Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | VISTA GOLD CORP | ||
Entity Central Index Key | 0000783324 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Common Stock, Shares Outstanding | 100,698,124 | ||
Entity Public Float | $ 76,409,000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,408 | $ 1,071 |
Short-term investments (Note 3) | 3,260 | 6,997 |
Other investments, at fair value (Note 3) | 3,676 | 5,462 |
Other current assets | 482 | 540 |
Total current assets | 8,826 | 14,070 |
Non-current assets: | ||
Mineral properties (Note 4) | 2,146 | 2,421 |
Plant and equipment, net (Note 5) | 5,623 | 5,635 |
Right-of-use assets (Note 2) | 89 | |
Total non-current assets | 7,858 | 8,056 |
Total assets | 16,684 | 22,126 |
Current liabilities: | ||
Accounts payable | 190 | 195 |
Accrued liabilities and other | 640 | 435 |
Provision for environmental liability | 240 | 242 |
Total current liabilities | 1,070 | 872 |
Non-current liabilities: | ||
Deferred option gain (Note 4) | 2,960 | |
Lease liability (Note 2) | 8 | |
Total non-current liabilities | 2,968 | |
Total liabilities | 4,038 | 872 |
Commitments and contingencies – (Note 7) | ||
Shareholders’ equity: | ||
Common shares, no par value - unlimited shares authorized; shares outstanding: 2019 - 100,698,124 and 2018 - 100,268,161 (Note 6) | 457,716 | 456,938 |
Accumulated deficit | (445,070) | (435,684) |
Total shareholders’ equity | 12,646 | 21,254 |
Total liabilities and shareholders’ equity | $ 16,684 | $ 22,126 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shareholders' equity: | ||
Common Shares, par value | $ 0 | $ 0 |
Common Stock, Shares Authorized, Unlimited [Fixed List] | Unlimited | Unlimited |
Common shares outstanding | 100,698,124 | 100,268,161 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME/(LOSS) AND COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expense: | ||
Exploration, property evaluation and holding costs | $ (4,093) | $ (4,803) |
Corporate administration | (3,940) | (4,072) |
Depreciation and amortization | (52) | (983) |
Write-down of plant and equipment (Note 5) | (1,000) | |
Total operating expense | (8,085) | (10,858) |
Non-operating income/(expense): | ||
Gain/(loss) on other investments (Note 3) | (1,643) | 1,716 |
Interest income | 121 | 368 |
Other income/(expense) | 221 | 60 |
Total non-operating income/(expense) | (1,301) | 2,144 |
Loss before income taxes | (9,386) | (8,714) |
Net loss | (9,386) | (8,714) |
Other comprehensive loss: | ||
Comprehensive loss | $ (9,386) | $ (8,714) |
Basic: | ||
Weighted average number of shares outstanding (in shares) | 100,533,448 | 99,738,461 |
Net loss per share, Basic (in dollars per share) | $ (0.09) | $ (0.09) |
Diluted: | ||
Weighted average number of shares outstanding (in shares) | 100,533,448 | 99,738,461 |
Net loss per share, Diluted (in dollars per share) | $ (0.09) | $ (0.09) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Total |
Balances, beginning of period at Dec. 31, 2017 | $ 456,053 | $ (426,968) | $ (2) | $ 29,083 |
Balances, beginning of period (in shares) at Dec. 31, 2017 | 99,412,007 | |||
Shares issued (exercise of stock options) (Note 6) (in shares) | 218,600 | |||
Net loss | $ (8,714) | |||
Balances, end of period at Dec. 31, 2018 | $ 456,938 | (435,684) | 21,254 | |
Balances, end of period (in shares) at Dec. 31, 2018 | 100,268,161 | |||
Adjusted balance | Accounting Standards Update 2016-01 | (2) | $ 2 | ||
Adjusted balance | $ 456,053 | (426,970) | 29,083 | |
Shares issued (RSUs vested, net of shares withheld) (Note 6) | $ (122) | (122) | ||
Shares issued (RSUs vested, net of shares withheld) (Note 6) (in shares) | 637,554 | |||
Shares issued (exercise of stock options) (Note 6) | $ 86 | 86 | ||
Shares issued (exercise of stock options) (Note 6) (in shares) | 218,600 | |||
Stock-based compensation (Note 6) | $ 982 | 982 | ||
Option amendment (Note 6) | (61) | (61) | ||
Net loss | (8,714) | (8,714) | ||
Balances, end of period at Dec. 31, 2018 | $ 456,938 | (435,684) | 21,254 | |
Balances, end of period (in shares) at Dec. 31, 2018 | 100,268,161 | |||
Shares issued (RSUs vested, net of shares withheld) (Note 6) | $ (76) | (76) | ||
Shares issued (RSUs vested, net of shares withheld) (Note 6) (in shares) | 266,296 | |||
Shares issued (exercise of stock options) (Note 6) | $ 89 | $ 89 | ||
Shares issued (exercise of stock options) (Note 6) (in shares) | 163,667 | 163,667 | ||
Stock-based compensation (Note 6) | $ 765 | $ 765 | ||
Net loss | (9,386) | (9,386) | ||
Balances, end of period at Dec. 31, 2019 | $ 457,716 | $ (445,070) | $ 12,646 | |
Balances, end of period (in shares) at Dec. 31, 2019 | 100,698,124 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (9,386) | $ (8,714) |
Adjustments to reconcile net loss for the period to net cash used in operations: | ||
Depreciation and amortization | 52 | 983 |
Stock-based compensation | 765 | 982 |
Write-down of plant and equipment | 1,000 | |
Other gains and losses | (134) | |
(Gain)/loss on other investments | 1,643 | (1,716) |
Change in working capital account items: | ||
Other current assets | (31) | 84 |
Provision for environmental liability | (2) | |
Accounts payable, accrued liabilities and other | 40 | (1,186) |
Net cash used in operating activities | (7,053) | (8,567) |
Cash flows from investing activities: | ||
Proceeds from sales of marketable securities | 413 | 170 |
Disposition of short-term investments, net of acquisitions | 3,737 | 8,147 |
Additions to plant and equipment | (40) | (63) |
Proceeds from option/sale agreements, net | 3,267 | 50 |
Net cash provided by investing activities | 7,377 | 8,304 |
Cash flows from financing activities: | ||
Payment of taxes from withheld shares | (76) | (122) |
Option Amendment | (61) | |
Proceeds from exercise of stock options | 89 | 86 |
Net cash provided by / (used in) financing activities | 13 | (97) |
Net increase (decrease) in cash and cash equivalents | 337 | (360) |
Cash and cash equivalents, beginning of period | 1,071 | 1,431 |
Cash and cash equivalents, end of period | $ 1,408 | $ 1,071 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Nature of Operations | |
Nature Of Operations | 1. Nature of Operations Vista operates in the gold mining industry. We are focused on the evaluation, acquisition, exploration and advancement of gold exploration, and potential development projects, that may lead to gold production or value adding strategic transactions such as earn-in right agreements, option agreements, leases to third parties, joint venture arrangements with other mining companies, or outright sales of assets for cash and/or other consideration. We look for opportunities to improve the value of our gold projects through exploration drilling and/or technical studies focused on optimizing previous engineering work. We do not currently generate cash flows from mining operations. The Company’s flagship asset is its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in the Northern Territory Australia. Mt Todd is the largest undeveloped gold project in Australia. We have invested substantial amounts to evaluate, engineer, permit and de-risk the Project. We believe these efforts have added to the underlying value of the Project and demonstrate strong development potential. In January 2018, the Company announced positive results of an updated preliminary feasibility study for Mt Todd (the “2018 PFS”). Later in 2018 and in 2019, we continued additional metallurgical testing that demonstrated improved gold recovery compared to the 2018 PFS. These test results, other findings and the outcome of an independent benchmarking study were incorporated into an updated preliminary feasibility study, which was issued in October 2019 . As of December 31, 2019, the Company holds 6.9 million shares of Midas Gold Corp. (“Midas Gold Shares”), a non-core project in Mexico subject to a third-party option agreement, royalty interests in the United States and Indonesia, and other miscellaneous holdings of third-party equity securities. All dollar amounts stated herein are in U.S. dollars in thousands, except per share amounts and per warrant amounts unless specified otherwise. References to C$ refer to Canadian currency, AUD or A$ to Australian currency, and USD or $ to United States currency. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of Consolidation The Consolidated Financial Statements include the accounts of Vista and more-than-50%-owned subsidiaries that it controls. All significant intercompany balances and transactions have been eliminated. The Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. Use of Estimates The preparation of the Company’s Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions are: the fair value and accounting treatment of financial instruments ; useful lives of assets for asset depreciation purposes; valuation allowances for deferred tax assets; the fair value and accounting treatment of stock-based compensation; the provision for environmental liabilities; and asset impairments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will likely differ from the amounts estimated in these financial statements. Cash and cash equivalents Cash and cash equivalents include cash on hand and government securities with original maturities of three months or less when purchased. Because of the short maturity of these investments, the carrying amounts approximate their fair values. Foreign Currency Transactions Our functional currency is the U.S. dollar. Foreign currency transactions denominated in currency other than the functional currency are recorded at the approximate rate of exchange at the transaction date and any gains/(losses) resulting therefrom are recorded in other expense. For each of the years ended December 31, 2019 and 2018, we recorded insignificant net foreign currency gains/(losses). Short-term Investments Short-term investments consist of securities with original maturity dates greater than ninety days and less than one year. These securities are typically United States government treasury bills and/or notes. Short-term investments are recorded at amortized cost and are classified as debt securities held-to-maturity as the Company has the intention and ability to hold these instruments until their original maturity date at the time of purchase. Mineral Properties Mineral property acquisition costs, including directly related costs, are capitalized when incurred, and mineral property exploration costs are expensed as incurred. When we determine that a mineral property can be economically developed and reserves are established under SEC Industry Guide 7, costs incurred thereafter to develop such property will be capitalized. Capitalized costs will be depleted using the units-of-production method over the estimated life of the proven and probable reserves. If mineral properties are subsequently abandoned, any undepleted costs will be charged to loss in that period. The recoverability of the carrying values of our mineral properties is dependent upon economic reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of any of these projects will depend on, among other things, management’s ability to raise sufficient capital for these purposes. Proceeds received from option or sale agreements are ascribed to recovery of the carrying value of the related project until the carrying value reaches zero. Thereafter, any additional proceeds received are recognized as a contract liability (deferred option gain) until control has transferred to the buyer or the related contract terminates. We assess the carrying cost of our mineral properties for impairment whenever information or circumstances indicate the potential for impairment. