Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jul. 05, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-06412 | ||
Entity Registrant Name | Goldrich Mining Company | ||
Entity Central Index Key | 0000059860 | ||
Entity Tax Identification Number | 91-0742812 | ||
Entity Incorporation, State or Country Code | AK | ||
Entity Address, Address Line One | 2525 E. 29th Ave. Ste. 10B-160 | ||
Entity Address, City or Town | Spokane | ||
Entity Address, State or Province | WA | ||
Entity Address, Postal Zip Code | 99223-4942 | ||
City Area Code | (509) | ||
Local Phone Number | 535-7367 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,053,730 | ||
Entity Common Stock, Shares Outstanding | 195,226,190 | ||
Auditor Name | Assure CPA, LLC | ||
Auditor Location | Spokane, Washington | ||
Auditor Firm ID | 444 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 3,969 | $ 3,762 |
Prepaid expenses | 106,527 | 107,883 |
Total current assets | 110,496 | 111,645 |
Mineral interests: | ||
Mineral interests | 626,428 | 626,428 |
Total mineral interests | 626,428 | 626,428 |
Other assets: | ||
Investment in CGL LLC | 25,000 | 25,000 |
Total other assets | 25,000 | 25,000 |
Total assets | 761,924 | 763,073 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,534,863 | 1,857,927 |
Interest payable | 720,111 | 674,800 |
Interest payable – related party | 2,151,466 | 1,531,199 |
Related party payable | 1,264,216 | 1,017,403 |
Notes payable | 1,250,169 | 1,088,421 |
Notes payable – related party | 4,195,979 | 4,064,211 |
Notes payable in gold | 483,514 | 481,780 |
Dividends payable on preferred stock | 30,618 | 30,618 |
Total current liabilities | 11,630,936 | 10,746,359 |
Long-term liabilities: | ||
Stock subscription payable | 70,000 | 40,000 |
Remediation and asset retirement obligation | 275,424 | 268,677 |
Total long-term liabilities | 345,424 | 308,677 |
Total liabilities | 11,976,360 | 11,055,036 |
Stockholders deficit: | ||
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference | ||
Common stock; $0.10 par value, 750,000,000 shares authorized; 185,448,412 and 179,787,595 issued and outstanding, respectively | 18,544,841 | 17,978,760 |
Additional paid-in capital | 10,447,652 | 10,880,576 |
Accumulated deficit | (40,478,104) | (39,422,474) |
Total stockholders deficit | (11,214,436) | (10,291,963) |
Total liabilities and stockholders deficit | 761,924 | 763,073 |
Convertible preferred stock series A | ||
Stockholders deficit: | ||
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference | 150,000 | 150,000 |
Convertible preferred stock series B | ||
Stockholders deficit: | ||
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference | 57,758 | 57,758 |
Convertible preferred stock series C | ||
Stockholders deficit: | ||
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference | 52,588 | 52,588 |
Convertible preferred stock series D | ||
Stockholders deficit: | ||
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference | ||
Convertible preferred stock series E | ||
Stockholders deficit: | ||
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference | 10,829 | 10,829 |
Convertible preferred stock series F | ||
Stockholders deficit: | ||
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 8,998,700 | 8,998,700 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 750,000,000 | 750,000,000 |
Common Stock, Shares, Issued | 185,448,412 | 179,787,595 |
Common Stock, Shares, Outstanding | 185,448,412 | 179,787,595 |
Convertible preferred stock series A | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 475,000 | 475,000 |
Preferred Stock, Shares Outstanding | 150,000 | 150,000 |
Preferred Stock, Liquidation Preference, Value | $ 300,000 | $ 300,000 |
Convertible preferred stock series B | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 300 | 300 |
Preferred Stock, Shares Issued | 200 | 200 |
Preferred Stock, Shares Outstanding | 200 | 200 |
Preferred Stock, Liquidation Preference, Value | $ 200,000 | $ 200,000 |
Convertible preferred stock series C | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 250 | 250 |
Preferred Stock, Shares Issued | 250 | 250 |
Preferred Stock, Shares Outstanding | 250 | 250 |
Preferred Stock, Liquidation Preference, Value | $ 250,000 | $ 250,000 |
Convertible preferred stock series D | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 150 | 150 |
Preferred Stock, Shares Issued | 90 | 150 |
Preferred Stock, Shares Outstanding | 90 | 150 |
Preferred Stock, Liquidation Preference, Value | $ 90,000 | $ 150,000 |
Convertible preferred stock series E | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 300 | 300 |
Preferred Stock, Shares Issued | 300 | 300 |
Preferred Stock, Shares Outstanding | 300 | 300 |
Preferred Stock, Liquidation Preference, Value | $ 300,000 | $ 300,000 |
Convertible preferred stock series F | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 300 | 300 |
Preferred Stock, Shares Issued | 153 | 153 |
Preferred Stock, Shares Outstanding | 153 | 153 |
Preferred Stock, Liquidation Preference, Value | $ 50,000 | $ 50,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses: | ||
Mine preparation costs | $ 39,452 | $ 72,711 |
Exploration expense | 7,698 | |
Management fees and salaries | 192,863 | 207,219 |
Professional services | 116,696 | 123,930 |
General and administrative | 210,460 | 352,818 |
Office supplies and other | 29,065 | 23,659 |
Directors fees | 6,700 | 23,500 |
Mineral property maintenance | 126,401 | 106,010 |
Arbitration costs (Note 4) | 27,046 | 80,318 |
Total operating expenses | 748,683 | 997,863 |
Other (income) expense: | ||
Accounts payable forgiveness | (55,806) | |
Change in fair value of notes payable in gold | 1,734 | (21,810) |
Interest expense and finance costs | 273,945 | 249,886 |
Interest expense and finance costs – related party | 620,267 | 584,355 |
Gain on settlement of arbitration (Note 4) | (533,193) | |
Gain on forgiveness of CARES Act PPP loan | (51,135) | |
Total other (income) expense | 306,947 | 761,296 |
Net loss | (1,055,630) | (1,759,159) |
Preferred dividends | (7,604) | (7,604) |
Net loss available to common stockholders | $ (1,063,234) | $ (1,766,763) |
Net loss per common share – basic and diluted | $ (0.01) | $ (0.01) |
Weighted average common shares outstanding – basic and diluted | 184,116,312 | 173,356,424 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' (Deficit) (Equity) - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 16,792,637 | $ 271,175 | $ 11,715,072 | $ (37,663,315) | $ (8,884,431) |
Beginning Balance, Shares at Dec. 31, 2020 | 167,926,376 | 151,053 | |||
Warrants exercised | $ 1,158,047 | (810,633) | 347,414 | ||
Warrants exercised, Shares | 11,580,467 | ||||
Shares issued for interest | $ 28,076 | (23,863) | 4,212 | ||
Shares issued for interest, Shares | 280,752 | ||||
Net loss | (1,759,159) | (1,759,159) | |||
Ending balance, value at Dec. 31, 2021 | $ 17,978,760 | $ 271,175 | 10,880,576 | (39,422,474) | (10,291,963) |
Ending Balance, Shares at Dec. 31, 2021 | 179,787,595 | 151,053 | |||
Warrants exercised | $ 366,081 | (232,924) | 133,157 | ||
Warrants exercised, Shares | 3,660,817 | ||||
Net loss | (1,055,630) | (1,055,630) | |||
Preferred D conversion | $ 200,000 | (200,000) | |||
Preferred D conversion, Shares | 2,000,000 | (60) | |||
Ending balance, value at Dec. 31, 2022 | $ 18,544,841 | $ 271,175 | $ 10,447,652 | $ (40,478,104) | $ (11,214,436) |
Ending Balance, Shares at Dec. 31, 2022 | 185,448,412 | 150,993 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (1,055,630) | $ (1,759,159) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of notes payable in gold | 1,734 | (21,810) |
Accretion of asset retirement obligation | 6,747 | 6,488 |
Accounts payable forgiveness | (55,806) | |
Gain on forgiveness of CARES Act PPP loan and interest | (51,135) | |
Amortization of discount on notes payable and notes payable related party | 14,676 | 22,473 |
Gain on settlement of arbitration | (533,193) | |
Change in: | ||
Prepaid expenses | 1,356 | (57,384) |
Accounts payable and accrued liabilities | 75,239 | 19,566 |
Interest payable | 236,007 | 227,069 |
Interest payable – related party | 620,267 | 571,695 |
Related party payable | 246,813 | 229,614 |
Net cash used - operating activities | (441,790) | (812,583) |
Cash flows from financing activities: | ||
Proceeds from stock subscription payable | 30,000 | 40,000 |
Proceeds from warrant exercises | 133,157 | 347,414 |
Proceeds from notes payable, net | 153,660 | 25,000 |
Proceeds from notes payable – related party, net | 125,180 | 422,000 |
Payments on notes payable – related party | (20,000) | |
Net cash provided - financing activities | 441,997 | 814,414 |
