Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and Entity Information [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | GOLD RESERVE INC. |
Entity Central Index Key | 0001072725 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 99,395,048 |
Entity Current Reporting Status | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents (Note 4) | $ 147,646,353 | $ 137,672,718 |
Marketable securities (Note 5) | 287,638 | 239,232 |
Income tax receivable | 6,450,384 | 0 |
Deposits, advances and other (Note 7) | 1,608,698 | 156,050 |
Total current assets | 155,993,073 | 138,068,000 |
Property, plant and equipment, net (Note 6) | 12,660,273 | 12,632,534 |
Total assets | 168,653,346 | 150,700,534 |
Current Liabilities: | ||
Accounts payable and accrued expenses (Note 3) | 712,520 | 2,167,171 |
Income tax payable | 0 | 1,263,438 |
Contingent value rights (Note 3) | 0 | 3,097,193 |
Total current liabilities | 712,520 | 6,527,802 |
Deferred income tax (Note 11) | 0 | 18,402,483 |
Total liabilities | 712,520 | 24,930,285 |
SHAREHOLDERS' EQUITY | ||
Common shares | 378,009,884 | 378,009,884 |
Contributed surplus (Note 10) | 20,625,372 | 20,625,372 |
Stock options (Note 9) | 20,721,850 | 20,409,643 |
Accumulated deficit | (251,416,280) | (293,386,189) |
Accumulated other comprehensive income | 0 | 111,539 |
Total shareholders' equity | 167,940,826 | 125,770,249 |
Total liabilities and shareholders' equity | $ 168,653,346 | $ 150,700,534 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
INCOME (LOSS) | ||
Gain on sale of mining data (Note 3) | $ 52,500,000 | $ 187,500,000 |
Arbitration award (Note 3) | 36,000,000 | 0 |
Interest income | 325,183 | 48,323 |
Loss on impairment of trust account (Note 4) | (21,456,881) | 0 |
Loss on settlement of debt (Note 10) | 0 | (16,637,379) |
Loss on marketable debt securities (Note 5) | (14,188,651) | 0 |
Gain on marketable equity securities | 48,405 | 0 |
Foreign currency loss | (1,658,881) | (213,016) |
Total INCOME (LOSS) | 51,569,175 | 170,697,928 |
EXPENSES | ||
Corporate general and administrative | 7,468,553 | 16,715,792 |
Retention units | 0 | 7,694,200 |
Contingent value rights | 4,799,114 | 3,901,159 |
Siembra Minera Project (Note 7) | 5,125,815 | 7,510,588 |
Exploration costs | 27,980 | 83,859 |
Legal and accounting | 1,140,436 | 1,012,768 |
Arbitration and settlement (Note 3) | 217,974 | 2,435,645 |
Equipment holding costs | 901,050 | 661,798 |
Interest expense (Note 10) | 0 | 6,098,069 |
Total EXPENSES | 19,680,922 | 46,113,878 |
Net income before income tax expense | 31,888,253 | 124,584,050 |
Income tax benefit (expense) (Note 11) | 9,970,117 | (35,073,174) |
Net income for the year | $ 41,858,370 | $ 89,510,876 |
Net income per share, basic and diluted | $ 0.42 | $ 0.96 |
Weighted average common shares outstanding | ||
Basic | 99,395,048 | 93,649,587 |
Diluted | 99,497,860 | 94,162,693 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
Net income for the year | $ 41,858,370 | $ 89,510,876 |
Items that may be reclassified subsequently to the consolidated statement of operations: | ||
Loss on marketable securities, net of tax of nil (Note 5) | 0 | (301,984) |
Revaluation of deferred tax liability | 0 | (29,650) |
Other comprehensive loss for the year | 0 | (331,634) |
Comprehensive income for the year | $ 41,858,370 | $ 89,179,242 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Total | Common Shares | Common Shares Amount | Contributed Surplus | Stock Options | Accumulated Deficit | Accumulated Other Comprehensive Income |
Balance at Dec. 31, 2016 | $ 342,190,645 | $ 25,723,900 | $ 17,353,725 | $ (382,897,065) | $ 443,173 | ||
Balance (in shares) at Dec. 31, 2016 | 89,710,604 | ||||||
Net income | 89,510,876 | ||||||
Other comprehensive loss | $ 331,634 | 0 | 0 | 0 | (331,634) | ||
Stock option compensation (Note 9) | 5,108,493 | ||||||
Fair value of options exercised | 2,052,575 | (2,052,575) | |||||
Common shares issued for: | |||||||
Option exercises (Note 9) | 5,973,474 | ||||||
Option exercises (Note 9) (in shares) | 2,073,435 | ||||||
Note conversions (Note 10) | 27,793,190 | (5,098,528) | |||||
Note conversions (Note 10) (in shares) | 7,611,009 | ||||||
Balance at Dec. 31, 2017 | 378,009,884 | 20,625,372 | 20,409,643 | (293,386,189) | 111,539 | ||
Balance (in shares) at Dec. 31, 2017 | 99,395,048 | ||||||
Balance at Dec. 31, 2017 | 125,770,249 | ||||||
Other comprehensive loss | 0 | ||||||
Common shares issued for: | |||||||
Cumulative effect of accounting change (Note 2) | 111,539 | (111,539) | |||||
Net income | 41,858,370 | ||||||
Stock option compensation (Note 9) | 312,207 | ||||||
Balance at Dec. 31, 2018 | $ 167,940,826 | $ 378,009,884 | $ 20,625,372 | $ 20,721,850 | $ (251,416,280) | $ 0 | |
Balance, December 31, 2018 (in shares) at Dec. 31, 2018 | 99,395,048 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | ||
Net income for the year | $ 41,858,370 | $ 89,510,876 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Stock option compensation | 312,207 | 5,108,493 |
Depreciation | 47,940 | 6,491 |
Gain on sale of mining data | (52,500,000) | (187,500,000) |
Arbitration award | (36,000,000) | 0 |
Loss on settlement of debt | 0 | 16,637,379 |
Write-down of property, plant and equipment | 14,000 | 0 |
Accretion of convertible notes | 0 | 6,051,444 |
Loss on marketable securities | 14,140,245 | 0 |
Income tax | (26,116,305) | 18,402,483 |
Changes in non-cash working capital: | ||
Net increase in deposits and advances | (1,452,648) | (2,134) |
Net increase (decrease) in accounts payable and accrued expenses | (4,551,844) | 4,791,873 |
Net cash used in operating activities | (64,248,035) | (46,993,095) |
Cash Flows from Investing Activities: | ||
Proceeds from sale of mining data | 0 | 187,500,000 |
Proceeds from disposition of marketable securities | 74,311,349 | 0 |
Purchase of property, plant and equipment | (89,679) | (592,529) |
Net cash provided by investing activities | 74,221,670 | 186,907,471 |
Cash Flows from Financing Activities: | ||
Proceeds from the issuance of common shares | 0 | 5,973,474 |
Settlement of debt | 0 | (43,962,181) |
Net cash used in financing activities | 0 | (37,988,707) |
Change in Cash and Cash Equivalents: | ||
Net increase in cash and cash equivalents | 9,973,635 | 101,925,669 |
Cash and cash equivalents - beginning of year | 137,672,718 | 35,747,049 |
Cash and cash equivalents - end of year | 147,646,353 | 137,672,718 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 0 | 9,589,281 |
Cash paid for income taxes | $ 16,146,188 | $ 15,436,903 |
The Company and Significant Acc
The Company and Significant Accounting Policies: | 12 Months Ended |
Dec. 31, 2018 | |
The Company and Significant Accounting Policies: [Abstract] | |
The Company and Significant Accounting Policies: | Note 1. The Company and Significant Accounting Policies: Gold Reserve Inc. ("Gold Reserve", the "Company", "we", "us", or "our") is engaged in the business of acquiring, exploring and developing mining projects and was incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014. Gold Reserve Inc. is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. A significant portion of our recent activities relate to the advancement of the Siembra Minera Project and the execution of the July 2016 settlement agreement, (as amended, the "Settlement Agreement") with the Bolivarian Republic of Venezuela ("Venezuela") in regards to the payment of the Award and the acquisition of our Mining Data by Venezuela (See Note 3, Arbitral Award Settlement and Associated Mining Data Sale and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera")). Basis of Presentation and Principles of Consolidation . These audited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The statements principally include the accounts of the Company, Gold Reserve Corporation and three Barbadian subsidiaries formed to hold our equity interest in Siembra Minera which is beneficially owned 55% by Venezuela and 45% by Gold Reserve. Our investment in Siembra Minera is accounted for as an equity investment. All other subsidiaries are wholly owned. All intercompany accounts and transactions have been eliminated on consolidation. Our policy is to consolidate those subsidiaries where control exists. We have only one operating segment, the exploration and development of mineral properties. Cash and Cash Equivalents . We consider short-term, highly liquid investments purchased with an original maturity of three months or less to be cash equivalents for purposes of reporting cash equivalents and cash flows. The cost of these investments approximates fair value. We manage the exposure of our cash and cash equivalents to credit risk by diversifying our holdings into various major financial institutions. Exploration and Development Costs . Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Mineral property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Mineral properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values. Property, Plant and Equipment . Included in property, plant and equipment is certain equipment, the carrying value of which has been adjusted, as a result of impairment tests, to its estimated fair value of $11.7 million and which is not being depreciated as it is not yet available for its intended use. The ultimate recoverable value of this equipment may be different than management's current estimate. We have additional property, plant and equipment which are recorded at cost less impairment charges and accumulated depreciation. Replacement costs and major improvements are capitalized. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the accounts and any resulting gain or loss is reflected in operations. Furniture, office equipment and leasehold improvements are depreciated using the straight-line method over 5 to 10 years. The remaining property, plant and equipment are fully depreciated. Impairment of Long Lived Assets . We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the expected future net cash flows to be generated from the use or eventual disposition of a long-lived asset (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on a determination of the asset's fair value. Fair value is generally determined by discounting estimated cash flows based on market participant expectations of those future cash flows, or applying a market approach that uses market prices and other relevant information generated by market transactions involving comparable assets. Foreign Currency. The U.S. dollar is our (and our foreign subsidiaries') functional currency. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Non-monetary assets and liabilities are translated at historical rates and revenue and expense items are translated at average exchange rates during the reporting period, except for depreciation which is translated at historical rates. Translation gains and losses are included in the statement of operations. Stock Based Compensation . We maintain an equity incentive plan which provides for the grant of stock options to purchase the Class A common shares. We use the fair value method of accounting for stock options. The fair value of options granted to employees is computed using the Black-Scholes method as described in Note 9 and is expensed over the vesting period of the option. For non-employees, the fair value of stock based compensation is recorded as an expense over the vesting period or upon completion of performance. Consideration paid for shares on exercise of share options, in addition to the fair value attributable to stock options granted, is credited to capital stock. Stock options granted under the plan become fully vested and exercisable upon a change of control. Income Taxes . We use the liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between the tax basis of assets and liabilities and those amounts reported in the financial statements. The deferred tax assets or liabilities are calculated using the enacted tax rates expected to apply in the periods in which the differences are expected to be settled. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized. Use of Estimates . The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Net Income (Loss) Per Share . Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of Class A common shares outstanding during each period. Diluted net income per share reflects the potentially dilutive effects of outstanding stock options and convertible notes. In periods in which a loss is incurred, the effect of potential issuances of shares under stock options and convertible notes would be anti-dilutive, and therefore basic and diluted losses per share are the same in those periods. Convertible Notes . Convertible notes are initially recorded at estimated fair value and subsequently measured at amortized cost. The fair value is allocated between the equity and debt component parts based on their respective fair values at the time of issuance and recorded net of transaction costs. The equity portion of the convertible notes is estimated using the residual value method. The fair value of the debt component is accreted to the face value of the convertible notes using the effective interest rate method over the contractual life of the convertible notes, with the resulting charge recorded as interest expense. Investments. We determine the appropriate classification of investments in equity securities at acquisition and reevaluate such classifications at each reporting date. Investments in incorporated entities in which the Company has the ability to exercise significant influence over the investee are accounted for by the equity method. Financial Instruments. Gains or losses on marketable securities are recorded in the statement of operations. If a decline in fair value of a security is determined to be other than temporary, an impairment loss is recognized. Cash and cash equivalents, deposits, advances and receivables are accounted for at cost which approximates fair value. Accounts payable, convertible notes, interest notes and contingent value rights are recorded at amortized cost. Amortized cost of accounts payable approximates fair value. |
New Accounting Policies_
New Accounting Policies: | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Policies: [Abstract] | |
