Cover
Cover | 9 Months Ended |
Sep. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2021 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | Gold Reserve Inc. |
Entity Central Index Key | 0001072725 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents (Note 4) | $ 51,864,814 | $ 57,415,350 |
Marketable securities (Note 5) | 123,188 | 83,575 |
Income tax receivable (Note 10) | 8,682,839 | 8,682,839 |
Prepaid expense and other | 973,967 | 573,411 |
Total current assets | 61,644,808 | 66,755,175 |
Property, plant and equipment, net (Note 6) | 2,212,896 | 2,514,552 |
Right of use asset | 97,671 | 165,576 |
Total assets | 63,955,375 | 69,435,303 |
Current Liabilities: | ||
Accounts payable and accrued expenses (Note 3) | 752,482 | 780,925 |
Lease liability | 101,241 | 92,819 |
Contingent value rights (Note 3) | 60,242 | 60,242 |
Total current liabilities | 913,965 | 933,986 |
Lease liability | 77,093 | |
Total liabilities | $ 913,965 | 1,011,079 |
SHAREHOLDERS' EQUITY | ||
Preferred Stock, Shares Issued | 0 | |
Common shares | $ 302,679,682 | 302,469,647 |
Contributed surplus | 20,625,372 | 20,625,372 |
Stock options (Note 9) | 21,480,212 | 21,409,668 |
Accumulated deficit | (281,743,856) | (276,080,463) |
Total shareholders' equity | 63,041,410 | 68,424,224 |
Total liabilities and shareholders' equity | $ 63,955,375 | $ 69,435,303 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares, Issued | 99,547,710 | 99,395,048 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
INCOME (LOSS) | ||||
Interest income | $ 6,959 | $ 19,402 | $ 23,713 | $ 277,752 |
Gain (loss) on marketable equity securities | (3,794) | 3,613 | 39,613 | 5,783 |
Gain (loss) on sale of equipment (Note 6) | 40,282 | (30,476) | 118,559 | (30,476) |
Foreign currency gain (loss) | (30,884) | 4,793 | (14,498) | (15,912) |
Total Other Income | 12,563 | (2,668) | 167,387 | 237,147 |
EXPENSES | ||||
Corporate general and administrative (Note 3) | 1,099,662 | 1,580,530 | 3,372,621 | 3,864,897 |
Contingent value rights (Note 3) | 7,380 | 46,202 | ||
Siembra Minera Project costs (Note 7) | 370,350 | 487,380 | 962,755 | 1,215,266 |
Exploration costs | 60,907 | 55,600 | 100,376 | 58,808 |
Legal and accounting | 433,811 | 141,282 | 986,859 | 498,785 |
Arbitration and settlement (Note 3) | 16,816 | 173,276 | 130,725 | 1,081,555 |
Equipment holding costs | 75,060 | 114,851 | 277,444 | 349,355 |
Total Expense | 2,056,606 | 2,560,299 | 5,830,780 | 7,114,868 |
Net loss before income tax benefit | (2,044,043) | (2,562,967) | (5,663,393) | (6,877,721) |
Income tax benefit (Note 10) | 134,994 | 845,184 | ||
Net loss and comprehensive loss for the period | $ (2,044,043) | $ (2,427,973) | $ (5,663,393) | $ (6,032,537) |
Net loss per share, basic and diluted | $ (0.02) | $ (0.02) | $ (0.06) | $ (0.06) |
Weighted average common shares outstanding, basic and diluted | 99,547,710 | 99,395,048 | 99,459,356 | 99,395,048 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Deferred Compensation, Share-based Payments [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 302,469,647 | $ 20,625,372 | $ 20,752,893 | $ (264,563,178) | |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 99,395,048 | ||||
Net loss for the period | (6,032,537) | $ (6,032,537) | |||
Stock option compensation (Note 9) | 644,722 | 644,722 | |||
Ending balance, value at Sep. 30, 2020 | $ 302,469,647 | 20,625,372 | 21,397,615 | (270,595,715) | |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 99,395,048 | ||||
Beginning balance, value at Jun. 30, 2020 | $ 302,469,647 | 20,625,372 | 20,752,893 | (268,167,742) | |
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2020 | 99,395,048 | ||||
Net loss for the period | (2,427,973) | (2,427,973) | |||
Stock option compensation (Note 9) | 644,722 | 644,722 | |||
Ending balance, value at Sep. 30, 2020 | $ 302,469,647 | 20,625,372 | 21,397,615 | (270,595,715) | |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 99,395,048 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 302,469,647 | 20,625,372 | 21,409,668 | (276,080,463) | 68,424,224 |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 99,395,048 | ||||
Net loss for the period | (5,663,393) | (5,663,393) | |||
Stock option compensation (Note 9) | 70,544 | 70,544 | |||
Ending balance, value at Sep. 30, 2021 | $ 302,679,682 | 20,625,372 | 21,480,212 | (281,743,856) | $ 63,041,410 |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 99,547,710 | ||||
Share issuance | $ 210,035 | ||||
Stock Issued During Period, Shares, New Issues | 152,662 | ||||
Beginning balance, value at Jun. 30, 2021 | $ 302,679,682 | 20,625,372 | 21,468,596 | (279,699,813) | |
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2021 | 99,547,710 | ||||
Net loss for the period | (2,044,043) | $ (2,044,043) | |||
Stock option compensation (Note 9) | 11,616 | 11,616 | |||