Net increase in cash and cash equivalents | 207 | 1,831 |
Cash and cash equivalents, beginning of year | 3,762 | 1,931 |
Cash and cash equivalents, end of year | 3,969 | 3,762 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 4,437 | 3,708 |
Non-cash investing and financing activities: | ||
Issuance of shares of common stock for interest payable | $ 4,212 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Goldrich Mining Company (Company) was incorporated under the laws of the State of Alaska on March 26, 1959. The Company is engaged in the business of acquiring and exploring mineral properties throughout the Americas, primarily those containing gold and associated base and precious metals. During 2022, all of the Companys activities were focused on the Chandalar property in Alaska. The Companys common stock trades on the OTC Pink exchange under the ticker symbol GRMC. Going Concern The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet all obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds. The Company currently has no historical recurring source of revenue, an accumulated deficit of $ 40,478,104 11,520,440 The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation of and Accounting for Subsidiaries The consolidated financial statements include the accounts of the Company and the accounts of its 100% owned subsidiary Goldrich Placer, LLC as of and for the years ended December 31, 2022 and December 31, 2021, with all intercompany balances eliminated. Accounting for Joint Ventures and Investments For joint ventures and investments in which the Company does not have joint control or significant influence, the cost method is used. For joint ventures and investments in which there is joint control between the parties, the equity method is utilized whereby the Companys share of the ventures earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. GNP: The Company has cost method investment in Goldrich NyacAU Placer LLC, a 50%-owned joint venture in which the Company does not have joint control or significant influence. See Note 4 Joint Venture CGL: The Company invested $25,000 in a 49% interest in Chandalar Gold LLC (CGL) during the year ended December 31, 2020. The Company does not have control but does have significant influence over CGL and accounts for it using the equity method. During the year ended December 31, 2022 and 2021, CGL had no operating activities. Goldrich has accrued a distribution to CGL of $35,794 in accrued liabilities; if and when that distribution is remitted to CGL, the Company would in turn receive a distribution of approximately 49% of that distribution back from CGL as a result of its ownership. Contingencies In determining accruals and disclosures with respect to loss contingencies, the Company evaluates such accruals and contingencies for each reporting period. Estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred, and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred but not accrued. Earnings (Loss) Per Share For the years ended December 31, 2022 and 2021, the effect of the Companys outstanding convertible preferred shares, convertible interest, stock options, and warrants totaling 197,119,305 157,648,303 Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06 Debt – Debt With Conversion And Other Options (Subtopic 470-20) And Derivatives and Hedging – Contracts In Entitys Own Equity (Subtopic 815-40): Accounting For Convertible Instruments And Contracts In An Entitys Own Equity Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. Cash and Cash Equivalents For the purposes of the statement of cash flows, we consider all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Significant estimates used in preparing these financial statements include those assumed in estimating the recoverability of the mineral interests, investments, accrued remediation costs, asset retirement obligations, stock-based compensation, deferred tax assets and related valuation allowances and other contingencies. Actual results could differ from those estimates. Mineral Interests The Company capitalizes costs for acquiring mineral properties, claims and royalty interests and expenses costs to maintain mineral rights and leases as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mineral properties are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations. Exploration Costs & Mine Preparation Costs Exploration costs are expensed in the period in which they occur. Costs to prepare mineral properties for mining, such as economic assessments and mine plans are expensed in the period in which they occur. Income Taxes Income taxes are recognized in accordance with Accounting Standards Codification (ASC) 740 Income Taxes, whereby deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. Uncertain tax positions are evaluated in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized. Stock-Based Compensation The Company periodically issues common shares or options to purchase shares of the Companys common shares to its officers, directors or other parties. These issuances are recorded at fair value. The Company uses a Black Scholes valuation model for determining fair value of options to purchase shares, and compensation expense is recognized ratably over the vesting periods on a straight-line basis. Compensation expense for grants that vest immediately is recognized in the period of grant. Remediation and Asset Retirement Obligation The Companys operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company records the fair value of an asset retirement obligation as a liability in the period in which the Company incurs a legal obligation for the retirement of tangible long-lived assets. The Assert Retirement Obligation (ARO) is accreted over the estimated life of the mine and is reviewed annually for adjustments. A corresponding asset is also recorded and depreciated over the life of the long-lived asset using a units of production method. After the initial measurement of the asset retirement obligation, the ARO liability and corresponding ARO asset will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. Determination of any amounts recognized is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates, time periods and the credit-adjusted risk-free interest rates. For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Such costs are based on managements estimate of amounts expected to be incurred when the remediation work is performed. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At 2022 and 2021, the Company determined fair value on a recurring basis and non-recurring basis as follows: Schedule of Fair Value On Recurring and Non-Recurring Basis Balance Balance Fair Value Liabilities Recurring: Notes payable in gold (Note 7) $ 483,514 $ 481,780 2 The carrying amounts of financial instruments, including notes payable, approximate fair value at December 31, 2022 and 2021. The inputs to the valuation of Level 2 liabilities are described in Note 7 Notes Payable in Gold |
MINERAL INTERESTS
MINERAL INTERESTS | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
MINERAL INTERESTS | 3. MINERAL INTERESTS At December 31, 2022 and 2021, the Companys mining properties claims, and royalty interest were as follows: Schedule of Mining Properties Claim and Royalty Interest 2022 2021 Chandalar property and claims $ 264,000 $ 264,000 Chandalar 2003 purchased claims 35,000 35,000 Chandalar Unpatented state claims staked 40,400 40,400 Asset retirement costs 37,028 37,028 Jumbo Basin royalty interest 250,000 250,000 Total $ 626,428 $ 626,428 |
JOINT VENTURE
JOINT VENTURE | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
