Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 15, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Registrant Name | Thunder Mountain Gold, Inc. | ||
Registrant CIK | 0000711034 | ||
Fiscal Year End | --12-31 | ||
SEC Form | 10-K | ||
Period End date | Dec. 31, 2021 | ||
Tax Identification Number (TIN) | 91-1031015 | ||
Number of common stock shares outstanding | 60,855,579 | ||
Public Float | $ 5,459,564 | ||
Filer Category | Non-accelerated Filer | ||
Current with reporting | Yes | ||
Interactive Data Current | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Shell Company | false | ||
Small Business | true | ||
Emerging Growth Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-08429 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 11770 W. President Dr., Ste. F | ||
Entity Address, City or Town | Boise | ||
Entity Address, State or Province | ID | ||
Entity Address, Postal Zip Code | 83713 | ||
City Area Code | 208 | ||
Local Phone Number | 658-1037 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Auditor Name | Assure CPA LLC | ||
Auditor Location | Spokane, Washington | ||
Auditor Firm ID | 444 | ||
ExchangeTSXV | |||
Document Information [Line Items] | |||
Trading Symbol | THM | ||
Trading Exchange | NONE | ||
Title of 12(g) Security | Common Stock, $0.001 par value | ||
ExchangeOTCQB | |||
Document Information [Line Items] | |||
Trading Symbol | THMG | ||
Trading Exchange | NONE | ||
Title of 12(g) Security | Common Stock, $0.001 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,156,622 | $ 274,155 |
Prepaid expenses and other assets | 18,390 | 20,128 |
Total current assets | 1,175,012 | 294,283 |
Property and Equipment: | ||
Land | 280,333 | 280,333 |
Equipment, net of accumulated depreciation of $180,500 and $177,651, respectively | 2,105 | 4,954 |
Total Property and Equipment | 282,438 | 285,287 |
Right to use asset | 0 | 1,332 |
Investment in BeMetals, at fair value | 1,520,684 | 3,018,634 |
Total assets | 2,978,134 | 3,599,536 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 11,495 | 60,410 |
Accrued related party liability | 166,685 | 186,685 |
Accrued interest payable to related parties | 80,177 | 88,531 |
Operating lease liability - current | 0 | 1,332 |
Advance from BeMetals | 36,187 | 38,384 |
Deferred compensation | 1,041,500 | 1,041,500 |
Related parties notes payable | 66,768 | 106,576 |
Total current liabilities | 1,402,812 | 1,523,418 |
Accrued reclamation costs | 65,000 | 65,000 |
Total liabilities | 1,467,812 | 1,588,418 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Preferred stock; $0.0001 par value, 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock; $0.001 par value; 200,000,000 shares authorized, 60,855,579 and 60,145,579 shares issued and outstanding, respectively | 60,856 | 60,146 |
Additional paid-in capital | 6,406,606 | 6,336,316 |
Less: 11,700 shares of treasury stock, at cost | (24,200) | (24,200) |
Accumulated deficit | (5,106,642) | (4,534,846) |
Total Thunder Mountain Gold, Inc stockholders' equity | 1,336,620 | 1,837,416 |
Noncontrolling interest in Owyhee Gold Trust | 173,702 | 173,702 |
Total stockholders' equity | 1,510,322 | 2,011,118 |
Total liabilities and stockholders' equity | $ 2,978,134 | $ 3,599,536 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 180,500 | $ 177,651 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 60,855,579 | 60,145,579 |
Common Stock, Shares Outstanding | 60,855,579 | 60,145,579 |
Treasury Stock, Shares | 11,700 | 11,700 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||
Gain on mineral interest | $ 500,000 | $ 250,000 |
Management service income | 300,000 | 300,000 |
Total revenues | 800,000 | 550,000 |
Operating expenses: | ||
Exploration | 9,842 | 11,312 |
Legal and accounting | 85,309 | 56,343 |
Management and administrative | 428,982 | 558,071 |
Depreciation | 2,849 | 20,956 |
Total operating expenses | 526,982 | 646,682 |
Net operating income (loss) | 273,018 | (96,682) |
Other income (expense): | ||
Interest expense, related parties | (634) | (15,189) |
PPP loan forgiveness | 0 | 48,000 |
Unrealized gain (loss) on investment | (941,079) | 1,282,804 |
Gain on sale of investment | 92,685 | 0 |
Other | 9,214 | 2,748 |
Total other income (expense) | (839,814) | 1,318,363 |
Net Income (Loss) Attributable to Parent, Total | (566,796) | 1,221,681 |
Net income - noncontrolling interest in Owyhee Gold Trust | 5,000 | 5,000 |
Net income/(loss) - Thunder Mountain Gold, Inc. | $ (571,796) | $ 1,216,681 |
Net income/(loss) per common share-basic and diluted | $ (0.01) | $ 0.02 |
Weighted average common shares outstanding-basic | 60,384,839 | 60,145,579 |
Weighted average common shares outstanding-diluted | 60,384,839 | 61,690,547 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (566,796) | $ 1,221,681 |
Adjustments to reconcile net income (loss) to net cash used by operating activities: | ||
Depreciation | 2,849 | 20,956 |
Stock based compensation | 0 | 159,740 |
PPP loan forgiveness | 0 | (48,000) |
Gain on mineral interest | (500,000) | (250,000) |
Unrealized (gain) loss on investment | 941,079 | (1,282,804) |
Gain on sale of investment | (92,685) | 0 |
Change in: | ||
Prepaid expenses and other assets | 1,738 | (1,304) |
Accounts payable and other accrued liabilities | (13,449) | (36,563) |
Accrued related party liability | (20,000) | (30,000) |
Accrued interest payable to related parties | (8,355) | 15,189 |
Advance from BeMetals | (2,197) | (40,155) |
Net cash used by operating activities | (257,816) | (271,260) |
Cash flows from investing activities: | ||
Proceeds from sale of investment | 649,557 | 0 |
Proceeds from mineral interest | 500,000 | 250,000 |
Net cash provided by investing activities | 1,149,557 | 250,000 |
Cash flows from financing activities: | ||
Proceeds from exercise of options | 35,534 | 0 |
Proceeds from PPP loan | 0 | 48,000 |
Payments on related parties notes payable | (39,808) | |
Distribution to noncontrolling interest | (5,000) | (5,000) |
Net cash (used)/provided by financing activities | (9,274) | 43,000 |
Net increase in cash and cash equivalents | 882,467 | 21,740 |
Cash and cash equivalents, beginning of year | 274,155 | 252,415 |
Cash and cash equivalents, end of year | 1,156,622 | 274,155 |
Noncash financing and investing activities: | ||
Shares issued for settlement of option exercise with accrued interest and wages | $ 35,466 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Non-Controlling Interest in OGT [Member] | Total |
Equity Balance at Dec. 31, 2019 | $ 60,146 | $ 6,176,576 | $ (24,200) | $ (5,751,527) | $ 173,702 | $ 634,697 |
Equity Balance (Shares) at Dec. 31, 2019 | 60,145,579 | |||||
Stock based compensation | 159,740 | 159,740 | ||||
Distribution to noncontrolling interest | (5,000) | (5,000) | ||||
Net income (loss) | 1,216,681 | 5,000 | 1,221,681 | |||
Equity Balance at Dec. 31, 2020 | $ 60,146 | 6,336,316 | (24,200) | (4,534,846) | 173,702 | 2,011,118 |
Equity Balance (Shares) at Dec. 31, 2020 | 60,145,579 | |||||
Stock Options exercised | $ 710 | 70,290 | $ 71,000 | |||
Stock Options exercised (Shares) | 710,000 | 710,000 | ||||
Distribution to noncontrolling interest | (5,000) | $ (5,000) | ||||
Net income (loss) | (571,796) | 5,000 | (566,796) | |||
Equity Balance at Dec. 31, 2021 | $ 60,856 | $ 6,406,606 | $ (24,200) | $ (5,106,642) | $ 173,702 | $ 1,510,322 |
Equity Balance (Shares) at Dec. 31, 2021 | 60,855,579 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Business Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies and Business Operations [Text Block] | 1. Business Operations Thunder Mountain Gold, Inc. ("Thunder Mountain", "THMG", or "the Company") was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's activities were restricted to maintaining its property position and exploration activities. During 2005, the Company sold its holdings in the Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and initiated exploration activities on that property, which . On February 27, 2019, the Company entered into an Option Agreement, (the "BeMetals Option Agreement") with BeMetals Corporation. Under the terms of the BeMetals Option Agreement, BMET USA will be entitled to purchase 100% of the issued and outstanding shares of South Mountain Mines, Inc. ("SMMI") from Thunder Mountain Resources, Inc. ("TMRI"), both wholly owned subsidiaries of the Company. The original term of the agreement was for two years, but was extended on May 18, 2020 by three months. On September 14, 2021, the BeMetals Option Agreement was amended, extending the option period to December 31, 2022, due to the COVID-19 pandemic, and business conditions surrounding restricted international travel, and corresponding access to capital markets. During this term, BeMetals is required to conduct a preliminary economic assessment ("PEA"), completed by a mutually agreed third-party engineering firm. Over its term, this