Ending balance, value at Sep. 30, 2021 | $ 302,679,682 | $ 20,625,372 | $ 21,480,212 | $ (281,743,856) | $ 63,041,410 |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 99,547,710 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||||
Net loss for the period | $ (2,044,043) | $ (2,427,973) | $ (5,663,393) | $ (6,032,537) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock option compensation | 11,616 | 644,722 | 70,544 | 644,722 |
Depreciation | 26,597 | 31,611 | 79,792 | 97,668 |
Loss (gain) on marketable equity securities | 3,794 | (3,613) | (39,613) | (5,783) |
Loss (gain) on disposition of equipment | (40,282) | 30,476 | (118,559) | 30,476 |
Income tax recovery | (134,994) | (845,184) | ||
Changes in non-cash working capital: | ||||
Decrease in income tax receivable | 3,204,812 | |||
Net decrease (increase) in prepaid expense and other | 172,341 | 271,068 | (400,556) | (51,059) |
Net increase (decrease) in payables and accrued expenses | 229,331 | (362,555) | 180,826 | (30,908) |
Net cash used in operating activities | (1,640,646) | (1,951,258) | (5,890,959) | (2,987,793) |
Cash Flows from Investing Activities: | ||||
Purchase of property, plant and equipment | (46,753) | (46,753) | ||
Proceeds from sale of property, plant and equipment | 172,964 | 98,649 | 340,423 | 98,649 |
Net cash provided by investing activities | 172,964 | 51,896 | 340,423 | 51,896 |
Cash Flows from Financing Activities: | ||||
Net cash used in financing activities | ||||
Change in Cash and Cash Equivalents: | ||||
Net decrease in cash and cash equivalents | (1,467,682) | (1,899,362) | (5,550,536) | (2,935,897) |
Cash and cash equivalents - beginning of period | 53,332,496 | 60,785,602 | 57,415,350 | 61,822,137 |
Cash and cash equivalents - end of period | $ 51,864,814 | $ 58,886,240 | $ 51,864,814 | $ 58,886,240 |
The Company and Significant Acc
The Company and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
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. Management's primary activities are focused on 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 (as defined herein) and the acquisition of our Mining Data by Venezuela, identifying our legal options associated with the collection of the unpaid balance of the Award and developing our future operational strategies associated with post-sanctions development of the Siembra Minera Project. The U.S. and Canadian governments have imposed various sanctions targeting Venezuela (the "Sanctions"). The Sanctions implemented by the U.S. government generally block all property of the Venezuelan government and state-owned/controlled entities such as Siembra Minera. In addition, U.S. Sanctions prohibit U.S. Persons (as defined by U.S. Sanction statutes) from dealing with Specially Designated Nationals ("SDNs") and targets corruption in, among other identified sectors, the gold sector of the Venezuela economy. The Sanctions implemented by the Canadian government generally include asset freezes and impose prohibitions on dealings, by Canadian entities and/or citizens as well as other individuals in Canada, with certain named Venezuelan officials under the Special Economic Measures (Venezuela) Regulations of the Special Economic Measures Act and the Justice for Victims of Corrupt Foreign Officials Regulations of the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) Basis of Presentation and Principles of Consolidation 55 45 Cash and Cash Equivalents Exploration and Development Costs Property, Plant and Equipment Impairment of Long-Lived Assets . Foreign Currency Stock Based Compensation Income Taxes Use of Estimates Net Income (Loss) Per Share Marketable Securities Equity accounted investments Financial Instruments |
New Accounting Policies
New Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
New Accounting Policies | |
New Accounting Policies | Note 2. New Accounting Policies Adopted in the year In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). This update is intended to clarify certain interactions between Topics which guide the accounting for certain equity securities and investments under the equity method of accounting. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. This update was effective for us commencing with the annual period beginning after December 15, 2020, including interim periods within the year. The adoption of this standard did not have a significant impact on our financial statements. |
Arbitral Award, Settlement Agre
Arbitral Award, Settlement Agreement and Mining Data Sale | 9 Months Ended |
Sep. 30, 2021 | |
Arbitral Award Settlement Agreement And Mining Data Sale | |
