Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Apr. 24, 2020 | Jun. 30, 2019 | |
Details | |||
Registrant CIK | 0001082027 | ||
Fiscal Year End | --12-31 | ||
Registrant Name | NORTHSTAR ELECTRONICS INC | ||
SEC Form | 10-K | ||
Period End date | Dec. 31, 2019 | ||
Tax Identification Number (TIN) | 33-0803434 | ||
Number of common stock shares outstanding | 127,838,231 | ||
Public Float | $ 571,590 | ||
Filer Category | Non-accelerated Filer | ||
Current with reporting | Yes | ||
Interactive Data Current | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Shell Company | false | ||
Small Business | true | ||
Emerging Growth Company | false | ||
Entity File Number | 333-90031 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 2020 General Booth Blvd, Unit 230 | ||
Entity Address, City or Town | Virginia Beach | ||
Entity Address, State or Province | VA | ||
Entity Address, Country | US | ||
Entity Address, Postal Zip Code | 23451 | ||
City Area Code | 647 | ||
Local Phone Number | 286-4594 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
Cash | $ 40,261 | $ 170,831 |
Total Current Assets | 40,261 | 170,831 |
Total Assets | 40,261 | 170,831 |
Current | ||
Accounts payable and accrued liabilities | 1,220,792 | 1,110,456 |
Loans payable | 442,916 | 442,916 |
Due to director | 616,159 | 521,074 |
Legal liability | 3,100,221 | 2,855,868 |
Total Current Liabilities | 5,380,088 | 4,930,314 |
Total Liabilities | 5,380,088 | 4,930,314 |
Stockholders' Deficit | ||
Preferred Stock value | 404,299 | 404,299 |
Common stock value | 12,784 | 12,784 |
Additional Paid-in Capital | 8,608,875 | 8,608,875 |
Accumulated Deficit | (14,365,785) | (13,785,441) |
Total Stockholders' Deficit | (5,339,827) | (4,759,483) |
Total Liabilities and Stockholders' Deficit | $ 40,261 | $ 170,831 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Details | ||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Issued | 597,716 | 597,716 |
Preferred Stock, Shares Outstanding | 597,716 | 597,716 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares, Outstanding | 127,838,231 | 127,838,231 |
Common Stock, Shares, Issued | 127,838,231 | 127,838,231 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses | ||
Research and development | $ 39,600 | $ 99,855 |
Travel, marketing and business development | 383 | 37,580 |
Management fees | 120,000 | 120,000 |
Administrative fees | 60,750 | 60,000 |
Consulting fees | 3,550 | 0 |
Rent and storage | 10,217 | 10,362 |
Professional fees | 16,148 | 13,642 |
Investor relations | 9,099 | 13,899 |
Office and miscellaneous | 5,744 | 6,167 |
Filing and transfer agent fees | 18,334 | 33,023 |
Foreign exchange gain (loss) | (148,063) | 237,416 |
Net loss before other items | (431,888) | (157,112) |
Other items | ||
Filing penalty | (50,000) | 0 |
Interest expense | (98,456) | (100,834) |
Net loss | $ (580,344) | $ (257,946) |
Loss Per Share (Basic) | $ 0 | $ (0.01) |
Loss Per Share (Dilutive) | $ 0 | $ 0 |
Weighted Average Number of CommonShares Outstanding (Basic and Diluted) | 127,838,231 | 113,309,684 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Receivables from Stockholder | Retained Earnings | Preferred Stock | Total |
Equity Balance at Dec. 31, 2017 | $ 9,858 | $ 8,333,396 | $ (5,035) | $ (13,527,495) | $ 404,299 | $ (4,784,977) |
Equity Balance, Shares at Dec. 31, 2017 | 98,579,815 | |||||
Stcok issued for services, value | $ 100 | 9,900 | 0 | 0 | 0 | $ 10,000 |
Stcok issued for services, shares | 1,000,000 | 1,000,000 | ||||
Stcok issued for cash, value | $ 2,826 | 265,579 | 0 | 0 | 0 | $ 268,405 |
Stcok issued for cash, shares | 28,258,416 | 28,258,416 | ||||
Subscription collected | $ 0 | 0 | 5,035 | 0 | 0 | $ 5,035 |
Net Income (loss) | $ 0 | 0 | 0 | (257,946) | 0 | (257,946) |
Equity Balance, Shares at Dec. 31, 2018 | 127,838,231 | |||||
Equity Balance at Dec. 31, 2018 | $ 12,784 | 8,608,875 | 0 | (13,785,441) | 404,299 | (4,759,483) |
Net Income (loss) | $ 0 | 0 | 0 | (580,344) | 0 | (580,344) |
Equity Balance, Shares at Dec. 31, 2019 | 127,838,231 | |||||
Equity Balance at Dec. 31, 2019 | $ 12,784 | $ 8,608,875 | $ 0 | $ (14,365,785) | $ 404,299 | $ (5,339,827) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | ||
Net Income (loss) | $ (580,344) | $ (257,946) |
Items not involving cash: | ||
Non-cash investor relations | 0 | 10,000 |
Foreign exchange | 145,897 | (246,437) |
Increase (decrease) in accounts payable and accrued liabilities | 110,336 | 169,341 |
Increase (decrease) in due to director | 98,456 | 96,536 |
