s financial instruments are as follows: Quoted Prices in Active Markets for Identical Assets or Liabilities Quoted Significant Unobservable Inputs Marketable securities as of March 31, 2019 $ 4,886 $ - $ - Marketable securities as of December 31, 2018 $ 4,781 $ - $ - Income Taxes The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of March 31, 2019 and December 31, 2018, no liability for unrecognized tax benefits was required to be reported. The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expense. There were no amounts accrued for penalties and interest for the periods ended March 31, 2019 and 2018. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position. The Company has identified its federal tax return and its state tax returns in Colorado and Utah as its “major” tax jurisdictions, and such returns for the years 2015 through 2018 remain subject to examination. Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method). The computation of basic net loss per share for the three months ended March 31, 2019 and 2018 excludes potentially dilutive securities. The computations of net loss per share for each period presented is the same for both basic and fully diluted. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Three Months 2019 2018 Warrants to purchase shares of common stock 6,778,876 4,095,563 Options to purchase shares of common stock 2,416,664 1,783,664 Total potentially dilutive securities 9,195,540 5,879,227 Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed consolidated financial statements, other than those disclosed below. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held-to-maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. For public business entities that meet the definition of an SEC filer, the standard will be effective for fiscal years beginning after December 15, 2019, including interim periods in those fiscal years. For debt securities with other-than-temporary impairment, the guidance will be applied prospectively. Existing purchased credit impaired (PCI) assets will be grandfathered and classified as purchased credit deteriorated (PCD) assets at the date of adoption. The asset will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company does not believe ASU 2016-13 will have a material effect on its condensed consolidated financial statements. In July 2018, the FASB issued ASU 2018-10 Leases (Topic 842), Codification Improvements and ASU 2018-11 Leases (Topic 842), Targeted Improvements, to provide additional guidance for the adoption of Topic 842. ASU 2018-10 clarifies certain provisions and correct unintended applications of the guidance such as the application of implicit rate, lessee reassessment of lease classification, and certain transition adjustments that should be recognized to earnings rather than to stockholders’ (deficit) equity. ASU 2018-11 provides an alternative transition method and practical expedient for separating contract components for the adoption of Topic 842. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases with terms greater than 12 months. ASU 2018-11, ASU 2018-10, and ASU 2016-02 (collectively, “the new lease standards”) are effective for fiscal years beginning after December 15, 2018, with early adoption permitted. On Janaury 1, 2019, the Company adopted ASU 2018-10, and has determined that there are no material impacts to the condensed consolidated financial statements. |
Mineral Assets, Ablation Intell
Mineral Assets, Ablation Intellectual Property and Other Property | 3 Months Ended |
Mar. 31, 2019 | |
Mineral Industries Disclosures [Abstract] | |
MINERAL ASSETS, ABLATION INTELLECTUAL PROPERTY AND OTHER PROPERTY | NOTE 4 - MINERAL ASSETS, ABLATION INTELLECTUAL PROPERTY AND OTHER PROPERTY The Company’s mining properties acquired on September 16, 2015 that the Company retains as of March 31, 2019, include Hansen, North Hansen, High Park, Hansen Picnic Tree, a nd Taylor Ranch, located in Fremont and Teller Counties, Colorado. The Company also acquired the Keota project located in Weld County, Wyoming and the Ferris Haggerty project located in Carbon County Wyoming. These mining assets include both owned and leased land in the states of Utah, Colorado and Wyoming. All of the mining assets represent properties which have previously been mined to different degrees for uranium. As the Company has not formally established proven or probable reserves on any of its properties, there is inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated. The Company’s mineral properties and ablation intellectual property are: As of March 31, 2019 December 31, 2018 Mineral properties $ 11,681,720 $ 11,681,720 Ablation intellectual property $ 9,488,051 $ 9,488,051 Oil and Gas Lease and Easement On July 18, 2017, an oil and gas lease became effective with respect to minerals and mineral rights owned by the Company of approximately 160 surface acres of the Company’s property in Colorado. As consideration for entering into the lease, the Company received $120,000 