Arbitral Award, Settlement Agreement and Mining Data Sale | Note 3. Arbitral Award, Settlement Agreement and Mining Data Sale In October 2009 we initiated a claim (the "Brisas Arbitration") under the Additional Facility Rules of the International Centre for the Settlement of Investment Disputes ("ICSID") to obtain compensation for the losses caused by the actions of Venezuela that terminated our previous mining project known as the "Brisas Project." On September 22, 2014, we were granted an Arbitral Award (the "Award") totaling $ 740.3 In July 2016, we signed the Settlement Agreement, subsequently amended, whereby Venezuela agreed to pay us a total of approximately $ 1.032 792 240 To date, the Company has received payments of approximately $ 254 918 140 The interest rate provided for on any unpaid amounts pursuant to the Award is specified as LIBOR plus two percent. In 2017, U.K.’s Financial Conduct Authority announced that LIBOR would be phased out of existence as a dependable index for variable interest rates. When it is possible to engage with the Venezuelan government, we expect to negotiate an appropriate replacement interest rate or, alternatively, petition the court responsible for the enforcement of our Award judgement to rule on a new interest rate benchmark. In addition to other constraints, the Sanctions restrict the Company from working with those Venezuelan government officials responsible for the payment and transfer of funds associated with the Settlement Agreement which adversely impacts our ability to collect the remaining balance of the Award plus interest and/or amounts due pursuant to the Settlement Agreement from Venezuela. The Company, with counsels’ assistance, continues to evaluate and pursue various options in regard to the Award and the Settlement Agreement. In March 2020, the U.S. Congress passed legislation which allows companies to carryback net operating losses incurred in 2018, 2019 and 2020 to offset income earned in prior years. In response to this legislation, management reduced its estimate of the U.S. related income tax due on amounts received in 2018 from the sale of Mining Data. The effect of this change in estimate was to increase the net proceeds subject to the CVR and the Bonus Plan and as a result, the Company recorded an increase in its obligation to the CVR holders and Bonus Plan participants by approximately $60 thousand and $70 thousand, respectively. We have Contingent Value Rights ("CVRs") outstanding that entitle the holders to an aggregate of 5.466 10.0 60 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 is comprised of the gross proceeds collected or the fair value of any consideration realized less applicable taxes multiplied by 1.28 6.4 4.4 70 Due to U.S. and Canadian Sanctions and the uncertainty of transferring the remaining amounts due from Venezuela to bank accounts outside of Venezuela, management only considers those funds received by the Company into its North American bank accounts as funds available for purposes of the CVR and Bonus Plan cash distributions. 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 remaining amount owed by Venezuela. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 4. Cash and Cash Equivalents Cash and Cash Equivalents September 30, December 31, 2021 2020 Bank deposits $ 3,245,912 $ 9,457,061 Short term investments 48,618,902 47,958,289 Total $ 51,864,814 $ 57,415,350 Short term investments include money market funds and US treasury bills with an original maturity of three months or less. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Marketable Securities | Note 5. Marketable Securities September 30, December 31, Schedule of Marketable Securities Value 2021 2020 Equity securities Fair value and carrying value at beginning of period $ 83,575 $ 177,945 Increase in fair value 39,613 5,756 Disposals during the year – (100,126) Fair value and carrying value at balance sheet date $ 123,188 $ 83,575 Marketable equity securities are classified as trading securities and accounted for at fair value, based on quoted market prices with unrealized gains or losses recorded in the Consolidated Statements of Operations. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 6. Property, Plant and Equipment Property, Plant and Equipment Accumulated Cost Depreciation Net September 30, 2021 Machinery and equipment $ 1,637,096 $ – $ 1,637,096 Furniture and office equipment 421,432 (313,283) 108,149 Transportation equipment 326,788 (214,356) 112,432 Leasehold improvements 29,390 (24,171) 5,219 Mineral property 350,000 – 350,000 $ 2,764,706 $ (551,810) $ 2,212,896 Accumulated Cost Depreciation Net December 31, 2020 Machinery and equipment $ 1,858,959 $ – $ 1,858,959 Furniture and office equipment 421,432 (286,083) 135,349 Transportation equipment 326,788 (165,338) 161,450 Leasehold improvements 29,390 (20,596) 8,794 Mineral property 350,000 – 350,000 $ 2,986,569 $ (472,017) $ 2,514,552 Machinery and equipment consists of infrastructure equipment and a semi-autogenous grinding (SAG) mill originally intended for use on the Brisas Project. We evaluate our equipment to determine whether events or changes in circumstances have occurred that may indicate that the carrying amount may not be recoverable. We regularly obtain comparable market data for similar equipment as evidence that our equipment’s fair value less cost to sell is in excess of the carrying amount. No impairment write-downs of property, plant and equipment were recorded during the nine months ended September 30, 2021 and 2020. During the three and nine months ended September 30, 2021, we sold certain equipment and recorded a gain on sale of $ 40,282 118,559 |