agreement requires issuance of 10,000,000 million shares of BMET stock to the Company by BeMetals, and cash payments to the Company of $1,350,000: $1,100,000 in cash and $250,000 in exchange for shares of the Company's common stock. In the event that BeMetals decides not to proceed with the South Mountain Project, BeMetals will not be obligated to make any additional payments. See Note 3 for further information. Basis of Presentation and 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 historically incurred losses, however, under the BeMetals Option Agreement (Note 3), the Company now has a recurring source of revenue, and its ability to continue as a going concern is no longer dependent on equity capital raises and borrowings. However, if necessary, the Company continues to have the ability to raise additional capital in order to fund its future exploration and working capital requirements. The Company's plans for the long-term continuation as a going concern include operating on the cash flows and consideration payments provided under the BeMetals Option Agreement COVID-19 In March 2020, COVID-19 was declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention. Its rapid spread around the world and throughout the United States prompted many countries, including the United States, to institute restrictions on travel, public gatherings and certain business operations. These restrictions disrupted economic activity in Thunder Mountain Gold's business related to raising capital. As of December 31, 2021 and 2020, the disruption did not materially impact the Company' financial statements. However, if the severity of the economic disruptions increase as the duration of the COVID-19 pandemic continues, the negative financial impact could be significantly greater in future periods. The effects of the continued outbreak of COVID-19 and related government responses could also include extended disruptions to supply chains and capital markets, reduced labor availability and a prolonged reduction in economic activity. These effects could have a variety of adverse impacts to the Company. As of December 31, 2021 and 2020 there were no material adverse impacts to the Company' operations due to COVID-19. In addition, the economic disruptions caused by COVID-19 could also adversely impact the impairment risks for certain long-lived assets and other investments. Thunder Mountain Gold evaluated these impairment considerations and determined that no such impairments had occurred as of December 31, 2021 and 2020. The effects of the continued outbreak of COVID-19 and related government responses could have disruptions to the "BeMetals Option Agreement". In the event, if BeMetals decides not to proceed with the South Mountain Project, BeMetals will not be obligated to make any additional payments. The COVID-19 outbreak could have a variety of adverse impacts to the Company, including their ability to continue operations of their exploration under the BeMetals Options Agreement. As of December 31, 2021, there were no material adverse impacts to the Company's BeMetal Options Agreement due to COVID-19. Principles of Consolidation The consolidated financial statements include the accounts of the Company; its wholly owned subsidiaries, Thunder Mountain Resources, Inc. (“TMRI”) and South Mountain Mines, Inc. (“SMMI”); and a company in which the Company owns 75% and has majority control, Owyhee Gold Trust, LLC (“OGT”). The Company’s consolidated financial statements reflect the other investor’s 25% non-controlling, capped interest in OGT. Intercompany accounts are eliminated in consolidation. Accounting 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 the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management’s estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. Revenue Recognition Management service revenue is recognized when the Company has satisfied its performance obligation required under its management contract with BeMetals. Such obligation is satisfied over time as work is performed and the Company has a contractual right to payment Income Taxes The Company recognizes deferred income tax liabilities or assets at the end of each period 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 the deferred tax assets will not be realized. Cash and Cash Equivalents For the purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be a cash equivalent. 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 December 31, 2021, the Company has one financial asset, investment in equity security, that is adjusted to fair value on a recurring basis for which the fair value is determined based on Level 1 inputs as the equity security is traded on a stock exchange. The Company has no financial liabilities that are adjusted to fair value on a recurring basis. Financial Instruments The Company's financial instruments include cash and cash equivalents, investment in BeMetal's equity security and related party notes payable, the carrying value of which approximates fair value based on the nature of those instruments. Investments The Company determines the appropriate classification of investments at the time of acquisition and re-evaluates such determinations at each reporting date. Equity securities that have a readily determined fair value are carried at fair value determined using Level 1 fair value measurement inputs with the change in fair value recognized as unrealized gain (loss) in the consolidated statement of operations each reporting period. Gains and losses on the sale of securities are recognized on a specific identification basis. Mineral Interests The Company capitalizes costs for acquiring mineral interests, and expenses costs to maintain mineral rights and leases as incurred. Exploration costs are expensed in the period in which they occur. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method based on periodic estimates of ore reserves. Mineral interests are periodically assessed for impairment of value and any subsequent losses are charged to operations at the time of impairment. If a mineral interest is abandoned or sold, its capitalized costs are charged to operations. Consideration received by the Company pursuant to joint ventures or purchase option agreements is applied against the carrying value of the related mineral interest. When and if payments received exceed the carrying value, the excess amount is recognized as a gain in the consolidated statement of operations in the period the consideration is received Leases Arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. Investments in Joint Ventures For companies and joint ventures where the Company holds more than 50% of the voting interests, but less than 100%, and has significant influence, the company or joint venture is consolidated, and other investor interests are presented as noncontrolling. See Note 3 regarding the Company’s investment in Owyhee Gold Trust. Joint Ventures in which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method of accounting. Reclamation and Remediation The Company’s operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company would record the fair value of an asset retirement obligation as a liability in the period in which the Company incurred a legal obligation for the retirement of tangible long-lived assets. A corresponding asset would also be recorded and depreciated over the life of the asset. 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 management's estimate of amounts expected to be incurred when the remediation work is performed. At December 31, 2021 and 2020, the Company had accrued $65,000 on its consolidated balance sheets relating to estimated mine closure and reclamation costs on its South Mountain Mines property. Share-Based Compensation Share- based payments to employees and directors, including grants of employee stock options, are measured at fair value and expensed in the consolidated statements of operations over the vesting period. Recent Accounting Pronouncements Accounting Standards Updates Adopted In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The update contains a number of provisions intended to simplify the accounting for income taxes. Adoption of this update on January 1, 2021 had no impact on the Company's consolidated financial statements In January 2020, the FASB issued ASU No. 2020-01, Clarifying the Interactions Between Topic 321, Topic 323 and Topic 815. ASU 2020-01 which makes improvements related to accounting for certain equity securities when the equity method of accounting is applied or discontinued, and scope considerations related to forward contracts and purchased options on certain securities. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020. Adoption of this update on January 1, 2021, had no impact on the Company's consolidated financial statements. Net Income (Loss) Per Share The Company is required to have dual presentation of basic earnings per share (“EPS”) and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding. We do not include the impact of any potentially dilutive common stock equivalents in our basic earnings (loss) per share calculations. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion of common shares, except where their inclusion would be anti-dilutive. For the year ended December 31, 2021, stock options of 3,355,000 are excluded in the calculation of diluted earnings per share as their effect would have been anti-dilutive due to the net loss recognized for the year. Options are excluded because their exercise prices were greater than the average trading price of the Company's common stock for the year. For the year ended December 31, 2020, stock options of 5,707,000 are included in the calculation of diluted income per share. Diluted common shares outstanding were calculated using the treasury stock method and are as follows: December 31, 2021 2020 Weighted average number of common shares calculated using basic net income per common share 60,384,839 60,145,579 Effect of common stock equivalents: Stock options - 1,544,968 Weighted average number of common shares calculated using diluted net income per common share 60,384,839 61,690,547 |