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of gold and other commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, a write-down to the estimated fair value will then be reported in our Consolidated Statement of Income/(Loss) and Comprehensive Income/(Loss) for the period. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value. Impairment Carrying values of long-lived assets, other than mineral properties, are evaluated for impairment at such time that information becomes available indicating that the carrying value may not be recoverable. If it is determined that the fair value is less than the carrying value an impairment charge equal to the difference between the fair value and the carrying value will be recorded in our Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss). Stock-Based Compensation Under our stock option, long-term incentive, and deferred share unit plans, the Company can grant stock incentive options, restricted share units, and deferred share units to executives, employees, consultants and non-employee directors as applicable. Compensation expense for such grants is recorded in the Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss) as a component of exploration, property evaluation and holding costs and corporate administration, with a corresponding increase to Common Shares in the Consolidated Balance Sheets. The fair values of options are calculated using the Black-Scholes option pricing model. The fair value of restricted and deferred share units is based on the closing price of our Common Shares on the grant date. The expense is based on the fair values of the grant on the grant date and is recognized over the vesting period specified for each grant. Forfeitures of unvested awards for all stock-based compensation result in expense reversal upon forfeiture. Financial Instruments Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) of the Financial Accounting Standards Board (“FASB”) requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: · Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. · Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. · Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable. Our financial instruments include cash and cash equivalents, marketable securities, short-term investments, accounts payable and certain other current assets and liabilities. Due to the short-term nature of our cash and cash equivalents, short-term investments, accounts payable and certain other current assets and liabilities, we believe that their carrying amounts approximate fair value. Our marketable securities are classified as available-for-sale. Accordingly, these securities are carried at fair value, which is based upon quoted market prices in an active market and included in Level 1 of the fair value hierarchy. Our other investments, comprised of Midas Gold Shares and other investments, are accounted for using the fair value option based on quoted market prices in an active market and are included in Level 1 of the fair value hierarchy. The mill equipment was valued using a third-party appraisal and is included in Level 3 of the fair value hierarchy. Recent accounting pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases. This new standard established a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company adopted the standard on January 1, 2019 using the modified retrospective approach. We recognized additional liabilities of $186 on adoption, with corresponding ROU assets of the same amount, based on the present value of the remaining lease payments. Adoption of the standard did not affect lease classification or expense recognition. The discount rate used for discounting future payments was 13.6%. The Company does not include short term leases in its ROU asset and lease liability calculations. As of December 31, 2019, the ROU asset was $89 and the lease liability was $89, comprised of $81 included in accrued liabilities and other, and $8 in non-current liabilities. The Company’s leases had remaining terms ranging from 0.3 to 2.3 years as of December 31, 2019. |
Other Investments
Other Investments | 12 Months Ended |
Dec. 31, 2019 | |
Other Investments | |
Other Investments | 3. Other Investments Short-term investments As of December 31, 2019 and 2018, the amortized cost basis of our short-term investments was $3,260 and $6,997, respectively. The amortized cost basis approximates fair value at December 31, 2019 and 2018. Short-term investments at December 31, 2019 and 2018 are comprised of U.S. Government treasury bills and/or notes, all of which have maturity dates greater than 90 days but less than one year. Other investments Investments in marketable securities are recorded at fair value in the Consolidated Balance Sheets. Subsequent changes in fair value are recorded in the Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss) in the period in which they occur. Most of our other investments are our investment in Midas Gold. We held 7,802,615 shares of Midas Gold at December 31, 2018. During the year ended December 31, 2019, the Company sold 920,500 Midas Gold Shares for net proceeds of $413 and a loss of $2 compared to the most recent measurement period. Cumulative realized loss since acquisition of these Midas shares was $1,975, of which $1,973 was recognized in previous periods as unrealized loss, net. We held 6,882,115 shares of Midas Gold at December 31, 2019. The Company also held 1,333,334 shares of Nusantara Resources Limited (“Nusantara Resources”) as of December 31, 2019. Of the $1,643 unrealized loss in 2019, $230 related to the 920,500 Midas Gold shares sold in 2019 and $1,413 related to the remaining Midas Gold and Nusantara Resources shares held at December 31, 2019. The following table summarizes our investments in marketable securities as at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Fair value at beginning of period $ 5,462 $ 3,746 Midas Gold Shares sold (415) — Nusantara Resources shares 272 — Unrealized gain/(loss) (1,643) 1,716 Fair value at end of period $ 3,676 $ 5,462 |
Mineral Properties
Mineral Properties | 12 Months Ended |
Dec. 31, 2019 | |
Mineral Properties | |
Mineral Properties | 4. Mineral Properties At December 31, 2019 At December 31, 2018 Mt Todd, Australia $ 2,146 $ 2,146 Guadalupe de los Reyes, Mexico — 275 $ 2,146 $ 2,421 Guadalupe de los Reyes During October 2017, we entered into an agreement (the “Option Agreement”) to option our interest in the Guadalupe de los Reyes gold and silver project in Sinaloa, Mexico (“Los Reyes”) to Minera Alamos Inc. and its subsidiary Minera Alamos de Sonora S.A. de C.V. (“Minera Alamos”). In June 2019, the Option Agreement was assigned from Minera Alamos to ePower Metals Inc. by way of an assignment agreement (the “Assignment Agreement”), with our consent. ePower Metals Inc. subsequently changed its name to Prime Mining Corporation (“Prime Mining”). The Assignment Agreement provides that in certain circumstances, the rights under the Option Agreement will revert from Prime Mining to Minera Alamos. Pursuant to the terms of the Option Agreement and the Assignment Agreement, we granted Minera Alamos or Prime Mining, as applicable, (the “Optionholder”) an exclusive right and option right to earn a 100% interest in the Los Reyes project by: · making payments totaling $6,000, comprised of a payment of $1,500 made at the execution of the Option Agreement (the “Option Grant Date”); two successive payments of $1,500 each to be made at the one-year and two-year anniversaries of the Option Grant Date; and a final $1,500 payment to be made before the four-year anniversary of the Option Grant Date; · maintaining the concessions comprising the Los Reyes project in good standing; · fulfilling all obligations to the Ejido La Tasajera (the “Ejido”) as set out in the temporary occupation contract between us and the Ejido; · granting us a capped net smelter return royalty (“NSR”) on production from open pit mining (the “Open Pit NSR”) at rates that range from 1% (at gold prices of $1,400/oz or less) to a maximum of 2% (at gold prices above $1,600/oz) up to an aggregate of $2,000 in royalty payments; · granting us a perpetual NSR on production from underground mining (the “Underground NSR”) at rates that range from 1% (at gold prices of $1,400/oz or less) to a maximum of 2% (at gold prices above $1,600/oz); and · granting us the right to assume a 49% non-carried interest in an underground project if the Optionholder decides to develop an underground mine at the Los Reyes project (the “Back-in Right”). The Option Agreement provides that all cash payments are non-refundable and optional to the Optionholder, and in the event the Optionholder fails to pay any of the required amounts as set out in the Option Agreement, or fails to comply with its other obligations, the Option Agreement will terminate and the Optionholder will have no interest in the Los Reyes project. Provided it is not in breach of the Option Agreement, the Optionholder may, at its discretion, accelerate the above payment schedule. Subject to the Optionholder timely making all the option payments, and fulfilling its other obligations with respect to the Option Agreement, we will transfer 100% of the shares of the Company’s 100% owned subsidiary Minera Gold Stake S.A. de C.V., the entity which owns the Los Reyes project, to the Optionholder and the Open-Pit NSR and Underground NSR will be granted to us. If the Optionholder discovers and decides to develop an underground mine at the Los Reyes project and we exercise the Back-in Right, we and the Optionholder have agreed to form a joint venture to develop and operate the underground mine. If the joint venture is formed, the Underground NSR will terminate. In October 2018, the Company agreed to extend the due date for the second $1,500 option payment under the Los Reyes Option Agreement by six months to April 23, 2019, at which time the payment was made. As consideration for the deferral, the Company received an additional $150 in cash, $50 paid on October 24, 2018 and $100 paid on January 23, 2019. In addition, Minera Alamos paid interest of $67 at a rate of 1.5% per month on the unpaid balance of the $1,500 payment beginning January 24, 2019. The third $1,500 option payment was received in October 2019. The Company has determined that control of the Los Reyes project has not been transferred for accounting purposes. Therefore, the first option payment of $1,500 received in October 2017 and the $150 for extension of the second option payment were accounted for as a reduction to carrying value. Receipt of the second option payment of $1,500 and interest of $67 