Empresa Mixta Ecosocialista Sie
Empresa Mixta Ecosocialista Siembra Minera, S.A | 9 Months Ended |
Sep. 30, 2021 | |
Empresa Mixta Ecosocialista Siembra Minera S.a | |
Empresa Mixta Ecosocialista Siembra Minera, S.A | Note 7. Empresa Mixta Ecosocialista Siembra Minera, S.A In October 2016, together with an affiliate of the government of Venezuela, we established Siembra Minera. The primary purpose of this entity is to develop the Siembra Minera Project, as defined below. Siembra Minera is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation, and 45% by Gold Reserve. Siembra Minera (pursuant to the agreement which governs the formation and operation of Siembra Minera) holds certain gold, copper, silver and other strategic mineral rights (primarily comprised of the historical Brisas and Cristinas areas) contained within Bolivar State comprising the Siembra Minera Project (which has a twenty year term with two ten 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 Siembra Minera Project and provide net profits participation based on the sales price of gold per ounce. A number of authorizations, which still have not been provided by the current administration, are critical to the future operation and economics of the Siembra Minera Project. Pursuant to the Settlement Agreement, both parties will retain their respective interest in Siembra Minera in the event all of the agreed upon Settlement Agreement payments are not made by Venezuela. 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 Canadian National Instrument 43-101 - 22 In addition to other constraints, the Sanctions restrict the Company from working with those Venezuelan government officials responsible for the operation of Siembra Minera and the development of the Siembra Minera Project which, until Sanctions are lifted, obstructs our ability to develop the Siembra Minera Project as originally planned. |
401(k) Plan
401(k) Plan | 9 Months Ended |
Sep. 30, 2021 | |
K Plan | |
401(k) Plan | Note 8. 401(k) Plan The 401(k) Plan, formerly entitled the KSOP Plan, was originally adopted in 1990 and was most recently restated effective January 1, 2021. The purpose of the 401(k) Plan is to offer retirement benefits to eligible employees of the Company. The 401(k) Plan provides for a salary deferral, a non-elective contribution of 3% of each eligible Participant’s annual compensation and discretionary contributions. Allocation of Class A common shares or cash to participants' accounts, subject to certain limitations, is at the discretion of the Board. For the 2020 plan year, 123,662 Class A common shares with a fair value of approximately $ 170,000 |
Stock Based Compensation Plans
Stock Based Compensation Plans | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation Plans | Note 9. Stock Based Compensation Plans Equity Incentive Plan The Company's equity incentive plan provides for the grant of stock options to purchase the Company’s Class A common shares. During the second quarter of 2021, the number of shares available under the plan was increased to a maximum of 9,939,500 5,704,857 Stock option transactions for the nine months ended September 30, 2021 and 2020 are as follows: 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding - beginning of period 4,629,565 $ 2.36 4,369,565 $ 3.09 Options granted 50,000 1.61 260,000 1.72 Options expired (444,922) 1.85 - - Options outstanding - end of period 4,234,643 $ 2.41 4,629,565 $ 2.36 Options exercisable - end of period 4,189,641 $ 2.42 4,539,564 $ 2.38 The following table relates to stock options at September 30, 2021: Outstanding Options Exercisable Options Exercise Price Number Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Term (Years) Number Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Term (Years) $ 1.61 1.93 435,000 $ 1.77 $ 0 8.03 389,998 $ 1.78 $ 0 7.92 $ 2.39 2.39 3,369,643 $ 2.39 0 5.38 3,369,643 $ 2.39 0 5.38 $ 3.15 3.26 430,000 $ 3.21 0 3.21 430,000 $ 3.21 0 3.21 $ 1.61 3.26 4,234,643 $ 2.41 $ 0 5.43 4,189,641 $ 2.42 $ 0 5.39 In the third quarter of 2020, in order to reflect the decrease in the market price of the Class A Shares as a result of the return of capital transaction that was completed in 2019, the Company reduced the exercise price of 4,369,565 0.76 500,000 The Company granted 