Increase (decrease) in interest accrual | 95,085 | 100,834 |
Changes in Non-Cash Working Capital: | ||
Cash Used in Operating Activities | (130,570) | (127,672) |
Financing Activities | ||
Issuance of share capital for cash | 0 | 273,440 |
Proceeds from loans | 0 | 8,625 |
Cash Provided by Financing Activities | 0 | 282,065 |
Change in Cash | (130,570) | 154,393 |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 170,831 | 16,438 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 40,261 | 170,831 |
Supplemental Information | ||
Income taxes paid | 0 | 0 |
Interest paid | 0 | 0 |
Non-cash transactions | ||
Shares issued for services, cashless | $ 0 | $ 10,000 |
Nature of Operations and Going
Nature of Operations and Going Concern | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
Nature of Operations and Going Concern | 1. NATURE OF OPERATIONS AND GOING CONCERN Northstar Electronics Inc. (the Company) was incorporated on May 11, 1998 in the state of Delaware. The Company is doing research and development on single engine aircrafts for business use. The Company's business activities are conducted principally in Canada. However, the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) with all figures translated into United States dollars for financial reporting purposes. The accompanying consolidated financial statements have been prepared on a going concern basis, which assumes the Company will be able to continue as a going-concern and contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the year ended December 31, 2019 the Company incurred a net loss of $580,344 (2018: $257,946) and had a working capital deficiency of $5,339,827 (2018: $4,759,483). Continuation as a going concern is dependent upon the ability of the Company to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due and ultimately upon its ability to achieve profitable operations. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that the Company will be able to continue as a going concern. These consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Management intends to obtain additional funding by issuing debt and equity financing. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES a. Basis of consolidation The consolidated financial statements include the accounts of the Company and its controlled subsidiary, National Five Holding Ltd, which was inactive during the years ended December 31, 2019 and 2018. b. Cash and Cash Equivalents Cash and cash equivalents consist of commercial accounts, trust accounts and interest-bearing bank deposit. Items are considered to be cash equivalents if the original maturity is three months or less. c. Research and development Research and development costs are expensed to operations as incurred. d. Foreign currency translation The functional currencies of the Company and its subsidiary were determined as the US dollar, which is the currency of their primary economic environment. Amounts incurred in Canadian dollars are translated into the functional currency as follows: (i) (ii) (iii) e. Use of estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates. f. Income taxes Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with ASC 740, Income Taxes, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, and for tax losses and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. g. Basic and diluted net loss per share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive. h. Segments of an enterprise and related information ASC 280, Segment Reporting establishes guidance for the way that public companies report information about operating segments in annual financial statements and requires reporting of selected information about operating segments in interim financial statements issued to the public. It also establishes standards for disclosures regarding products and services, geographic areas and major customers. ASC 280 defines operating segments as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. i. Fair value measurements The Company adopted ASC 820, Fair Value Measurements. ASC 820 provides a definition of fair value, establishes a hierarchy for measuring fair value under generally accepted accounting principles and requires certain disclosures about fair values used in the financial statements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the primary or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: Level 1 Level 2 Level 3 j. Comparative figures Certain comparative figures have been adjusted to conform to the current