during the third quarter of 2017. The lease will be in force for an initial term of three years and may be extended by the lessee at 150% of the initial rate. The lessee has also agreed to pay the Company a royalty of 18.75% of the lessee’s revenue attributed to oil and gas produced, saved, and sold attributable to the net mineral interest. The Company is recognizing the initial payment incrementally over the term of the lease. On February 26, 2018, the Company entered into a further agreement with the same entity as the oil and gas lease to provide them with an easement to an additional part of the Company’s property solely for the purposes of transporting the oil and gas extracted via a pipeline. As consideration for the easement, the Company received $36,960 during the first quarter of 2018. The Company is recognizing this payment incrementally over the eight year term of the easement. During the periods ended March 31, 2019 and 2018 the Company recognized aggregate revenue of $11,155 and $11,155, respectively, under these oil and gas lease arrangements. Reclamation Liabilities The Company’s mines are subject to certain asset retirement obligations, which the Company has recorded as reclamation liabilities. The reclamation liabilities of the United States mines are subject to legal and regulatory requirements, and estimates of the costs of reclamation are reviewed periodically by the applicable regulatory authorities. The reclamation liability represents the Company’s best estimate of the present value of future reclamation costs in connection with the mineral properties. The Company determined the gross reclamation liabilities of the mineral properties as of March 31, 2019 and December 31, 2018, to be approximately $889,155 and $889,030, respectively. During the three months ended March 31, 2019 and 2018, the accretion of the reclamation liabilities was $3,294 and $2,575, respectively. The Company expects to begin incurring the reclamation liability after 2054 and accordingly, has discounted the gross liabilities over their remaining lives using a discount rate of 5.4% to net discounted aggregated values as of March 31, 2019 and December 31, 2018 of $227,939 and $224,645, respectively. The gross reclamation liabilities as of March 31, 2019 and December 31, 2018 are secured by certificates of deposit in the amount of $889,155 and $889,030, respectively. Reclamation liability activity for the months ended March 31, 2019 and 2018 consists of: For the Months Ended 2019 2018 Beginning balance $ 224,645 $ 196,821 Accretion 3,294 2,575 Ending Balance $ 227,939 $ 199,396 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | NOTE 5 - Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of: As of March 31, 2019 December 31, 2018 Trade accounts payable $ 389,146 $ 326,250 Accrued liabilities 167,386 167,070 $ 556,532 $ 493,320 |
Share Capital and Other Equity
Share Capital and Other Equity Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS | NOTE 6 - SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS Authorized Capital The holders of the Company’s common stock are entitled to one vote per share. Holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board of Directors out of legally available funds. Upon the liquidation, dissolution, or winding up of the Company, holders of common stock are entitled to share rateably in all assets of the Company that are legally available for distribution. As of March 31, 2019 and December 31, 2018, an unlimited number of common shares were authorized for issuance. Incentive Stock Option Plan The Company maintains an Incentive Stock Option Plan (the “Plan”) that permits the granting of stock options as incentive compensation. Shareholders of the Company approved the Plan on June 30, 2008 and amendments to the Plan on June 20, 2013, and the Board of Directors approved additional changes to the Plan on September 12, 2015. The purpose of the Plan is to attract, retain and motivate directors, management, staff and consultants by providing them with the opportunity, through stock options, to acquire a proprietary interest in the Company and benefit from its growth. The Plan provides that the aggregate number of common shares for which stock options may be granted will not exceed 10% of the issued and outstanding common shares at the time stock options are granted. As of March 31, 2019 and December 31, 2018, a total of 25,976,837 common shares were outstanding, and at that date the maximum number of stock options eligible for issue under the Plan was 2,597,684. Stock Options Number of Shares Weighted Average Exercise Price (USD) Weighted Average Contractual Life (years) Weighted Average Grant Date Fair Value (USD) Intrinsic Value Outstanding - January 1, 2019 2,416,664 $ 1.67 $ 0.48 Outstanding - March 31, 2019 2,416,664 $ 1.70 3.48 $ 0.48 $ 10,063 Exercisable - March 31, 2019 2,416,664 $ 1.70 3.48 $ 0.48 $ 10,063 The Company’s stock based compensation expense related to stock options for the three months ended March 31, 2019 and 2018 was $180,269 and $69,832, respectively. As of March 31, 2019, the Company had $0 in unamortized stock option expense. Warrants Number of Shares Weighted Average Exercise Price (USD) Weighted Average Contractual Life (years) Intrinsic Value (USD) Outstanding, January 1, 2019 6,798,401 $ 1.49 Forfeited (19,525 ) $ 2.52 Outstanding - March 31, 2019 6,778,876 $ 1.52 2.05 $ - Exercisable - March 31, 2019 6,778,876 $ 1.52 2.05 $ - |