50,000 260,000 70,544 644,722 The weighted average fair value of the options granted during the nine months ended September 30, 2021 and 2020 was calculated as $ 0.70 0.72 2021 2020 Risk free interest rate 0.46 0.26 Expected term 5.0 5.0 Expected volatility 51 49 Dividend yield 0 0 The risk free interest rate is based on the US Treasury rate on the date of grant for a period equal to the expected term of the option. The expected term is based on historical exercise experience and projected post-vesting behavior. The expected volatility is based on historical volatility of our common stock over a period equal to the expected term of the option. Change of Control Agreements The Company maintains change of control agreements with certain officers and employees. A Change of Control is generally defined as one or more of the following: the acquisition by any individual, entity or group, of beneficial ownership of 25 percent of the voting power of the Company’s outstanding Common Shares; a change in the composition of the Board that causes less than a majority of the current directors of the Board to be members of the incoming board; reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company; liquidation or dissolution of the Company; or any other event the Board reasonably determines constitutes a Change of Control. As of September 30, 2021, the amount payable under the change of control agreements, in the event of a Change of Control, was approximately $ 6.7 |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 10. Income Tax Income tax benefit for the nine months ended September 30, 2021 and 2020 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: 2021 2020 Amount % Amount % Income tax benefit $ 1,324,357 25 $ 1,719,430 25 Decrease due to: Different tax rates on foreign subsidiaries (190,559) (4) (131,633) (2) Non-deductible expenses (15,585) 0 (149,298) (2) Change in valuation allowance and other (1,118,213) (21) (593,315) (9) $ 0 0 $ 845,184 12 The Company recorded income tax benefit of $ 0 0.8 8.7 The components of the Canadian and U.S. deferred income tax assets and liabilities as of September 30, 2021 and December 31, 2020 were as follows: September 30, December 31, 2021 2020 Deferred income tax assets Net operating loss carry forwards $ 39,515,300 $ 35,650,114 Property, Plant and Equipment 2,611,418 5,676,072 Other 1,549,900 1,638,122 Total deferred income tax asset 43,676,618 42,964,308 Valuation allowance (43,597,558) (42,958,243) Deferred income tax assets net of valuation allowance $ 79,060 $ 6,065 Deferred income tax liabilities Other (79,060) (6,065) Net deferred income tax asset $ - $ - At September 30, 2021, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 2,062,125 2026 3,827,035 2027 14,586,915 2028 13,824,127 2029 17,078,940 2030 19,124,459 2031 5,548,816 2032 8,066,837 2033 9,346,654 2034 13,341,659 2035 15,861,828 2036 11,961,995 2037 1,144,730 2038 2,983,494 2039 4,434,835 13,284,297 2040 2041 1,883,874 - $ 1,883,874 $ 156,478,746 |
Subsequent event
Subsequent event | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent event | Note 11. Subsequent event In October 2021, the Company granted approximately 3.0 1.9 |
The Company and Significant A_2
The Company and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation 55 45 |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Exploration and Development Costs | Exploration and Development Costs |
Property, Plant and Equipment | Property, Plant and Equipment |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets . |
Foreign Currency | Foreign Currency |
Stock Based Compensation | Stock Based Compensation |
Income Taxes | Income Taxes |
Use of Estimates | Use of Estimates |
Net Income (Loss) Per Share | Net Income (Loss) Per Share |
Marketable Securities | Marketable Securities |
Equity accounted investments | Equity accounted investments |
Financial Instruments | Financial Instruments |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents September 30, December 31, 2021 2020 Bank deposits $ 3,245,912 $ 9,457,061 Short term investments 48,618,902 47,958,289 Total $ 51,864,814 $ 57,415,350 Short term investments include money market funds and US treasury bills with an original maturity of three months or less. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Schedule of Marketable Securities Value | September 30, December 31, Schedule of Marketable Securities Value 2021 2020 Equity securities Fair value and carrying value at beginning of period $ 83,575 $ 177,945 Increase in fair value 39,613 5,756 Disposals during the year – (100,126) Fair value and carrying value at balance sheet date $ 123,188 $ 83,575 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Accumulated Cost Depreciation Net September 30, 2021 Machinery and equipment $ 1,637,096 $ – $ 1,637,096 Furniture and office equipment 421,432 (313,283) 108,149 Transportation equipment 326,788 (214,356) 112,432 Leasehold improvements 29,390 (24,171) 5,219 Mineral property 350,000 – 350,000 $ 2,764,706 $ (551,810) $ 2,212,896 Accumulated Cost Depreciation Net December 31, 2020 Machinery and equipment $ 1,858,959 $ – $ 1,858,959 Furniture and office equipment 421,432 (286,083) 135,349 Transportation equipment 326,788 (165,338) 161,450 Leasehold improvements 29,390 (20,596) 8,794 Mineral property 350,000 – 350,000 $ 2,986,569 $ (472,017) $ 2,514,552 |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Transactions | 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding - beginning of period 4,629,565 $ 2.36 4,369,565 $ 3.09 Options granted 50,000 1.61 260,000 1.72 Options expired (444,922) 1.85 - - Options outstanding - end of period 4,234,643 $ 2.41 4,629,565 $ 2.36 Options exercisable - end of period 4,189,641 $ 2.42 4,539,564 $ 2.38 |
Stock Options Oustanding and Exercisable | Outstanding Options Exercisable Options Exercise Price Number Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Term (Years) Number Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Term (Years) $ 1.61 1.93 435,000 $ 1.77 $ 0 8.03 389,998 $ 1.78 $ 0 7.92 $ 2.39 2.39 3,369,643 $ 2.39 0 5.38 3,369,643 $ 2.39 0 5.38 $ 3.15 3.26 430,000 $ 3.21 0 3.21 430,000 $ 3.21 0 3.21 $ 1.61 3.26 4,234,643 $ 2.41 $ 0 5.43 4,189,641 $ 2.42 $ 0 5.39 |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income tax benefit | Income tax benefit for the nine months ended September 30, 2021 and 2020 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: 2021 2020 Amount % Amount % Income tax benefit $ 1,324,357 25 $ 1,719,430 25 Decrease due to: Different tax rates on foreign subsidiaries (190,559) (4) (131,633) (2) Non-deductible expenses (15,585) 0 (149,298) (2) Change in valuation allowance and other (1,118,213) (21) (593,315) (9) $ 0 0 $ 845,184 12 The Company recorded income tax benefit of $ 0 0.8 8.7 The components of the Canadian and U.S. deferred income tax assets and liabilities as of September 30, 2021 and December 31, 2020 were as follows: September 30, December 31, 2021 2020 Deferred income tax assets Net operating loss carry forwards $ 39,515,300 $ 35,650,114 Property, Plant and Equipment 2,611,418 5,676,072 Other 1,549,900 1,638,122 Total deferred income tax asset 43,676,618 42,964,308 Valuation allowance (43,597,558) (42,958,243) Deferred income tax assets net of valuation allowance $ 79,060 $ 6,065 Deferred income tax liabilities Other (79,060) (6,065) Net deferred income tax asset $ - $ - At September 30, 2021, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars. U.S. Canadian Expires $ $ 2,062,125 2026 3,827,035 2027 14,586,915 2028 13,824,127 2029 17,078,940 2030 19,124,459 2031 5,548,816 2032 8,066,837 2033 9,346,654 2034 13,341,659 2035 15,861,828 2036 11,961,995 2037 1,144,730 2038 2,983,494 2039 4,434,835 13,284,297 2040 2041 1,883,874 - $ 1,883,874 $ 156,478,746 |
The Company and Significant A_3
The Company and Significant Accounting Policies (Details Narrative) | Jun. 30, 2021 |
Accounting Policies [Abstract] | |
Siembra Minera beneficial ownership by Venezuela | 55.00% |
Siembra Minera beneficial ownership by Company | 45.00% |
Arbitral Award, Settlement Ag_2
Arbitral Award, Settlement Agreement and Mining Data Sale (Details Narrative) $ in Thousands | Sep. 30, 2021USD ($) |
Arbitral Award Settlement Agreement And Mining Data Sale | |
Total Award | $ 740,300 |
Settlement Agreement | 1,032,000 |
[custom:VenezuelaAgreedToPayForAward-0] | 792,000 |
Venezuela Agreed To Pay For Mining Data | 240,000 |
Payments Made Pursuant To Settlement Agreement | 254,000 |
Amount Due And Unpaid Including Interest | 918,000 |
Interest Due | $ 140,000 |
Amount Of Proceeds Cvr Holders Entitled To | 5.466% |
Cumulative Amount Paid To Cvr Holders | $ 10,000 |
Increase In Obligation To Cvr Holders | $ 60 |
Bonus Percentage Of First Two Hundred Million Collected | 1.28% |
Bonus Percentage Thereafter | 6.40% |
Cumulative Amount Paid To Bonus Plan Participants | $ 4,400 |
Increase In Obligation To Bonus Plan Participants | $ 70 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||||||
Bank deposits | $ 3,245,912 | $ 9,457,061 | ||||
Short term investments | 48,618,902 | 47,958,289 | ||||
Total | $ 51,864,814 | $ 53,332,496 | $ 57,415,350 | $ 58,886,240 | $ 60,785,602 | $ 61,822,137 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | ||
Fair value and carrying value at beginning of period | $ 83,575 | $ 177,945 |
Increase in fair value | 39,613 | 5,756 |
Disposals during the year | (100,126) | |
Fair value and carrying value at balance sheet date | $ 123,188 | $ 83,575 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Net, Total | $ 2,212,896 | $ 2,514,552 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Machinery and Equipment, Gross | 1,637,096 | 1,858,959 |