during April 2019 reduced the carrying value to zero and resulted in recognition of $1,392 as a deferred option gain. The third Los Reyes project option payment of $1,500 was received from Prime Mining in October 2019 which increased the deferred option gain to $2,892. The deferred option gain will be recognized upon the earlier of the Optionholder completion the final option payment of $1,500 and transfer of title of the Los Reyes project or cancellation of the agreement. Potential royalty revenue and scheduled future option payments have not been recognized for accounting purposes. Awak Mas On November 1, 2019, we entered into an agreement with PT Masmindo Dwi Area, the entity that holds the Awak Mas project, to amend the Company’s royalty agreement with Awak Mas. PT Masmindo Dwi Area is a wholly owned subsidiary of Nusantara Resources. As consideration for entering into the amendment, Nusantara Resources made a $100 payment and issued 666,667 of its shares with a value of $136 to Vista on November 1, 2019. Including shares acquired through a previous transaction, Vista now holds a total of 1,333,334 shares of Nusantara Resources, representing less than 1% of the issued and outstanding shares. The amendment modifies the original royalty agreement to allow PT Masmindo Dwi Area or a nominated party to make a $2,400 payment to Vista by April 30, 2020, which will cancel a 1% NSR on the first 1,250,000 ounces produced at Awak Mas and a 1.25% NSR on the next 1,250,000 ounces produced. If the first royalty cancellation payment is made, then PT Masmindo or a nominated party will have the right to cancel the remaining 1% NSR and 1.25% NSRs for an additional payment of $2,500 by April 30, 2021. The initial consideration has been deferred and included in accrued liabilities and other. This consideration will be allocated to each royalty cancellation and recognized as each cancellation occurs. |
Plant And Equipment
Plant And Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Plant and Equipment | |
Plant And Equipment | 5. Plant and Equipment December 31, 2019 December 31, 2018 Accumulated Accumulated Cost depreciation Net Cost depreciation Net Mt Todd, Australia $ 5,237 $ 5,114 $ 123 $ 5,197 $ 5,062 $ 135 Corporate, United States 333 333 — 333 333 — Used mill equipment, Canada 5,500 — 5,500 5,500 — 5,500 $ 11,070 $ 5,447 $ 5,623 $ 11,030 $ 5,395 $ 5,635 We continue to actively market the used mill equipment, however, we do not classify it as ‘held for sale’ on our Consolidated Balance Sheets as of December 31, 2019 or 2018 as we do not have reasonable assurance that the mill equipment will sell within 12 months. We are not currently depreciating the used mill equipment as we continue to market it and it is not in use. Based on an independent valuation report prepared by a qualified third party, and allowing for selling commissions and costs, the Company recorded a Level 3 impairment charge of $1,000 for the year ended December 31, 2018. The carrying value of the used mill equipment is $5,500 as of December 31, 2019 and 2018. December 31, 2018 cost basis and accumulated depreciation totals were adjusted for fully depreciated assets which were no longer in use and had been removed from service. The Company recorded additional depreciation of $695 in 2018 to adjust the net book value of plant and equipment to account for the cumulative effect of immaterial calculation differences in prior years. No such adjustments were made in 2019. |
Common Shares
Common Shares | 12 Months Ended |
Dec. 31, 2019 | |
Common Shares | |
Common Shares | 6. Common Shares Share Issuances During the years ended December 31, 2019 and 2018 we issued 429,963 and 856,154 Common Shares, respectively, in connection with the vesting of restricted share units (“RSUs”) and/or stock option exercises. Warrants Outstanding warrants are summarized in the following table: Weighted Weighted average average Warrants exercise price remaining life outstanding per share (yrs.) Intrinsic value As of December 31, 2017 6,514,625 $ 1.92 1.6 $ — As of December 31, 2018 6,514,625 $ 1.92 0.6 $ — Expired (6,514,625) $ 1.92 $ — As of December 31, 2019 — $ — — $ — Stock-Based Compensation Under the Company’s stock option plan (the “Plan”), we may grant options to purchase Common Shares in the capital of the Company (“Common Shares”) to our directors, officers, employees and consultants. The maximum number of Common Shares that may be reserved for issuance under the Plan, together with all other stock-based compensation arrangements, which include RSUs currently outstanding under the Company’s long term equity incentive plan (“LTIP”) and deferred share units (“DSUs”) issuable pursuant to the Company’s deferred share unit plan (“DSU Plan”), is a variable number equal to 10% of the issued and outstanding Common Shares on a non-diluted basis at any one time. Any shares issued under these plans are newly issued shares. In 2018, the Company issued phantom units to be settled in cash. Options, RSUs, DSUs, and phantom units are granted from time to time at the discretion of the Board of Directors of the Company (the “Board”), with vesting periods and other terms as determined by the Board. Stock-based compensation expense for the years ended December 31, 2019 and 2018 is as follows: Year Ended December 31, 2019 2018 Stock options $ 194 $ 320 Restricted share units 362 662 Deferred share units 209 — $ 765 $ 982 Phantom units $ 84 $ 23 As of December 31, 2019, unrecognized compensation expense for stock options, RSUs, and phantom units were $ 54, $357, and $79, respectively, which is expected to be recognized over weighted average periods of 0.6, 1.2 , and 1.0 years, respectively. Stock Options A summary of stock option activity under the Plan as of December 31, 2019 and 2018 and changes during the period then ended is set forth in the following table: Weighted average Weighted average remaining Aggregate Number of exercise price contractual term intrinsic options per option (years) value Outstanding - December 31, 2017 1,144,500 0.42 1.15 $ 346 Granted 1,142,000 0.71 Exercised (218,600) 0.39 36 Cancelled/Forfeited (748,751) 0.36 — Outstanding - December 31, 2018 1,319,149 $ 0.71 3.84 $ 1 Granted 350,000 0.73 Exercised (163,667) 0.54 33 Cancelled/Forfeited (16,667) 0.75 — Expired (51,815) 0.70 2 Outstanding - December 31, 2019 1,437,000 $ 0.73 3.49 $ 35 Exercisable - December 31, 2019 922,996 $ 0.74 3.38 $ 25 A summary of our unvested stock options as of December 31, 2019 and 2018 and changes during the period then ended is set forth in the following table: Weighted Weighted average average remaining grant-date amortization Number of fair value period options per option (years) Unvested - December 31, 2017 246,250 0.22 0.99 Granted 1,142,000 0.45 Cancelled/Forfeited (246,250) 0.22 Vested (382,331) 0.45 Unvested - December 31, 2018 759,669 $ 0.45 1.14 Granted 350,000 0.30 Cancelled/Forfeited (35,000) 0.43 Vested (560,665) 0.41 Unvested - December 31, 2019 514,004 $ 0.40 0.61 The fair value of stock options granted during the years ended December 31, 2019 and 2018 to employees, directors and consultants was estimated at the grant date using the Black-Scholes option pricing model using the following weighted-average assumptions: 2019 2018 Expected volatility 61.1 % 76.2 % Risk-free interest rate 2.0 % 2.7 % Expected life (years) 2.8 5.0 Dividend yield % % Forfeiture assumption % % Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Expected price volatility is based on the historical volatility of our Common Shares. Changes in the subjective input assumptions can materially affect the fair value estimate. The expected term of the options granted represents the period of time that the options granted are expected to be outstanding using the simplified approach. The risk-free rate for the periods within the contractual term of the option is based on the U.S. Treasury yield curve in effect at the date of grant. Option Amendment In July 2018, the Company amended certain 2013 stock option agreements, expiring December 30, 2018 subject to the potential for a temporary extension under the terms of the Plan, for seven executives and directors (the “Option Amendment”). The amendment provided each grantee the opportunity to receive a cash buyout of certain vested, unexercised 2013 options in lieu of exercising the option to purchase shares. This cash buyout was based on the intrinsic value of each option at the time of the buyout as determined by the Company’s Compensation Committee prior to the buyout. As a result of this modification, the Company accounted for these options as awards classified as liabilities. The options were previously accounted for as awards classified as equity. The Company recognized no additional compensation expense in the year ended December 31, 2018. In December 2018, all options under the Option Amendment were settled with cash buyouts totaling $61 and the related options were cancelled. Restricted Share Units The following table summarizes the RSU activity under the LTIP as of December 31, 2019 and 2018 and changes during the years then ended: Weighted average Number grant-date fair of RSUs value per RSU Unvested - December 31, 2017 1,567,907 $ 0.85 Granted 319,000 0.75 Cancelled/forfeited (246,683) 0.90 Vested, net of shares withheld (637,554) 0.88 Unvested - December 31, 2018 1,002,670 $ 0.78 Granted 1,412,500 0.49 Cancelled/forfeited (657,573) 0.76 Vested, net of shares withheld (266,296) 0.84 Unvested - December 31, 2019 1,491,301 $ 0.51 During the years ended December 31, 2019 and 2018, the Company withheld shares equivalent to the value of employee withholding tax obligations which resulted from RSUs vesting in the period. Shares withheld are considered cancelled/forfeited. Under the LTIP, a portion of the RSU awards vest on a fixed future date provided the recipient continues to be affiliated with Vista on that date. Other RSU awards vest subject to certain performance and market criteria, including the accomplishment of certain corporate objectives and the Company’s share price performance. Of the unvested RSUs, approximately 32% could vest based on a fixed future date, approximately 25% and 43% could vest on performance and market criteria respectively. The minimum vesting period for RSUs is one year. In May 2019, the Company’s shareholders approved an amendment to the LTIP such that non-employee directors are excluded from future grants under the LTIP. Deferred Share Units In May 2019, the Company’s shareholders approved the DSU Plan. The DSU Plan provides for granting of DSUs to non-employee directors. DSUs vest immediately, however the Company will issue one Common Share for each DSU only after the non-employee director has ceased to be a director of the Company. At the time the DSU Plan was approved, the Board granted 366,000 DSUs and the Company recognized $209 in DSU expense. The following table summarizes the DSU activity under the DSU Plan as of December 31, 2019 and changes during the year then ended: Weighted average Number of grant-date fair DSUs value per DSU Outstanding - December 31, 2018 — — Granted 366,000 0.57 Outstanding - December 31, 2019 366,000 0.57 