JOINT VENTURE | 4. JOINT VENTURE On April 2, 2012, Goldrich Placer, LLC, a subsidiary of Goldrich, entered into a term sheet for a joint venture with NyacAU, LLC (NyacAU), an Alaskan private company, to bring Goldrichs Chandalar placer gold properties into production as defined in the joint venture agreement (the Operating Agreement) which was subsequently signed and made effective April 2, 2012. As part of the Operating Agreement, GP and NyacAU (together the Members) formed a 50:50 joint venture company, Goldrich NyacAU Placer LLC (GNP), to operate the Chandalar placer mines, with NyacAU acting as managing partner. Arbitration In December 2017, the Company filed an arbitration statement of claim against NyacAU and other parties. The claim challenged certain accounting treatment of capital leases, allocations of tax losses, charges to the JV for funding costs related to the JV managers financing, related-party transactions, and other items of dispute in a previous mediation that was unsuccessful in reaching an agreement. As a result, the Company participated in an arbitration before a panel of three independent arbitrators during 2018 through 2022 to address these items. Settlement Agreement On March 31, 2023, the Company signed a settlement agreement between the Company, NyacAU, GP, GNP, Dr. J. Michael James, individually (Dr. James), and Bear Leasing, LLC (Bear Leasing) (each a Party and, collectively, the Parties). In April 2023, all outstanding arbitration issues were resolved with a settlement agreement whereby Goldrich paid $105,000 to NyacAU. The resolution includes all outstanding arbitration issues, awards, and orders including mutual release of all outstanding issues before the Alaska superior court and all court-entered judgments. The agreement also terminates and supersedes all prior agreements between all Parties except a security agreement between NyacAU and GNP to secure repayment of fifty percent (50%) of a funding mechanism known as Line of Credit 1 (LOC1), which was advanced by NyacAU to GNP. GNP was formally dissolved in 2019. Even though the settlement agreement was consummated subsequent to the end of the 2022 year, the arbitration claim was filed and has been open since 2018; therefore, the event requires the financial effects to be reflected in the financial statement for the year ended December 31, 2022. As a result, the previous expense accruals of $ 638,193 Option Agreement Concurrent with signing the settlement agreement, Goldrich also signed an option agreement with the Parties. The option agreement, among other things, grants Goldrich, or its designee, the right, but not the obligation, to become operator of the Chandalar placer mining permit. If the option is exercised, Goldrich or its designee would also obtain ownership of all camp facilities and mining equipment remaining at the Chandalar placer mine site owned by NyacAU and its affiliates. Currently Goldrich owns the claims but NyacAU is the named operator on the mining permits. To exercise the option, Goldrich, or its designee, must give written and electronic notice of its intent to do so by April 30, 2024 and pay $1,000,000 into escrow within five business days of giving notice. Upon exercise of the option, Goldrich or its designee would assume all reclamation responsibilities and liability and NyacAU would be released from any reclamation liability. Also, NyacAU would be entitled to limited payments out of the production of placer gold at the Chandalar placer mine up to the greater of $8,500,000 or 4,860 ounces of fine gold (the Maximum Amount). No production payment shall be due to NyacAU on the first 5,000 ounces of fine gold production. Thereafter, NyacAU would receive at least five percent (5%) of all production from the Chandalar placer mine until the Maximum Amount is paid. Additionally, after the first 5,000 ounces of fine gold production, NyacAU would be entitled to a minimum annual payment equal to the value of $120,000 or 68 fine gold ounces, whichever is greater, and such payment would apply towards the satisfaction of the Maximum Amount. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 5. RELATED PARTY TRANSACTIONS In addition to related party transactions described in Notes 6 and 9, the Company has accrued amounts to the Companys Chief Executive Officer (CEO), Chief Financial Officer (CFO) and board of directors fees for amounts earned but not yet paid. Beginning in January 2016 and through December 31, 2022, the CEOs salary has not been paid in full. Salary due to the CFO have been accrued and remain unpaid, as have board of directors fees: Schedule of Related Party Transactions CEO Year ended 12/31/22 Year ended 12/31/21 Balance at beginning of period $ 793,720 $ 590,851 Deferred salary 180,000 180,000 Deferred expenses 20,297 40,220 Payments - (17,351 ) Ending Balance 994,017 793,720 CFO Balance at beginning of period 91,981 88,736 Deferred fees 12,863 27,768 Payments - (24,523 ) Ending Balance 104,844 91,981 Board fees and expenses payable (1, 2) 165,355 131,702 Total Related party payables $ 1,264,216 $ 1,017,403 1) At December 31, 2022 and 2021, the Company owed $1,302, respectively, to Mr. William Orchow, a director and related party for arbitration related expenses. 2) At December 31, 2022, the Company owed Mr. Nicholas Gallagher, a director and related party for legal expenses related to the notes payable and notes payable – related party. |
NOTES PAYABLE & NOTES PAYABLE _
NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY | 6. NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY At December 31, 2022, the Company has outstanding notes payable of $ 1,250,169 4,195,979 1,088,421 4,064,211 During the year ended December 31, 2022, the Company received additional notes payable of $293,516 principal, of which $ 131,768 Nicholas Gallagher 20,000 22,473 During the years ended December 31, 2022 and December 31, 2021, the Company incurred finder fees totaling $3,755 and $13,410, respectively, of which $ 3,755 12,660 620,267 571,695 Inter-Creditor Agreement As a result of an Amended and Restated Loan, Security, and Intercreditor Agreement (the Amended Agreement) dated November 1, 2019 and a First Amendment dated August 25, 2021, for each holder of the notes payable, whether or not a related party: 1. The borrower and holder entered into a Deed of Trust whereunder the notes are secured by a security interest in all real property, claims, contracts, agreements, leases, permits and the like. 2. The Company entered into a written Guaranty (Guaranty) whereunder, among other conditions, the Company unconditionally guarantees and promises to pay to the order of each holder the principal sum and all interest payable on each note payable held by such holder when and as the same becomes due, whether at the stated maturity thereof, by acceleration, call for redemption, tender, or otherwise. The Company is not in default as no demand has been made for payment or delivery. 3. Mr. Gallagher, at his option, has the right to convert outstanding but unpaid and future interest on his note into shares of the Companys common stock at $0.015 per share. 4. All loans by Mr. Gallagher and any additional loans made by Mr. Gallagher are designated as Senior Notes, and accounted for as Notes payable – related party and all loans by the other holders made prior to August 25, 2021 were designated as Junior Notes. Additionally, notes arising in the future to certain unrelated parties are also designated as Senior notes. Senior Notes, which include principal and interest are entitled to be repaid in full before any of the Junior Notes are repaid. 5. The Company confirmed that the written Guaranty extends to the repayment of additional loans made by the holders. 6. The Company confirmed that repayment of additional loans will be and remain secured by the Deed of Trust. In a separate agreement dated September 10, 2020, the Company and certain note holders, agreed to convert $36,813 of unpaid interest into shares of the Companys common stock at $0.015 per share. During the year ended December 31, 2021, a total of 280,752 4,212 |
NOTES PAYABLE IN GOLD
NOTES PAYABLE IN GOLD | 12 Months Ended |
Dec. 31, 2022 | |
Notes Payable In Gold | |
NOTES PAYABLE IN GOLD | 7. NOTES PAYABLE IN GOLD During 2013, the Company issued notes payable in gold totaling $820,000, less a discount of $205,000, for net proceeds of $615,000. Under the terms of the notes, the Company agreed to deliver gold to the holders at the lesser of $1,350 per ounce of fine gold or a 25% discount to market price as calculated on the contract date and specify delivery of gold in November 2014. After several amendments to the terms of the note agreements, through the date of the issuance of these financial statements, the gold notes have not been paid and the note holders have not demanded payment or delivery of gold. At December 31, 2022 and 2021, 266.788 ounces of fine gold was due and deliverable to the holders of the notes. No demand has been made for payment. The Company estimates the fair value of the notes, based on the market approach with Level 2 inputs of gold delivery contracts based upon previous contractual delivery dates, using the market price of gold on December 31, 2022 of approximately $1,812 per ounce as quoted on the London PM Fix market or $ 483,514 1,734 481,780 Interest of $ 46,232 139,639 41,884 93,407 |
CARES ACT PPP LOAN
CARES ACT PPP LOAN | 12 Months Ended |
Dec. 31, 2022 | |
Cares Act Ppp Loan | |