New Accounting Policies: | <p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 2. New Accounting Policies:</font></b></p> <p style="margin:0in;margin-bottom:6.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Adopted in the year</font></u></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This update was effective for us January 1, 2018. </font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The updated guidance resulted in a reclassification of $0.1 million of unrealized holding gains and losses related to investments in marketable equity securities from accumulated other comprehensive income to accumulated deficit in the Balance Sheet upon adoption. C</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">hanges in the value of the Company's marketable equity securities are now recorded as income (loss) instead of other comprehensive income (loss).</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In January 2017, the FASB issued ASU 2017-01, Business Combinations. This update clarifies the definition of a business and adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows - Restricted Cash. This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments. This update is intended to reduce the existing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In May 2014, the FASB issued ASU 2014-09, Revenue from contracts with customers. This standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;page-break-after:avoid;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Recently issued accounting pronouncements</font></u></p> <p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In February 2016, the FASB issued ASU 2016-02, Leases. This update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for us commencing with the annual period beginning after December 15, 2018, including interim periods within that year. We do not expect the adoption of this standard will have a significant impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p>" id="sjs-B4"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 2.      New Accounting Policies:</font></b></p> <p style="margin:0in;margin-bottom:6.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Adopted in the year</font></u></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This update was effective for us January 1, 2018. </font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The updated guidance resulted in a reclassification of $0.1 million of unrealized holding gains and losses related to investments in marketable equity securities from accumulated other comprehensive income to accumulated deficit in the Balance Sheet upon adoption. C</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">hanges in the value of the Company's marketable equity securities are now recorded as income (loss) instead of other comprehensive income (loss).</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In January 2017, the FASB issued ASU 2017-01, Business Combinations. This update clarifies the definition of a business and adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows - Restricted Cash. This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments. This update is intended to reduce the existing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In May 2014, the FASB issued ASU 2014-09, Revenue from contracts with customers. This standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;page-break-after:avoid;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Recently issued accounting pronouncements</font></u></p> <p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In February 2016, the FASB issued ASU 2016-02, Leases. This update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for us commencing with the annual period beginning after December 15, 2018, including interim periods within that year. We do not expect the adoption of this standard will have a significant impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> |
Arbitral Award Settlement and A
Arbitral Award Settlement and Associated Mining Data Sale: | 12 Months Ended |
Dec. 31, 2018 | |
Arbitral Award Settlement and Associated Mining Data Sale: [Abstract] | |
Arbitral Award Settlement and Associated Mining Data Sale: | <p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 3. Arbitral Award Settlement and Associated Mining Data Sale:</font></b><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></b></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In October 2009 we initiated the Brisas Arbitration to obtain compensation for the losses caused by the actions of Venezuela that terminated our Brisas Project. On September 22, 2014, we were granted an Arbitral Award (the “Award”) totaling $740.3 million. In July 2016, we signed the Settlement Agreement, subsequently amended, whereby Venezuela agreed to pay us $792 million to satisfy the Award (including interest) and $240 million for the purchase of our mining data related to the Brisas Project (the "Mining Data"). Pursuant to the Settlement Agreement, Venezuela agreed to make a payment of $40 million (the "Initial Payment") followed by 23 monthly payments of $29.5 million on or before the 15th day of each month starting in July 2017, with a final payment of approximately $313.3 million scheduled to be paid on or before June 15, 2019. The first $240 million received by Gold Reserve from Venezuela has been recognized as proceeds from the sale of the Mining Data. </font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">As of the date of this report, Venezuela had made payments pursuant to the Settlement Agreement of approximately $254 million including $165.5 million transferred from a Trust Account for the benefit of the Company (See Note 4, Cash and Cash Equivalents) and $88.5 million in Venezuelan government bonds. In August 2018, the Company received Venezuelan government bonds, which were exempt from U.S. Sanctions pursuant to then-applicable General License 3 issued by the U.S. Treasury Department's Office of Foreign Asset Control ("OFAC"), with a market value, at the time of the agreement, of approximately $88.5 million as payment of the December 2017 and January and February 2018 monthly installments due under the Settlement Agreement. The bonds were subsequently sold for approximately $74.3 million and the Company realized a $14.2 million loss on the sale during the year ended December 31, 2018. The monthly payments pursuant to the Settlement Agreement from March 2018 through April 2019 totaling approximately $413 million,</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;"> </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">not including the balance in the Trust Account</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">,</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> remain unpaid.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">We have Contingent Value Rights ("CVRs") outstanding that entitle the holders to an aggregate of 5.466% of proceeds associated with the collection of the Award, sale of Mining Data or an enterprise sale (the "Proceeds"), less amounts for certain specified obligations, as well as a bonus plan as described below. Due to U.S. and Canadian Sanctions (See Note 4, Cash and Cash Equivalents) and the uncertainty of transferring the cash held in the Trust Account to bank accounts outside of Venezuela, management only considers those funds received by the Company into its North American bank account as funds available for purposes of the CVR and Bonus Plan cash distributions. The cumulative amount distributed to CVR holders in 2018 totaled approximately $7.9 million.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">We maintain a bonus plan (the "Bonus Plan") which is intended to compensate the participants, including executive officers, employees, directors and consultants for their past and present contributions to the Company. The bonus pool under the Bonus Plan, as originally structured, was comprised of the gross proceeds collected or the fair value of any consideration realized related to such transactions less applicable taxes multiplied by 1% of the first $200 million and 5% thereafter. In June 2018, the Board modified the Bonus Plan to increase the percentage participation of certain individuals who in the Board's opinion were not adequately recognized for their current contribution to efforts associated with the conclusion of the Settlement Agreement and the collection of the amounts contemplated thereunder. The effect of the Board's modification to the Bonus Plan was to increase the after tax percentage allocation for the first $200 million up to a maximum of 1.28% and the percentage allocation thereafter up to a maximum of 6.4%. The cumulative amount distributed to Bonus Plan participants in 2018 totaled approximately $3.3 million.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Following receipt, if any, of additional funds pursuant to the Settlement Agreement and after applicable payments to CVR holders and Bonus Plan participants, we expect to distribute to our shareholders a substantial majority of any remaining amounts, subject to applicable regulatory requirements and retaining sufficient reserves for operating expenses, contractual obligations, accounts payable and income taxes, and any obligations arising as a result of the collection of the </font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Award</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> and/or sale of the Mining Data. (See Note 12, Subsequent Event).</font></p>" id="sjs-B4"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 3.      Arbitral Award Settlement and Associated Mining Data Sale:</font></b><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></b></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In October 2009 we initiated the Brisas Arbitration to obtain compensation for the losses caused by the actions of Venezuela that terminated our Brisas Project. On September 22, 2014, we were granted an Arbitral Award (the “Award”) totaling $740.3 million. In July 2016, we signed the Settlement Agreement, subsequently amended, whereby Venezuela agreed to pay us $792 million to satisfy the Award (including interest) and $240 million for the purchase of our mining data related to the Brisas Project (the "Mining Data"). Pursuant to the Settlement Agreement, Venezuela agreed to make a payment of $40 million (the "Initial Payment") followed by 23 monthly payments of $29.5 million on or before the 15th day of each month starting in July 2017, with a final payment of approximately $313.3 million scheduled to be paid on or before June 15, 2019. The first $240 million received by Gold Reserve from Venezuela has been recognized as proceeds from the sale of the Mining Data. </font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">As of the date of this report, Venezuela had made payments pursuant to the Settlement Agreement of approximately $254 million including $165.5 million transferred from a Trust Account for the benefit of the Company (See Note 4, Cash and Cash Equivalents) and $88.5 million in Venezuelan government bonds. In August 2018, the Company received Venezuelan government bonds, which were exempt from U.S. Sanctions pursuant to then-applicable General License 3 issued by the U.S. Treasury Department's Office of Foreign Asset Control ("OFAC"), with a market value, at the time of the agreement, of approximately $88.5 million as payment of the December 2017 and January and February 2018 monthly installments due under the Settlement Agreement. The bonds were subsequently sold for approximately $74.3 million and the Company realized a $14.2 million loss on the sale during the year ended December 31, 2018. The monthly payments pursuant to the Settlement Agreement from March 2018 through April 2019 totaling approximately $413 million,</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;"> </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">not including the balance in the Trust Account</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">,</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> remain unpaid.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">We have Contingent Value Rights ("CVRs") outstanding that entitle the holders to an aggregate of 5.466% of proceeds associated with the collection of the Award, sale of Mining Data or an enterprise sale (the "Proceeds"), less amounts for certain specified obligations, as well as a bonus plan as described below. Due to U.S. and Canadian Sanctions (See Note 4, Cash and Cash Equivalents) and the uncertainty of transferring the cash held in the Trust Account to bank accounts outside of Venezuela, management only considers those funds received by the Company into its North American bank account as funds available for purposes of the CVR and Bonus Plan cash distributions. The cumulative amount distributed to CVR holders in 2018 totaled approximately $7.9 million.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">We maintain a bonus plan (the "Bonus Plan") which is intended to compensate the participants, including executive officers, employees, directors and consultants for their past and present contributions to the Company. The bonus pool under the Bonus Plan, as originally structured, was comprised of the gross proceeds collected or the fair value of any consideration realized related to such transactions less applicable taxes multiplied by 1% of the first $200 million and 5% thereafter. In June 2018, the Board modified the Bonus Plan to increase the percentage participation of certain individuals who in the Board's opinion were not adequately recognized for their current contribution to efforts associated with the conclusion of the Settlement Agreement and the collection of the amounts contemplated thereunder. The effect of the Board's modification to the Bonus Plan was to increase the after tax percentage allocation for the first $200 million up to a maximum of 1.28% and the percentage allocation thereafter up to a maximum of 6.4%. The cumulative amount distributed to Bonus Plan participants in 2018 totaled approximately $3.3 million.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Following receipt, if any, of additional funds pursuant to the Settlement Agreement and after applicable payments to CVR holders and Bonus Plan participants, we expect to distribute to our shareholders a substantial majority of any remaining amounts, subject to applicable regulatory requirements and retaining sufficient reserves for operating expenses, contractual obligations, accounts payable and income taxes, and any obligations arising as a result of the collection of the </font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Award</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> and/or sale of the Mining Data. (See Note 12, Subsequent Event).</font></p> |
Cash and Cash Equivalents_
Cash and Cash Equivalents: | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents: [Abstract] | |