Phantom Units During the year ended December 31, 2018, the Company granted a total of 265,000 phantom units to certain employees. The value of each unit is equal to the Company’s share price on the vesting date and is payable in cash. The phantom units vest on fixed future dates provided the recipient continues to be affiliated with Vista on those dates. Unrecognized compensation expense on these units is based on the Company’s stock price at year end. The Company accounts for these units as awards classified as liabilities with $26 and $23 included in current liabilities as of December 31, 2019 and 2018, respectively. The Company recognized $84 and $23 of compensation expense for these units in the years ended December 31, 2019 and 2018, respectively. The Company paid $81 for phantom units which vested during the year ended December 31, 2019. A summary of unvested phantom units as of December 31, 2019 is set forth in the following table: Weighted average remaining Number of vesting term phantom units (years) Unvested - December 31, 2017 — Granted 265,000 Unvested - December 31, 2018 265,000 1.50 Cancelled/forfeited (32,667) Vested (88,333) Unvested - December 31, 2019 144,000 1.00 Weighted Average Common Shares At December 31, 2019 2018 Basic Common Shares 100,533,448 99,738,461 Effect of dilutive stock-based awards — — Diluted Common Shares 100,533,448 99,738,461 Stock options to purchase 1,437,000 Common Shares, unvested RSUs representing 1,491,301 Common Shares, and vested DSUs representing 366,000 unissued Common Shares were outstanding at December 31, 2019 but were not included in the computation of diluted weighted average Common Shares outstanding because their effect would have been anti-dilutive. Stock options to purchase 1,319,149 Common Shares, unvested RSUs representing 1,002,670 Common Shares, and 6,514,625 warrants to purchase Common Shares were outstanding at December 31, 2018 but were not included in the computation of diluted weighted average Common Shares outstanding because their effect would have been anti-dilutive. During November 2017, the Company entered into an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which the Company may, but is not obligated to, issue and sell Common Shares through Wainwright as sales manager in an at-the-market offering under a prospectus supplement to a base shelf prospectus for aggregate sales proceeds of up to $10,000 (the “ATM Program”). The ATM Agreement will remain in full force and effect until the earlier of August 31, 2020, or the date that the ATM Agreement is terminated in accordance with the terms therein. Offers or sales of Common Shares under the ATM Program will be made only in the United States and no offers or sales of Common Shares under the Agreement will be made in Canada. The Common Shares will be distributed at the market prices prevailing at the time of sale. As a result, prices of the Common Shares sold under the ATM Program may vary during any period of distribution. At December 31, 2019 and December 31, 2018 no offers or sales had been made under the ATM Program. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies | |
Commitments And Contingencies | 7. Commitments and Contingencies Our exploration and development activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. As such, future expenditures that may be required for compliance with these laws and regulations cannot be predicted. We conduct our operations in an effort to minimize effects on the environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Under our agreement with the Jawoyn Association Aboriginal Corporation (the “JAAC”), the JAAC will be entitled to an annual cash payment, or payment in kind, equal to 1% of the value of the annual gold production from the current mining licenses, and a 1% NSR on other metals, subject to a minimum payment of A$50 per year. In addition, we have agreed to offer the JAAC the opportunity to establish a joint venture with Vista holding a 90% participating interest and the JAAC holding a 10% participating interest in Mt Todd. |
Fair Value Accounting
Fair Value Accounting | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Accounting | |
Fair Value Accounting | 8. Fair Value Accounting The following table sets forth the Company’s assets measured at fair value by level within the fair value hierarchy. As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value at December 31, 2019 Total Level 1 Level 3 Other investments $ 3,676 $ 3,676 $ — Fair value at December 31, 2018 Total Level 1 Level 3 Other investments $ 5,462 $ 5,462 $ — Used mill equipment (non-recurring) $ 5,500 $ — $ 5,500 Our marketable securities and investment in Midas Gold Shares and Nusantara Resources shares are classified as Level 1 of the fair value hierarchy as they are valued at quoted market prices in an active market. Marketable securities are included in other current assets on the Consolidated Balance Sheets for each period presented. The mill equipment is classified as Level 3 of the fair value hierarchy as its value at 2018 was based on an independent third-party valuation. This valuation was based on unobservable inputs obtained by our valuation specialists and reviewed by the Company. These inputs may change as economic and industry conditions evolve. The mill equipment is included in plant and equipment on the Consolidated Balance Sheets for each period presented. There were no m aterial transfers between levels nor were there any changes in valuation methods in 2019. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information and Material Non-Cash Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information and Material Non-Cash Transactions | |
Supplemental Cash Flow Information and Material NonCash Transactions | 9. Supplemental Cash Flow Information and Material Non-Cash Transactions As of December 31, 2019 and 2018, all of our cash was held in liquid bank deposits and/or government treasury bills/notes in the United States. At December 31, 2019, the Company held 1,333,334 shares of Nusantara Resources valued at $272 ; comprising 666,667 shares received as part of the consideration for amending the Awak Mas royalty agreement, and 666,667 shares not previously given accounting recognition as the amount was considered immaterial. There were no significant non-cash transactions for the year ended December 31, 2018. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes | |
Income Taxes | 10. Income Taxes The Company’s U.S. and foreign source income/(loss) is as follows: Years ended December 31, 2019 2018 U.S. $ (1,730) $ (646) Canada (3,514) (2,288) Other Foreign (4,142) (5,780) $ (9,386) $ (8,714) During the years ended December 31, 2019 and 2018, the Company has recognized ‘nil’ current and deferred income tax expense or benefit in each of the US, Canadian, and other foreign jurisdictions, due to full valuation allowances within each jurisdiction. Rate Reconciliation A reconciliation of the combined income taxes at the statutory rates and the Company’s effective income tax (benefit)/expense is as follows: Years ended December 31, 2019 2018 Income taxed at statutory rates $ (2,311) $ (2,125) Increase (decrease) in taxes from: Stock-based compensation 84 79 Other adjustments 102 5 Adjustment due to capital transactions Prior year provision to actual adjustments 475 (2,867) Change in US tax rate — — Change in foreign tax rate (1,361) — Differences in tax rates (284) (339) Effect of foreign exchange 66 (6) Expiration of NOLs — — Change in valuation allowance 3,229 5,253 Income tax (benefit)/expense $ — $ — Deferred Taxes Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of our deferred tax assets and liabilities as at December 31 are as follows: December 31, 2019 2018 Deferred income tax assets Excess tax basis over book basis of property, plant and equipment $ 8,295 $ 7,488 Marketable securities 500 667 Operating loss carryforwards 36,716 34,052 Capital loss carryforwards 13,618 13,276 Other 1,085 2,031 Total future tax assets 60,214 57,514 Valuation allowance for future tax assets (59,886) (56,659) 328 855 Deferred income tax liabilities Other investments 328 855 328 855 Total Deferred Taxes $ — $ — Valuation Allowance on Canadian and Foreign Tax Assets We establish a valuation allowance against the future income tax assets if, based on available information, it is more likely than not that all of the assets will not be realized. The valuation allowance of $59,886 and $56,659 at December 31, 2019 and 2018, respectively, relates mainly to net operating loss carryforwards, in Canada and other foreign tax jurisdictions, where the utilization of such attributes is not more likely than not. The Company continually assesses both positive and negative evidence to determine whether it is more likely than not that deferred tax assets can be realized prior to their expiration. Loss Carryforwards The Company’s tax loss carryforwards expire as follows: Noncapital U.S. Mexico Barbados Total 2019 $ — $ — $ — $ — $ — 2020 — — — — — 2021 — — — (20) (20) 2022 — — (6,706) (31) (6,737) 2023 — — (392) (22) (414) 2024 — — — (4) (4) 2025 — — (84) (6) (90) 2026 (1,027) — (789) (6) (1,822) 2027 (847) — — (6) (853) 2028 (5,245) (1,287) — (6) (6,538) 2029 (4,022) (1,719) — — (5,741) 2030 (5,032) (1,970) — — (7,002) 2031 (3,806) (1,827) — — (5,633) 2032 (6,397) (3,407) — — (9,804) 2033 (6,185) (2,323) — — (8,508) 2034 (4,420) (3,098) — — (7,518) 2035 (3,729) (2) — — (3,731) 2036 (2,799) (2,655) — — (5,454) 2037 (1,916) (2,482) — — (4,398) 2038 (2,666) — — — (2,666) 2039 (3,204) — — — (3,204) $ (51,295) $ (20,770) $ (7,971) $ (101) $ (80,137) Note: U.S. loss carryforwards for tax years beginning in 2018 of $2,119, Canadian capital loss carryforwards of $100,874 and Australian NOLs of $49,418, which do not expire, are not included above. Accounting for uncertainty in taxes Accounting Standards Codification Topic 740 guidance requires that the Company evaluate all income tax positions taken, and recognize a liability for any uncertain tax positions that are not more likely than not to be sustained by the tax authorities. As of December 31, 2019, the Company believes it has no liability for unrecognized tax positions. If the Company were to determine there were any uncertain tax positions, the Company would recognize the liability and related interest and penalties within income tax expense. Tax statute of limitations The Company files income tax returns in Canada, U.S. federal and state jurisdictions and other foreign jurisdictions. There are currently no tax examinations underway for these jurisdictions. Furthermore, the Company is no longer subject to Canadian tax examinations by the Canadian Revenue Agency for years ended on or before December 31, 2016 or U.S. federal income tax examinations by the Internal Revenue Service for years ended on or before December 31, 2016. Some U.S. state and other foreign jurisdictions are still subject to tax examination for years ended on or before December 31, 2015. Although certain tax years are closed under the statute of limitations, tax authorities can still adjust losses being carried forward into open years. |
Geographic and Segment informat