Mineral Interest Commitments
Mineral Interest Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Mineral Interest Commitments [Text Block] | 2. The Company has two lease arrangements with landowners that own land parcels adjacent to the Company's South Mountain patented and unpatented mining claims. The leases were originally for a seven-year period, with annual payments of $20 per acre. The leases were renewed for an additional 10 years at $30 per acre paid annually; committed payments are listed in the table below. The leases have no work requirements. Annual Payment Acree Lease (June) $ 3,390 Lowry Lease (October) 11,280 Total $ 14,670 The Company has 26 unpatented claims (533 acres) in the Trout Creek area and 21 unpatented claims in the South Mountain area. For the year ended December 31, 2021, the Company made the decision not to maintain 52 unpatented mining claims (1,067 acres) in the Trout Creek area. The claim fees are paid on these unpatented claims annually as follows: Target Area 2021 Trout Creek -State of Nevada $ 4,290 Trout Creek -Lander County, Nevada 324 South Mountain-State of Idaho 3.465 Total $ 8,079 |
South Mountain Project
South Mountain Project | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments [Abstract] | |
South Mountain Project [Text Block] | 3. South Mountain Project BeMetals Option Agreement: On February 27, 2019, the Company entered into an Option Agreement, (the "BeMetals Option Agreement") with BeMetals Corp., a British Columbia corporation ("BeMetals"), and BeMetals USA Corp., a Delaware corporation ("BMET USA"), a wholly owned subsidiary of BeMetals. Under the terms of the BeMetals Option Agreement, BMET USA will be entitled to purchase 100% of the issued and outstanding shares of SMMI from TMRI, both wholly owned subsidiaries of the Company. SMMI is the Company's subsidiary that holds the Company's investment in the South Mountain project mineral interest. The original term of the agreement is for two years with BeMetals completing a preliminary economic assessment ("PEA") completed by a mutually agreed third-party engineering firm. On May 18, 2020, the Company extended the BMET Option Agreement by three months from the existing BeMetals Option Agreement date, due to the COVID-19 pandemic, and business conditions surrounding restricted international travel, and corresponding access to capital markets. On September 14, 2021, the BeMetals Option Agreement was amended, effecting Tranche 6 with the addition of Tranche 7 and 8. The option period has been extended to December 31, 2022, unless agreed to be extended by all parties. Pursuant to the amended BeMetals Option Agreement, BMET USA will be entitled to purchase 100% of the outstanding shares of SMMI from TMRI if the following obligations are satisfied: • Tranche 1: cash payment of $100,000 to TMRI within 1 business day of delivery of voting support agreements from shareholders of THMG who hold or control shares carrying more than 50% of the voting rights attached to all outstanding THMG Shares. Payment was received on March 5, 2019 and is nonrefundable. • Tranche 2: Tranche 2 conditions were completed on June 10, 2019, with the issuance of 10 million common shares of BMET USA to TMRI having a fair value of $1,883,875; and BMET USA's purchase of 2.5 million shares of THMG common stock at a price of $0.10 per share, for an aggregate purchase price of $250,000, on a private placement basis (received June 2019). • Tranche 3: Cash payment of $250,000 on or before the 6-month anniversary of the Tranche 2. Payment was received on December 10, 2019. • Tranche 4: Cash payment of $250,000 on or before the 15-month anniversary of the Tranche 2, was received on September 10, 2020, and was recognized as a gain on sale of mineral interest during the year ended December 31, 2020. • Tranche 5: Cash payment of $250,000 on or before the 21-month anniversary of the Tranche 2, was received on March 5, 2021, and recognized as a gain on sale of mineral interest for the year ended December 31, 2021. • Tranche 6: Cash payment of $250,000 on or before September 30, 2021, which was received on September 10, 2021, and fulfilled the cash option payment requirement per the original agreement. • Tranche 7: Commencing from September 14, 2021, BeMetals shall fund and complete a surface drilling exploration program with a minimum of 7,000 feet. Including but not limited to corresponding sampling and analysis. • Tranche 8: Upon BeMetal's intention to exercise their option, and completion of Tranches 1 through 7. An additional payment of an amount equal to the lesser of 50% of the market capitalization of BeMetals at the time, and the greater of either $10 million; or 20% of the net present value of the South Mountain Project as calculated in the PEA, and discounted at 8%. Less the sum of: • US$850,000 being the total cash payments made by BMET USA. • The Tranche 2 Shares Value $1,883,875. • The aggregate value of the South Mountain Project Liabilities, excluding reclamation and environmental liabilities. BeMetals Management Service Income Concurrent with the BeMetals Option Agreement, BMET USA and SMMI entered a management contract whereby BeMetals will pay $25,000 monthly to SMMI for management services to enable BMET to perform exploration and development work with respect to the South Mountain Project. Management service income of $ Advance from BeMetals BeMetals provides funding to SMMI for ongoing project expenses, including office lease payments. Under the terms of the Option Agreement, SMMI's management provides BeMetals a request for funds monthly to cover the upcoming month's expenses. At December 31, 2021 and 2020, advances received from BeMetals that have not yet been spent totaled $36,187 and $38,384, respectively. SMMI Joint Venture - OGT, LLC The Company's wholly owned subsidiary SMMI is the sole manager of the South Mountain Project in its entirety through a separate Mining Lease with Option to Purchase ("Lease Option") with the Company's majority-owned subsidiary OGT. The Lease Option includes a capped $5 million less net returns royalties paid through the date of exercise. The Lease Option expires in November 2026. If SMMI exercises the option, the option payment of $5 million less advance royalties will be distributed 100% by OGT to OGT's minority member. Under the Lease Option, SMMI pays an advance $5,000 net returns royalty to OGT annually on November 4 which is distributed to OGT's minority member. |
Investment in BeMetals Corp
Investment in BeMetals Corp | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Investment in BeMetals Corp. [Text Block] | 4. BeMetals Corp. In June 2019 in connection with the BeMetals Option Agreement (see Note 3), the Company received 10,000,000 shares of BeMetals Corp. common stock that had a fair value of $1,883,875. On May 4, 2021, the Company sold 2,000,000 shares held in BeMetals Corp. for US $649,557 ($CAD 800,000). The shares of common stock were sold through Canaccord Genuity at a price of US $0.325 ($CAD 0.40). This sale met the requirements under the terms of the BeMetals Option Agreement. At December 31, 2021, the fair value of the remaining shares is $1,520,684. For the year ended December 31, 2021, the Company recognized a gain of $92,685, on the sale of BeMetals shares. A foreign exchange gain of $9,147 was recognized on the sale as the funds were not transferred to the company until May 17, 2021. This gain is included in other income on the statement of operations. The Company had an unrealized loss on the change in fair value of the investment of $941,079 for the year ended December 31, 2021, compared to an unrealized gain of $1,282,804 for the year ended 2020. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment [Text Block] | 5. The Company’s property and equipment are as follows: December 31, 2021 2020 Vehicles $ 22,441 22,441 Buildings 65,071 65,071 Construction Equipment 36,447 36,447 Mining Equipment 58,646 58,646 182,605 182,605 Accumulated Depreciation (180,500 ) (177,651 ) 2,105 4,954 Land 280,333 280,333 Total Property and Equipment $ 282,438 285,287 |