Cash and Cash Equivalents: | Note 4. Cash and Cash Equivalents: December 31, December 31, 2018 2017 Bank deposits $ 47,588,968 $ 39,649,888 Cash held in trust - 88,500,000 Short term investments 100,057,385 9,522,830 Total $ 147,646,353 $ 137,672,718 Short term investments include money market funds and US treasury bills which mature in three months or less. Payments made by Venezuela associated with the Settlement Agreement (excluding the recent transfer of Venezuelan bonds) have generally been deposited into a trust account for the benefit of the Company at Banco de Desarrollo Económico y Social de Venezuela ("Bandes Bank") (the "Trust Account"), a Venezuelan state-owned development bank. Under the trust agreement, the Company has the right to transfer the funds to its bank account outside of Venezuela. With the designation of Bandes Bank as an SDN on March 22, 2019, the Company is treating the Trust Account as blocked property. The Trust Account and the funds therein will remain blocked property until the U.S. government delists Bandes Bank as an SDN or issues a specific license to the Company to unblock this property. Cash deposited to the Trust Account and marketable debt securities transferred, subsequent to the balance sheet date but prior to the date of issuance of the consolidated financial statements are recognized as receivables as they represent amounts due from the sale of the Mining Data or the Arbitration Award as of the balance sheet date, for which collectability is certain. In August 2017, the U.S. government imposed financial sanctions (as defined herein "Sanctions") targeting Venezuela by issuing an Executive Order ("EO") that prohibits U.S. persons from dealing in financing of greater than 30 days for the Venezuelan government, including any entity owned or controlled by the Venezuelan government (with respect to certain subsidiaries of the state oil company, these restrictions prohibit financings of greater than 90 days). In addition, U.S. persons are prohibited from dealing in, among other things, bonds (unless otherwise exempt from U.S. Sanctions pursuant to General Licenses 3E or 9D issued by the Department of the Treasury's Office of Foreign Asset Control ("OFAC")) or equity issued by the Venezuelan government after the U.S. financial Sanctions were imposed in August 2017. Prior to January 2019, certain Venezuelan government bonds identified in General License 3 had been largely exempt from U.S. Sanctions. U.S. financial sanctions have built on Sanctions imposed by the U.S. government starting in March 2015 that designated Venezuelan government officials as “Specially Designated Nationals” (“SDNs”), which prohibits them from traveling to the U.S., freezes any assets they may have in the U.S. and generally prohibits U.S. persons from doing business with them and any entity they own 50% or more. Since August 2017, the U.S. government has designated several additional individuals as SDNs and has prohibited U.S. persons from dealing in cryptocurrencies issued by the Venezuelan government. In September and November 2017, and again in May 21, 2018, Canada imposed its own Sanctions requiring asset freezes and imposing prohibitions on dealings with named Venezuelan officials. In May 2018, the U.S. government issued an EO that prohibits U.S. persons from engaging in transactions relating to: (i) the purchase of any debt owed to the Venezuelan government, including accounts receivable, (ii) any debt owed to the Venezuelan government that is pledged as collateral after May 2018, including accounts receivable, and (iii) the sale, transfer, assignment, or pledging as collateral by the Venezuelan government of any equity interest in any entity in which the Venezuelan government has a 50% or greater ownership interest. In November 2018, the U.S. government issued an EO authorizing OFAC to designate as an SDN any person determined to: (i) “operate in the gold sector of the Venezuelan economy” or any other sector deemed sanctionable by the U.S. government, (ii) be responsible for transactions involving deceptive practices or corruption involving the Venezuelan government, or (iii) have supported deceptive or corrupt transactions or to be owned or controlled by a person meeting the foregoing criteria. OFAC issued guidance that it “expects to use its discretion to target in particular those who operate corruptly in the gold or other identified sectors of the Venezuela economy, and not those who are operating legitimately in such sectors.” In January 2019, the U.S. government designated the Venezuelan state oil company as an SDN under the November 2018 EO. U.S. persons are generally prohibited from doing business with the state oil company and its subsidiaries unless authorized by OFAC. In conjunction with that action, OFAC also changed existing general licenses, such as General License 3 mentioned above, and issued additional general licenses to authorize certain transactions involving certain subsidiaries of the state oil company. In March 2019, pursuant to EO 13850, OFAC designated CVG Compania General de Minera de Venezuela CA and its president as SDNs in connection with the Venezuelan gold sector and also designated Bandes Bank as an SDN with the same effects as those described above with respect to the Venezuelan state oil company. In conjunction with that designation, OFAC issued several general licenses, although none that authorize the Company's dealings with Bandes Bank. Due to the deteriorating economic conditions in Venezuela and as a result of the Bandes Bank designation which blocked the Company's access to the funds held in the Trust Account at Bandes Bank, the Company has recorded an impairment loss on the balance in the Trust Account of approximately $21.5 million. The Trust Account and funds will remain blocked until OFAC delists Bandes Bank as an SDN or OFAC issues a specific license to the Company to unblock this property. On April 15, 2019, the Government of Canada imposed Sanctions against 43 additional individuals under the Special Economic Measures (Venezuela) Regulations of the Special Economic Measures Act . The imposition of such additional Sanctions poses a significant impediment to the Company's ability to work with government officials related to the development of the Siembra Minera Project and those responsible for the payment and transfer of funds associated with the Settlement Agreement. To the extent required, the Company will apply for a license from OFAC to allow the Company to pursue payments under the Settlement Agreement and allow international financial institutions to facilitate such transactions without violating US Sanctions. The Company may also pursue similar relief from Sanctions imposed under Canadian law. |
Marketable Securities_
Marketable Securities: | 12 Months Ended |
Dec. 31, 2018 | |
Marketable Securities: [Abstract] | |
Marketable Securities: | Note 5. Marketable Securities: December 31, December 31, 2018 2017 Equity securities Fair value at beginning of year $ 239,232 $ 541,216 Increase (decrease) in fair value 48,406 (301,984) Fair value at balance sheet date $ 287,638 $ 239,232 Debt securities Fair value at beginning of year $ - $ - Acquisitions 88,500,000 - Dispositions (74,311,349) - Realized loss (14,188,651) - Fair value at balance sheet date $ - $ - Marketable securities are recorded at quoted market value with gains and losses recorded in the Consolidated Statements of Operations. Gains and losses on securities sold are based on the average cost of the shares held at the date of disposition. As of December 31, 2018 and 2017, marketable equity securities had a cost basis of $98,043. Marketable debt securities, which were sold during 2018, consisted of Venezuelan government bonds received under the Settlement Agreement (See Note 3, Arbitral Award Settlement and Associated Mining Data Sale). Accounting Standards Codification ("ASC") 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices in active markets for identical assets or liabilities, Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability and Level 3 inputs are unobservable inputs for the asset or liability that reflect the entity's own assumptions. The fair values of the Company's marketable equity securities as at the balance sheet date are based on Level 1 inputs. |
Property, Plant and Equipment_
Property, Plant and Equipment: | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment: [Abstract] | |
Property, Plant and Equipment: | Note 6. Property, Plant and Equipment: Accumulated Cost Depreciation Net December 31, 2018 Machinery and equipment $ 11,677,534 $ - $ 11,677,534 Furniture and office equipment 469,569 (333,828) 135,741 Transportation equipment 491,025 (34,622) 456,403 Leasehold improvements 51,658 (11,063) 40,595 Mineral property 350,000 - 350,000 $ 13,039,786 $ (379,513) $ 12,660,273 Accumulated Cost Depreciation Net December 31, 2017 Machinery and equipment $ 11,677,534 $ - $ 11,677,534 Furniture and office equipment 587,126 (503,216) 83,910 Transportation equipment 489,560 - 489,560 Leasehold improvements 39,185 (7,655) 31,530 Mineral property 350,000 - 350,000 $ 13,143,405 $ (510,871) $ 12,632,534 Machinery and equipment consists of infrastructure and milling equipment intended for use on the Brisas Project. We continually evaluate our equipment to determine whether events or changes in circumstances have occurred that may indicate impairment has occurred. We review comparable market data for evidence that fair value less cost to sell is in excess of the carrying amount. We recorded impairment write-downs of property, plant and equipment of $14,000 and NIL during the years ended December 31, 2018 and 2017. During 2017, the Company purchased approximately $0.5 million of transportation equipment for use in the development of the Siembra Minera project. |
Empresa Mixta Ecosocialista Sie
Empresa Mixta Ecosocialista Siembra Minera, S. | 12 Months Ended |
Dec. 31, 2018 | |
Empresa Mixta Ecosocialista Siembra Minera, S. [Abstract] | |
Empresa Mixta Ecosocialista Siembra Minera, S. | <p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><b><font lang="ES-AR" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 7. Empresa Mixta Ecosocialista Siembra Minera, S.A.:</font></b></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In October 2016, together with an affiliate of the government of Venezuela, we established Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera"). The primary purpose of this entity is to develop the Siembra Minera Project.</font></p> <p align="justify" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0pt;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Siembra Minera</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation, and 45% by Gold Reserve. </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Siembra Minera (pursuant to the agreement which governs the formation and operation of Siembra Minera)</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> holds certain gold, copper, silver and other strategic mineral rights contained within Bolivar State comprising the Siembra Minera Project (which has a 20 year term with two 10 year extensions) and is, among other things authorized, via current or future Presidential Decrees and Ministerial resolutions, to carry on its business, pay a net smelter return royalty to Venezuela on the future sale of gold, copper, silver and any other strategic minerals over the life of the project and provide net profits participation based on the sales price of gold per ounce. </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A number of the authorizations, which still have not been provided by the current administration, are critical to the future operation and economics of the Siembra Minera Project and, as a result, management continues its efforts to secure them on behalf of Siembra Minera. </font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Pursuant to the Settlement Agreement, both parties will retain their respective interest in </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Siembra Minera</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> in the event all of the agreed upon settlement payments are not made by Venezuela. </font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:35.3pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On March 16, 2018, the Company announced the completion of a technical report for the Preliminary Economic Assessment ("PEA") for the Siembra Minera Project in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects which included, among other information, resource estimates, pit design, mine plan, flowsheet design, design criteria, project layout, infrastructure requirements, capital and operating estimates. T</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">he Company has directly incurred the costs on the Siembra Minera Project, which beginning in 2016 through December 31, 2018 amounted to a total of approximately $14.1 million. Additionally, the Company had prepaid $0.9 million for project related activities ongoing into 2019. The Siembra Minera Project expenditures primarily include costs associated with the completion of the PEA that included a number of engineering, environmental and social third party advisors as well as costs associated with a number of social works programs in the vicinity of the Siembra Minera Project, which are expensed as incurred and classified within “Siembra Minera Project Costs” in the Consolidated Statements of Operations. </font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:35.3pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On April 15, 2019, the Government of Canada imposed Sanctions against 43 additional individuals under the </font><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Special Economic Measures (Venezuela) Regulations</font></i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> of the </font><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Special Economic Measures Act</font></i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. The imposition of such additional Sanctions poses a significant impediment to the Company's ability to work with government officials related to the development of the Siembra Minera Project. (See Note 4, Cash and Cash equivalents for additional information regarding Sanctions.</font></p>" id="sjs-B4"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><b><font lang="ES-AR" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 7.      Empresa Mixta Ecosocialista Siembra Minera, S.A.:</font></b></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In October 2016, together with an affiliate of the government of Venezuela, we established Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera"). The primary purpose of this entity is to develop the Siembra Minera Project.</font></p> <p align="justify" style="margin-bottom:6.0pt;margin-left:0in;margin-right:0pt;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Siembra Minera</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation, and 45% by Gold Reserve. </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Siembra Minera (pursuant to the agreement which governs the formation and operation of Siembra Minera)</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> holds certain gold, copper, silver and other strategic mineral rights contained within Bolivar State comprising the Siembra Minera Project (which has a 20 year term with two 10 year extensions) and is, among other things authorized, via current or future Presidential Decrees and Ministerial resolutions, to carry on its business, pay a net smelter return royalty to Venezuela on the future sale of gold, copper, silver and any other strategic minerals over the life of the project and provide net profits participation based on the sales price of gold per ounce. </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A number of the authorizations, which still have not been provided by the current administration, are critical to the future operation and economics of the Siembra Minera Project and, as a result, management continues its efforts to secure them on behalf of Siembra Minera. </font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Pursuant to the Settlement Agreement, both parties will retain their respective interest in </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Siembra Minera</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> in the event all of the agreed upon settlement payments are not made by Venezuela. </font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:35.3pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On March 16, 2018, the Company announced the completion of a technical report for the Preliminary Economic Assessment ("PEA") for the Siembra Minera Project in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects which included, among other information, resource estimates, pit design, mine plan, flowsheet design, design criteria, project layout, infrastructure requirements, capital and operating estimates. T</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">he Company has directly incurred the costs on the Siembra Minera Project, which beginning in 2016 through December 31, 2018 amounted to a total of approximately $14.1 million. Additionally, the Company had prepaid $0.9 million for project related activities ongoing into 2019. The Siembra Minera Project expenditures primarily include costs associated with the completion of the PEA that included a number of engineering, environmental and social third party advisors as well as costs associated with a number of social works programs in the vicinity of the Siembra Minera Project, which are expensed as incurred and classified within “Siembra Minera Project Costs” in the Consolidated Statements of Operations. </font></p> <p align="justify" style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:35.3pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On April 15, 2019, the Government of Canada imposed Sanctions against 43 additional individuals under the </font><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Special Economic Measures (Venezuela) Regulations</font></i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> of the </font><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Special Economic Measures Act</font></i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. The imposition of such additional Sanctions poses a significant impediment to the Company's ability to work with government officials related to the development of the Siembra Minera Project. (See Note 4, Cash and Cash equivalents for additional information regarding Sanctions.</font></p> |