CARES ACT PPP LOAN | 8. CARES ACT PPP LOAN On April 15, 2020, the Company was granted a loan (the Loan) from Washington Trust Bank, in the aggregate amount of $ 50,600 During May 2021, the Company received loan forgiveness of its Cares Act PPP Loan in the amount of $ 51,135 |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | 9. STOCKHOLDERS DEFICIT Common Stock: During the year ended December 31, 2022, the Company received cash of $30,000 which is included in stock subscription payable at December 31, 2022, for a private placement of common shares priced at $0.01 per share, of which $5,000 was from William Orchow, a related party. Upon closing, the Company will issue 3,000,000 common shares. Series A Convertible Preferred Stock: The Company has 150,000 1,000,000 no ● Liquidation Preference: Upon a liquidation event, an amount in cash equal to $ 2.00 300,000 ● Voting: Each holder of Series A Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holders shares of Series A Preferred Stock could be converted. ● Conversion: Any share of Series A Preferred Stock may, at the option of the holder, be converted at any time into six shares of common stock. The Company has the right, at its sole option, to convert all Series A Preferred Stock into common stock after the third anniversary of its issuance if the weighted average trading price of the common stock exceeds $1.00 per share for ten consecutive trading days. The Company also has the right, at its sole option, to convert all Series A Preferred Stock into common stock after the tenth anniversary from the date of issuance. ● Dividend Rate: The holders of Series A Preferred Stock shall be entitled to receive, when and as declared by the Board, yearly cumulative dividends from the surplus or net profits of the Company at an effective rate of 5% per annum, of the original Series A Preferred Stock purchase price of $1.00 per share. The Series A dividend shall accrue ratably from the date of issuance of the Series A Preferred Stock through the entire period in which shares of Series A Preferred Stock are held and shall be payable to the holder of the Series A Preferred Stock on the conversion date of the Series A Preferred Stock or as may be declared by the Board, with proper adjustment for any dividend period which is less than a full year. ● Preferential and Cumulative. The Series A dividends shall be payable before any dividends will be paid upon, or set apart for, the common stock of the Company and will be cumulative, so that any dividends not paid or set apart for payment for the Series A Preferred Stock, will be fully paid and set apart for payment, before any dividends will be paid upon, or set apart for, the common stock of the Company. ● Payment of Dividend: If the Company shall have sufficient earnings to pay a dividend on the Series A Preferred Stock, upon declaration of any dividend by the Board in compliance with the Alaska Code and the Companys Articles of Incorporation and Bylaws, the holder of Series A Preferred Stock may elect to receive payment of Series A dividend on a dividend payment date in cash, or provisionally in gold. Payment of Series A dividends in gold shall be paid only if the Company is producing gold in sufficient quantities as of the dividend payment date to pay such in-kind dividend and shall be delivered in the form of gold produced from the Companys Chandalar property. The Company has total dividends in arrears of $ 107,792 100,188 Conversion of outstanding shares of Series A Preferred stock would have resulted in dilution of 900,000 Series B Convertible Preferred Stock: The Company has 200 300 no ● Liquidation Preference: Upon a liquidation event, an amount in cash equal to $ 1,000 200,000 ● Voting: Each holder of Series B Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holders shares of Series B Preferred Stock could be converted. Holders of Series B Preferred Stock vote as a single class with the common shares on an as-if-converted basis. No holder of Series B Preferred Stock is entitled to pre-emptive voting rights. ● Conversion: Shares of Series B Preferred Stock may, at the option of the holder, be converted at any time into a number of fully-paid and non-assessable shares of common stock as is equal to the product obtained by multiplying the Series B shares by $1,000, then dividing by the Series B conversion price of $0.07 per common share. The Series B conversion price is subject to adjustment in accordance with the provisions of the statement of designation. ● Dividend Rate: The holders of Series B Preferred Stock shall not be entitled to receive dividends. Conversion of outstanding shares of Series B Preferred stock would result in dilution of 2,857,142 Series C Convertible Preferred Stock: The Company has 250 250 no ● Liquidation Preference: Upon a liquidation event, an amount in cash equal to $ 1,000 250,000 ● Voting: Each holder of Series C Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holders shares of Series C Preferred Stock could be converted. Holders of Series C Preferred Stock vote as a single class with the common shares on an as-if-converted basis. No holder of Series C Preferred Stock is entitled to pre-emptive voting rights. ● Conversion: Shares of Series C Preferred Stock may, at the option of the holder, be converted at any time into a number of fully-paid and non-assessable shares of common stock as is equal to the product obtained by multiplying the Series C shares by $1,000, then dividing by the Series C conversion price of $0.03 per common share. The Series C conversion price is subject to adjustment in accordance with the provisions of the statement of designation. ● Dividend Rate: The holders of Series C Preferred Stock shall not be entitled to receive dividends. Conversion of outstanding shares of Series C Preferred stock would result in dilution of 8,333,333 Series D Convertible Preferred Stock: The Company has 90 150 150 3,000,000 5,000,000 During the year ended December 31, 2022, two holders of Series D Convertible Preferred Stock converted a total of 60 2,000,000 Series E Convertible Preferred Stock: The Company has 300 300 10,000,000 Series F Convertible Preferred Stock: The Company has 153 300 5,100,000 Series D, E and F Preferred Stock were issued with the following rights and preferences: ● Liquidation Preference: Upon a liquidation event, an amount in cash equal to $ 1,000 ● Voting: Each holder of Series D, E and F Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holders shares of Series D, E and F Preferred Stock could be converted. Holders of Series D, E and F Preferred Stock vote as a single class respectively with the common shares on an as-if-converted basis. No holder of Series D, E and F Preferred Stock is entitled to pre-emptive voting rights. ● Conversion: Shares of Series D, E and F Preferred Stock may, at the option of the holder, be converted at any time into a number of fully-paid and non-assessable shares of common stock as is equal to the product obtained by multiplying the Series D, E and F shares by $1,000, then dividing by the Series D, E and F conversion price of $0.03 per common share. The Series D, E and F conversion price is subject to adjustment in accordance with the provisions of the statement of designation. ● Dividend Rate: The holders of Series D, E and F Preferred Stock shall not be entitled to receive dividends. ● The Series D, E and F Preferred Stock includes a redemption feature as described above. A related party and member of the Companys board of directors, Nicholas Gallagher, holds and controls all of the outstanding shares of the Series A, B and C Preferred Stock, 50 shares of the Series D Preferred Stock, 280 shares of the Series E Preferred Stock and all of the Series F Preferred Stock. Warrants: The following is a summary of warrants at December 31, 2022: Schedule of Summary of Warrants Shares Exercise Expiration Date Class R Warrants: (Issued for Private Placement) Outstanding and exercisable at January 1, 2021 15,000,001 .045 .03 Aug 1 to Dec 9, 2023 Warrants expired (3,333,333 ) Outstanding and exercisable at December 31, 2021 11,666,668 Warrants exercised (2,555,555 ) Outstanding and exercisable at December 31, 2022 9,111,113 Class S Warrants: (Issued for Private Placement of Preferred Stock) Outstanding and exercisable at January 1, 2021 4,633,336 .03 Dec 30, 2021 to Mar 30, 2022 Warrants exercised (4,633,336 ) Outstanding and exercisable at December 31, 2021 - Outstanding and exercisable at December 31, 2022 - Class T Warrants: (Issued with Senior Secured Notes Payable) Outstanding and exercisable at January 1, 2021 17,608,357 .03 Jun. 4, 2023 to Oct 31, 2024 Warrants exercised (6,947,131 ) Outstanding and exercisable at December 31, 2021 10,661,226 Warrants exercised (1,105,262 ) Warrants expired (552,631 ) Outstanding and exercisable at December 31, 2022 9,003,333 Warrants outstanding at December 31, 2021 were 22,327,894 18,114,446 .032 Warrant Exercises During the year ended December 31, 2022, the Company received $133,157 cash as a result of the exercise of Class R and T warrants at an exercise price of $0.03 per common share and Class R warrants at an exercise price of $0.045 per common share, resulting in the issuance of 3,660,817 common shares. Of that amount, 1,555,555 of the warrants exercised were owned by Mr. Gallagher and were transferred to unrelated parties. The unrelated parties then exercised the warrants for cash. During the year ended December 31, 2021, the Company received $347,414 cash as a result of the exercise of Class S and T warrants at an exercise price of $0.03 per common share, resulting in the issuance of 11,580,467 common shares. Of that amount, 7,458,303 of the warrants exercised were owned by Mr. Gallagher and were transferred to unrelated parties. The unrelated parties then exercised the warrants for cash. The Company received an additional $40,000 for the exercise of Class T warrants which are included in stock subscription payable at December 31, 2021 and 2022. To complete the exercise, the Company will issue 1,333,333 common shares for the exercised warrants. Warrant Extensions On June 30, 2021, the Companys Board of Directors, voted to extend the expiry dates for all Class R warrants not already expired, by two years. Prior to this change, the Class R warrants were set to expire at various times throughout 2021, with the last one expiring on December 9, 2021. With this change, 11,666,668 Class R warrants were modified to expire on various dates from August 1 to December 9, 2023. Stock Options and Stock-Based Compensation: Under the Companys 2008 Equity Incentive Plan, as amended by shareholder vote on November 13, 2020 (the Plan), options to purchase shares of common stock may be granted to key employees, contract management and directors of the Company. The Plan permits the granting of nonqualified stock options, incentive stock options and shares of common stock. Upon exercise of options, shares of common stock are issued from the Companys treasury stock or, if insufficient treasury shares are available, from authorized but unissued shares. Options are granted at a price equal to the closing price of the common stock on the date of grant. The stock options are generally exercisable immediately upon grant and for a period of 10 years. In the event of cessation of the holders relationship with the Company, the holders exercise period terminates 90 days following such cessation. The Plan authorizes the issuance of up to 16,129,304 shares of common stock, subject to adjustment for certain events, such as a stock split or other dilutive events. As of December 31, 2022, there were a total of 8,954,304 shares available for grant in the Plan, 6,075,000 shares issued, 50,000 options exercised in prior years, and 1,050,000 options exercisable and outstanding. A summary of stock option transactions for the years ended December 31, 2022 and 2021 are as follows: Schedule of Stock Option Transactions Shares Weighted- Average Exercise Price (per share) Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Options outstanding and exercisable at December 31, 2020 1,075,000 $ 0.06 5.24 $ 2,125 Options expired (25,000 ) $ 0.21 Options outstanding and exercisable at December 31, 2021 1,050,000 $ 0.05 4.35 $ 38,225 Options outstanding and exercisable at December 31, 2022 1,050,000 $ 0.05 3.35 $ 2,975 Interest Payable Satisfied with Common Stock During the year ended December 31, 2021, a total of 280,752 common shares were issued to one note holder in exchange for interest payable of $4,212 at $0.015 per share. |
REMEDIATION AND ASSET RETIREMEN
REMEDIATION AND ASSET RETIREMENT OBLIGATION | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
REMEDIATION AND ASSET RETIREMENT OBLIGATION | 10. REMEDIATION AND ASSET RETIREMENT OBLIGATION On an ongoing basis, management evaluates its estimates and assumptions; however, actual amounts could differ from those based on such estimates and assumptions. Changes to the Companys asset retirement obligation on its Chandalar property are as follows: Schedule of Assets Retirement Obligation December 31, 2022 December 31, 2021 Asset Retirement Obligation – beginning balance $ 168,677 $ 162,189 Accretion 6,747 6,488 Asset Retirement Obligation – ending balance $ 175,424 $ 168,677 The Company is responsible to remediate areas previously disturbed by mining activities, with the exception of certain access roads, airstrips or other amenities that are permanent in nature and improve the general access and maintainability of state lands covered by the Companys mining claims. The Company has accrued $ 100,000 100,000 NyacAU, the operator of the mining permit for the Chandalar placer mine, is responsible for the reclamation work to be done on that mine for activities performed from 2012 through 2018. Should the Company exercise its option as described in Note 4 Joint Venture |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 11. INCOME TAXES The Company did not recognize a tax provision due to ongoing losses, for the years ended December 31, 2022 and 2021. Following are the components of deferred tax assets, liabilities and allowances at December 31, 2022 and 2021: Schedule of Deferred Tax Assets and Liabilities 2022 2021 Deferred tax assets arising from: Capitalized exploration and development costs $ 29,000 $ 46,000 Unrecovered promotional and exploratory costs 112,000 112,000 Accrued remediation costs 72,000 69,000 Notes payable in gold 1,000 - Share based compensation 35,000 35,000 Net operating loss carryforwards 14,156,000 13,832,000 Total deferred tax assets 14,405,000 14,094,000 Less valuation allowance (14,405,000 ) (14,087,000 ) Deferred tax liabilities arising from: - 7,000 Notes payable in gold - (7,000 ) Total deferred tax liabilities - (7,000 ) Net deferred tax $ - $ - Management has determined that it is more likely than not that the Company will not realize the benefit of its deferred tax assets. Therefore, a valuation allowance equal to 100% of deferred tax asset has been recognized. The deferred tax assets were calculated based on an effective tax rate of 30% for 2022 and 2021. At December 31, 2022, the Company had federal and state tax-basis net operating loss carryforwards, prior to giving effect to the probable changes resulting from the IRS audit of the joint venture as described above, totaling $ 48.2 million 44.8 million The differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory tax rate of 21% were as follows: Schedule of Effective Income Tax Rate Reconciliations 2022 2021 Federal income tax expense (benefit) based on statutory rate $ (222,000 ) 21.0 % $ (472,000 ) 21.0 % State income tax expense (benefit), net of federal taxes (97,000 ) 8.8 % (196,000 ) 8.7 % Revision of NOL estimates, state apportionment factors and state effective tax rates 1,000 0.1 % 275,000 (12.2 )% Increase (decrease) in valuation allowance 318,000 (29.9 )% 393,000 (17.5 )% Total taxes on income (loss) $ - - % $ - - % The Company has assessed its tax positions other than the NOL issue above and has determined that it has taken no uncertain tax position that is probable to give rise to an unrecognized tax liability. In the event that the Company is assessed penalties and/or interest, penalties would be charged to other operating expense and interest would be charged to interest expense. The Company files federal income tax returns in the United States only. Tax attributes, mainly net operating losses after 2014, may be adjusted as a result of a completed audit of 2015, 2016 and 2017, as described above. The Company is no longer subject to federal income tax examination by tax authorities for years before 2019. No federal or state income tax returns have been filed since 2019. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 12. COMMITMENTS AND CONTINGENCIES The Company has one near-term commitment: ● A $46,500 liability for a consulting contract for market research and analysis services, for which services have not been received. The Company is subject to Alaska state annual claims rental fees in order to maintain our non-patented claims. In addition to the annual claims rental fees of $125,945 due November 30 of each year, we are also required to meet annual labor requirements of approximately $61,100 due November 30 of each year. The Company is able to carry forward costs for annual labor that exceed the required yearly totals for four years. The Company has significant carryovers to 2023 to satisfy its annual labor requirements. This carryover expires in the years 2023 through 2027 if unneeded to satisfy requirements in those years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS Subsequent to December 31, 2022, the Company received $162,667 cash as a result of exercise of Class R warrants at an exercise price of $0.024 per common share. Ownership of these warrants had been in the hands of a related party and were sold by him personally to unrelated parties. The unrelated parties then exercised the warrants for cash, resulting in the issuance of 6,777,778 common shares. Subsequent to December 31, 2022, the Company received cash of $25,000 of additional notes payable and $27,500 of additional notes payable – related party. Subsequent to December 31, 2022, the Company received cash of $1,500 for a short-term note payable from a related party. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation of and Accounting for Subsidiaries | Consolidation of and Accounting for Subsidiaries The consolidated financial statements include the accounts of the Company and the accounts of its 100% owned subsidiary Goldrich Placer, LLC as of and for the years ended December 31, 2022 and December 31, 2021, with all intercompany balances eliminated. |