PPP Loan
PPP Loan | 12 Months Ended |
Dec. 31, 2021 | |
Notes and Loans Payable [Abstract] | |
PPP Loan [Text Block] | 6. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (the "CARES Act") Act was signed into United States law. In April 2020, the Company received a loan of $48,000 pursuant to the Paycheck Protection Program (the "PPP") under Division A, Title I, Section 1102 and 1106 of the CARES Act. The loan, which was in the form of a promissory note, as amended, dated April 21, 2020, issued by the Company (the "Note"); the Note matures on April 13, 2022, and bears interest at a rate of 1% per annum, payable monthly commencing on August 13, 2021. The Note may be prepaid by the Company at any time prior to maturity with no prepayment penalties. Under the terms of the PPP, certain amounts of the loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. Qualifying expenses include payroll costs, costs used to continue group health care benefits, mortgage payments, rent, and utilities. The Company elected to take 24 weeks to spend these funds instead of eight weeks. The Company used the entire loan amount for qualifying expenses. On October 21, 2020, the Company completed the Paycheck Protection Program (PPP) loan forgiveness application with Washington Trust Bank. On November 7, 2020, the Company received a notice that the PPP loan was forgiven. Accordingly, the Company recorded PPP loan forgiveness in other income in the consolidated statement of operations for the year ended December 31, 2020. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties [Text Block] | 7. Notes Payable At December 31, 2021, the Company had a notes payable balance of $66,768 due to Eric Jones. Mr. Jones is the Company's President and Chief Executive Officer. Mr. Jones received no payments during the year ended December 31, 2021. The note, as amended, stop accruing monthly interest on January 1, 2021, and payment was due on December 31, 2021. Mr. Jones had accrued interest payable at December 31, 2021 and 2020 of $47,698. James Collord, the Company's Vice President and Chief Operating Officer was paid $40,000, paying off the principle of the note payable balance of $39,808 as well as $192 of accrued interest during the year ended December 31, 2021. The note, as amended, stopped accruing monthly interest on January 1, 2021, and payment was due on December 31, 2021. For the year ended December 31, 2021, Mr. Collord exercised stock options, using $8,163 of accrued interest plus $2,500 in deferred wages, net of $663 in related taxes, to cover the option exercise price of $ 10,000. Accrued interest payable to Mr. Collord as of December 31, 2021 and 2020 was $32,479 and $40,834, respectively. Mr. Jones and Mr. Collord amended their accrued interest payment due dates to December 31, 2022. On November 8, 2021, the Company agreed to facilitate the sale of 1,000,000 common stock shares in the name of Joseph Baird one of the Company's directors. In anticipation of the sale, the Company received and held funds in its bank account. On December 1, 2021, the common stock shares were transferred to its new owner, and funds were released to Joseph Baird. Deferred Officer Compensation Three of the Company's officers began deferring compensation for services on April 1, 2015. On July 31, 2018, the Company stopped expensing and deferring compensation for the three Company officers in the interest of marketing the SMMI project. As part of the BeMetals agreement (Note 3), the Company resumed compensation for these officers on May 15, 2019. The officers deferred compensation balances at December 31, 2021 and 2020 represent the balances deferred prior to the BeMetals agreement and are as follows: Eric Jones, President and Chief Executive Officer - $420,000; Jim Collord, Vice President and Chief Operating Officer - $420,000; and Larry Thackery, Chief Financial Officer - $201,500. Accrued Related Party Liability The Company engaged Baird Hanson LLP ("Baird"), a company owned by one of the Company's directors, to provide legal services. At December 31, 2021 and 2020, the balance due to Baird for prior years' legal services was $166,685 and $186,685, respectfully. For the year ended December 31, 2021 the Company made payments to Baird totaling $20,000 on the outstanding balance. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity [Text Block] | 8. The Company's common stock has a par value of $0.001 with 200,000,000 shares authorized. The Company also has 5,000,000 authorized shares of preferred stock with a par value of $0.0001. On July 19, 2021, the Company issued 710,000 common shares as a result of stock options exercised by Company officers and certain Directors. The options entitled the holder to receive one share of the Company's common stock at an exercise price of $0.10 per share. The Company received net cash proceeds from the option exercise of $35,534 in exchange for 355,352 common shares from certain directors and issued an additional 354,648 common shares to settle advanced funds, accrued wages, and accrued interest due to certain officers of $35,466. |
Stock Options
Stock Options | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options [Text Block] | 9. The Company has a Stock Incentive Plan (the "SIP") that provides for the grant of stock options, incentive stock options, stock appreciation rights, restricted stock awards, and incentive awards to eligible individuals including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction. On July 19, 2021, management and Board members exercised stock options for 710,000 shares of common stock for total consideration $71,000. The Company issued 354,648 common shares in exchange for advanced funds, accounts payables, and accrued interest payable to management for a nonmonetary value of $35,466. An additional 355,352 common shares were exercised for cash consideration of $35,534. The Company's President and Chief Executive Officer, Eric Jones, exercised stock options representing 200,000 shares of common stock for total consideration of $20,000. This payment was noncash representing $7,146 from the accounts payable and $12,854 net of accrued wages due him. James Collord, the Company's Vice President and Chief Operating Officer exercised stock options in the amount of $10,000 representing 100,000 shares of common stock Mr. Collord exercised stock options, using $8,163 of accrued interest plus $2,500 in accrued wages, net of $663 in related taxes. Additionally, Larry Thackery, the Company's CFO, exercised stock options for 160,000 shares of common stock for $16,000 with $10,535 in cash, and $5,917 in accrued wages, net of $453 in related taxes. Board Members, Ralph Noyes, and Doug Glaspey exercised stock options of 150,000 and 100,000 shares of common stock, respectively. This transaction was a cash transaction of $15,000 for Ralph Noyes, and $10,000 for Doug Glaspey for a total of $25,000 in cash. On March 27, 2020, the Company granted 1,630,000 stock options to officers and directors of the Company. The fair value of the options was determined to be $159,740 using the Black Scholes model. The options are exercisable on or before March 29, 2025 and have an exercise price of $0.099. The options were fully vested upon grant and the entire fair value was recognized as compensation expense during the year ended December 31, 2020. The fair value of each option award was estimated on the date of the grant using the assumptions noted in the following table: March 30, 2020 Stock price $0.095 Exercise price $0.099 Expected volatility 218.6% Expected dividends - Expected terms (in years) 5.0 Risk-free rate 0.39% No stock options were granted, and 1,640,000 options expired for the year ended December 31, 2021. The following is a summary of the Company’s options issued and outstanding under the SIP: Shares Weighted Outstanding and exercisable at December 31, 2019 5,035,000 0.09 Granted 1,630,000 0.099 Expired (960,000 ) 0.06 Outstanding and exercisable at December 31, 2020 5,705,000 $ 0.10 Exercised (710,000 ) 0.10 Expired (1,640,000 ) 0.10 Outstanding and exercisable at December 31, 2021 3,355,000 $ 0.10 The average remaining contractual term of the options outstanding and exercisable at December 31, 2021 was 2.48 years. At December 31, 2021, options outstanding and exercisable had an aggregate intrinsic value of $169,855 based on the Company's stock price of $0.145 at December 31, 2021. Intrinsic value of exercised stock options for 710,000 shares of common stock was $18,460. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | 10. The Company did not recognize a tax provision during 2021 and 2020. At December 31, 2021 and 2020, net deferred tax assets were calculated based on expected blended future tax rates of 26.7% including both federal and Idaho state components. Significant components of net deferred tax assets at December 31, 2021 and 2020 are as follows: 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 2,130,700 $ 1,547,400 Share-based compensation 83,700 133,400 Deferred compensation 278,000 278,000 Mineral properties 170,600 179,300 2,663,000 2,138,100 Deferred tax liabilities: Investment in OGT (147,500 ) (147,100 ) Investments (3,600 ) (302,900 ) Net deferred tax assets 2,511,900 1,688,100 Less valuation allowance (2,511,900 ) (1,688,100 ) Net deferred tax assets $ - $ - The Company fully reserved the deferred tax asset as of December 31, 2021 and 2020, as management of the Company cannot determine that is more likely than not that, the Company will realize the benefit of the deferred tax assets. At December 31, 2021, the Company had approximately $ 8.0 million of federal and state net operating loss carryforwards. $7.5 million of net operating loss will expire between 2030 and 2037. $0.5 million of the losses were incurred after 2017 and can be carried forward indefinitely, although usage of these net operating losses is limited to 80% of taxable income in the future tax year. The income tax benefit shown in the financial statements for the years ended December 31, 2021 and 2020 differs from the federal statutory rate as follows: 2021 2020 (Provision) benefit at statutory rates 119,000 21.0% $ (256,600 ) (21.0%) State taxes 32,300 5.7 (69,600 ) (5.7 ) Permanent differences - 0.0 (12,600 ) 1.0 Change in prior year tax estimates 672,500 118.6 104,100 8.5 Change in valuation allowance (823,800 ) (145.3 ) 234,700 (19.2 ) Total $ - - % $ - - % The Company has analyzed its filing positions in all jurisdictions where it is required to file income tax returns and found no positions that would require a liability for uncertain income tax benefits to be recognized. The Company is subject to possible tax examinations for the years 2018 through 2021. Prior year tax attributes could be adjusted by taxing authorities. If applicable, the Company will deduct interest and penalties as interest expense on the financial statements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases [Text Block] | 11. The Company accounts for its leases under ASC 842, Leases In February 2019, the Company entered into an operating lease for its office and as a result a liability and right-of-use asset of $29,617 was recognized on the lease inception date. To calculate the liability and right of use asset, the Company utilized an 8.0% incremental borrowing rate to discount the future rent payments of approximately $1,300 per month over the lease term of 2.0 years. The lease contains no renewal option. The Company renewed its office operating lease on February 1, 2022, for 12 months. The lease will begin payment month to month on January 31, 2023. Since the remaining lease term at December 31, 2022 is less than one year the Company did not recognize a right to use asset and related lease liability on the balance sheet for the lease renewal. For the year ended December 31, 2021, and 2020 the Company paid $16,875 and $11,988 in lease payments, respectfully, which was reimbursed by BeMetals under the terms of the Option Agreement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Business Operations (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Operations [Policy Text Block] | Business Operations Thunder Mountain Gold, Inc. ("Thunder Mountain", "THMG", or "the Company") was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's activities were restricted to maintaining its property position and exploration activities. During 2005, the Company sold its holdings in the Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and initiated exploration activities on that property, which . On February 27, 2019, the Company entered into an Option Agreement, (the "BeMetals Option Agreement") with BeMetals Corporation. Under the terms of the BeMetals Option Agreement, BMET USA will be entitled to purchase 100% of the issued and outstanding shares of South Mountain Mines, Inc. ("SMMI") from Thunder Mountain Resources, Inc. ("TMRI"), both wholly owned subsidiaries of the Company. The original term of the agreement was for two years, but was extended on May 18, 2020 by three months. On September 14, 2021, the BeMetals Option Agreement was amended, extending the option period to December 31, 2022, due to the COVID-19 pandemic, and business conditions surrounding restricted international travel, and corresponding access to capital markets. During this term, BeMetals is required to conduct a preliminary economic assessment ("PEA"), completed by a mutually agreed third-party engineering firm. Over its term, this agreement requires issuance of 10,000,000 million shares of BMET stock to the Company by BeMetals, and cash payments to the Company of $1,350,000: $1,100,000 in cash and $250,000 in exchange for shares of the Company's common stock. In the event that BeMetals decides not to proceed with the South Mountain Project, BeMetals will not be obligated to make any additional payments. See Note 3 for further information. |
Basis of Presentation and Going Concern [Policy Text Block] | Basis of Presentation and 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 historically incurred losses, however, under the BeMetals Option Agreement (Note 3), the Company now has a recurring source of revenue, and its ability to continue as a going concern is no longer dependent on equity capital raises and borrowings. However, if necessary, the Company continues to have the ability to raise additional capital in order to fund its future exploration and working capital requirements. The Company's plans for the long-term continuation as a going concern include operating on the cash flows and consideration payments provided under the BeMetals Option Agreement |
COVID-19 [Policy Text Block] | COVID-19 In March 2020, COVID-19 was declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention. Its rapid spread around the world and throughout the United States prompted many countries, including the United States, to institute restrictions on travel, public gatherings and certain business operations. These restrictions disrupted economic activity in Thunder Mountain Gold's business related to raising capital. As of December 31, 2021 and 2020, the disruption did not materially impact the Company' financial statements. However, if the severity of the economic disruptions increase as the duration of the COVID-19 pandemic continues, the negative financial impact could be significantly greater in future periods. The effects of the continued outbreak of COVID-19 and related government responses could also include extended disruptions to supply chains and capital markets, reduced labor availability and a prolonged reduction in economic activity. These effects could have a variety of adverse impacts to the Company. As of December 31, 2021 and 2020 there were no material adverse impacts to the Company' operations due to COVID-19. In addition, the economic disruptions caused by COVID-19 could also adversely impact the impairment risks for certain long-lived assets and other investments. Thunder Mountain Gold evaluated these impairment considerations and determined that no such impairments had occurred as of December 31, 2021 and 2020. The effects of the continued outbreak of COVID-19 and related government responses could have disruptions to the "BeMetals Option Agreement". In the event, if BeMetals decides not to proceed with the South Mountain Project, BeMetals will not be obligated to make any additional payments. The COVID-19 outbreak could have a variety of adverse impacts to the Company, including their ability to continue operations of their exploration under the BeMetals Options Agreement. As of December 31, 2021, there were no material adverse impacts to the Company's BeMetal Options Agreement due to COVID-19. |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company; its wholly owned subsidiaries, Thunder Mountain Resources, Inc. (“TMRI”) and South Mountain Mines, Inc. (“SMMI”); and a company in which the Company owns 75% and has majority control, Owyhee Gold Trust, LLC (“OGT”). The Company’s consolidated financial statements reflect the other investor’s 25% non-controlling, capped interest in OGT. Intercompany accounts are eliminated in consolidation. |
Accounting Estimates [Policy Text Block] | Accounting 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 the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management’s estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. |