Geographic and Segment information | 12 Months Ended |
Dec. 31, 2019 | |
Geographic and Segment information | |
Geographic And Segment Information | 11. Geographic and Segment information The Company has one reportable operating segment, consisting of evaluation, acquisition, and exploration activities. We evaluate, acquire, explore and advance gold exploration and potential development projects, which may lead to gold production or value adding strategic transactions. These activities are currently focused principally in Australia. We reported no revenues during the years ended December 31, 2019 or 2018. Geographic location of mineral properties and plant and equipment is provided in Notes 4 and 5, respectively. |
Provision for Environmental Lia
Provision for Environmental Liability | 12 Months Ended |
Dec. 31, 2019 | |
Provision for Environmental Liability | |
Provision for Environmental Liability | 12. Provision for Environmental Liability During 2016, the Province of British Columbia Ministry of Energy and Mines (“MEM”) requested that the Company prepare and present to MEM a reclamation plan for closure and abandonment of certain mining claims in British Columbia which the Company had disposed of in 1996. A plan was presented to MEM and we are awaiting a formal response. Assuming no other potentially responsible parties are identified, we have accrued estimated reclamation and other related costs, as of December 31, 2019 and 2018 on an undiscounted basis. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events | |
Subsequent Events | 13. Subsequent Events There have been no material events subsequent to December 31, 2019. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of Vista and more-than-50%-owned subsidiaries that it controls. All significant intercompany balances and transactions have been eliminated. The Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. |
Use of Estimates | Use of Estimates The preparation of the Company’s Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions are: the fair value and accounting treatment of financial instruments ; useful lives of assets for asset depreciation purposes; valuation allowances for deferred tax assets; the fair value and accounting treatment of stock-based compensation; the provision for environmental liabilities; and asset impairments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will likely differ from the amounts estimated in these financial statements. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash on hand and government securities with original maturities of three months or less when purchased. Because of the short maturity of these investments, the carrying amounts approximate their fair values. |
Foreign Currency Translations | Foreign Currency Transactions Our functional currency is the U.S. dollar. Foreign currency transactions denominated in currency other than the functional currency are recorded at the approximate rate of exchange at the transaction date and any gains/(losses) resulting therefrom are recorded in other expense. For each of the years ended December 31, 2019 and 2018, we recorded insignificant net foreign currency gains/(losses). |
Short-term Investments | Short-term Investments Short-term investments consist of securities with original maturity dates greater than ninety days and less than one year. These securities are typically United States government treasury bills and/or notes. Short-term investments are recorded at amortized cost and are classified as debt securities held-to-maturity as the Company has the intention and ability to hold these instruments until their original maturity date at the time of purchase. |
Mineral Properties | Mineral Properties Mineral property acquisition costs, including directly related costs, are capitalized when incurred, and mineral property exploration costs are expensed as incurred. When we determine that a mineral property can be economically developed and reserves are established under SEC Industry Guide 7, costs incurred thereafter to develop such property will be capitalized. Capitalized costs will be depleted using the units-of-production method over the estimated life of the proven and probable reserves. If mineral properties are subsequently abandoned, any undepleted costs will be charged to loss in that period. The recoverability of the carrying values of our mineral properties is dependent upon economic reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of any of these projects will depend on, among other things, management’s ability to raise sufficient capital for these purposes. Proceeds received from option or sale agreements are ascribed to recovery of the carrying value of the related project until the carrying value reaches zero. Thereafter, any additional proceeds received are recognized as a contract liability (deferred option gain) until control has transferred to the buyer or the related contract terminates. We assess the carrying cost of our mineral properties for impairment whenever information or circumstances indicate the potential for impairment. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of gold and other commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, a write-down to the estimated fair value will then be reported in our Consolidated Statement of Income/(Loss) and Comprehensive Income/(Loss) for the period. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value. |
Impairment | Impairment Carrying values of long-lived assets, other than mineral properties, are evaluated for impairment at such time that information becomes available indicating that the carrying value may not be recoverable. If it is determined that the fair value is less than the carrying value an impairment charge equal to the difference between the fair value and the carrying value will be recorded in our Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss). |
Stock-Based Compensation | Stock-Based Compensation Under our stock option, long-term incentive, and deferred share unit plans, the Company can grant stock incentive options, restricted share units, and deferred share units to executives, employees, consultants and non-employee directors as applicable. Compensation expense for such grants is recorded in the Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss) as a component of exploration, property evaluation and holding costs and corporate administration, with a corresponding increase to Common Shares in the Consolidated Balance Sheets. The fair values of options are calculated using the Black-Scholes option pricing model. The fair value of restricted and deferred share units is based on the closing price of our Common Shares on the grant date. The expense is based on the fair values of the grant on the grant date and is recognized over the vesting period specified for each grant. Forfeitures of unvested awards for all stock-based compensation result in expense reversal upon forfeiture. |
Financial Instruments | Financial Instruments Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) of the Financial Accounting Standards Board (“FASB”) requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: · Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. · Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. · Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable. Our financial instruments include cash and cash equivalents, marketable securities, short-term investments, accounts payable and certain other current assets and liabilities. Due to the short-term nature of our cash and cash equivalents, short-term investments, accounts payable and certain other current assets and liabilities, we believe that their carrying amounts approximate fair value. Our marketable securities are classified as available-for-sale. Accordingly, these securities are carried at fair value, which is based upon quoted market prices in an active market and included in Level 1 of the fair value hierarchy. Our other investments, comprised of Midas Gold Shares and other investments, are accounted for using the fair value option based on quoted market prices in an active market and are included in Level 1 of the fair value hierarchy. The mill equipment was valued using a third-party appraisal and is included in Level 3 of the fair value hierarchy. |
Recent accounting pronouncements | Recent accounting pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases. This new standard established a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company adopted the standard on January 1, 2019 using the modified retrospective approach. We recognized additional liabilities of $186 on adoption, with corresponding ROU assets of the same amount, based on the present value of the remaining lease payments. Adoption of the standard did not affect lease classification or expense recognition. The discount rate used for discounting future payments was 13.6%. The Company does not include short term leases in its ROU asset and lease liability calculations. As of December 31, 2019, the ROU asset was $89 and the lease liability was $89, comprised of $81 included in accrued liabilities and other, and $8 in non-current liabilities. The Company’s leases had remaining terms ranging from 0.3 to 2.3 years as of December 31, 2019 |
Lease Accounting | Leases In February 2016, the FASB issued ASU No. 2016-02, Leases. This new standard established a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company adopted the standard on January 1, 2019 using the modified retrospective approach. We recognized additional liabilities of $186 on adoption, with corresponding ROU assets of the same amount, based on the present value of the remaining lease payments. Adoption of the standard did not affect lease classification or expense recognition. The discount rate used for discounting future payments was 13.6%. The Company does not include short term leases in its ROU asset and lease liability calculations. As of December 31, 2019, the ROU asset was $89 and the lease liability was $89, comprised of $81 included in accrued liabilities and other, and $8 in non-current liabilities. The Company’s leases had remaining terms ranging from 0.3 to 2.3 years as of December 31, 2019. |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Investments | |
Summary of investment in Midas Gold Shares | December 31, 2019 December 31, 2018 Fair value at beginning of period $ 5,462 $ 3,746 Midas Gold Shares sold (415) — Nusantara Resources shares 272 — Unrealized gain/(loss) (1,643) 1,716 Fair value at end of period $ 3,676 $ 5,462 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Mineral Properties | |
Schedule of Mineral Properties | At December 31, 2019 At December 31, 2018 Mt Todd, Australia $ 2,146 $ 2,146 Guadalupe de los Reyes, Mexico — 275 $ 2,146 $ 2,421 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Plant and Equipment | |
Schedule Of Plant And Equipment | December 31, 2019 December 31, 2018 Accumulated Accumulated Cost depreciation Net Cost depreciation Net Mt Todd, Australia $ 5,237 $ 5,114 $ 123 $ 5,197 $ 5,062 $ 135 Corporate, United States 333 333 — 333 333 — Used mill equipment, Canada 5,500 — 5,500 5,500 — 5,500 $ 11,070 $ 5,447 $ 5,623 $ 11,030 $ 5,395 $ 5,635 |