Accounting for Joint Ventures and Investments | Accounting for Joint Ventures and Investments For joint ventures and investments in which the Company does not have joint control or significant influence, the cost method is used. For joint ventures and investments in which there is joint control between the parties, the equity method is utilized whereby the Companys share of the ventures earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. GNP: The Company has cost method investment in Goldrich NyacAU Placer LLC, a 50%-owned joint venture in which the Company does not have joint control or significant influence. See Note 4 Joint Venture CGL: The Company invested $25,000 in a 49% interest in Chandalar Gold LLC (CGL) during the year ended December 31, 2020. The Company does not have control but does have significant influence over CGL and accounts for it using the equity method. During the year ended December 31, 2022 and 2021, CGL had no operating activities. Goldrich has accrued a distribution to CGL of $35,794 in accrued liabilities; if and when that distribution is remitted to CGL, the Company would in turn receive a distribution of approximately 49% of that distribution back from CGL as a result of its ownership. |
Contingencies | Contingencies In determining accruals and disclosures with respect to loss contingencies, the Company evaluates such accruals and contingencies for each reporting period. Estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred, and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred but not accrued. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share For the years ended December 31, 2022 and 2021, the effect of the Companys outstanding convertible preferred shares, convertible interest, stock options, and warrants totaling 197,119,305 157,648,303 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06 Debt – Debt With Conversion And Other Options (Subtopic 470-20) And Derivatives and Hedging – Contracts In Entitys Own Equity (Subtopic 815-40): Accounting For Convertible Instruments And Contracts In An Entitys Own Equity Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
Cash and Cash Equivalents | Cash and Cash Equivalents For the purposes of the statement of cash flows, we consider all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Significant estimates used in preparing these financial statements include those assumed in estimating the recoverability of the mineral interests, investments, accrued remediation costs, asset retirement obligations, stock-based compensation, deferred tax assets and related valuation allowances and other contingencies. Actual results could differ from those estimates. |
Mineral Interests | Mineral Interests The Company capitalizes costs for acquiring mineral properties, claims and royalty interests and expenses costs to maintain mineral rights and leases as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mineral properties are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations. |
Exploration Costs & Mine Preparation Costs | Exploration Costs & Mine Preparation Costs Exploration costs are expensed in the period in which they occur. Costs to prepare mineral properties for mining, such as economic assessments and mine plans are expensed in the period in which they occur. |
Income Taxes | Income Taxes Income taxes are recognized in accordance with Accounting Standards Codification (ASC) 740 Income Taxes, whereby deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. Uncertain tax positions are evaluated in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized. |
Stock-Based Compensation | Stock-Based Compensation The Company periodically issues common shares or options to purchase shares of the Companys common shares to its officers, directors or other parties. These issuances are recorded at fair value. The Company uses a Black Scholes valuation model for determining fair value of options to purchase shares, and compensation expense is recognized ratably over the vesting periods on a straight-line basis. Compensation expense for grants that vest immediately is recognized in the period of grant. |
Remediation and Asset Retirement Obligation | Remediation and Asset Retirement Obligation The Companys operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company records the fair value of an asset retirement obligation as a liability in the period in which the Company incurs a legal obligation for the retirement of tangible long-lived assets. The Assert Retirement Obligation (ARO) is accreted over the estimated life of the mine and is reviewed annually for adjustments. A corresponding asset is also recorded and depreciated over the life of the long-lived asset using a units of production method. After the initial measurement of the asset retirement obligation, the ARO liability and corresponding ARO asset will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. Determination of any amounts recognized is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates, time periods and the credit-adjusted risk-free interest rates. For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Such costs are based on managements estimate of amounts expected to be incurred when the remediation work is performed. |
Fair Value Measurements | Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At 2022 and 2021, the Company determined fair value on a recurring basis and non-recurring basis as follows: Schedule of Fair Value On Recurring and Non-Recurring Basis Balance Balance Fair Value Liabilities Recurring: Notes payable in gold (Note 7) $ 483,514 $ 481,780 2 The carrying amounts of financial instruments, including notes payable, approximate fair value at December 31, 2022 and 2021. The inputs to the valuation of Level 2 liabilities are described in Note 7 Notes Payable in Gold |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Fair Value On Recurring and Non-Recurring Basis | At 2022 and 2021, the Company determined fair value on a recurring basis and non-recurring basis as follows: Schedule of Fair Value On Recurring and Non-Recurring Basis Balance Balance Fair Value Liabilities Recurring: Notes payable in gold (Note 7) $ 483,514 $ 481,780 2 |
MINERAL INTERESTS (Tables)
MINERAL INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Mining Properties Claim and Royalty Interest | At December 31, 2022 and 2021, the Companys mining properties claims, and royalty interest were as follows: Schedule of Mining Properties Claim and Royalty Interest 2022 2021 Chandalar property and claims $ 264,000 $ 264,000 Chandalar 2003 purchased claims 35,000 35,000 Chandalar Unpatented state claims staked 40,400 40,400 Asset retirement costs 37,028 37,028 Jumbo Basin royalty interest 250,000 250,000 Total $ 626,428 $ 626,428 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Schedule of Related Party Transactions CEO Year ended 12/31/22 Year ended 12/31/21 Balance at beginning of period $ 793,720 $ 590,851 Deferred salary 180,000 180,000 Deferred expenses 20,297 40,220 Payments - (17,351 ) Ending Balance 994,017 793,720 CFO Balance at beginning of period 91,981 88,736 Deferred fees 12,863 27,768 Payments - (24,523 ) Ending Balance 104,844 91,981 Board fees and expenses payable (1, 2) 165,355 131,702 Total Related party payables $ 1,264,216 $ 1,017,403 1) At December 31, 2022 and 2021, the Company owed $1,302, respectively, to Mr. William Orchow, a director and related party for arbitration related expenses. 2) At December 31, 2022, the Company owed Mr. Nicholas Gallagher, a director and related party for legal expenses related to the notes payable and notes payable – related party. |