years presentation. k. Recently adopted accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Topic 842 is effective for public companies for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability, measured on a discounted basis, on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. Originally, entities were required to adopt ASU 2016-02 using a modified retrospective approach, which required prior periods to be presented under this new standard with certain practical expedients available. However, in July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. The Company adopted Topic 842 as of January 1, 2019 which did not result in any impact on the Companys financial statements as the Company did not have leases with terms longer than 12 months. Other recent accounting pronouncements issued by the Financial Accounting Standards Board or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
Financial Instruments Disclosur
Financial Instruments Disclosure | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
Financial Instruments Disclosure | 3. FINANCIAL INSTRUMENTS Fair values The carrying values of accounts payable, loans payable, due to director and legal liability approximate their fair values because of the short maturity of these financial instruments. Interest rate risk The Company is not exposed to significant interest rate risk due to the fixed rates of interest on its monetary assets and liabilities. Credit risk The Company is exposed to credit risk with respect to its cash. The Company deposits cash with a high credit quality financial institution as determined by rating agencies. Currency risk The Company is subject to currency risk as certain of the assets and liabilities are denominated in Canadian dollars. The exchange rate conversion to US dollars may vary from time to time. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with its financial liabilities. The Company is reliant upon related parties and share issuance as its sources of cash. The Company has received financing from related parties and share issuances in the past; however, there is no assurance that it will be able to do so in the future. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities Disclosure | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
Accounts Payable and Accrued Liabilities Disclosure | 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 2019 2018 Accounts payable $ 220,559 $ 259,550 Accrued liabilities 1,000,233 850,906 $ 1,220,792 $ 1,110,456 |
Loans Payable Disclosure
Loans Payable Disclosure | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
Loans Payable Disclosure | 5. LOANS PAYABLE 2019 2018 Demand loans $ 417,364 $ 417,364 Promissory notes 8,625 8,625 Interest payable 16,927 16,927 $ 442,916 $ 442,916 The demand loans are non-interest bearing, unsecured with no fixed terms of repayment. The promissory notes bear interest rate of 10% per annum and are convertible to the Companys shares at the Companys option at a price to be agreed upon both the Company and the promissory note holders. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
Related Party Transactions Disclosure | 6. RELATED PARTY TRANSACTIONS a. b. |
Legal Liability Disclosure
Legal Liability Disclosure | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
Legal Liability Disclosure | 7. LEGAL LIABILITY During 2000 to 2008, the Companys former subsidiaries Northstar Technical Inc. (NTI) and Northstar Network Ltd. (NNL) received funding from Atlantic Canada Opportunities Agency (ACOA) to fund their projects. In 2013, ACOA filed claims against NTI, NNL and the Company for repayments of advances due to events of default. The advances and interests ACOA claimed totaled $3,079,475 CAD ($2,257,255). In accordance with the agreements signed between NTI, NNL and the Company, the Company was jointly and severally liable for the obligations. Further, the claim amount bears a daily interest of CAD $358 from February 15, 2013 to settlement. During the year ended December 31, 2019, the Company accrued interest in the amount of $98,456 (2018: $100,834). 2019 2018 Legal liability $ 2,403,152 $ 2,257,255 Interest payable 697,069 598,613 $ 3,100,221 $ 2,855,868 |
Warrants Disclosure
Warrants Disclosure | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