Common Shares (Tables)
Common Shares (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Common Shares | |
Summary of outstanding warrants | Weighted Weighted average average Warrants exercise price remaining life outstanding per share (yrs.) Intrinsic value As of December 31, 2017 6,514,625 $ 1.92 1.6 $ — As of December 31, 2018 6,514,625 $ 1.92 0.6 $ — Expired (6,514,625) $ 1.92 $ — As of December 31, 2019 — $ — — $ — |
Summary of stock-based compensation expense | Year Ended December 31, 2019 2018 Stock options $ 194 $ 320 Restricted share units 362 662 Deferred share units 209 — $ 765 $ 982 Phantom units $ 84 $ 23 |
Summary of option activity | Weighted average Weighted average remaining Aggregate Number of exercise price contractual term intrinsic options per option (years) value Outstanding - December 31, 2017 1,144,500 0.42 1.15 $ 346 Granted 1,142,000 0.71 Exercised (218,600) 0.39 36 Cancelled/Forfeited (748,751) 0.36 — Outstanding - December 31, 2018 1,319,149 $ 0.71 3.84 $ 1 Granted 350,000 0.73 Exercised (163,667) 0.54 33 Cancelled/Forfeited (16,667) 0.75 — Expired (51,815) 0.70 2 Outstanding - December 31, 2019 1,437,000 $ 0.73 3.49 $ 35 Exercisable - December 31, 2019 922,996 $ 0.74 3.38 $ 25 |
Summary of the status of unvested stock options | Weighted Weighted average average remaining grant-date amortization Number of fair value period options per option (years) Unvested - December 31, 2017 246,250 0.22 0.99 Granted 1,142,000 0.45 Cancelled/Forfeited (246,250) 0.22 Vested (382,331) 0.45 Unvested - December 31, 2018 759,669 $ 0.45 1.14 Granted 350,000 0.30 Cancelled/Forfeited (35,000) 0.43 Vested (560,665) 0.41 Unvested - December 31, 2019 514,004 $ 0.40 0.61 |
Summary of stock option assumptions | 2019 2018 Expected volatility 61.1 % 76.2 % Risk-free interest rate 2.0 % 2.7 % Expected life (years) 2.8 5.0 Dividend yield % % Forfeiture assumption % % |
Summary of restricted stock unit activity | Weighted average Number grant-date fair of RSUs value per RSU Unvested - December 31, 2017 1,567,907 $ 0.85 Granted 319,000 0.75 Cancelled/forfeited (246,683) 0.90 Vested, net of shares withheld (637,554) 0.88 Unvested - December 31, 2018 1,002,670 $ 0.78 Granted 1,412,500 0.49 Cancelled/forfeited (657,573) 0.76 Vested, net of shares withheld (266,296) 0.84 Unvested - December 31, 2019 1,491,301 $ 0.51 |
Summary of deferred stock units | Weighted average Number of grant-date fair DSUs value per DSU Outstanding - December 31, 2018 — — Granted 366,000 0.57 Outstanding - December 31, 2019 366,000 0.57 |
Summary of phantom units | Weighted average remaining Number of vesting term phantom units (years) Unvested - December 31, 2017 — Granted 265,000 Unvested - December 31, 2018 265,000 1.50 Cancelled/forfeited (32,667) Vested (88,333) Unvested - December 31, 2019 144,000 1.00 |
Schedule of weighted average common shares | At December 31, 2019 2018 Basic Common Shares 100,533,448 99,738,461 Effect of dilutive stock-based awards — — Diluted Common Shares 100,533,448 99,738,461 |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Accounting | |
Schedule of assets measured at fair value | Fair value at December 31, 2019 Total Level 1 Level 3 Other investments $ 3,676 $ 3,676 $ — Fair value at December 31, 2018 Total Level 1 Level 3 Other investments $ 5,462 $ 5,462 $ — Used mill equipment (non-recurring) $ 5,500 $ — $ 5,500 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes | |
Schedule of income/(loss) before income tax, domestic and foreign | Years ended December 31, 2019 2018 U.S. $ (1,730) $ (646) Canada (3,514) (2,288) Other Foreign (4,142) (5,780) $ (9,386) $ (8,714) |
Schedule of effective income tax rate reconciliation | Years ended December 31, 2019 2018 Income taxed at statutory rates $ (2,311) $ (2,125) Increase (decrease) in taxes from: Stock-based compensation 84 79 Other adjustments 102 5 Adjustment due to capital transactions Prior year provision to actual adjustments 475 (2,867) Change in US tax rate — — Change in foreign tax rate (1,361) — Differences in tax rates (284) (339) Effect of foreign exchange 66 (6) Expiration of NOLs — — Change in valuation allowance 3,229 5,253 Income tax (benefit)/expense $ — $ — |
Schedule of deferred tax assets and liabilities | December 31, 2019 2018 Deferred income tax assets Excess tax basis over book basis of property, plant and equipment $ 8,295 $ 7,488 Marketable securities 500 667 Operating loss carryforwards 36,716 34,052 Capital loss carryforwards 13,618 13,276 Other 1,085 2,031 Total future tax assets 60,214 57,514 Valuation allowance for future tax assets (59,886) (56,659) 328 855 Deferred income tax liabilities Other investments 328 855 328 855 Total Deferred Taxes $ — $ — |
Summary of expiring loss carryforwards | Noncapital U.S. Mexico Barbados Total 2019 $ — $ — $ — $ — $ — 2020 — — — — — 2021 — — — (20) (20) 2022 — — (6,706) (31) (6,737) 2023 — — (392) (22) (414) 2024 — — — (4) (4) 2025 — — (84) (6) (90) 2026 (1,027) — (789) (6) (1,822) 2027 (847) — — (6) (853) 2028 (5,245) (1,287) — (6) (6,538) 2029 (4,022) (1,719) — — (5,741) 2030 (5,032) (1,970) — — (7,002) 2031 (3,806) (1,827) — — (5,633) 2032 (6,397) (3,407) — — (9,804) 2033 (6,185) (2,323) — — (8,508) 2034 (4,420) (3,098) — — (7,518) 2035 (3,729) (2) — — (3,731) 2036 (2,799) (2,655) — — (5,454) 2037 (1,916) (2,482) — — (4,398) 2038 (2,666) — — — (2,666) 2039 (3,204) — — — (3,204) $ (51,295) $ (20,770) $ (7,971) $ (101) $ (80,137) Note: U.S. loss carryforwards for tax years beginning in 2018 of $2,119, Canadian capital loss carryforwards of $100,874 and Australian NOLs of $49,418, which do not expire, are not included above. |
Nature of Operations (Details)
Nature of Operations (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Midas Gold Shares [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Shares owned | 6,882,115 | 7,802,615 |
Midas Gold Shares held at end of the period | 6,882,115 | 7,802,615 |
Mt Todd, Australia | ||
Property, Plant and Equipment [Line Items] | ||
Percentage of ownership in project | 100.00% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Significant Accounting Policies | |||
Minimum period for maturity dates for short-term investments | 90 days | 90 days | |
Accumulated deficit | $ (445,070) | $ (435,684) | |
Lease accounting | |||
Operating lease liabilities | 89 | ||
Right of use operating assets | $ 89 | ||
Discount rate used for discounting future payments | 13.60% | ||
Current operating liability | $ 81 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities, Current | ||
Non current operating liabilities | $ 8 | ||
Minimum | |||
Lease accounting | |||
Lessee, Operating Lease, Renewal Term | 3 months 18 days | ||
Maximum | |||
Lease accounting | |||
Lessee, Operating Lease, Renewal Term | 2 years 3 months 18 days | ||
Accounting Standards Update 2016-02 | |||
Lease accounting | |||
Operating lease liabilities | $ 186 | ||
Right of use operating assets | $ 186 |
Other Investments - Short-term
Other Investments - Short-term (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term investments | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 3,260 | $ 6,997 |
Minimum period for maturity dates for short-term investments | 90 days | 90 days |
Other Investments - Summary (De
Other Investments - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Investments | ||
Proceeds from Sale and Maturity of Marketable Securities | $ 413 | $ 170 |
Fair value at beginning of period | 5,462 | 3,746 |
Unrealized gain/(loss) | (1,643) | 1,716 |
Fair value at end of period | $ 3,676 | $ 5,462 |
Midas Gold Shares [Member] | ||
Other Investments | ||
Shares owned | 6,882,115 | 7,802,615 |
Marketable Securities Cumulative Gain (Loss) | $ 1,975 | $ 1,973 |
Number Marketable Securities Sold | 920,500 | |
Proceeds from Sale and Maturity of Marketable Securities | $ 413 | |
Marketable Securities, Realized Gain (Loss) | (2) | |
Realized change | (415) | |
Unrealized gain/(loss) | $ 230 | |
Nusantara Resources | ||
Other Investments | ||
Shares owned | 1,333,334 | |
Realized change | $ 272 | |
Midas Gold And Nusantara Resources [Member] | ||
Other Investments | ||
Unrealized gain/(loss) | $ 1,413 |
Mineral Properties - Properties
Mineral Properties - Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Mineral Properties, Net | $ 2,146 | $ 2,421 |
Mt Todd, Australia | ||
Property, Plant and Equipment [Line Items] | ||
Mineral Properties, Net | $ 2,146 | 2,146 |
Guadalupe De Los Reyes, Mexico | ||
Property, Plant and Equipment [Line Items] | ||
Mineral Properties, Net | $ 275 |
Mineral Properties - Guadalupe
Mineral Properties - Guadalupe (Details) | Jan. 23, 2019USD ($) | Oct. 24, 2018USD ($) | Oct. 31, 2019USD ($) | Apr. 30, 2019USD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Line Items] | ||||||||
Proceeds from option/sale agreements, net | $ 3,267,000 | $ 50,000 | ||||||
Deferred option gain | $ 2,960,000 | |||||||
Guadalupe De Los Reyes, Mexico | Option Agreement Two | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Interest has right to earn (as a percent) | 100.00% | |||||||
Sale price of gold/silver project | $ 6,000,000 | |||||||
Number of successive payments | item | 2 | |||||||
Back in Right (as a percent) | 49.00% | |||||||
Ownership interest if terms of option agreement not fulfilled (as a percent) | 0.00% | |||||||
Ownership to be transferred (as a percent) | 100.00% | |||||||
Proceeds from option/sale agreements, net | $ 100,000 | $ 50,000 | $ 1,500,000 | $ 1,500,000 | $ 150,000 | $ 1,500,000 | ||
Interest income | 67,000 | |||||||
Deferred option gain | $ 2,892,000 | 1,392,000 | ||||||
Value of carrying value for option payment proceeds to be recognized as contract liability | $ 0 | |||||||
Future payment | $ 1,500,000 | |||||||
Interest rate (as a percent) | 1.50% | |||||||
Revenue, Previous Performance Obligation, Expected Timing of Satisfaction, Period | 6 months | |||||||
Guadalupe De Los Reyes, Mexico | Option Agreement Two | Open Pit Mining | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Aggregate royalty payments to be received | 2,000,000 | |||||||
Guadalupe De Los Reyes, Mexico | Option Agreement Two | Execution of Option Agreement | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Sale price of gold/silver project | 1,500,000 | |||||||
Guadalupe De Los Reyes, Mexico | Option Agreement Two | One Year Anniversary | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Sale price of gold/silver project | 1,500,000 | |||||||
Guadalupe De Los Reyes, Mexico | Option Agreement Two | Two Year Anniversary | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Sale price of gold/silver project | 1,500,000 | |||||||
Guadalupe De Los Reyes, Mexico | Option Agreement Two | Before Four Year Anniversary | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Sale price of gold/silver project | $ 1,500,000 | |||||||
Guadalupe De Los Reyes, Mexico | Option Agreement Two | Minimum | Open Pit Mining | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Net smelter return royalty (as a percent) | 1.00% | |||||||
Gold price (USD per ounce) | $ 1,600 | |||||||