STOCKHOLDERS_ DEFICIT (Tables)
STOCKHOLDERS’ DEFICIT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Summary of Warrants | The following is a summary of warrants at December 31, 2022: Schedule of Summary of Warrants Shares Exercise Expiration Date Class R Warrants: (Issued for Private Placement) Outstanding and exercisable at January 1, 2021 15,000,001 .045 .03 Aug 1 to Dec 9, 2023 Warrants expired (3,333,333 ) Outstanding and exercisable at December 31, 2021 11,666,668 Warrants exercised (2,555,555 ) Outstanding and exercisable at December 31, 2022 9,111,113 Class S Warrants: (Issued for Private Placement of Preferred Stock) Outstanding and exercisable at January 1, 2021 4,633,336 .03 Dec 30, 2021 to Mar 30, 2022 Warrants exercised (4,633,336 ) Outstanding and exercisable at December 31, 2021 - Outstanding and exercisable at December 31, 2022 - Class T Warrants: (Issued with Senior Secured Notes Payable) Outstanding and exercisable at January 1, 2021 17,608,357 .03 Jun. 4, 2023 to Oct 31, 2024 Warrants exercised (6,947,131 ) Outstanding and exercisable at December 31, 2021 10,661,226 Warrants exercised (1,105,262 ) Warrants expired (552,631 ) Outstanding and exercisable at December 31, 2022 9,003,333 Warrants outstanding at December 31, 2021 were 22,327,894 18,114,446 .032 |
Schedule of Stock Option Transactions | A summary of stock option transactions for the years ended December 31, 2022 and 2021 are as follows: Schedule of Stock Option Transactions Shares Weighted- Average Exercise Price (per share) Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Options outstanding and exercisable at December 31, 2020 1,075,000 $ 0.06 5.24 $ 2,125 Options expired (25,000 ) $ 0.21 Options outstanding and exercisable at December 31, 2021 1,050,000 $ 0.05 4.35 $ 38,225 Options outstanding and exercisable at December 31, 2022 1,050,000 $ 0.05 3.35 $ 2,975 |
REMEDIATION AND ASSET RETIREM_2
REMEDIATION AND ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Assets Retirement Obligation | Schedule of Assets Retirement Obligation December 31, 2022 December 31, 2021 Asset Retirement Obligation – beginning balance $ 168,677 $ 162,189 Accretion 6,747 6,488 Asset Retirement Obligation – ending balance $ 175,424 $ 168,677 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Following are the components of deferred tax assets, liabilities and allowances at December 31, 2022 and 2021: Schedule of Deferred Tax Assets and Liabilities 2022 2021 Deferred tax assets arising from: Capitalized exploration and development costs $ 29,000 $ 46,000 Unrecovered promotional and exploratory costs 112,000 112,000 Accrued remediation costs 72,000 69,000 Notes payable in gold 1,000 - Share based compensation 35,000 35,000 Net operating loss carryforwards 14,156,000 13,832,000 Total deferred tax assets 14,405,000 14,094,000 Less valuation allowance (14,405,000 ) (14,087,000 ) Deferred tax liabilities arising from: - 7,000 Notes payable in gold - (7,000 ) Total deferred tax liabilities - (7,000 ) Net deferred tax $ - $ - |
Schedule of Effective Income Tax Rate Reconciliations | The differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory tax rate of 21% were as follows: Schedule of Effective Income Tax Rate Reconciliations 2022 2021 Federal income tax expense (benefit) based on statutory rate $ (222,000 ) 21.0 % $ (472,000 ) 21.0 % State income tax expense (benefit), net of federal taxes (97,000 ) 8.8 % (196,000 ) 8.7 % Revision of NOL estimates, state apportionment factors and state effective tax rates 1,000 0.1 % 275,000 (12.2 )% Increase (decrease) in valuation allowance 318,000 (29.9 )% 393,000 (17.5 )% Total taxes on income (loss) $ - - % $ - - % |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Retained Earnings (Accumulated Deficit) | $ 40,478,104 | $ 39,422,474 |
Working Capital Deficit | $ 11,520,440 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring: Notes payable in gold (Note 7) | $ 483,514 | $ 481,780 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Recurring: Notes payable in gold (Note 7) | $ 483,514 | $ 481,780 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 197,119,305 | 157,648,303 |
MINERAL INTERESTS (Details)
MINERAL INTERESTS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Chandalar property and claims | $ 264,000 | $ 264,000 |
Chandalar 2003 purchased claims | 35,000 | 35,000 |
Chandalar Unpatented state claims staked | 40,400 | 40,400 |
Asset retirement costs | 37,028 | 37,028 |
Jumbo Basin royalty interest | 250,000 | 250,000 |
Total mineral interests | $ 626,428 | $ 626,428 |
JOINT VENTURE (Details Narrativ
JOINT VENTURE (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Equity Method Investments and Joint Ventures [Abstract] | |
Legal Fees | $ 638,193 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Balance at beginning of period | $ 1,017,403 | ||
Total Related party payables | 1,264,216 | $ 1,017,403 | |
Board fees and expenses payable | [1],[2] | 165,355 | 131,702 |
Chief Executive Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Balance at beginning of period | 793,720 | 590,851 | |
Deferred salary | 180,000 | 180,000 | |
Deferred fees | 20,297 | 40,220 | |
Payments | (17,351) | ||
Total Related party payables | 994,017 | 793,720 | |
Chief Financial Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Balance at beginning of period | 91,981 | 88,736 | |
Deferred fees | 12,863 | 27,768 | |
Payments | (24,523) | ||
Total Related party payables | $ 104,844 | $ 91,981 | |
[1]At December 31, 2022 and 2021, the Company owed $1,302, respectively, to Mr. William Orchow, a director and related party for arbitration related expenses.[2]At December 31, 2022, the Company owed Mr. Nicholas Gallagher, a director and related party for legal expenses related to the notes payable and notes payable – related party. |
NOTES PAYABLE & NOTES PAYABLE_2
NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Notes Payable | $ 1,250,169 | $ 1,088,421 |
Notes Payable, Related Parties, Current | 4,195,979 | 4,064,211 |
Proceeds from Related Party Debt | 125,180 | 422,000 |
Repayments of Related Party Debt | 20,000 | |
Finder Fees | 3,755 | 12,660 |
Interest Expense, Related Party | 620,267 | 571,695 |
Stock Issued During Period, Value, Other | $ 4,212 | |
Common Stock [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Stock Issued During Period, Shares, Other | 280,752 | |
Stock Issued During Period, Value, Other | $ 28,076 | |
Nicholas Gallagher | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Proceeds from Related Party Debt | 131,768 | |
Repayments of Related Party Debt | 20,000 | |
Debt Instrument, Unamortized Discount | $ 22,473 |
NOTES PAYABLE IN GOLD (Details
NOTES PAYABLE IN GOLD (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Short-Term Debt [Line Items] | ||
[custom:NotesPayableInGold-0] | $ 483,514 | $ 481,780 |
[custom:ChangeInFairValueOfNotesPayableInGold] | 1,734 | (21,810) |
Interest Payable, Current | 720,111 | 674,800 |
Notes Payable In Gold [Member] | ||
Short-Term Debt [Line Items] | ||
Interest Expense | 46,232 | 41,884 |
Interest Payable, Current | $ 139,639 | $ 93,407 |
CARES ACT PPP LOAN (Details Nar
CARES ACT PPP LOAN (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 15, 2020 | May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
[custom:GainOnForgivenessCaresActLoan] | $ (51,135) | |||
Entity Loan Modification Program [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Proceeds from Bank Debt | $ 50,600 | |||
[custom:GainOnForgivenessCaresActLoan] | $ 51,135 |
STOCKHOLDERS' DEFICIT (Details)
STOCKHOLDERS' DEFICIT (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 22,327,894 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.032 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 18,114,446 | 22,327,894 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 18,114,446 | 22,327,894 | |
Class R Warrant [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 11,666,668 | 15,000,001 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Expirations | (3,333,333) | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 9,111,113 | 11,666,668 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised | (2,555,555) | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 9,111,113 | 11,666,668 | 15,000,001 |
Class R Warrant [Member] | Minimum [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.045 | ||