Mining Expenditures
Mining Expenditures | 3 Months Ended |
Mar. 31, 2019 | |
Extractive Industries [Abstract] | |
MINING EXPENDITURES | Note 7 - Mining Expenditures For the Three Months Ended March 31, 2019 2018 Permits $ 35,366 $ 45,455 Maintenance 8,480 - Contract Labor - 3,600 $ 43,846 $ 49,055 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 8 - Related Party Transactions The Company has transacted with related parties pursuant to service arrangements in the ordinary course of business, as follows: Prior to the acquisition of Black Range, Mr. George Glasier, the Company’s CEO, who is also a director, transferred his interest in a former joint venture with Ablation Technologies, LLC to Black Range. In connection with the transfer, Black Range issued 25 million shares of Black Range common stock to Seller and committed to pay AUD $500,000 (USD $354,309 as of March 31, 2019) to Seller within 60 days of the first commercial application of the ablation technology. Western assumed this contingent payment obligation in connection with the acquisition of Black Range. At the date of the acquisition of Black Range, this contingent obligation was determined to be probable. Since the deferred contingent consideration obligation is probable and the amount estimable, the Company recorded the deferred contingent consideration as an assumed liability in the amount of $354,309 and $352,361 as of March 31, 2019 and December 31, 2018, respectively. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | Note 9 – Subsequent event Private placement On April 16, 2019, the Company completed a private placement of 3,914,632 units at a price of CAD $0.98 (USD $0.73) per unit for gross proceeds of CAD $3,836,340 (USD $2,873,986). Each unit consisted of one share of common stock and a warrant to purchase one-half of one share of common stock. Each warrant is immediately exercisable at a price of CAD $1.70 and expires two years from the date of issuance. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10–Q and Rule 10 of Regulation S–X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been included in these statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10–K for the fiscal year ended December 31, 2018, as filed with the SEC on April 1, 2019. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending December 31, 2019. The accompanying condensed consolidated financial statements include the accounts of Western and its wholly-owned subsidiaries, Western Uranium Corp. (Utah), PRM, Black Range, Black Range Copper Inc., Ranger Resources Inc., Black Range Minerals Inc., Black Range Minerals Colorado LLC, Black Range Minerals Wyoming LLC, Haggerty Resources LLC, Ranger Alaska LLC, Black Range Minerals Utah LLC, Black Range Minerals Ablation Holdings Inc. and Black Range Development Utah LLC. All significant inter-company transactions and balances have been eliminated upon consolidation. The Company has established the existence of mineralized materials for certain uranium projects. The Company has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the "SEC") under Industry Guide 7, through the completion of a "final" or "bankable" feasibility study for any of its uranium projects. |
Use of Estimates | Use of Estimates The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. By their nature, these estimates are subject to measurement uncertainty and the effects on the financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management's estimates and assumptions include determining the fair value of transactions involving common stock, assessment of the useful life and evaluation for impairment of intangible assets, valuation and impairment assessments on mineral properties, deferred contingent consideration, and the reclamation liability, valuation of stock-based compensation, valuation of available-for-sale securities and valuation of long-term debt. Other areas requiring estimates include allocations of expenditures, depletion and amortization of mineral rights and properties. Actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency Translation The reporting currency of the Company, including its subsidiaries, is the United States dollar. The financial statements of subsidiaries located outside of the U.S. are measured in their functional currency, which is the local currency. The functional currency of the parent (Western Uranium & Vanadium Corp. (Ontario)) is the Canadian dollar. Monetary assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Income and expense items are translated using average monthly exchange rates. Non-monetary assets are translated at their historical exchange rates. Translation adjustments are included in accumulated other comprehensive loss in the condensed consolidated balance sheets. |