Guadalupe De Los Reyes, Mexico | Option Agreement Two | Minimum | Underground Mining | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Net smelter return royalty (as a percent) | 1.00% | |||||||
Gold price (USD per ounce) | $ 1,600 | |||||||
Guadalupe De Los Reyes, Mexico | Option Agreement Two | Maximum | Open Pit Mining | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Net smelter return royalty (as a percent) | 2.00% | |||||||
Gold price (USD per ounce) | $ 1,400 | |||||||
Guadalupe De Los Reyes, Mexico | Option Agreement Two | Maximum | Underground Mining | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Net smelter return royalty (as a percent) | 2.00% | |||||||
Gold price (USD per ounce) | $ 1,400 | |||||||
Guadalupe De Los Reyes, Mexico | Minera Gold Stake S A de C V | Option Agreement Two | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Ownership interest (as a percent) | 100.00% |
Mineral Properties - Awak Mas (
Mineral Properties - Awak Mas (Details) - USD ($) $ in Thousands | Nov. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
PT Masmindo Dwi Area | Awak Mas | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds From Royalty Agreement | $ 100 | ||
PT Masmindo Dwi Area | Awak Mas | First 1,250,000 Ounces Produced | |||
Property, Plant and Equipment [Line Items] | |||
NSR Royalty Cancellation, Percentage | 1.00% | ||
Remaining NSR Royalty Cancellation, Percentage | 1.00% | ||
PT Masmindo Dwi Area | Awak Mas | Next 1,250,000 Ounces Produced | |||
Property, Plant and Equipment [Line Items] | |||
NSR Royalty Cancellation, Percentage | 1.25% | ||
Remaining NSR Royalty Cancellation, Percentage | 1.25% | ||
Midas Gold Shares [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Shares owned | 6,882,115 | 7,802,615 | |
Nusantara Resources | |||
Property, Plant and Equipment [Line Items] | |||
Stock Received During Period, Shares, Consideration | 666,667 | ||
Shares owned | 1,333,334 | ||
Nusantara Resources | PT Masmindo Dwi Area | Awak Mas | |||
Property, Plant and Equipment [Line Items] | |||
Stock Received During Period, Shares, Consideration | 666,667 | ||
Stock Received During Period, Value, Consideration | $ 136 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-20 | |||
Property, Plant and Equipment [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-20 | PT Masmindo Dwi Area | Awak Mas | First 1,250,000 Ounces Produced | |||
Property, Plant and Equipment [Line Items] | |||
NSR Cancellation Proceeds | $ 2,400 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-30 | |||
Property, Plant and Equipment [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-30 | PT Masmindo Dwi Area | Awak Mas | |||
Property, Plant and Equipment [Line Items] | |||
NSR Cancellation Proceeds | $ 2,500 |
Plant and Equipment (Details)
Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 11,070 | $ 11,030 |
Accumulated depreciation | 5,447 | 5,395 |
Net | 5,623 | 5,635 |
Impairment charge | 1,000 | |
Immaterial calculation differences | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation | 695 | |
Mt Todd, Australia | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 5,237 | 5,197 |
Accumulated depreciation | 5,114 | 5,062 |
Net | 123 | 135 |
Corporate, United States | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 333 | 333 |
Accumulated depreciation | 333 | 333 |
Used mill equipment, Canada | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 5,500 | 5,500 |
Net | $ 5,500 | $ 5,500 |
Number of months to be considered held-for-sale | 12 months | 12 months |
Impairment charge | $ 1,000 |
Common Shares - Share Issuances
Common Shares - Share Issuances (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common Shares | ||
Shares issued (RSUs vested and options (in shares) | 429,963 | 856,154 |
Common Shares - Warrants (Detai
Common Shares - Warrants (Details) - Warrants [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Warrant or Right [Line Items] | |||
Warrants outstanding (in shares) | 6,514,625 | 6,514,625 | |
Warrants expired (in shares) | (6,514,625) | ||
Weighted average exercise price of warrants outstanding (in dollars per share) | $ 1.92 | $ 1.92 | |
Weighted average exercise price of warrants expired (in dollars per share) | $ 1.92 | ||
Weighted average remaining life, warrants outstanding | 7 months 6 days | 1 year 7 months 6 days |
Common Shares - Stock-Based Com
Common Shares - Stock-Based Compensation (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
May 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of issued and outstanding Common Shares | 10.00% | ||
Stock-based compensation expense | $ 765 | $ 982 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 194 | 320 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 362 | 662 | |
Deferred Stock Units (DSU) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 209 | 209 | |
Phantom Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 84 | $ 23 |
Common Shares - Unrecognized Co
Common Shares - Unrecognized Compensation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense related to stock options | $ 54 |
Weighted average unrecognized compensation recognition period | 7 months 6 days |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense related to unvested awards | $ 357 |
Weighted average unrecognized compensation recognition period | 1 year 2 months 12 days |
Phantom Share Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense related to unvested awards | $ 79 |
Weighted average unrecognized compensation recognition period | 1 year |
Common Shares - Summary Of Opti
Common Shares - Summary Of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Shares | |||
Number of options, beginning of period (in shares) | 1,319,149 | 1,144,500 | |
Granted, Number of options (in shares) | 350,000 | 1,142,000 | |
Number of options, Exercised (in shares) | (163,667) | (218,600) | |
Number of options, Cancelled/Forfeited (in shares) | (16,667) | (748,751) | |
Number of options, Expired (in shares) | (51,815) | ||
Number of options, end of period (in shares) | 1,437,000 | 1,319,149 | 1,144,500 |
Number of options, Exercisable (in shares) | 922,996 | ||
Weighted average exercise price per option, beginning of period (in dollars per share) | $ 0.71 | $ 0.42 | |
Weighted average exercise price per option, Granted (in dollars per share) | 0.73 | 0.71 | |
Weighted average exercise price per option, Exercised (in dollars per share) | 0.54 | 0.39 | |
Weighted average exercise price per option, Cancelled/Forfeited (in dollars per share) | 0.75 | 0.36 | |
Weighted average exercise price per option, Expired (in dollars per share) | 0.70 | ||
Weighted average exercise price per option, end of period (in dollars per share) | 0.73 | $ 0.71 | $ 0.42 |
Weighted average exercise price, Exercisable (in dollars per share) | $ 0.74 | ||
Weighted average remaining contractual term, Outstanding | 3 years 5 months 27 days | 3 years 10 months 2 days | 1 year 1 month 24 days |
Weighted average remaining contractual term, Exercisable | 3 years 4 months 17 days | ||
Aggregate intrinsic value, Outstanding, beginning of period (in dollars) | $ 1 | $ 346 | |
Aggregate intrinsic value, Exercised (in dollars) | 33 | 36 | |
Aggregate intrinsic value, Expired (in dollars) | 2 | ||
Aggregate intrinsic value, Outstanding, end of period (in dollars) | 35 | $ 1 | $ 346 |
Aggregate intrinsic value, Options, Exercisable | $ 25 |
Common Shares - Summary Of The
Common Shares - Summary Of The Status Of Unvested Stock Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of options (in shares) | 350,000 | 1,142,000 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested, Number of options, beginning of period (in shares) | 759,669 | 246,250 | |
Granted, Number of options (in shares) | 350,000 | 1,142,000 | |
Cancelled/Forfeited, Number of options (in shares) | (35,000) | (246,250) | |
Vested, Number of options (in shares) | (560,665) | (382,331) | |
Unvested, Number of options, end of period (in shares) | 514,004 | 759,669 | 246,250 |
Unvested, Weighted average grant date fair value, beginning of period (in dollars per share) | $ 0.45 | $ 0.22 | |
Granted, Weighted average grant-date fair value per option (in dollars per share) | 0.30 | 0.45 | |
Cancelled/Forfeited, Weighted average grant-date fair value per option (in dollars per share) | 0.43 | 0.22 | |
Vested, Weighted average grant-date fair value per option (in dollars per share) | 0.41 | 0.45 | |
Unvested, Weighted average grant date fair value per option, end of period (in dollars per share) | $ 0.40 | $ 0.45 | $ 0.22 |
Weighted average remaining amortization period | 7 months 10 days | 1 year 1 month 21 days | 11 months 27 days |
Common Shares - Assumptions (De
Common Shares - Assumptions (Details) - Stock Options [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility (as a percent) | 61.10% | 76.20% |
Risk-free interest rate (as a percent) | 2.00% | 2.70% |
Expected life (years) | 2 years 9 months 18 days | 5 years |
Dividend yield | 0.00% | 0.00% |
Forfeiture assumption (as a percent) | 0.00% | 0.00% |
Common Shares - Option Amendmen
Common Shares - Option Amendment (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Jul. 31, 2018item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Common shares | ||||
Allocated Share-based Compensation Expense | $ 765 | $ 982 | ||
Stock Option Agreement 2013 Amendment | ||||
Common shares | ||||
Number of executives and directors | item | 7 | |||
Cash buyouts of unexercised stock options | $ 61 |
Common Shares - Summary Of Rest
Common Shares - Summary Of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of units, beginning of period (in shares) | 1,002,670 | 1,567,907 |
Granted, Number of units (in shares) | 1,412,500 | 319,000 |
Cancelled/forfeited, Number of units (in shares) | (657,573) | (246,683) |
Vested, net of shares withheld, Number of units (in shares) | (266,296) | (637,554) |
Unvested, Number of units, end of period (in shares) | 1,491,301 | 1,002,670 |
Unvested, weighted average fair value, beginning of year (in dollars per share) | $ 0.78 | $ 0.85 |
Granted, Weighted average fair value (in dollars per share) | 0.49 | 0.75 |
Cancelled/forfeited, Weighted average fair value (in dollars per share) | 0.76 | 0.90 |
Vested, Weighted average fair value (in dollars per share) | 0.84 | 0.88 |
Unvested, weighted average fair value, end of year (in dollars per share) | $ 0.51 | $ 0.78 |
Fixed future date | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting (as a percent) | 32.00% | |
Performance criteria | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting (as a percent) | 25.00% | |
Market criteria | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting (as a percent) | 43.00% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year |
Common Shares - Summary Of Defe
Common Shares - Summary Of Deferred Share Units Activity (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
May 31, 2019USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ | $ 765 | $ 982 | |
Deferred Stock Units (DSU) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common shares issues for each DSU (at end of board members’ team). | 1 | ||
Granted, Number of units (in shares) | shares | 366,000 | 366,000 | |