Warrants Disclosure | 8. WARRANTS Warrant activity for the years ended December 31, 2019 and 2018 is as follows: Number of Warrants Weighted Average Exercise Price Balance December 31, 2017 5,157,440 $0.64 Expired (1,827,500) $0.04 Issued 14,629,208 $0.05 Balance December 31, 2018 17,959,148 $0.07 Expired (2,500,000) $0.04 Balance December 31, 2019 15,459,148 $0.04 As at December 31, 2019 the outstanding warrants were: Exercise Number of Warrants Expiry Date Price 2019 2018 Open (1) $ 0.50 389,170 389,170 Open (1) $ 0.75 389,170 389,170 Open (2) $ 0.25 51,600 51,600 April 20, 2019 $ 0.04 - 2,500,000 April 23, 2020 $ 0.05 645,000 645,000 April 23, 2020 $ 0.05 850,000 850,000 September 30, 2020 $ 0.05 792,102 792,102 September 30, 2020 $ 0.05 500,000 500,000 September 30, 2020 $ 0.05 11,842,106 11,842,106 Total outstanding and exercisable 15,459,148 17,959,148 Weighted average outstanding life of warrants (years) 0.88 - Open 0.94 - Open (1) (2) |
Income Tax Disclosure
Income Tax Disclosure | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
Income Tax Disclosure | 9. INCOME TAXES Income taxes vary from the amount that would be computed by applying the estimated combined statutory income tax rate (21%) for the following reasons: 2019 2018 Loss before income taxes $ (580,344) $ (257,946) Income tax rate 21% 21% Expected income tax recovery (121,872) (54,169) Permanent difference 10,500 - Effect from change in tax rates - 1,146,861 Change in valuation allowance 111,372 (1,092,692) Provision for income taxes $ - $ - Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. 2019 2018 Deferred tax asset attributable to: Non-capital loss $ 2,018,162 $ 1,906,790 Less: change in valuation allowance (2,018,162) (1,906,790) $ - $ - The Company's carried losses for income tax purposes are $9,610,295 which may be carried forward to apply against future income tax. The future tax benefit of these loss carry-forwards has been offset with a full valuation allowance. These losses expire as follows: 2026 $ 681,591 2027 718,441 2028 1,791,899 2029 1,039,431 2030 1,272,447 2031 1,807,955 2032 864,013 2033 102,286 2034 (297,953) 2035 (332,517) 2036 535,288 2037 639,125 2038 257,946 2039 530,343 $ 9,610,295 The Company has adopted Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of SFAS 109. (FIN 48), as codified in ASC 740. ASC 740 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position would be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions. The Company did not file its U.S. federal income tax returns, including, without limitation, information returns on Internal Revenue Service (IRS) Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations for the years ended December 31, 2007 through 2019. Failure to furnish any information with respect to any foreign business entity required, within the time prescribed by the IRS, subjects the Company to certain civil penalties. The Company did not file the information reports for the years ended December 31, 2007 through 2019 concerning its interest in foreign bank accounts on TDF 90-22.1, Report of Foreign Bank and Financial Accounts (FBARs). For not complying with the FBAR reporting and recordkeeping requirements, the Company is potentially subject to civil penalties up to $10,000 for each of its foreign bank accounts. During the year ended December 31, 2019, the Company accrued $50,000 on potential penalty for failure to file the form TDF 90-22.1. In addition, because the Company did not generate any income in the United States or otherwise have any U.S. taxable income, the Company does not believe that it owes U.S. federal income taxes in respect to any transactions that the Company or any of its subsidiaries may have engaged in through December 31, 2019. However, there can be no assurance that the IRS will agree with the position, and therefore the Company ultimately could be held liable for U.S. federal income taxes, interest and penalties. |
Common Stock Disclosure
Common Stock Disclosure | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
Common Stock Disclosure | 10. COMMON STOCK During the year ended December 31, 2019, the Company did not issue any common shares. During the year ended December 31, 2018, the Company issued 28,258,416 common shares for cash of $268,405. Included in these issuances were 14,629,208 attached warrants with an exercise price of $0.05 for a period of one to two years. No value was attributed to these warrants. During the year ended December 31, 2018, the Company issued 1,000,000 common shares for services with a fair value of $10,000. Included in this issuance were 500,000 attached warrants with an exercise price of $0.05 for a period of two years. No fair value was attributed to the warrants as the $10,000 