Revenue Recognition [Policy Text Block] | Revenue Recognition Management service revenue is recognized when the Company has satisfied its performance obligation required under its management contract with BeMetals. Such obligation is satisfied over time as work is performed and the Company has a contractual right to payment |
Income Taxes [Policy Text Block] | Income Taxes The Company recognizes deferred income tax liabilities or assets at the end of each period 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 the deferred tax assets will not be realized. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents For the purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be a cash equivalent. |
Fair Value Measurements [Policy Text Block] | 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 December 31, 2021, the Company has one financial asset, investment in equity security, that is adjusted to fair value on a recurring basis for which the fair value is determined based on Level 1 inputs as the equity security is traded on a stock exchange. The Company has no financial liabilities that are adjusted to fair value on a recurring basis. |
Financial Instruments [Policy Text Block] | Financial Instruments The Company's financial instruments include cash and cash equivalents, investment in BeMetal's equity security and related party notes payable, the carrying value of which approximates fair value based on the nature of those instruments. |
Investments [Policy Text Block] | Investments The Company determines the appropriate classification of investments at the time of acquisition and re-evaluates such determinations at each reporting date. Equity securities that have a readily determined fair value are carried at fair value determined using Level 1 fair value measurement inputs with the change in fair value recognized as unrealized gain (loss) in the consolidated statement of operations each reporting period. Gains and losses on the sale of securities are recognized on a specific identification basis. |
Mineral Interests [Policy Text Block] | Mineral Interests The Company capitalizes costs for acquiring mineral interests, and expenses costs to maintain mineral rights and leases as incurred. Exploration costs are expensed in the period in which they occur. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method based on periodic estimates of ore reserves. Mineral interests are periodically assessed for impairment of value and any subsequent losses are charged to operations at the time of impairment. If a mineral interest is abandoned or sold, its capitalized costs are charged to operations. Consideration received by the Company pursuant to joint ventures or purchase option agreements is applied against the carrying value of the related mineral interest. When and if payments received exceed the carrying value, the excess amount is recognized as a gain in the consolidated statement of operations in the period the consideration is received |
Leases [Policy Text Block] | Leases Arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. |
Investments in Joint Ventures [Policy Text Block] | Investments in Joint Ventures For companies and joint ventures where the Company holds more than 50% of the voting interests, but less than 100%, and has significant influence, the company or joint venture is consolidated, and other investor interests are presented as noncontrolling. See Note 3 regarding the Company’s investment in Owyhee Gold Trust. Joint Ventures in which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method of accounting. |
Reclamation and Remediation [Policy Text Block] | Reclamation and Remediation The Company’s operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company would record the fair value of an asset retirement obligation as a liability in the period in which the Company incurred a legal obligation for the retirement of tangible long-lived assets. A corresponding asset would also be recorded and depreciated over the life of the asset. 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 management's estimate of amounts expected to be incurred when the remediation work is performed. At December 31, 2021 and 2020, the Company had accrued $65,000 on its consolidated balance sheets relating to estimated mine closure and reclamation costs on its South Mountain Mines property. |
Share-Based Compensation [Policy Text Block] | Share-Based Compensation Share- based payments to employees and directors, including grants of employee stock options, are measured at fair value and expensed in the consolidated statements of operations over the vesting period. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements Accounting Standards Updates Adopted In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The update contains a number of provisions intended to simplify the accounting for income taxes. Adoption of this update on January 1, 2021 had no impact on the Company's consolidated financial statements In January 2020, the FASB issued ASU No. 2020-01, Clarifying the Interactions Between Topic 321, Topic 323 and Topic 815. ASU 2020-01 which makes improvements related to accounting for certain equity securities when the equity method of accounting is applied or discontinued, and scope considerations related to forward contracts and purchased options on certain securities. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020. Adoption of this update on January 1, 2021, had no impact on the Company's consolidated financial statements. |
Net Income (Loss) Per Share [Policy Text Block] | Net Income (Loss) Per Share The Company is required to have dual presentation of basic earnings per share (“EPS”) and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding. We do not include the impact of any potentially dilutive common stock equivalents in our basic earnings (loss) per share calculations. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion of common shares, except where their inclusion would be anti-dilutive. For the year ended December 31, 2021, stock options of 3,355,000 are excluded in the calculation of diluted earnings per share as their effect would have been anti-dilutive due to the net loss recognized for the year. Options are excluded because their exercise prices were greater than the average trading price of the Company's common stock for the year. For the year ended December 31, 2020, stock options of 5,707,000 are included in the calculation of diluted income per share. Diluted common shares outstanding were calculated using the treasury stock method and are as follows: December 31, 2021 2020 Weighted average number of common shares calculated using basic net income per common share 60,384,839 60,145,579 Effect of common stock equivalents: Stock options - 1,544,968 Weighted average number of common shares calculated using diluted net income per common share 60,384,839 61,690,547 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Business Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of diluted common shares outstanding calculated using treasury stock [Table Text Block] | December 31, 2021 2020 Weighted average number of common shares calculated using basic net income per common share 60,384,839 60,145,579 Effect of common stock equivalents: Stock options - 1,544,968 Weighted average number of common shares calculated using diluted net income per common share 60,384,839 61,690,547 |
Mineral Interest Commitments (T
Mineral Interest Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of committed payments [Table Text Block] | Annual Payment Acree Lease (June) $ 3,390 Lowry Lease (October) 11,280 Total $ 14,670 |
Schedule of claim fees paid on unpatented claims [Table Text Block] | Target Area 2021 Trout Creek -State of Nevada $ 4,290 Trout Creek -Lander County, Nevada 324 South Mountain-State of Idaho 3.465 Total $ 8,079 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment [Table Text Block] | December 31, 2021 2020 Vehicles $ 22,441 22,441 Buildings 65,071 65,071 Construction Equipment 36,447 36,447 Mining Equipment 58,646 58,646 182,605 182,605 Accumulated Depreciation (180,500 ) (177,651 ) 2,105 4,954 Land 280,333 280,333 Total Property and Equipment $ 282,438 285,287 |
Stock Options (Tables)
Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | March 30, 2020 Stock price $0.095 Exercise price $0.099 Expected volatility 218.6% Expected dividends - Expected terms (in years) 5.0 Risk-free rate 0.39% |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Shares Weighted Outstanding and exercisable at December 31, 2019 5,035,000 0.09 Granted 1,630,000 0.099 Expired (960,000 ) 0.06 Outstanding and exercisable at December 31, 2020 5,705,000 $ 0.10 Exercised (710,000 ) 0.10 Expired (1,640,000 ) 0.10 Outstanding and exercisable at December 31, 2021 3,355,000 $ 0.10 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities [Table Text Block] | 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 2,130,700 $ 1,547,400 Share-based compensation 83,700 133,400 Deferred compensation 278,000 278,000 Mineral properties 170,600 179,300 2,663,000 2,138,100 Deferred tax liabilities: Investment in OGT (147,500 ) (147,100 ) Investments (3,600 ) (302,900 ) Net deferred tax assets 2,511,900 1,688,100 Less valuation allowance (2,511,900 ) (1,688,100 ) Net deferred tax assets $ - $ - |