KSOP Plan_
KSOP Plan: | 12 Months Ended |
Dec. 31, 2018 | |
KSOP Plan: [Abstract] | |
KSOP Plan: | <p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 8. KSOP Plan:</font></b></p> <p style="margin:0in;margin-bottom:8.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The KSOP Plan, adopted in 1990 for retirement benefits of employees, is comprised of two parts, (1) a salary reduction component, and a 401(k) which includes provisions for discretionary contributions by us, and (2) an employee share ownership component, or ESOP. Allocation of Class A common shares or cash to participants' accounts, subject to certain limitations, is at the discretion of the Board. There have been no Class A common shares allocated to the KSOP Plan since 2011. Cash contributions for the KSOP Plan years 2018 and 2017 were approximately $212,000 and $234,000, respectively.</font></p>" id="sjs-B4"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 8.            KSOP Plan:</font></b></p> <p style="margin:0in;margin-bottom:8.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The KSOP Plan, adopted in 1990 for retirement benefits of employees, is comprised of two parts, (1) a salary reduction component, and a 401(k) which includes provisions for discretionary contributions by us, and (2) an employee share ownership component, or ESOP. Allocation of Class A common shares or cash to participants' accounts, subject to certain limitations, is at the discretion of the Board. There have been no Class A common shares allocated to the KSOP Plan since 2011. Cash contributions for the KSOP Plan years 2018 and 2017 were approximately $212,000 and $234,000, respectively.</font></p> |
Stock Based Compensation Plans_
Stock Based Compensation Plans: | 12 Months Ended |
Dec. 31, 2018 | |
Stock Based Compensation Plans: [Abstract] | |
Stock Based Compensation Plans: | <p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 9. Stock Based Compensation Plans:</font></b></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Equity Incentive Plans</font></u></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company's equity incentive plan provides for the grant of stock options to purchase up to a maximum of 8,750,000 of the Class A common shares. As of December 31, 2018, there were 2,122,000 options available for grant. Grants are made for terms of up to ten years with vesting periods as required by the TSXV and as may be determined by a committee of the Board established pursuant to the equity incentive plan.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Share option transactions for the years ended December 31, 2018 and 2017 are as follows:</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="548" style="border-collapse:collapse;margin-left:5.4pt;width:486.900024pt;"> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="top" width="30%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2018</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="bottom" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr style="height:37.75pt;"> <td valign="top" width="31%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - beginning of period</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,091,565</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,357,000</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 2.84</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options granted</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">- </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,277,500</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.15</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercised</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">- </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(2,073,435)</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.88</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options expired</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(537,000)</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.32</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(1,469,500)</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.89</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,554,565</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.11</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,091,565</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercisable - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,092,068</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.10</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,004,067</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;">The following table relates to stock options at December 31, 2018:</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.4pt;width:589.499939pt;"> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Outstanding Options</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercisable Options</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercise Price</font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.95pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.44</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.44</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">125,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.33</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p" id="sjs-B4"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 9.      Stock Based Compensation Plans:</font></b></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Equity Incentive Plans</font></u></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company's equity incentive plan provides for the grant of stock options to purchase up to a maximum of 8,750,000 of the Class A common shares. As of December 31, 2018, there were 2,122,000 options available for grant. Grants are made for terms of up to ten years with vesting periods as required by the TSXV and as may be determined by a committee of the Board established pursuant to the equity incentive plan.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Share option transactions for the years ended December 31, 2018 and 2017 are as follows:</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="548" style="border-collapse:collapse;margin-left:5.4pt;width:486.900024pt;"> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="top" width="30%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2018</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="bottom" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr style="height:37.75pt;"> <td valign="top" width="31%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - beginning of period</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,091,565</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,357,000</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 2.84</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options granted</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-   </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,277,500</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.15</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercised</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-   </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(2,073,435)</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.88</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options expired</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(537,000)</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.32</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(1,469,500)</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.89</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,554,565</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.11</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,091,565</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercisable - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,092,068</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.10</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,004,067</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.25in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;">The following table relates to stock options at December 31, 2018:</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.4pt;width:589.499939pt;"> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Outstanding Options</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercisable Options</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercise Price</font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.95pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.44</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.44</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">125,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.33</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p |
Convertible Notes and Interest
Convertible Notes and Interest Notes: | 12 Months Ended |
Dec. 31, 2018 | |
Convertible Notes and Interest Notes: [Abstract] | |
Convertible Notes and Interest Notes: | <p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 10. Convertible Notes and Interest Notes:</font></b></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In the third quarter of 2017, the Company settled all of its outstanding 11% Senior Secured Convertible Notes and Interest Notes due December 31, 2018 (the "2018 Notes"). Prior to settlement, the Company had a total of $59.1 million face value of 2018 Notes outstanding. Of these notes, $36.3 million were redeemed for cash and the Company paid an additional $6.4 million related to a 20% premium due on the redeemed notes and $0.2 million in interest to the redemption date. The remaining $22.8 million 2018 Notes were converted to approximately 7.6 million Class A common shares. As a result of the redemption or conversion of 2018 Notes, the Company recorded a $16.6 million loss on settlement of debt consisting of the $6.4 million premium paid and approximately $10.2 million of remaining unamortized discount. In October 2017, the Company redeemed for cash its remaining debt, which consisted of approximately $1.0 million face value of 5.5% Senior Subordinated Convertible Notes due June 15, 2022 (the "2022 Convertible Notes").</font></p>" id="sjs-B4"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 10.    Convertible Notes and Interest Notes:</font></b></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In the third quarter of 2017, the Company settled all of its outstanding 11% Senior Secured Convertible Notes and Interest Notes due December 31, 2018 (the "2018 Notes"). Prior to settlement, the Company had a total of $59.1 million face value of 2018 Notes outstanding. Of these notes, $36.3 million were redeemed for cash and the Company paid an additional $6.4 million related to a 20% premium due on the redeemed notes and $0.2 million in interest to the redemption date. The remaining $22.8 million 2018 Notes were converted to approximately 7.6 million Class A common shares. As a result of the redemption or conversion of 2018 Notes, the Company recorded a $16.6 million loss on settlement of debt consisting of the $6.4 million premium paid and approximately $10.2 million of remaining unamortized discount. In October 2017, the Company redeemed for cash its remaining debt, which consisted of approximately $1.0 million face value of 5.5% Senior Subordinated Convertible Notes due June 15, 2022 (the "2022 Convertible Notes").</font></p> |
Income Tax_
Income Tax: | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax: [Abstract] | |
Income Tax: | Note 11. Income Tax: On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") which made broad and complex changes to the U.S. tax code. The Tax Act established new tax laws including, but not limited to, a reduction of the U.S. federal corporate tax rate from 35% to 21% beginning in 2018. As a result of the reduction of the rate, we revalued our net deferred tax liability as of December 31, 2017. Income tax expense (benefit) for the years ended December 31, 2018 and 2017 differs from the amount that would result from applying Canadian tax rates to net income before taxes. These differences result from the items noted below: 2018 2017 Amount % Amount % Income tax expense based on Canadian tax rates $ 8,016,735 25 $ 31,146,013 25 Increase (decrease) due to: Different tax rates on foreign subsidiaries (570,196) (2) 16,872,781 14 Non-deductible expenses 1,016,377 3 3,581,209 3 Withholding tax 5,983,324 19 2,000,265 1 Worthless stock write-off (12,712,678) (40) - - Previously unrecognized tax benefits (13,197,148) (41) - - Change in valuation allowance and other 1,493,469 5 (18,527,094) (15) $ (9,970,117) (31) $ 35,073,174 27 The Company recorded income tax expense (benefit) of ($10.0) million and $35.1 million for the years ended December 31, 2018 and 2017, respectively. The income tax recovery for the year ended December 31, 2018 is a result of the deduction of capitalized costs incurred in the development of the Mining Data, the recognition of previously unrecognized Canadian tax losses, and the write-off of investments in subsidiaries that were dissolved during 2018. The tax benefit of the capitalized costs had not been recognized prior to the third quarter of 2018 when Venezuela completed all of the payments due under the agreement for sale of the Mining Data. We have recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced in the near term if our estimate of future taxable income changes. The components of the Canadian and U.S. deferred income tax assets and liabilities as of December 31, 2018 and 2017 were as follows: December 31, 2018 2017 Deferred income tax assets Net operating loss carry forwards $ 31,362,816 $ 35,964,366 Property, Plant and Equipment 3,226,994 3,227,745 Other 1,652,114 1,682,594 36,241,924 40,874,705 Valuation allowance (36,202,109) (40,662,538) $ 39,815 $ 212,167 Deferred income tax liabilities Cash held in trust - (18,585,000) Other (39,815) (29,650) Net deferred income tax liability $ - $ (18,402,483) At December 31, 2018, we had the following Canadian tax loss carry forwards. Amounts are in U.S. dollars. Expires $ 1,915,370 2026 3,554,678 2027 13,548,810 2028 12,840,308 2029 15,863,487 2030 17,763,432 2031 5,153,925 2032 7,492,746 2033 8,681,482 2034 12,392,175 2035 14,732,993 2036 11,110,698 2037 401,160 2038 $ 125,451,264 |