Revenue Recognition | Revenue Recognition The Company leases certain of its mineral properties for the exploration and production of oil and gas reserves. The Company accounts for lease revenue in accordance with ASC 842 "Leases". Lease payments received in advance are deferred and recognized on a straight – line basis over the related lease term associated with the prepayment. Royalty payments are recognized as revenues when received. |
Fair Values of Financial Instruments | Fair Values of Financial Instruments The carrying amounts of cash, restricted cash, accounts payable, accrued liabilities, and notes payable approximate their fair value due to the short-term nature of these instruments. Marketable securities are adjusted to fair value at each balance sheet date based on quoted prices which are considered level 1 inputs. The reclamation deposits, which are reflected in restricted cash on the consolidated balance sheets, are deposits mainly invested in certificates of deposit at major financial institutions and their fair values were estimated to approximate their carrying values. The Company's operations and financing activities are conducted primarily in United States dollars and as a result, the Company is not subject to significant exposure to market risks from changes in foreign currency rates. The Company is exposed to credit risk through its cash and restricted cash, but mitigates this risk by keeping these deposits at major financial institutions. ASC 820 "Fair Value Measurements and Disclosures" provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows: Fair Values of Financial Instruments Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly. Level 3 Significant unobservable inputs that cannot be corroborated by market data. The fair value of the Company's financial instruments are as follows: Quoted Prices in Active Markets for Identical Assets or Liabilities Quoted Significant Unobservable Inputs Marketable securities as of March 31, 2019 $ 4,886 $ - $ - Marketable securities as of December 31, 2018 $ 4,781 $ - $ - |
Income Taxes | Income Taxes The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of March 31, 2019 and December 31, 2018, no liability for unrecognized tax benefits was required to be reported. The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expense. There were no amounts accrued for penalties and interest for the periods ended March 31, 2019 and 2018. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position. The Company has identified its federal tax return and its state tax returns in Colorado and Utah as its “major” tax jurisdictions, and such returns for the years 2015 through 2018 remain subject to examination. |
Loss per Share | Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method). The computation of basic net loss per share for the three months ended March 31, 2019 and 2018 excludes potentially dilutive securities. The computations of net loss per share for each period presented is the same for both basic and fully diluted. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Three Months 2019 2018 Warrants to purchase shares of common stock 6,778,876 4,095,563 Options to purchase shares of common stock 2,416,664 1,783,664 Total potentially dilutive securities 9,195,540 5,879,227 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed consolidated financial statements, other than those disclosed below. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held-to-maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. For public business entities that meet the definition of an SEC filer, the standard will be effective for fiscal years beginning after December 15, 2019, including interim periods in those fiscal years. For debt securities with other-than-temporary impairment, the guidance will be applied prospectively. Existing purchased credit impaired (PCI) assets will be grandfathered and classified as purchased credit deteriorated (PCD) assets at the date of adoption. The asset will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company does not believe ASU 2016-13 will have a material effect on its condensed consolidated financial statements. In July 2018, the FASB issued ASU 2018-10 Leases (Topic 842), Codification Improvements and ASU 2018-11 Leases (Topic 842), Targeted Improvements, to provide additional guidance for the adoption of Topic 842. ASU 2018-10 clarifies certain provisions and correct unintended applications of the guidance such as the application of implicit rate, lessee reassessment of lease classification, and certain transition adjustments that should be recognized to earnings rather than to stockholders’ (deficit) equity. ASU 2018-11 provides an alternative transition method and practical expedient for separating contract components for the adoption of Topic 842. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842) which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases with terms greater than 12 months. ASU 2018-11, ASU 2018-10, and ASU 2016-02 (collectively, “the new lease standards”) are effective for fiscal years beginning after December 15, 2018, with early adoption permitted. On Janaury 1, 2019, the Company adopted ASU 2018-10, and has determined that there are no material impacts to the condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of fair values of financial instruments | Quoted Prices in Active Markets for Identical Assets or Liabilities Quoted Significant Unobservable Inputs Marketable securities as of March 31, 2019 $ 4,886 $ - $ - Marketable securities as of December 31, 2018 $ 4,781 $ - $ - |
Schedule of anti-dilutive securities excluded from computation of diluted net loss per share | For the Three Months 2019 2018 Warrants to purchase shares of common stock 6,778,876 4,095,563 Options to purchase shares of common stock 2,416,664 1,783,664 Total potentially dilutive securities 9,195,540 5,879,227 |
Mineral Assets, Ablation Inte_2
Mineral Assets, Ablation Intellectual Property and Other Property (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Mineral Industries Disclosures [Abstract] | |
Schedule of mineral properties and ablation intellectual property | As of March 31, 2019 December 31, 2018 Mineral properties $ 11,681,720 $ 11,681,720 Ablation intellectual property $ 9,488,051 $ 9,488,051 |
Schedule on reclamation liability activity | For the Months Ended 2019 2018 Beginning balance $ 224,645 $ 196,821 Accretion 3,294 2,575 Ending Balance $ 227,939 $ 199,396 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accrued liabilities | As of March 31, 2019 December 31, 2018 Trade accounts payable $ 389,146 $ 326,250 Accrued liabilities 167,386 167,070 $ 556,532 $ 493,320 |
Share Capital and Other Equit_2
Share Capital and Other Equity Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock option | Number of Shares Weighted Average Exercise Price (USD) Weighted Average Contractual Life (years) Weighted Average Grant Date Fair Value (USD) Intrinsic Value Outstanding - January 1, 2019 2,416,664 $ 1.67 $ 0.48 Outstanding - March 31, 2019 2,416,664 $ 1.70 3.48 $ 0.48 $ 10,063 Exercisable - March 31, 2019 2,416,664 $ 1.70 3.48 $ 0.48 $ 10,063 |
Schedule of warrants | Number of Shares Weighted Average Exercise Price (USD) Weighted Average Contractual Life (years) Intrinsic Value (USD) Outstanding, January 1, 2019 6,798,401 $ 1.49 Forfeited (19,525 ) $ 2.52 Outstanding - March 31, 2019 6,778,876 $ 1.52 2.05 $ - Exercisable - March 31, 2019 6,778,876 $ 1.52 2.05 $ - |
Mining Expenditures (Tables)
Mining Expenditures (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Extractive Industries [Abstract] | |
Schedule of mining expenditures | For the Three Months Ended March 31, 2019 2018 Permits $ 35,366 $ 45,455 Maintenance 8,480 - Contract Labor - 3,600 $ 43,846 $ 49,055 |
Business (Details)
Business (Details) | Nov. 20, 2014 |
Business (Textual) | |
Ownership percentage | 10.00% |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Liquidity and Going Concern (Textual) | ||
Accumulated deficit | $ (7,103,217) | $ (6,584,342) |
Working capital | $ 268,304 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 4,886 | $ 4,781 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 4,886 | 4,781 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities | 9,195,540 | 5,879,227 |
Warrants to purchase shares of common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities | 6,778,876 | 1,783,664 |
Options to purchase shares of common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive securities | 2,416,664 | 4,095,563 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Significant Accounting Policies (Textual) | |
Percent of likely to be realized upon settlement, description | Greater than 50 percent. |
Mineral Assets, Ablation Inte_3
Mineral Assets, Ablation Intellectual Property and Other Property (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Mineral Industries Disclosures [Abstract] | ||
Mineral properties | $ 11,681,720 | $ 11,681,720 |
Ablation intellectual property | $ 9,488,051 | $ 9,488,051 |
Mineral Assets, Ablation Inte_4
Mineral Assets, Ablation Intellectual Property and Other Property (Details 1) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Mineral Industries Disclosures [Abstract] | ||
Beginning balance | $ 224,645 | $ 196,821 |
Accretion | 3,294 | 2,575 |
Ending Balance | $ 227,939 | $ 199,396 |
Mineral Assets, Ablation Inte_5
Mineral Assets, Ablation Intellectual Property and Other Property (Details Textual) | 1 Months Ended | 3 Months Ended | |||
Jul. 18, 2017a | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($) | |
Mineral Assets, Ablation Intellectual Property and Other Property (Textual) | |||||
Reclamation liability mineral properties | $ 889,155 | $ 889,030 | |||
Accretion of reclamation liability | $ 3,294 | $ 2,575 | |||