Unvested, Number of units, end of period (in shares) | shares | 366,000 | ||
Granted, Weighted average fair value (in dollars per share) | $ / shares | $ 0.57 | ||
Unvested, weighted average fair value, end of year (in dollars per share) | $ / shares | $ 0.57 | ||
Allocated Share-based Compensation Expense | $ | $ 209 | $ 209 |
Common Shares - Summary Of Phan
Common Shares - Summary Of Phantom Units Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Current liabilities | $ 1,070 | $ 872 |
Stock-based compensation expense | $ 765 | $ 982 |
Phantom Share Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of units, beginning of period (in shares) | 265,000 | |
Granted, Number of units (in shares) | 265,000 | |
Cancelled/forfeited, Number of units (in shares) | (32,667) | |
Vested, net of shares withheld, Number of units (in shares) | (88,333) | |
Unvested, Number of units, end of period (in shares) | 144,000 | 265,000 |
Weighted average remaining contractual term | 1 year | 1 year 6 months |
Current liabilities | $ 26 | $ 23 |
Stock-based compensation expense | 84 | $ 23 |
Payments for Share Based Compensation | $ 81 |
Common Shares - Weighted Averag
Common Shares - Weighted Average (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common Shares | ||
Basic Common Shares | 100,533,448 | 99,738,461 |
Diluted Common Shares | 100,533,448 | 99,738,461 |
Common Shares - Anti-dilutive (
Common Shares - Anti-dilutive (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares outstanding | 1,437,000 | 1,319,149 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares outstanding | 1,491,301 | 1,002,670 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares outstanding | 6,514,625 | |
Deferred Stock Units (DSU) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares outstanding | 366,000 |
Common Shares - ATM Agreement (
Common Shares - ATM Agreement (Details) - At-The-Market Offering Agreement [Member] - H. C. Wainwright And Co., LLC [Member] - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsidiary, Sale of Stock [Line Items] | |||
Threshold of aggregate sales proceeds | $ 10,000 | ||
Offers or sales of common shares under Agreement to be made in Canada | $ 0 | ||
Offers or sales of common shares | $ 0 | $ 0 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019AUD ($) | |
Scenario, Plan | Jawoyn Association Aboriginal Corporation | |
Loss Contingencies [Line Items] | |
Minimum payment per year | $ 50 |
Mt Todd, Australia | |
Loss Contingencies [Line Items] | |
Percentage of ownership in project | 100.00% |
Mt Todd, Australia | Scenario, Plan | |
Loss Contingencies [Line Items] | |
Percentage of ownership in project | 90.00% |
Mt Todd, Australia | Scenario, Plan | Jawoyn Association Aboriginal Corporation | |
Loss Contingencies [Line Items] | |
Percentage of ownership in project | 10.00% |
Percentage of royalty on gold | 1.00% |
Percentage of royalty on other metals | 1.00% |
Fair Value Accounting (Details)
Fair Value Accounting (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Accounting | |||
Other investments | $ 3,676 | $ 5,462 | $ 3,746 |
Used mill equipment (non-recurring) | 5,500 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Accounting | |||
Other investments | $ 3,676 | 5,462 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Accounting | |||
Used mill equipment (non-recurring) | $ 5,500 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information and Material Non-Cash Transactions (Details) - Nusantara Resources - USD ($) $ in Thousands | Nov. 01, 2019 | Dec. 31, 2019 |
Shares owned | 1,333,334 | |
Investment Owned, at Fair Value | $ 272 | |
Stock Received During Period, Shares, Consideration | 666,667 | |
Number of shares not recognized earlier | 666,667 | |
PT Masmindo Dwi Area | Awak Mas | ||
Stock Received During Period, Shares, Consideration | 666,667 |
Income Taxes - Source of Income
Income Taxes - Source of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income (loss) before income taxes, total | $ (9,386) | $ (8,714) |
U.S. | ||
Income (loss) before income taxes, domestic | (1,730) | (646) |
Canada | ||
Income (loss) before income taxes, foreign | (3,514) | (2,288) |
Other Foreign | ||
Income (loss) before income taxes, foreign | $ (4,142) | $ (5,780) |
Income Taxes - Deferred Tax Exp
Income Taxes - Deferred Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. | ||
Current income tax expense (benefit) | ||
Deferred income tax expense (benefit) | ||
Canada | ||
Current income tax expense (benefit) | ||
Deferred income tax expense (benefit) | ||
Other Foreign | ||
Current income tax expense (benefit) | ||
Deferred income tax expense (benefit) |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Income taxed at statutory rates | $ (2,311) | $ (2,125) |
Stock-based compensation | 84 | 79 |
Other adjustments | 102 | 5 |
Prior year provision to actual adjustments | 475 | (2,867) |
Change in foreign tax rate | (1,361) | |
Differences in tax rates | (284) | (339) |
Effect of foreign exchange | 66 | (6) |
Change in valuation allowance | $ 3,229 | $ 5,253 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets/Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Excess tax basis over book basis of property, plant, and equipment | $ 8,295 | $ 7,488 |
Marketable securities | 500 | 667 |
Operating loss carryforwards | 36,716 | 34,052 |
Capital loss carryforwards | 13,618 | 13,276 |
Other | 1,085 | 2,031 |
Total future tax assets | 60,214 | 57,514 |
Valuation allowance for future tax assets | (59,886) | (56,659) |
Total income tax assets | 328 | 855 |
Other investments | 328 | 855 |
Total deferred income tax liabilities | $ 328 | $ 855 |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforward Expirations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||
Total | $ (80,137) | |
Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (51,295) | |
Capital loss carryforwards | $ 100,874 | |
U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 2,119 | |
Expiring net operating loss carryforwards | (20,770) | |
Mexico | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (7,971) | |
Barbados | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (101) | |
Australia | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 49,418 | |
Tax Year 2021 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (20) | |
Tax Year 2021 | Barbados | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (20) | |
Tax Year 2022 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (6,737) | |
Tax Year 2022 | Mexico | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (6,706) | |
Tax Year 2022 | Barbados | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (31) | |
Tax Year 2023 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (414) | |
Tax Year 2023 | Mexico | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (392) | |
Tax Year 2023 | Barbados | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (22) | |
Tax Year 2024 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (4) | |
Tax Year 2024 | Barbados | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (4) | |
Tax Year 2025 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (90) | |
Tax Year 2025 | Mexico | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (84) | |
Tax Year 2025 | Barbados | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (6) | |
Tax Year 2026 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (1,822) | |
Tax Year 2026 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (1,027) | |
Tax Year 2026 | Mexico | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (789) | |
Tax Year 2026 | Barbados | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (6) | |
Tax Year 2027 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (853) | |
Tax Year 2027 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (847) | |
Tax Year 2027 | Barbados | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (6) | |
Tax Year 2028 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (6,538) | |
Tax Year 2028 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (5,245) | |
Tax Year 2028 | U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (1,287) | |
Tax Year 2028 | Barbados | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (6) | |
Tax Year 2029 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (5,741) | |
Tax Year 2029 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (4,022) | |
Tax Year 2029 | U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (1,719) | |
Tax Year 2030 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (7,002) | |
Tax Year 2030 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (5,032) | |
Tax Year 2030 | U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (1,970) | |
Tax Year 2031 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (5,633) | |
Tax Year 2031 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (3,806) | |
Tax Year 2031 | U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (1,827) | |
Tax Year 2032 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (9,804) | |
Tax Year 2032 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (6,397) | |
Tax Year 2032 | U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (3,407) | |
Tax Year 2033 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (8,508) | |
Tax Year 2033 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (6,185) | |
Tax Year 2033 | U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (2,323) | |
Tax Year 2034 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (7,518) | |
Tax Year 2034 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (4,420) | |
Tax Year 2034 | U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (3,098) | |
Tax year 2035 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (3,731) | |
Tax year 2035 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (3,729) | |
Tax year 2035 | U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (2) | |
Tax Year 2036 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (5,454) | |
Tax Year 2036 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (2,799) | |
Tax Year 2036 | U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (2,655) | |
Tax Year 2037 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (4,398) | |
Tax Year 2037 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (1,916) | |
Tax Year 2037 | U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring net operating loss carryforwards | (2,482) | |
Tax Year 2038 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (2,666) | |
Tax Year 2038 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | (2,666) | |
Tax Year 2039 | ||
Operating Loss Carryforwards [Line Items] | ||
Total | (3,204) | |
Tax Year 2039 | Canada | ||
Operating Loss Carryforwards [Line Items] | ||
Expiring noncapital loss carryforwards | $ (3,204) |
Income Taxes - Uncertainty (Det
Income Taxes - Uncertainty (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Income Taxes | |
Unrecognized tax positions | $ 0 |
Geographic And Segment Inform_2
Geographic And Segment Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | |
Geographic and Segment information | ||
Number of reportable segments | segment | 1 | |
Revenues | $ | $ 0 | $ 0 |