Schedule of effective income tax rate reconciliation [Table Text Block] | 2021 2020 (Provision) benefit at statutory rates 119,000 21.0% $ (256,600 ) (21.0%) State taxes 32,300 5.7 (69,600 ) (5.7 ) Permanent differences - 0.0 (12,600 ) 1.0 Change in prior year tax estimates 672,500 118.6 104,100 8.5 Change in valuation allowance (823,800 ) (145.3 ) 234,700 (19.2 ) Total $ - - % $ - - % |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Business Operations (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 27, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Accrued reclamation costs | $ 65,000 | $ 65,000 | |
Number of stock options excluded in diluted earning per share | 3,355,000 | ||
Number of stock options included in diluted earning per share | 5,707,000 | ||
Owyhee Gold Trust, LLC [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of ownership interest | 75.00% | ||
Ownership percentage by noncontrolling owners | 25.00% | ||
BeMetals Option Agreement [Member] | South Mountain Mines, Inc [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of ownership interest | 100.00% | ||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of shares received | 10,000,000 | ||
Cash and equity proceeds from sale of subsidiary | $ 1,350,000 | ||
Cash received | 1,100,000 | ||
Shares exchanged for common stock | $ 250,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Business Operations - Schedule of diluted common shares outstanding calculated using treasury stock (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Weighted average number of common shares calculated using basic net income per common share | 60,384,839 | 60,145,579 |
Stock options | 0 | 1,544,968 |
Weighted average number of common shares calculated using diluted net income per common share | 60,384,839 | 61,690,547 |
Mineral Interest Commitments (N
Mineral Interest Commitments (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)a | Feb. 28, 2019 | |
Other Commitments [Line Items] | ||
Lease contract | 7 years | 2 years |
Lease renewal term | 10 years | |
Annual committed lease payments per acre per original agreement | $ | $ 20 | |
Annual committed lease payments per acre | $ | $ 30 | |
Trout Creek [Member] | ||
Other Commitments [Line Items] | ||
Number of unpatented claims | 26 | |
Number of unpatented mining claims not to be maintained | 52 | |
Area of land | a | 533 | |
Area of land not to be maintained | a | 1,067 | |
South Mountain [Member] | ||
Other Commitments [Line Items] | ||
Number of unpatented claims | 21 |
Mineral Interest Commitments -
Mineral Interest Commitments - Schedule of other commitments (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Other Commitments [Line Items] | |
Payments to Acquire Mineral Rights | $ 14,670 |
Acree Lease (June) [Member] | |
Other Commitments [Line Items] | |
Payments to Acquire Mineral Rights | 3,390 |
Lowry Lease (October) [Member] | |
Other Commitments [Line Items] | |
Payments to Acquire Mineral Rights | $ 11,280 |
Mineral Interest Commitments _2
Mineral Interest Commitments - Schedule of unpatented claims lease payments (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | $ 8,079 |
Trout Creek [Member] | State of Nevada [Member] | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | 4,290 |
Trout Creek - Lander County [Member] | State of Nevada [Member] | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | 324 |
South Mountain [Member] | State of Idaho [Member] | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | $ 3.465 |
South Mountain Project (Narrati
South Mountain Project (Narrative) (Details) | Sep. 14, 2021ft² | Sep. 10, 2021USD ($) | Mar. 05, 2021USD ($) | Sep. 10, 2020USD ($) | Dec. 10, 2019USD ($) | Jun. 10, 2019USD ($)$ / sharesshares | Mar. 05, 2019USD ($) | Jun. 30, 2019USD ($)shares | Feb. 27, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
SMMI Joint Venture - OGT, LLC [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Advanced payment on royalties | $ 5,000,000 | ||||||||||
Advance net returns on royalty | 5,000 | ||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Cash received | $ 1,100,000 | ||||||||||
Number of common shares received | shares | 10,000,000 | ||||||||||
Fair value of common shares received | $ 1,883,875 | ||||||||||
Monthly payments for management services to perform exploration and development work | 25,000 | ||||||||||
Management service income | 300,000 | ||||||||||
Advances received | 36,187 | $ 38,384 | |||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche One [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Percentage of ownership interest | 50.00% | ||||||||||
Cash received | $ 100,000 | ||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Two [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Number of common shares received | shares | 10,000,000 | ||||||||||
Fair value of common shares received | $ 1,883,875 | 1,883,875 | |||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Two [Member] | Private Placement [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Number of common shares received | shares | 2,500,000 | ||||||||||
Fair value of common shares received | $ 250,000 | ||||||||||
Price per share | $ / shares | $ 0.10 | ||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Three [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Cash received | $ 250,000 | ||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Four [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Cash received | $ 250,000 | ||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Five [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Cash received | $ 250,000 | ||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Six [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Cash received | $ 250,000 | ||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Seven [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Area of minimum drilling exploration program | ft² | 7,000 | ||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Eight [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Cash received | $ 850,000 | ||||||||||
Option agreement, description | An additional payment of an amount equal to the lesser of 50% of the market capitalization of BeMetals at the time, and the greater of either $10 million; or 20% of the net present value of the South Mountain Project as calculated in the PEA, and discounted at 8% | ||||||||||
BeMetals Option Agreement [Member] | South Mountain Mines, Inc [Member] | |||||||||||
South Mountain Project [Line Items] | |||||||||||
Percentage of ownership interest | 100.00% |
Investment in BeMetals Corp (Na
Investment in BeMetals Corp (Narrative) (Details) | May 04, 2021CAD ($)$ / sharesshares | May 04, 2021USD ($)shares | Jun. 30, 2019USD ($)shares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | May 04, 2021$ / shares |
Net Investment Income [Line Items] | ||||||
Investment in BeMetals, at fair value | $ 1,520,684 | $ 3,018,634 | ||||
Gain on sale of investment | 92,685 | 0 | ||||
Unrealized gain (loss) on investment | (941,079) | $ 1,282,804 | ||||
BeMetals USA Corp [Member] | ||||||
Net Investment Income [Line Items] | ||||||
Sale of stock, number of shares issued in transaction | shares | 2,000,000 | 2,000,000 | ||||
Sale of stock, consideration received on transaction | $ 800,000 | $ 649,557 | ||||
Sale of stock price per share | (per share) | $ 0.40 | $ 0.325 | ||||
Investment in BeMetals, at fair value | 1,520,684 | |||||
Gain on sale of investment | 92,685 | |||||
Foreign exchange gain (loss) | $ 9,147 | |||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | ||||||
Net Investment Income [Line Items] | ||||||
Number of common shares received | shares | 10,000,000 | |||||
Fair value of common shares received | $ 1,883,875 |
Property and Equipment - Schedu
Property and Equipment - Schedule of property and equipment (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 182,605 | $ 182,605 |
Accumulated Depreciation | (180,500) | (177,651) |
Property and Equipment Net, Excluding Land | 2,105 | 4,954 |
Land | 280,333 | 280,333 |
Total Property and Equipment | 282,438 | 285,287 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 22,441 | 22,441 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 65,071 | 65,071 |
Construction Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 36,447 | 36,447 |