Subsequent Event_
Subsequent Event: | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Event: [Abstract] | |
Subsequent Event: | Note 12. Subsequent Event: On March 27, 2019, the Company announced that the Board had approved the distribution of between approximately $90 million and $100 million in the aggregate, to holders of Class A Shares as a return of capital. On April 16, 2019, following the Government of Canada's decision on April 15, 2019 to impose sanctions against 43 additional individuals under the Special Economic Measures (Venezuela) Regulations of the Special Economic Measures Act , the Board determined that it was in the best interests of the Company and its Shareholders to reduce the aggregate amount of capital to be returned to Shareholders pursuant to the Return of Capital transaction to approximately US$75 million, or approximately US$0.76 per Class A Share. The Return of Capital Transaction is intended to occur on a tax-efficient basis for income tax purposes. The Return of Capital Transaction is to be completed pursuant to a court-approved plan of arrangement transaction under the Business Corporations Act (Alberta) and requires approval by the Alberta Court of Queen's Bench (the “Court”) and at least two-thirds of the votes cast by Shareholders in respect of a special resolution. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies (Policies) [Abstract] | |
Significant Accounting Policies (Policies) | <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gold Reserve Inc. ("Gold Reserve", the "Company", "we", "us", or "our")</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> is engaged in the business of acquiring, exploring and developing mining projects and was incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014. </font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gold Reserve Inc. is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. A significant portion of our recent activities relate to the advancement of the Siembra Minera Project and the execution of the July 2016 settlement agreement, (as amended, the "Settlement Agreement") with the Bolivarian Republic of Venezuela ("Venezuela") in regards to the payment of the Award and the acquisition of our Mining Data by Venezuela (See Note 3, Arbitral Award Settlement and Associated Mining Data Sale and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera")).</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Basis of Presentation and Principles of Consolidation</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. These audited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The statements principally include the accounts of the Company, Gold Reserve Corporation and three Barbadian subsidiaries formed to hold our equity interest in Siembra Minera which is beneficially owned 55% by Venezuela and 45% by Gold Reserve. Our investment in Siembra Minera is accounted for as an equity investment. All other subsidiaries are wholly owned. All intercompany accounts and transactions have been eliminated on consolidation. Our policy is to consolidate those subsidiaries where control exists. We have only one operating segment, the exploration and development of mineral properties.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Cash and Cash Equivalents</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. We consider short-term, highly liquid investments purchased with an original maturity of three months or less to be cash equivalents for purposes of reporting cash equivalents and cash flows. The cost of these investments approximates fair value. We manage the exposure of our cash and cash equivalents to credit risk by diversifying our holdings into various major financial institutions.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Exploration and Development Costs</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Mineral property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Mineral properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Property, Plant and Equipment</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. Included in property, plant and equipment is certain equipment, the carrying value of which has been adjusted, as a result of impairment tests, to its estimated fair value of $11.7 million and which is not being depreciated as it is not yet available for its intended use. The ultimate recoverable value of this equipment may be different than management's current estimate. We have additional property, plant and equipment which are recorded at cost less impairment charges and accumulated depreciation. Replacement costs and major improvements are capitalized. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the accounts and any resulting gain or loss is reflected in operations. Furniture, office equipment and leasehold improvements are depreciated using the straight-line method over 5 to 10 years. The remaining property, plant and equipment are fully depreciated.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Impairment of Long Lived Assets</font></i></b><b><i><font lang="EN-US" style="font-family:Times New Roman Bold,serif;font-size:10.0pt;">.</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the expected future net cash flows to be generated from the use or eventual disposition of a long-lived asset (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on a determination of the asset's fair value. Fair value is generally determined by discounting estimated cash flows based on market participant expectations of those future cash flows, or applying a market approach that uses market prices and other relevant information generated by market transactions involving comparable assets.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Foreign Currency. </font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The U.S. dollar is our (and our foreign subsidiaries') functional currency. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Non-monetary assets and liabilities are translated at historical rates and revenue and expense items are translated at average exchange rates during the reporting period, except for depreciation which is translated at historical rates. Translation gains and losses are included in the statement of operations.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Stock Based Compensation</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. We maintain an equity incentive plan which provides for the grant of stock options to purchase the Class A common shares. We use the fair value method of accounting for stock options. The fair value of options granted to employees is computed using the Black-Scholes method as described in Note 9 and is expensed over the vesting period of the option. For non-employees, the fair value of stock based compensation is recorded as an expense over the vesting period or upon completion of performance. Consideration paid for shares on exercise of share options, in addition to the fair value attributable to stock options granted, is credited to capital stock. Stock options granted under the plan become fully vested and exercisable upon a change of control.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Income Taxes</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. We use the liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between the tax basis of assets and liabilities and those amounts reported in the financial statements. The deferred tax assets or liabilities are calculated using the enacted tax rates expected to apply in the periods in which the differences are expected to be settled. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Use of Estimates</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net Income (Loss) Per Share</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of Class A common shares outstanding during each period. Diluted net income per share reflects the potentially dilutive effects of outstanding stock options and convertible notes. In periods in which a loss is incurred, the effect of potential issuances of shares under stock options and convertible notes would be anti-dilutive, and therefore basic and diluted losses per share are the same in those periods.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Convertible Notes</font></i></b><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Convertible notes are initially recorded at estimated fair value and subsequently measured at amortized cost. The fair value is allocated between the equity and debt component parts based on their respective fair values at the time of issuance and recorded net of transaction costs. The equity portion of the convertible notes is estimated using the residual value method. The fair value of the debt component is accreted to the face value of the convertible notes using the effective interest rate method over the contractual life of the convertible notes, with the resulting charge recorded as interest expense.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Investments. </font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">We determine the appropriate classification of investments in equity securities at acquisition and reevaluate such classifications at each reporting date. Investments in incorporated entities in which the Company has the ability to exercise significant influence over the investee are accounted for by the equity method.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial Instruments. </font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gains or losses on marketable securities are recorded in the statement of operations. If a decline in fair value of a security is determined to be other than temporary, an impairment loss is recognized. Cash and cash equivalents, deposits, advances and receivables are accounted for at cost which approximates fair value. Accounts payable, convertible notes, interest notes and</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> contingent value rights</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> are recorded at amortized cost. Amortized cost of accounts payable approximates fair value.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p>" id="sjs-B4"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gold Reserve Inc. ("Gold Reserve", the "Company", "we", "us", or "our")</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> is engaged in the business of acquiring, exploring and developing mining projects and was incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014. </font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gold Reserve Inc. is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. A significant portion of our recent activities relate to the advancement of the Siembra Minera Project and the execution of the July 2016 settlement agreement, (as amended, the "Settlement Agreement") with the Bolivarian Republic of Venezuela ("Venezuela") in regards to the payment of the Award and the acquisition of our Mining Data by Venezuela (See Note 3, Arbitral Award Settlement and Associated Mining Data Sale and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera")).</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Basis of Presentation and Principles of Consolidation</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. These audited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The statements principally include the accounts of the Company, Gold Reserve Corporation and three Barbadian subsidiaries formed to hold our equity interest in Siembra Minera which is beneficially owned 55% by Venezuela and 45% by Gold Reserve. Our investment in Siembra Minera is accounted for as an equity investment. All other subsidiaries are wholly owned. All intercompany accounts and transactions have been eliminated on consolidation. Our policy is to consolidate those subsidiaries where control exists. We have only one operating segment, the exploration and development of mineral properties.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Cash and Cash Equivalents</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. We consider short-term, highly liquid investments purchased with an original maturity of three months or less to be cash equivalents for purposes of reporting cash equivalents and cash flows. The cost of these investments approximates fair value. We manage the exposure of our cash and cash equivalents to credit risk by diversifying our holdings into various major financial institutions.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Exploration and Development Costs</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Mineral property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Mineral properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Property, Plant and Equipment</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. Included in property, plant and equipment is certain equipment, the carrying value of which has been adjusted, as a result of impairment tests, to its estimated fair value of $11.7 million and which is not being depreciated as it is not yet available for its intended use. The ultimate recoverable value of this equipment may be different than management's current estimate. We have additional property, plant and equipment which are recorded at cost less impairment charges and accumulated depreciation. Replacement costs and major improvements are capitalized. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the accounts and any resulting gain or loss is reflected in operations. Furniture, office equipment and leasehold improvements are depreciated using the straight-line method over 5 to 10 years. The remaining property, plant and equipment are fully depreciated.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Impairment of Long Lived Assets</font></i></b><b><i><font lang="EN-US" style="font-family:Times New Roman Bold,serif;font-size:10.0pt;">.</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the expected future net cash flows to be generated from the use or eventual disposition of a long-lived asset (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on a determination of the asset's fair value. Fair value is generally determined by discounting estimated cash flows based on market participant expectations of those future cash flows, or applying a market approach that uses market prices and other relevant information generated by market transactions involving comparable assets.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Foreign Currency. </font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The U.S. dollar is our (and our foreign subsidiaries') functional currency. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Non-monetary assets and liabilities are translated at historical rates and revenue and expense items are translated at average exchange rates during the reporting period, except for depreciation which is translated at historical rates. Translation gains and losses are included in the statement of operations.