was determined to be the fair value of the service received. Preferred Shares Issued for cash: All classes of the preferred shares bear interest at 10% per annum paid semiannually not in advance and are convertible to shares of common stock of the Company after two years from receipt of funds at a 20% discount to the then current market price of the Companys common stock. The preferred shares may be converted after six months and before two years under similar terms but with a 15% discount to market. At December 31, 2019, the outstanding number of preferred Classes A, B and C shares are 582,716 Class A (December 31, 2018: 582,716), 15,000 Class B (December 31, 2018: 15,000) and nil Class C (December 31, 2018: nil), respectively. |
Loss Per Share Disclosure
Loss Per Share Disclosure | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
Loss Per Share Disclosure | 11. LOSS PER SHARE The potentially dilutive securities that were excluded from the earnings (loss) per share calculation consist of 15,459,148 warrants (2018: 17,959,148). The warrants and any preferred share conversions would be antidilutive and therefore excluded. |
Significant Accounting Polici_2
Significant Accounting Policies: Consolidation, Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
Consolidation, Policy | a. Basis of consolidation The consolidated financial statements include the accounts of the Company and its controlled subsidiary, National Five Holding Ltd, which was inactive during the years ended December 31, 2019 and 2018. |
Significant Accounting Polici_3
Significant Accounting Policies: Cash and Cash Equivalents, Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
Cash and Cash Equivalents, Policy | b. Cash and Cash Equivalents Cash and cash equivalents consist of commercial accounts, trust accounts and interest-bearing bank deposit. Items are considered to be cash equivalents if the original maturity is three months or less. |
Significant Accounting Polici_4
Significant Accounting Policies: Research and Development Expense, Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
Research and Development Expense, Policy | c. Research and development Research and development costs are expensed to operations as incurred. |
Significant Accounting Polici_5
Significant Accounting Policies: Foreign Currency Translations Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
Foreign Currency Translations Policy | d. Foreign currency translation The functional currencies of the Company and its subsidiary were determined as the US dollar, which is the currency of their primary economic environment. Amounts incurred in Canadian dollars are translated into the functional currency as follows: (i) (ii) (iii) |
Significant Accounting Polici_6
Significant Accounting Policies: Use of Estimates, Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
Use of Estimates, Policy | e. Use of estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates. |
Significant Accounting Polici_7
Significant Accounting Policies: Income Tax, Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
Income Tax, Policy | f. Income taxes Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with ASC 740, Income Taxes, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, and for tax losses and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. |
Significant Accounting Polici_8
Significant Accounting Policies: Earnings Per Share, Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
Earnings Per Share, Policy | g. Basic and diluted net loss per share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive. |
Significant Accounting Polici_9
Significant Accounting Policies: Segment Reporting, Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
Segment Reporting, Policy | h. Segments of an enterprise and related information ASC 280, Segment Reporting establishes guidance for the way that public companies report information about operating segments in annual financial statements and requires reporting of selected information about operating segments in interim financial statements issued to the public. It also establishes standards for disclosures regarding products and services, geographic areas and major customers. ASC 280 defines operating segments as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. |
Significant Accounting Polic_10
Significant Accounting Policies: Fair Value Measurement, Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