Class R Warrant [Member] | Maximum [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.03 | ||
Class S Warrant [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 4,633,336 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.03 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised | (4,633,336) | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 4,633,336 | ||
Class T Warrant [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 10,661,226 | 17,608,357 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.03 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Expirations | (552,631) | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 9,003,333 | 10,661,226 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised | (1,105,262) | (6,947,131) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 9,003,333 | 10,661,226 | 17,608,357 |
STOCKHOLDERS' DEFICIT (Details
STOCKHOLDERS' DEFICIT (Details 2) - Equity Option [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Offsetting Assets [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance | 1,050,000 | 1,075,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0.05 | $ 0.06 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 4 months 6 days | 4 years 4 months 6 days | 5 years 2 months 26 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 38,225 | $ 2,125 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period | (25,000) | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 0.21 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance | 1,050,000 | 1,050,000 | 1,075,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 0.05 | $ 0.05 | $ 0.06 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 2,975 | $ 38,225 | $ 2,125 |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares Authorized | 8,998,700 | 8,998,700 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 197,119,305 | 157,648,303 |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (2,000,000) | |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 2,000,000 | |
Convertible preferred stock series A | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Outstanding | 150,000 | 150,000 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Liquidation Preference Per Share | $ 2 | $ 2 |
Preferred Stock, Liquidation Preference, Value | $ 300,000 | $ 300,000 |
Preferred Stock, Voting Rights | Each holder of Series A Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holders shares of Series A Preferred Stock could be converted. | |
Preferred Stock, Dividend Payable | $ 107,792 | $ 100,188 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 900,000 | 900,000 |
Convertible preferred stock series B | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Outstanding | 200 | 200 |
Preferred Stock, Shares Authorized | 300 | 300 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Preferred Stock, Liquidation Preference, Value | $ 200,000 | $ 200,000 |
Preferred Stock, Voting Rights | Each holder of Series B Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holders shares of Series B Preferred Stock could be converted. Holders of Series B Preferred Stock vote as a single class with the common shares on an as-if-converted basis. No holder of Series B Preferred Stock is entitled to pre-emptive voting rights. | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,857,142 | 2,857,142 |
Convertible preferred stock series C | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Outstanding | 250 | 250 |
Preferred Stock, Shares Authorized | 250 | 250 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Preferred Stock, Liquidation Preference, Value | $ 250,000 | $ 250,000 |
Preferred Stock, Voting Rights | Each holder of Series C Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holders shares of Series C Preferred Stock could be converted. Holders of Series C Preferred Stock vote as a single class with the common shares on an as-if-converted basis. No holder of Series C Preferred Stock is entitled to pre-emptive voting rights. | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,333,333 | 8,333,333 |
Convertible preferred stock series D | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Outstanding | 90 | 150 |
Preferred Stock, Shares Authorized | 150 | 150 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Preferred Stock, Liquidation Preference, Value | $ 90,000 | $ 150,000 |
Preferred Stock, Voting Rights | Each holder of Series D, E and F Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holders shares of Series D, E and F Preferred Stock could be converted. Holders of Series D, E and F Preferred Stock vote as a single class respectively with the common shares on an as-if-converted basis. No holder of Series D, E and F Preferred Stock is entitled to pre-emptive voting rights. | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,000,000 | 5,000,000 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 60 | |
Stock Issued During Period, Shares, Conversion of Convertible Securities | (60) | |
Convertible preferred stock series E | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Outstanding | 300 | 300 |
Preferred Stock, Shares Authorized | 300 | 300 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Preferred Stock, Liquidation Preference, Value | $ 300,000 | $ 300,000 |
Preferred Stock, Voting Rights | Each holder of Series D, E and F Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holders shares of Series D, E and F Preferred Stock could be converted. Holders of Series D, E and F Preferred Stock vote as a single class respectively with the common shares on an as-if-converted basis. No holder of Series D, E and F Preferred Stock is entitled to pre-emptive voting rights. | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,000,000 | 10,000,000 |
Convertible preferred stock series F | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Outstanding | 153 | 153 |
Preferred Stock, Shares Authorized | 300 | 300 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Preferred Stock, Liquidation Preference, Value | $ 50,000 | $ 50,000 |
Preferred Stock, Voting Rights | Each holder of Series D, E and F Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holders shares of Series D, E and F Preferred Stock could be converted. Holders of Series D, E and F Preferred Stock vote as a single class respectively with the common shares on an as-if-converted basis. No holder of Series D, E and F Preferred Stock is entitled to pre-emptive voting rights. | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,100,000 | 5,100,000 |
REMEDIATION AND ASSET RETIREM_3
REMEDIATION AND ASSET RETIREMENT OBLIGATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset Retirement Obligation – beginning balance | $ 168,677 | $ 162,189 |
Accretion | 6,747 | 6,488 |
Asset Retirement Obligation – ending balance | $ 175,424 | $ 168,677 |
REMEDIATION AND ASSET RETIREM_4
REMEDIATION AND ASSET RETIREMENT OBLIGATION (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Asset Retirement Obligation Disclosure [Abstract] | ||
[custom:AccuredRemediation-0] | $ 100,000 | $ 100,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets arising from: | ||
Capitalized exploration and development costs | $ 29,000 | $ 46,000 |
Unrecovered promotional and exploratory costs | 112,000 | 112,000 |
Accrued remediation costs | 72,000 | 69,000 |
Notes payable in gold | 1,000 | |
Share based compensation | 35,000 | 35,000 |
Net operating loss carryforwards | 14,156,000 | 13,832,000 |
Total deferred tax assets | 14,405,000 | 14,094,000 |
Less valuation allowance | (14,405,000) | (14,087,000) |
Deferred tax liabilities arising from: | ||
Notes payable in gold | (7,000) | |
Total deferred tax liabilities | (7,000) | |
Net deferred tax |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax expense (benefit) based on statutory rate | $ (222,000) | $ (472,000) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
State income tax expense (benefit), net of federal taxes | $ (97,000) | $ (196,000) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 8.80% | 8.70% |
Revision of NOL estimates, state apportionment factors and state effective tax rates | $ 1,000 | $ 275,000 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.10% | (12.20%) |
Increase (decrease) in valuation allowance | $ 318,000 | $ 393,000 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (29.90%) | (17.50%) |
Total taxes on income (loss) | ||
Effective Income Tax Rate Reconciliation, Percent | (0.00%) | (0.00%) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Dec. 31, 2022 USD ($) |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 48,200,000 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 44,800,000 |