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Stock Based Compensation</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. We maintain an equity incentive plan which provides for the grant of stock options to purchase the Class A common shares. We use the fair value method of accounting for stock options. The fair value of options granted to employees is computed using the Black-Scholes method as described in Note 9 and is expensed over the vesting period of the option. For non-employees, the fair value of stock based compensation is recorded as an expense over the vesting period or upon completion of performance. Consideration paid for shares on exercise of share options, in addition to the fair value attributable to stock options granted, is credited to capital stock. Stock options granted under the plan become fully vested and exercisable upon a change of control.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Income Taxes</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. We use the liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between the tax basis of assets and liabilities and those amounts reported in the financial statements. The deferred tax assets or liabilities are calculated using the enacted tax rates expected to apply in the periods in which the differences are expected to be settled. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Use of Estimates</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net Income (Loss) Per Share</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of Class A common shares outstanding during each period. Diluted net income per share reflects the potentially dilutive effects of outstanding stock options and convertible notes. In periods in which a loss is incurred, the effect of potential issuances of shares under stock options and convertible notes would be anti-dilutive, and therefore basic and diluted losses per share are the same in those periods.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Convertible Notes</font></i></b><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Convertible notes are initially recorded at estimated fair value and subsequently measured at amortized cost. The fair value is allocated between the equity and debt component parts based on their respective fair values at the time of issuance and recorded net of transaction costs. The equity portion of the convertible notes is estimated using the residual value method. The fair value of the debt component is accreted to the face value of the convertible notes using the effective interest rate method over the contractual life of the convertible notes, with the resulting charge recorded as interest expense.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Investments. </font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">We determine the appropriate classification of investments in equity securities at acquisition and reevaluate such classifications at each reporting date. Investments in incorporated entities in which the Company has the ability to exercise significant influence over the investee are accounted for by the equity method.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial Instruments. </font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gains or losses on marketable securities are recorded in the statement of operations. If a decline in fair value of a security is determined to be other than temporary, an impairment loss is recognized. Cash and cash equivalents, deposits, advances and receivables are accounted for at cost which approximates fair value. Accounts payable, convertible notes, interest notes and</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> contingent value rights</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> are recorded at amortized cost. Amortized cost of accounts payable approximates fair value.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> |
Cash and Cash Equivalents_ (Tab
Cash and Cash Equivalents: (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents: (Tables) [Abstract] | |
Cash and Cash Equivalents: | <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman Bold,serif;font-size:12.0pt;">Note 4. Cash and Cash Equivalents:</font></b></p> <table border="1" cellpadding="0" cellspacing="0" width="96%" style="border:none;border-collapse:collapse;margin-left:9.0pt;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">December 31,</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">December 31,</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">2018</font></p> </td> <td valign="top" width="2%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">2017</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;">Bank deposits</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">47,588,968</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">39,649,888</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;">Cash held in trust</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">88,500,000</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;">Short term investments</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">100,057,385</font></p> </td> <td valign="top" width="2%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">9,522,830</font></p> </td> </tr> <tr style="height:13.95pt;page-break-inside:avoid;"> <td valign="bottom" width="42%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Total</font></p> </td> <td valign="bottom" width="2%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="12%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="2%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="4%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="4%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">147,646,353</font></p> </td> <td valign="bottom" width="2%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">137,672,718</font></p> </td> </tr> </table>" id="sjs-B4"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman Bold,serif;font-size:12.0pt;">Note 4.      Cash and Cash Equivalents:</font></b></p> <table border="1" cellpadding="0" cellspacing="0" width="96%" style="border:none;border-collapse:collapse;margin-left:9.0pt;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">December 31,</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">December 31,</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">2018</font></p> </td> <td valign="top" width="2%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">2017</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;">Bank deposits</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">47,588,968</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">39,649,888</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;">Cash held in trust</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">88,500,000</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;">Short term investments</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">100,057,385</font></p> </td> <td valign="top" width="2%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">9,522,830</font></p> </td> </tr> <tr style="height:13.95pt;page-break-inside:avoid;"> <td valign="bottom" width="42%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Total</font></p> </td> <td valign="bottom" width="2%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="12%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="2%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="4%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="4%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">147,646,353</font></p> </td> <td valign="bottom" width="2%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">137,672,718</font></p> </td> </tr> </table> |
Marketable Securities_ (Tables)
Marketable Securities: (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Marketable Securities: (Tables) [Abstract] | |
Marketable Securities: | Note 5. Marketable Securities: December 31, December 31, 2018 2017 Equity securities Fair value at beginning of year $ 239,232 $ 541,216 Increase (decrease) in fair value 48,406 (301,984) Fair value at balance sheet date $ 287,638 $ 239,232 Debt securities Fair value at beginning of year $ - $ - Acquisitions 88,500,000 - Dispositions (74,311,349) - Realized loss (14,188,651) - Fair value at balance sheet date $ - $ - |
Property, Plant and Equipment_
Property, Plant and Equipment: (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment: (Tables) [Abstract] | |
Property, Plant and Equipment: | Note 6. Property, Plant and Equipment: Accumulated Cost Depreciation Net December 31, 2018 Machinery and equipment $ 11,677,534 $ - $ 11,677,534 Furniture and office equipment 469,569 (333,828) 135,741 Transportation equipment 491,025 (34,622) 456,403 Leasehold improvements 51,658 (11,063) 40,595 Mineral property 350,000 - 350,000 $ 13,039,786 $ (379,513) $ 12,660,273 Accumulated Cost Depreciation Net December 31, 2017 Machinery and equipment $ 11,677,534 $ - $ 11,677,534 Furniture and office equipment 587,126 (503,216) 83,910 Transportation equipment 489,560 - 489,560 Leasehold improvements 39,185 (7,655) 31,530 Mineral property 350,000 - 350,000 $ 13,143,405 $ (510,871) $ 12,632,534 |
Stock Based Compensation Plan_2
Stock Based Compensation Plans: (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock Based Compensation Plans: (Tables) [Abstract] | |
Share option transactions | <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Share option transactions for the years ended December 31, 2018 and 2017 are as follows:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="548" style="border-collapse:collapse;margin-left:5.4pt;width:486.900024pt;"> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="top" width="30%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2018</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="bottom" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr style="height:37.75pt;"> <td valign="top" width="31%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - beginning of period</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,091,565</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,357,000</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 2.84</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options granted</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">- </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,277,500</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.15</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercised</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">- </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(2,073,435)</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.88</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options expired</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(537,000)</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.32</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(1,469,500)</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.89</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,554,565</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.11</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,091,565</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercisable - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,092,068</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.10</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,004,067</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> </table>" id="sjs-B4"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Share option transactions for the years ended December 31, 2018 and 2017 are as follows:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="548" style="border-collapse:collapse;margin-left:5.4pt;width:486.900024pt;"> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="top" width="30%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2018</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="bottom" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr style="height:37.75pt;"> <td valign="top" width="31%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - beginning of period</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,091,565</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,357,000</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 2.84</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options granted</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-   </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,277,500</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.15</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercised</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-   </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(2,073,435)</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.88</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options expired</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(537,000)</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.32</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(1,469,500)</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.89</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,554,565</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.11</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,091,565</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercisable - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,092,068</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.10</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,004,067</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> </table> |
Options Outstanding and Exercisable | <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;">The following table relates to stock options at December 31, 2018:</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.4pt;width:589.499939pt;"> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Outstanding Options</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercisable Options</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercise Price</font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.95pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.44</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.44</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">125,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.33</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">125,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.33</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,494,643</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,032,146</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.13</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">180,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">6.49</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">180,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">6.49</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">310,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5.57</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">310,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5.57</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92 - $4.02</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,554,565</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.11</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.34</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:18.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,092,068</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.10</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.25</font></p> </td> </tr> </table>" id="sjs-B5"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;">The following table relates to stock options at December 31, 2018:</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.4pt;width:589.499939pt;"> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Outstanding Options</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercisable Options</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercise Price</font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.95pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.44</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.44</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">125,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.33</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">125,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.33</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,494,643</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,032,146</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.13</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">180,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">6.49</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">180,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">6.49</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">310,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5.57</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">310,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5.57</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92 - $4.02</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,554,565</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.11</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.34</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:18.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,092,068</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.10</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 62,289</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.25</font></p> </td> </tr> </table> |