[custom:MachineryAndEquipmentNet-0] | 1,637,096 | 1,858,959 |
Accumulated Depreciation Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationMachineryAndEquipment-0] | ||
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and Fixtures, Gross | 421,432 | 421,432 |
[custom:FurnitureAndFixturesNet-0] | 108,149 | 135,349 |
Accumulated Depreciation Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationFurnitureAndFixtures-0] | (313,283) | (286,083) |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:TransportationEquipmentGross-0] | 326,788 | 326,788 |
[custom:TransportationEquipmentNet-0] | 112,432 | 161,450 |
Accumulated Depreciation Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationTransportationEquipment-0] | (214,356) | (165,338) |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold Improvements, Gross | 29,390 | 29,390 |
[custom:LeaseholdImprovementsNet-0] | 5,219 | 8,794 |
Accumulated Depreciation Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationLeaseholdImprovements-0] | (24,171) | (20,596) |
Mineral Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:MineralPropertyGross-0] | 350,000 | 350,000 |
[custom:MineralPropertyNet-0] | 350,000 | 350,000 |
Accumulated Depreciation Mineral Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
[custom:AccumulatedDepreciationMineralProperty-0] | ||
Property, Plant and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 2,764,706 | 2,986,569 |
Property, Plant and Equipment, Net, Total | 2,212,896 | 2,514,552 |
Accumulated Depreciation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (551,810) | $ (472,017) |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
[custom:GainOnDispositionOfEquipment] | $ 40,282 | $ 118,559 |
Empresa Mixta Ecosocialista S_2
Empresa Mixta Ecosocialista Siembra Minera, S.A (Details Narrative) $ in Millions | Sep. 30, 2021USD ($) |
Empresa Mixta Ecosocialista Siembra Minera S.a | |
[custom:SiembraMineraCostsToDate-0] | $ 22 |
401(k) Plan (Details Narrative)
401(k) Plan (Details Narrative) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
K Plan | |
[custom:ShareValueKSOPContribution] | $ 170,000 |
Stock Option Transactions (Deta
Stock Option Transactions (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 50,000 | 260,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.61 | $ 1.72 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (444,922) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 1.85 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 444,922 | |
Equity Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 4,629,565 | 4,369,565 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 2.36 | $ 3.09 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 4,234,643 | 4,629,565 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 2.41 | $ 2.36 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 4,189,641 | 4,539,564 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 2.42 | $ 2.38 |
Stock Options Oustanding and Ex
Stock Options Oustanding and Exercisable (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
[custom:OutstandingOptionsNumber161To193-0] | 435,000 | |
[custom:OutstandingOptionsAggregateIntrinsicValue161To193-0] | $ 0 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears161To193] | 8 years 10 days | |
[custom:ExercisableOptionsNumber161To193-0] | 389,998 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice161To193-0] | $ 1.78 | |
[custom:ExercisableOptionsAggregateIntrinsicValue161To193-0] | $ 0 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears161To193] | 7 years 11 months 1 day | |
[custom:OutstandingOptionsNumber239-0] | 3,369,643 | |
[custom:OutstandingOptionsAggregateIntrinsicValue239-0] | $ 0 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears239] | 5 years 4 months 17 days | |
[custom:ExercisableOptionsNumber239-0] | 3,369,643 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice239-0] | $ 2.39 | |
[custom:ExercisableOptionsAggregateIntrinsicValue239-0] | $ 0 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears239] | 5 years 4 months 17 days | |
[custom:OutstandingOptionsNumber315To326-0] | 430,000 | |
[custom:OutstandingOptionsAggregateIntrinsicValue315To326-0] | $ 0 | |
[custom:OutstandingOptionsWeightedAverageRemainingContractualTermYears315To326] | 3 years 2 months 15 days | |
[custom:ExercisableOptionsNumber315To326-0] | 430,000 | |
[custom:ExercisableOptionsWeightedAverageExercisePrice315To326-0] | $ 3.21 | |
[custom:ExercisableOptionsAggregateIntrinsicValue315To326-0] | $ 0 | |
[custom:ExercisableOptionsWeightedAverageRemainingContractualTermYears315To326] | 3 years 2 months 15 days | |
Outstanding Options Number Total | 4,234,643 | |
Outstanding Options Aggregate Intrinsic Value Total | $ 0 | |
Outstanding Options Weighted Average Remaining Contractual Term Years Total | 5 years 5 months 4 days | |