Reclamation liability, description | The Company expects to begin incurring the reclamation liability after 2054. | ||||
Discount rate | 5.40% | ||||
Net discounted value | $ 227,939 | 224,645 | |||
Certificates of deposit | $ 889,155 | $ 889,030 | |||
Oil and gas lease permit area in acres | a | 160 | ||||
Initial term of lease | 3 years | 8 years | |||
Recognized revenue | 36,960 | $ 120,000 | |||
Production revenue percentage of lease, description | The lessee has also agreed to pay the Company a royalty of 18.75% of the lessee's revenue attributed to oil and gas produced, saved, and sold attributable to the net mineral interest. | ||||
Initial lease term, description | The lease will be in force for an initial term of three years and may be extended by the lessee at 150% of the initial rate. | ||||
Aggregate revenue | $ 11,155 | $ 11,155 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Trade accounts payable | $ 389,146 | $ 326,250 |
Accrued liabilities | 167,386 | 167,070 |
Total accounts payable and accrued liabilities | $ 556,532 | $ 493,320 |
Share Capital and Other Equit_3
Share Capital and Other Equity Instruments (Details) - 3 months ended Mar. 31, 2019 - Stock Option [Member] | USD ($)$ / sharesshares | $ / shares |
Number of Shares | ||
Outstanding - January 1, 2019 | shares | 2,416,664 | |
Outstanding - March 31, 2019 | shares | 2,416,664 | |
Exercisable - March 31, 2019 | shares | 2,416,664 | |
Weighted Average Exercise Price (USD) | ||
Outstanding - January 1, 2019 | $ 1.67 | |
Outstanding - March 31, 2019 | $ 1.70 | |
Exercisable - March 31, 2019 | $ 1.70 | |
Weighted Average Contractual Life (years) | ||
Outstanding - March 31, 2019 | 3 years 5 months 23 days | |
Exercisable - March 31, 2019 | 3 years 5 months 23 days | |
Weighted Average Grant Date Fair Value | ||
Outstanding - January 1, 2019 | $ 0.48 | |
Outstanding - March 31, 2019 | $ 0.48 | |
Exercisable - March 31, 2019 | $ 0.48 | |
Intrinsic Value (USD) | ||
Outstanding - March 31, 2019 | $ | $ 10,063 | |
Exercisable - March 31, 2019 | $ | $ 10,063 |
Share Capital and Other Equit_4
Share Capital and Other Equity Instruments (Details 1) - Warrant [Member] | 3 Months Ended | |||
Mar. 31, 2019$ / sharesshares | Mar. 31, 2019USD ($)shares | Mar. 31, 2019$ / shares | Dec. 31, 2018$ / sharesshares | |
Number of Shares | ||||
Outstanding, January 1, 2019 | shares | 6,778,876 | 6,778,876 | 6,798,401 | |
Forfeited | shares | (19,525) | |||
Outstanding - March 31, 2019 | shares | 6,778,876 | |||
Exercisable - March 31, 2019 | shares | 6,778,876 | |||
Weighted Average Exercise Price (USD) | ||||
Outstanding, January 1, 2019 | $ / shares | $ 1.52 | $ 1.52 | $ 1.49 | |
Forfeited | $ / shares | 2.52 | |||
Outstanding - March 31, 2019 | $ / shares | $ 1.52 | |||
Exercisable - March 31, 2019 | $ / shares | $ 1.52 | |||
Weighted Average Contractual Life (years) | ||||
Outstanding - December 31, 2018 | 2 years 18 days | |||
Exercisable - March 31, 2019 | 2 years 18 days | |||
Intrinsic Value (USD) | ||||
Outstanding - March 31, 2019 | $ | ||||
Exercisable - March 31, 2019 | $ |
Share Capital and Other Equit_5
Share Capital and Other Equity Instruments (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Share Capital and Other Equity Instruments (Textual) | |||
Common stock, shares outstanding | 25,976,837 | 25,976,837 | |
Percentage of issued and outstanding of common shares | 10.00% | ||
Stock-based Compensation | $ 180,269 | $ 69,832 | |
Unamortized stock option expense | $ 0 | ||
Incentive Stock Option Plan [Member] | |||
Share Capital and Other Equity Instruments (Textual) | |||
Maximum number of shares eligible for issue, shares | 2,597,684 |
Mining Expenditures (Details)
Mining Expenditures (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Extractive Industries [Abstract] | ||
Permits | $ 35,366 | $ 45,455 |
Maintenance | 8,480 | |
Contract Labor | 3,600 | |
Total mining expenditures | $ 43,846 | $ 49,055 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Deferred contingent consideration as an assumed liability | $ 354,309 | $ 352,361 |
Black Range [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, description | In connection with the transfer, Black Range issued 25 million shares of Black Range common stock to Seller and committed to pay AUD $500,000 (USD $354,309 as of March 31, 2019) to Seller within 60 days of the first commercial application of the ablation technology. |
Subsequent Event (Details)
Subsequent Event (Details) | Apr. 16, 2019 |
Subsequent Event [Member] | Private Placement [Member] | |
Subsequent Event (Textual) | |
Private placement, Description | The Company completed a private placement of 3,914,632 units at a price of CAD $0.98 (USD $0.73) per unit for gross proceeds of CAD $3,836,340 (USD $2,873,986). Each unit consisted of one share of common stock and a warrant to purchase one-half of one share of common stock. Each warrant is immediately exercisable at a price of CAD $1.70 and expires two years from the date of issuance. |