Weighted Average Assumptions | <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The weighted average fair value of the options granted in 2017 was calculated as $1.04. The fair value of options granted was determined using the Black-Scholes model based on the following weighted average assumptions:</font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:408.599976pt;"> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2017</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Risk free interest rate</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1.22%</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Expected term</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2.0 years</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Expected volatility</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">59%</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Dividend yield</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">nil</font></p> </td> </tr> </table>" id="sjs-B6"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The weighted average fair value of the options granted in 2017 was calculated as $1.04. The fair value of options granted was determined using the Black-Scholes model based on the following weighted average assumptions:</font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:408.599976pt;"> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2017</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Risk free interest rate</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1.22%</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Expected term</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2.0 years</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Expected volatility</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">59%</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Dividend yield</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">nil</font></p> </td> </tr> </table> |
Income Tax_ (Tables)
Income Tax: (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax: (Tables) [Abstract] | |
Income tax expense (benefit) | Income tax expense (benefit) for the years ended December 31, 2018 and 2017 differs from the amount that would result from applying Canadian tax rates to net income before taxes. These differences result from the items noted below: 2018 2017 Amount % Amount % Income tax expense based on Canadian tax rates $ 8,016,735 25 $ 31,146,013 25 Increase (decrease) due to: Different tax rates on foreign subsidiaries (570,196) (2) 16,872,781 14 Non-deductible expenses 1,016,377 3 3,581,209 3 Withholding tax 5,983,324 19 2,000,265 1 Worthless stock write-off (12,712,678) (40) - - Previously unrecognized tax benefits (13,197,148) (41) - - Change in valuation allowance and other 1,493,469 5 (18,527,094) (15) $ (9,970,117) (31) $ 35,073,174 27 |
Net deferred income tax liability | <p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company recorded income tax expense (benefit) of ($10.0) million and $35.1 million for the years ended December 31, 2018 and 2017, respectively. The income tax recovery for the year ended December 31, 2018 is a result of the deduction of capitalized costs incurred in the development of the Mining Data, the recognition of previously unrecognized Canadian tax losses, and the write-off of investments in subsidiaries that were dissolved during 2018. The tax benefit of the capitalized costs had not been recognized prior to the third quarter of 2018 when Venezuela completed all of the payments due under the agreement for sale of the Mining Data. We have recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced in the near term if our estimate of future taxable income changes. The components of the Canadian and U.S. deferred income tax assets and liabilities as of December 31, 2018 and 2017 were as follows:</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:446.399963pt;"> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td colspan="4" valign="top" width="50%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">December 31,</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2018</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2017</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Deferred income tax assets</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Net operating loss carry forwards</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">31,362,816</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">35,964,366</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Property, Plant and Equipment</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">3,226,994</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">3,227,745</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Other</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1,652,114</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1,682,594</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">36,241,924</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">40,874,705</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Valuation allowance</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(36,202,109)</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(40,662,538)</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> 39,815</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> 212,167</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Deferred income tax liabilities</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Cash held in trust</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">-</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(18,585,000)</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Other</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(39,815)</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(29,650)</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Net deferred income tax liability</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">-</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="17%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(18,402,483)</font></p> </td> </tr> </table>" id="sjs-B5"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company recorded income tax expense (benefit) of ($10.0) million and $35.1 million for the years ended December 31, 2018 and 2017, respectively. The income tax recovery for the year ended December 31, 2018 is a result of the deduction of capitalized costs incurred in the development of the Mining Data, the recognition of previously unrecognized Canadian tax losses, and the write-off of investments in subsidiaries that were dissolved during 2018. The tax benefit of the capitalized costs had not been recognized prior to the third quarter of 2018 when Venezuela completed all of the payments due under the agreement for sale of the Mining Data. We have recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced in the near term if our estimate of future taxable income changes. The components of the Canadian and U.S. deferred income tax assets and liabilities as of December 31, 2018 and 2017 were as follows:</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:446.399963pt;"> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td colspan="4" valign="top" width="50%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">December 31,</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2018</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2017</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Deferred income tax assets</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Net operating loss carry forwards</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">31,362,816</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">35,964,366</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Property, Plant and Equipment</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">3,226,994</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">3,227,745</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Other</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1,652,114</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1,682,594</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">  </font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">36,241,924</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">40,874,705</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Valuation allowance</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(36,202,109)</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(40,662,538)</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">    39,815</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">    212,167</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Deferred income tax liabilities</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Cash held in trust</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">-</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(18,585,000)</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Other</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(39,815)</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(29,650)</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Net deferred income tax liability</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">-</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="17%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(18,402,483)</font></p> </td> </tr> </table> |
Loss carryforwards | <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">At December 31, 2018, we had the following Canadian tax loss carry forwards. Amounts are in U.S. dollars.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:422.099976pt;"> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="22%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Expires</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1,915,370</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2026</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">3,554,678</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2027</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">13,548,810</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2028</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">12,840,308</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2029</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">15,863,487</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2030</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">17,763,432</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2031</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">5,153,925</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2032</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">7,492,746</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2033</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">8,681,482</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2034</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">12,392,175</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2035</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">14,732,993</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2036</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">11,110,698</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2037</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">401,160</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2038</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">125,451,264</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> </table>" id="sjs-B6"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">At December 31, 2018, we had the following Canadian tax loss carry forwards. Amounts are in U.S. dollars.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:422.099976pt;"> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="22%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Expires</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1,915,370</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2026</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">3,554,678</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2027</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">13,548,810</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2028</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">12,840,308</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2029</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">15,863,487</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2030</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">17,763,432</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2031</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">5,153,925</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2032</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">7,492,746</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2033</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">8,681,482</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2034</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">12,392,175</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2035</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">14,732,993</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2036</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">11,110,698</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2037</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">401,160</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2038</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">125,451,264</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> </table> |
The Company and Significant A_2
The Company and Significant Accounting Policies: (Details Text) $ in Millions | Dec. 31, 2018USD ($) |