Mining Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 58,646 | $ 58,646 |
PPP Loan (Narrative) (Details)
PPP Loan (Narrative) (Details) | Apr. 30, 2020USD ($) |
Notes and Loans Payable [Abstract] | |
Loan amount pursuant to the Paycheck Protection Program | $ 48,000 |
Interest rate per annum | 1.00% |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) | Nov. 08, 2021 | Jul. 19, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||
Related parties notes payable | $ 66,768 | $ 106,576 | ||
Payments on related parties notes payable | 39,808 | |||
Accrued interest payable to related parties | 80,177 | 88,531 | ||
Proceeds from exercise of options | $ 35,534 | 35,534 | 0 | |
Deferred compensation | 1,041,500 | 1,041,500 | ||
Legal and accounting | 85,309 | 56,343 | ||
Accounts payable and other accrued liabilities | 11,495 | 60,410 | ||
Eric Jones [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related parties notes payable | 66,768 | |||
Accrued interest payable to related parties | 47,698 | 47,698 | ||
Deferred compensation | 420,000 | |||
James Collord [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related parties notes payable | 39,808 | |||
Payments of principal balance of notes payable | 40,000 | |||
Payment of accrued interest of notes payable | 192 | |||
Accrued interest payable to related parties | 32,479 | 40,834 | ||
Amount of accrued interest for stock options exercised | 8,163 | |||
Deferred wages for stock options excercised | 2,500 | |||
Amount of tax paid for stock options exercised | 663 | |||
Proceeds from exercise of options | 10,000 | |||
Sale of common stock | 1,000,000 | |||
Deferred compensation | 420,000 | |||
Larry Thackery [Member] | ||||
Related Party Transaction [Line Items] | ||||
Deferred compensation | 201,500 | |||
Baird Hanson LLP [Member] | ||||
Related Party Transaction [Line Items] | ||||
Payments on related parties notes payable | 20,000 | |||
Legal and accounting | $ 166,685 | $ 186,685 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 19, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |
Common shares issued for stock options exercised | 710,000 | 710,000 | |
Exercise price of option | $ 0.10 | $ 0.10 | |
Net proceeds from exercise of option | $ 35,534 | $ 35,534 | $ 0 |
Options issued in exchange for common shares | 355,352 | ||
Number of common shares to settle advanced funds, accrued wages, and accrued interest | 354,648 | ||
Value of common shares to settle advanced funds, accrued wages, and accrued interest | $ 35,466 |
Stock Options (Narrative) (Deta
Stock Options (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Jul. 19, 2021USD ($)$ / sharesshares | Mar. 27, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Mar. 30, 2020$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares issued for stock options exercised | shares | 710,000 | 710,000 | |||
Stock Options exercised | $ 71,000 | $ 71,000 | |||
Number of common shares to settle advanced funds, accrued wages, and accrued interest | shares | 354,648 | ||||
Value of common shares to settle advanced funds, accrued wages, and accrued interest | $ 35,466 | ||||
Options issued in exchange for common shares | shares | 355,352 | ||||
Proceeds from exercise of options | $ 35,534 | $ 35,534 | $ 0 | ||
Stock options granted to officers and directors | shares | 1,630,000 | 1,630,000 | |||
Stock options granted to directors, fair value | $ 159,740 | ||||
Exercise price | (per share) | $ 0.099 | $ 0.099 | |||
Options expired | shares | 1,640,000 | 960,000 | |||
Weighted average remaining contractual term | 2 years 5 months 23 days | ||||
Aggregate intrinsic value of outstanding options | $ 169,855 | ||||
Exercise price of option | $ / shares | $ 0.10 | $ 0.10 | |||
Share Price | $ / shares | $ 0.145 | $ 0.095 | |||
Intrinsic value of exercised stock options | $ 18,460 | ||||
Eric Jones [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares issued for stock options exercised | shares | 200,000 | ||||
Stock Options exercised | $ 20,000 | ||||
Accounts payable | 7,146 | ||||
Accrued wages | $ 12,854 | ||||
James Collord [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares issued for stock options exercised | shares | 100,000 | ||||
Stock Options exercised | $ 10,000 | ||||
Accrued wages | 2,500 | ||||
Accrued interest | 8,163 | ||||
Accrued taxes | $ 663 | ||||
Larry Thackery [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares issued for stock options exercised | shares | 160,000 | ||||
Stock Options exercised | $ 16,000 | ||||
Proceeds from exercise of options | 10,535 | ||||
Accrued wages | 5,917 | ||||
Accrued taxes | $ 453 | ||||
Ralph Noyes [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares issued for stock options exercised | shares | 150,000 | ||||
Proceeds from exercise of options | $ 15,000 | ||||
Doug Glaspey [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares issued for stock options exercised | shares | 100,000 | ||||
Proceeds from exercise of options | $ 10,000 | ||||
Ralph Noyes and Doug Glaspey [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proceeds from exercise of options | $ 25,000 |
Stock Options - Schedule of ass
Stock Options - Schedule of assumptions used to estimated the fair value of option award (Details) - $ / shares | 1 Months Ended | |
Mar. 30, 2020 | Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Stock price | $ 0.095 | $ 0.145 |
Exercise price | $ 0.099 | |
Expected volatility | 218.60% | |
Expected dividends | 0.00% | |
Expected terms (in years) | 5 years | |
Risk-free rate | 0.39% |
Stock Options - Schedule of sum
Stock Options - Schedule of summary of options issued and outstanding (Details) | 1 Months Ended | 12 Months Ended | ||
Jul. 19, 2021$ / sharesshares | Mar. 27, 2020$ / sharesshares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | ||||
Options Outstanding, at beginning | 5,705,000 | 5,035,000 | ||
Weighted Average Exercise Price, Outstanding at beginning | $ / shares | $ 0.10 | $ 0.09 | ||
Options, Exercisable at beginning | 5,705,000 | 5,035,000 | ||
Weighted Average Exercise Price, Exercisable at beginning | $ / shares | $ 0.10 | $ 0.09 | ||
Shares Granted | 1,630,000 | 1,630,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | (per share) | $ 0.099 | $ 0.099 | ||
Shares Exercised | (710,000) | (710,000) | ||
Weighted Average Exercise Price, Exercised | $ / shares | $ 0.10 | $ 0.10 | ||
Shares Expired | (1,640,000) | (960,000) | ||
Weighted Average Exercise Price, Expired | $ / shares | $ 0.10 | $ 0.06 | ||
Options Outstanding, at ending | 3,355,000 | 5,705,000 | ||
Weighted Average Exercise Price, Outstanding at ending | $ / shares | $ 0.10 | $ 0.10 | ||
Options, Exercisable at ending | 3,355,000 | 5,705,000 | ||
Weighted Average Exercise Price, Exercisable at ending | $ / shares | $ 0.10 | $ 0.10 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Future tax rates including federal and Idaho state | 26.70% | 26.70% |
Federal and state net operating loss carryforwards | $ 8 | |
Net operating loss carryforwards | 7.5 | |
Net operating loss incurred after year 2017 | $ 0.5 | |
Percentage of taxable income in future tax year | 80.00% |
Income Taxes - Schedule of defe
Income Taxes - Schedule of deferred tax assets and liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 2,130,700 | $ 1,547,400 |
Share-based compensation | 83,700 | 133,400 |
Deferred compensation | 278,000 | 278,000 |
Mineral properties | 170,600 | 179,300 |
Total deferred tax assets | 2,663,000 | 2,138,100 |
Deferred tax liabilities: | ||
Investment in OGT | (147,500) | (147,100) |
Investments | (3,600) | (302,900) |
Net deferred tax assets | 2,511,900 | 1,688,100 |
Less valuation allowance | (2,511,900) | (1,688,100) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Schedule of effe
Income Taxes - Schedule of effective income tax rate reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (119,000) | $ (256,600) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | (21.00%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 32,300 | $ (69,600) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.70% | (5.70%) |
Income Tax Reconciliation Permanent Differences | $ 0 | $ 12,600 |
Income Tax Reconciliation Permanent Differences | 0.00% | 1.00% |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ 672,500 | $ 104,100 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | 118.60% | 8.50% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 823,800 | $ 234,700 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (145.30%) | (19.20%) |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Total income tax percentage | 0.00% | 0.00% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Right-of-use asset at inception | $ 29,617 | ||
Incremental borrowing rate to discount the future rent payments | 8.00% | ||
Future rent payments | $ 1,300 | ||
Lease contract | 2 years | 7 years | |
Lease payments | $ 16,875 | $ 11,988 |