Exercisable Options Number Total | 4,189,641 | |
Exercisable Options Weighted Average Exercise Price Total | $ 2.42 | |
Exercisable Options Aggregate Intrinsic Value Total | $ 0 | |
Exercisable Options Weighted Average Remaining Contractual Term Years Total | 5 years 4 months 20 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.46% | 0.26% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 51.00% | 49.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Range 161to 193 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 1.77 | |
Range 239 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 2.39 | |
Range 315to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 3.21 | |
Range 161to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 2.41 | |
Minimum [Member] | Range 161to 193 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 1.61 | |
Minimum [Member] | Range 315to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 3.15 | |
Minimum [Member] | Range 161to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 1.61 | |
Maximum [Member] | Range 161to 193 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 1.93 | |
Maximum [Member] | Range 315to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | 3.26 | |
Maximum [Member] | Range 161to 326 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 3.26 |
Stock Based Compensation Plan_2
Stock Based Compensation Plans (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |||
[custom:MaximumNumberOfOptionsAvailableUnderThePlan-0] | 9,939,500 | ||
[custom:OptionsAvailableForGrant-0] | 5,704,857 | ||
[custom:RepricedOptions] | 4,369,565 | ||
[custom:ReductionOfExercisePrice] | $ 0.76 | ||
[custom:NoncashCompensationExpense] | $ 500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 50,000 | 260,000 | |
[custom:OptionExpense] | $ 70,544 | $ 644,722 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.70 | $ 0.72 | |
Amount Payable In Event Of Change Of Control | $ 6,700,000 |
Income tax benefit (Details)
Income tax benefit (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Benefit Based On Canadian Tax Rates | $ 1,324,357 | $ 1,719,430 | |
[custom:IncomeTaxBenefitBasedOnCanadianTaxRatesPercentage] | 25.00% | 25.00% | |
Different Tax Rates On Foreign Subsidiaries | $ (190,559) | $ (131,633) | |
[custom:DifferentTaxRatesOnForeignSubsidiariesPercentage] | (4.00%) | (2.00%) | |
Nondeductible Expenses | $ (15,585) | $ (149,298) | |
[custom:NondeductibleExpensesPercentage] | 0.00% | (2.00%) | |
Change In Valuation Allowance And Other | $ (1,118,213) | $ (593,315) | |
[custom:ChangeInValuationAllowanceAndOtherPercentage] | (21.00%) | (9.00%) | |
Income Tax Benefit | $ 0 | $ 845,184 | |
[custom:IncomeTaxBenefitPercent] | 0.00% | 12.00% | |
Deferred income tax assets | |||
Net operating loss carry forwards | $ 39,515,300 | $ 35,650,114 | |
Property, Plant and Equipment | 2,611,418 | 5,676,072 | |
Other | 1,549,900 | 1,638,122 | |
Total deferred income tax asset | 43,676,618 | 42,964,308 | |
Valuation allowance | (43,597,558) | (42,958,243) | |
Deferred income tax assets net of valuation allowance | 79,060 | 6,065 | |
Deferred income tax liabilities | |||
Other | (79,060) | (6,065) | |
Net deferred income tax asset | |||
Canadian Tax Loss Carryforward Expiring 2026 | 2,062,125 | ||
Canadian Tax Loss Carryforward Expiring 2027 | 3,827,035 | ||
Canadian Tax Loss Carryforward Expiring 2028 | 14,586,915 | ||
Canadian Tax Loss Carryforward Expiring 2029 | 13,824,127 | ||
Canadian Tax Loss Carryforward Expiring 2030 | 17,078,940 | ||
Canadian Tax Loss Carryforward Expiring 2031 | 19,124,459 | ||
Canadian Tax Loss Carryforward Expiring 2032 | 5,548,816 | ||
Canadian Tax Loss Carryforward Expiring 2033 | 8,066,837 | ||
Canadian Tax Loss Carryforward Expiring 2034 | 9,346,654 | ||
Canadian Tax Loss Carryforward Expiring 2035 | 13,341,659 | ||
Canadian Tax Loss Carryforward Expiring 2036 | 15,861,828 | ||
Canadian Tax Loss Carryforward Expiring 2037 | 11,961,995 | ||
Canadian Tax Loss Carryforward Expiring 2038 | 1,144,730 | ||
Canadian Tax Loss Carryforward Expiring 2039 | 2,983,494 | ||
Canadian Tax Loss Carryforward Expiring 2040 | 4,434,835 | ||
[custom:CanadianTaxLossCarryforwardExpiring2041-0] | 13,284,297 | ||
[custom:UsTaxLossCarryforward-0] | 1,883,874 | ||
Total Us Tax Loss Carryforward | 1,883,874 | ||
Total Canadian Tax Loss Carryforward | $ 156,478,746 |
Income Tax (Details Narrative)
Income Tax (Details Narrative) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Benefit Recorded By The Company | $ 0 | $ 0.8 |
The Companys Income Tax Receivable | $ 8.7 |
Subsequent event (Details Narra
Subsequent event (Details Narrative) shares in Millions, $ in Millions | 1 Months Ended |
Oct. 31, 2021USD ($)shares | |
Subsequent Events [Abstract] | |
Options issued in Q4 2021 | shares | 3 |
Option Expense Options Issued Q4 2021 | $ | $ 1.9 |