The Company and Significant Accounting Policies: [Abstract] | |
Siembra Minera beneficial ownership by Venezuela | 55.00% |
Siembra Minera beneficial ownership by Company | 45.00% |
Fair value of equipment | $ 11.7 |
New Accounting Policies_ (Detai
New Accounting Policies: (Details Text) $ in Millions | Dec. 31, 2018USD ($) |
New Accounting Policies: [Abstract] | |
Reclassification of unrealized holding gains | $ 0.1 |
Arbitral Award Settlement and_2
Arbitral Award Settlement and Associated Mining Data Sale: (Details Text) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Arbitral Award Settlement and Associated Mining Data Sale: [Abstract] | |
Total Award | $ 740.3 |
Venezuela agreed to pay to satisfy award | 792 |
Venezuela agreed to pay for mining data | 240 |
Initial payment | 40 |
Additional twenty three payment amounts | 29.5 |
Final payment amount to be received | 313.3 |
Payments made pursuant to settlement agreement | 254 |
Amount deposited to trust account | 165.5 |
Government bonds received | 88.5 |
Bonds sold for | 74.3 |
Loss on sale of bonds | 14.2 |
Amount due and unpaid | $ 413 |
Amount of proceeds cvr holders entitled to | 5.466% |
Cvr distributed | $ 7.9 |
Original bonus percentage of first two hundred million collected | 1.00% |
Original bonus percentage thereafter | 5.00% |
Modified bonus percentage of first two hundred million collected | 1.28% |
Modified bonus percentage thereafter | 6.40% |
bonus distributed | $ 3.3 |
Cash and Cash Equivalents_ (Det
Cash and Cash Equivalents: (Details 1) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cash And Cash Equivalents Details [Abstract] | ||
Bank deposits | $ 47,588,968 | $ 39,649,888 |
Cash held in trust | 0 | 88,500,000 |
Short term investments | 100,057,385 | 9,522,830 |
Total | $ 147,646,353 | $ 137,672,718 |
Cash and Cash Equivalents_ (D_2
Cash and Cash Equivalents: (Details Text) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Cash And Cash Equivalents Details Textabstract [Abstract] | |
Impairment loss | $ 21.5 |
Marketable Securities_ (Details
Marketable Securities: (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity securities | |||
Fair value at beginning of year | $ 239,232 | $ 541,216 | |
Increase (decrease) in fair value | 48,406 | $ (301,984) | |
Fair value of equity securities at balance sheet date | 287,638 | 239,232 | |
Debt securities | |||
Fair value at beginning of year | $ 0 | ||
Acquisitions | 88,500,000 | ||
Dispositions | (74,311,349) | ||
Realized loss | (14,188,651) | ||
Fair value of debt securities at balance sheet date | $ 0 |
Marketable Securities_ (Detai_2
Marketable Securities: (Details Text) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Marketable Securities Details Textabstract [Abstract] | ||
Marketable equity securities cost basis | $ 98,043 | $ 98,043 |
Property, Plant and Equipment_2
Property, Plant and Equipment: (Details 1) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment Detailsabstract [Abstract] | ||
Cost: Machinery and equipment | $ 11,677,534 | $ 11,677,534 |
Accumulated Depreciation: Machinery and equipment | 0 | 0 |
Net: Machinery and equipment | 11,677,534 | 11,677,534 |
Cost: Furniture and office equipment | 469,569 | 587,126 |
Accumulated Depreciation: Furniture and office equipment | (333,828) | (503,216) |
Net: Furniture and office equipment | 135,741 | 83,910 |
Cost: Transportation equipment | 491,025 | 489,560 |
Accumulated Depreciation: Transportation equipment | (34,622) | 0 |
Net: Transportation equipment | 456,403 | 489,560 |
Cost: Leasehold improvements | 51,658 | 39,185 |
Accumulated Depreciation: Leasehold improvements | (11,063) | (7,655) |
Net: Leasehold improvements | 40,595 | 31,530 |
Cost: Mineral property | 350,000 | 350,000 |
Accumulated Depreciation: Mineral property | 0 | 0 |
Net: Mineral property | 350,000 | 350,000 |
Total cost property, plant and equipment | 13,039,786 | 13,143,405 |
Total Accumulated Depreciation property, plant and equipment | (379,513) | (510,871) |
Total net, property, plant and equipment | $ 12,660,273 | $ 12,632,534 |
Property, Plant and Equipment_3
Property, Plant and Equipment: (Details Text) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment Details [Abstract] | ||
Writedowns of property, plant and equipment | $ 14,000 | |
Purchase of transportation equipment | $ 489,560 |
Empresa Mixta Ecosocialista S_2
Empresa Mixta Ecosocialista Siembra Minera, S. (Details Text) $ in Millions | Dec. 31, 2018USD ($) |
Empresa Mixta Ecosocialista Siembra Minera, S. [Abstract] | |
Siembra Minera beneficial ownership by Venezuela | 55.00% |
Siembra Minera beneficial ownership by Company | 45.00% |
Cumulative expenditures associated with Siembra Minera | $ 14.1 |
Prepaid Siembra Minera expense | $ 0.9 |
KSOP Plan_ (Details Text)
KSOP Plan: (Details Text) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
KSOP Plan: [Abstract] | ||
Cash contributions to the plan | $ 212,000 | $ 234,000 |
Stock Based Compensation Plan_3
Stock Based Compensation Plans: (Details 1) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Based Compensation Plansdetails [Abstract] | ||||
Options outstanding - beginning of period | 5,091,565 | 3,357,000 | ||
Weighted average exercise price - options outstanding | $ 3.13 | $ 2.84 | ||
Options granted | 5,277,500 | |||
Weighted average exercise price - options granted | $ 3.15 | |||
Options exercised | (2,073,435) | |||
Weighted average exercise price - options exercised | $ 2.88 | |||
Options expired | (537,000) | (1,469,500) | ||
Weighted average exercise price - options expired | $ 3.32 | $ 2.89 | ||
Options outstanding - end of period | 4,554,565 | 5,091,565 | ||
Weighted average exercise price - options outstanding | $ 3.13 | $ 2.84 | $ 3.11 | $ 3.13 |
Options exercisable - end of period | 4,092,068 | 4,004,067 | ||
Weighted average exercise price - options exercisable | $ 3.10 | $ 3.13 |
Stock Based Compensation Plan_4
Stock Based Compensation Plans: (Details 2) | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Stock Based Compensation Plansdetailstwo [Abstract] | |
Outstanding Options Number: $1.92 | shares | 444,922 |
Outstanding Options Weighted Average Exercise Price: $1.92 | $ / shares | $ 1.92 |
Outstanding Options Aggregate Intrinsic Value: $1.92 | $ | $ 62,289 |
Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92 | 2 years 161 days |
Exercisable Options Number: $1.92 | shares | 444,922 |
Exercisable Options Weighted Average Exercise Price: $1.92 | $ / shares | $ 1.92 |
Exercisable Options Aggregate Intrinsic Value: $1.92 | $ | $ 62,289 |
Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92 | 2 years 161 days |
Outstanding Options Number: $2.69 | shares | 125,000 |
Outstanding Options Weighted Average Exercise Price: $2.69 | $ / shares | $ 2.69 |
Outstanding Options Aggregate Intrinsic Value: $2.69 | $ | $ 0 |
Outstanding Options Weighted Average Remaining Contractual Term (Years): $2.69 | 8 years 120 days |
Exercisable Options Number: $2.69 | shares | 125,000 |
Exercisable Options Weighted Average Exercise Price: $2.69 | $ / shares | $ 2.69 |
Exercisable Options Aggregate Intrinsic Value: $2.69 | $ | $ 0 |
Exercisable Options Weighted Average Remaining Contractual Term (Years): $2.69 | 8 years 120 days |
Outstanding Options Number: $3.15 | shares | 3,494,643 |
Outstanding Options Weighted Average Exercise Price: $3.15 | $ / shares | $ 3.15 |
Outstanding Options Aggregate Intrinsic Value: $3.15 | $ | $ 0 |
Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.15 | 8 years 47 days |
Exercisable Options Number: $3.15 | shares | 3,032,146 |
Exercisable Options Weighted Average Exercise Price: $3.15 | $ / shares | $ 3.15 |
Exercisable Options Aggregate Intrinsic Value: $3.15 | $ | $ 0 |
Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.15 | 8 years 47 days |
Outstanding Options Number: $3.91 | shares | 180,000 |
Outstanding Options Weighted Average Exercise Price: $3.91 | $ / shares | $ 3.91 |
Outstanding Options Aggregate Intrinsic Value: $3.91 | $ | $ 0 |
Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.91 | 6 years 179 days |
Exercisable Options Number: $3.91 | shares | 180,000 |
Exercisable Options Weighted Average Exercise Price: $3.91 | $ / shares | $ 3.91 |
Exercisable Options Aggregate Intrinsic Value: $3.91 | $ | $ 0 |
Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.91 | 6 years 179 days |
Outstanding Options Number: $4.02 | shares | 310,000 |
Outstanding Options Weighted Average Exercise Price: $4.02 | $ / shares | $ 4.02 |
Outstanding Options Aggregate Intrinsic Value: $4.02 | $ | $ 0 |
Outstanding Options Weighted Average Remaining Contractual Term (Years): $4.02 | 5 years 208 days |
Exercisable Options Number: $4.02 | shares | 310,000 |
Exercisable Options Weighted Average Exercise Price: $4.02 | $ / shares | $ 4.02 |
Exercisable Options Aggregate Intrinsic Value: $4.02 | $ | $ 0 |
Exercisable Options Weighted Average Remaining Contractual Term (Years): $4.02 | 5 years 208 days |
Outstanding Options Number: $1.92 - $4.02 | shares | 4,554,565 |
Outstanding Options Weighted Average Exercise Price: $1.92 - $4.02 | $ / shares | $ 3.11 |
Outstanding Options Aggregate Intrinsic Value: $1.92 - $4.02 | $ | $ 62,289 |
Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92 - $4.02 | 7 years 124 days |
Exercisable Options Number: $1.92 - $4.02 | shares | 4,092,068 |
Exercisable Options Weighted Average Exercise Price: $1.92 - $4.02 | $ / shares | $ 3.10 |
Exercisable Options Aggregate Intrinsic Value: $1.92 - $4.02 | $ | $ 62,289 |
Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92 - $4.02 | 7 years 91 days |
Stock Based Compensation Plan_5
Stock Based Compensation Plans: (Details 3) | 12 Months Ended |
Dec. 31, 2017 | |
Stock Based Compensation Plans Details Three [Abstract] | |
Risk free interest rate | 1.22% |
Expected term | 2 years |
Expected volatility | 59.00% |
Dividend yield | 0.00% |
Stock Based Compensation Plan_6
Stock Based Compensation Plans: (Details Text) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Based Compensation Plansdetails Text [Abstract] | ||
Maximum number of options available under the plan | 8,750,000 | |
Options available for grant | 2,122,000 | |
Maximum term of options | 10 years | |
Options granted during the period | 0 | 5,300,000 |
Options exercised during the period | 0 | 2,100,000 |
Proceeds to Company from option exercises | $ 6 | |
Non-cash compensation expense | $ 0.3 | $ 5.1 |
Weighted average fair value of options granted | $ 1.04 | |
Paid to retention unit plan participants | $ 7.7 | |
amount payable in event of change of control | $ 9 |
Convertible Notes and Interes_2
Convertible Notes and Interest Notes: (Details Text) | 6 Months Ended |
Dec. 31, 2017 | |
Convertible Notes and Interest Notes: [Abstract] | |
Summary convertible note settlement | In the third quarter of 2017, the Company settled all of its outstanding 11% Senior Secured Convertible Notes and Interest Notes due December 31, 2018 (the "2018 Notes"). Prior to settlement, the Company had a total of $59.1 million face value of 2018 Notes outstanding. Of these notes, $36.3 million were redeemed for cash and the Company paid an additional $6.4 million related to a 20% premium due on the redeemed notes and $0.2 million in interest to the redemption date. The remaining $22.8 million 2018 Notes were converted to approximately 7.6 million Class A common shares. As a result of the redemption or conversion of 2018 Notes, the Company recorded a $16.6 million loss on settlement of debt consisting of the $6.4 million premium paid and approximately $10.2 million of remaining unamortized discount. In October 2017, the Company redeemed for cash its remaining debt, which consisted of approximately $1.0 million face value of 5.5% Senior Subordinated Convertible Notes due June 15, 2022 (the "2022 Convertible Notes"). |
Income Tax_ (Details 1)
Income Tax: (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Details Oneabstract [Abstract] | ||
Income tax expense based on Canadian tax rates | $ 8,016,735 | $ 31,146,013 |
Increase (decrease) due to: | ||
Different tax rates on foreign subsidiaries | (570,196) | 16,872,781 |
Non-deductible expenses | 1,016,377 | 3,581,209 |
Withholding tax | 5,983,324 | 2,000,265 |
Worthless stock write-off | (12,712,678) | 0 |
Previously unrecognized tax benefits | (13,197,148) | 0 |
Change in valuation allowance and other | 1,493,469 | (18,527,094) |
Income tax | $ (9,970,117) | $ 35,073,174 |
Income Tax_ (Details 2)
Income Tax: (Details 2) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income tax assets | ||
Net operating loss carry forwards | $ 31,362,816 | $ 35,964,366 |
Property, Plant and Equipment | 3,226,994 | 3,227,745 |
Other deferred tax assets | 1,652,114 | 1,682,594 |
Total deferred tax assets | 36,241,924 | 40,874,705 |
Valuation allowance | (36,202,109) | (40,662,538) |
Net deferred tax assets | 39,815 | 212,167 |
Deferred income tax liabilities | ||
Cash held in trust | 0 | (18,585,000) |
Other deferred tax liability | (39,815) | (29,650) |
Net deferred income tax liability | $ 0 | $ (18,402,483) |
Income Tax_ (Details 3)
Income Tax: (Details 3) | Dec. 31, 2038USD ($) |
Income Tax Details Three [Abstract] | |
Canadian tax loss carryforward expiring 2026 | $ 1,915,370 |
Canadian tax loss carryforward expiring 2027 | 3,554,678 |
Canadian tax loss carryforward expiring 2028 | 13,548,810 |
Canadian tax loss carryforward expiring 2029 | 12,840,308 |
Canadian tax loss carryforward expiring 2030 | 15,863,487 |
Canadian tax loss carryforward expiring 2031 | 17,763,432 |
Canadian tax loss carryforward expiring 2032 | 5,153,925 |
Canadian tax loss carryforward expiring 2033 | 7,492,746 |
Canadian tax loss carryforward expiring 2034 | 8,681,482 |
Canadian tax loss carryforward expiring 2035 | 12,392,175 |
Canadian tax loss carryforward expiring 2036 | 14,732,993 |
Canadian tax loss carryforward expiring 2037 | 11,110,698 |
Canadian tax loss carryforward expiring 2038 | 401,160 |
Total Canadian tax loss carryforward | $ 125,451,264 |
Income Tax_ (Details Text)
Income Tax: (Details Text) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Details Textabstract [Abstract] | ||
Income tax rate | 21.00% | 35.00% |
Income tax expense recorded by the Company | $ (10) | $ 35.1 |
Subsequent Event_ (Details Text
Subsequent Event: (Details Text) | 1 Months Ended |
Apr. 16, 2019 | |
Subsequent Event: [Abstract] | |
Summary subsequent event | On March 27, 2019, the Company announced that the Board had approved the distribution of between approximately $90 million and $100 million in the aggregate, to holders of Class A Shares as a return of capital. On April 16, 2019, following the Government of Canada’s decision on April 15, 2019 to impose sanctions against 43 additional individuals under the Special Economic Measures (Venezuela) Regulations of the Special Economic Measures Act, the Board determined that it was in the best interests of the Company and its Shareholders to reduce the aggregate amount of capital to be returned to Shareholders pursuant to the Return of Capital transaction to approximately US$75 million, or approximately US$0.76 per Class A Share. The Return of Capital Transaction is intended to occur on a tax-efficient basis for income tax purposes. The Return of Capital Transaction is to be completed pursuant to a court-approved plan of arrangement transaction under the Business Corporations Act (Alberta) and requires approval by the Alberta Court of Queen’s Bench (the “Court”) and at least two-thirds of the votes cast by Shareholders in respect of a special resolution. |