Fair Value Measurement, Policy | i. Fair value measurements The Company adopted ASC 820, Fair Value Measurements. ASC 820 provides a definition of fair value, establishes a hierarchy for measuring fair value under generally accepted accounting principles and requires certain disclosures about fair values used in the financial statements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the primary or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: Level 1 Level 2 Level 3 |
Significant Accounting Polic_11
Significant Accounting Policies: Comparative figures, Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
Comparative figures, Policy | j. Comparative figures Certain comparative figures have been adjusted to conform to the current years presentation. |
Significant Accounting Polic_12
Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
New Accounting Pronouncements, Policy | k. Recently adopted accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Topic 842 is effective for public companies for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability, measured on a discounted basis, on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. Originally, entities were required to adopt ASU 2016-02 using a modified retrospective approach, which required prior periods to be presented under this new standard with certain practical expedients available. However, in July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. The Company adopted Topic 842 as of January 1, 2019 which did not result in any impact on the Companys financial statements as the Company did not have leases with terms longer than 12 months. Other recent accounting pronouncements issued by the Financial Accounting Standards Board or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities Disclosure: Schedule of Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of Accounts Payable and Accrued Liabilities | 2019 2018 Accounts payable $ 220,559 $ 259,550 Accrued liabilities 1,000,233 850,906 $ 1,220,792 $ 1,110,456 |
Loans Payable Disclosure_ Sched
Loans Payable Disclosure: Schedule of Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of Loans Payable | 2019 2018 Demand loans $ 417,364 $ 417,364 Promissory notes 8,625 8,625 Interest payable 16,927 16,927 $ 442,916 $ 442,916 |
Legal Liability Disclosure_ Sch
Legal Liability Disclosure: Schedule of Legal Liability (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of Legal Liability | 2019 2018 Legal liability $ 2,403,152 $ 2,257,255 Interest payable 697,069 598,613 $ 3,100,221 $ 2,855,868 |
Warrants Disclosure_ Schedule o
Warrants Disclosure: Schedule of Warrant Activity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of Warrant Activity | Number of Warrants Weighted Average Exercise Price Balance December 31, 2017 5,157,440 $0.64 Expired (1,827,500) $0.04 Issued 14,629,208 $0.05 Balance December 31, 2018 17,959,148 $0.07 Expired (2,500,000) $0.04 Balance December 31, 2019 15,459,148 $0.04 |
Warrants Disclosure_ Schedule_2
Warrants Disclosure: Schedule of Stockholders' Equity Note, Warrants (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of Stockholders' Equity Note, Warrants | Exercise Number of Warrants Expiry Date Price 2019 2018 Open (1) $ 0.50 389,170 389,170 Open (1) $ 0.75 389,170 389,170 Open (2) $ 0.25 51,600 51,600 April 20, 2019 $ 0.04 - 2,500,000 April 23, 2020 $ 0.05 645,000 645,000 April 23, 2020 $ 0.05 850,000 850,000 September 30, 2020 $ 0.05 792,102 792,102 September 30, 2020 $ 0.05 500,000 500,000 September 30, 2020 $ 0.05 11,842,106 11,842,106 Total outstanding and exercisable 15,459,148 17,959,148 Weighted average outstanding life of warrants (years) 0.88 - Open 0.94 - Open |
Income Tax Disclosure_ Schedule
Income Tax Disclosure: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | 2019 2018 Loss before income taxes $ (580,344) $ (257,946) Income tax rate 21% 21% Expected income tax recovery (121,872) (54,169) Permanent difference 10,500 - Effect from change in tax rates - 1,146,861 Change in valuation allowance 111,372 (1,092,692) Provision for income taxes $ - $ - |
Income Tax Disclosure_ Schedu_2
Income Tax Disclosure: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | 2019 2018 Deferred tax asset attributable to: Non-capital loss $ 2,018,162 $ 1,906,790 Less: change in valuation allowance (2,018,162) (1,906,790) $ - $ - |
Income Tax Disclosure_ Summary
Income Tax Disclosure: Summary of Operating Loss Carryforwards (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Summary of Operating Loss Carryforwards | 2026 $ 681,591 2027 718,441 2028 1,791,899 2029 1,039,431 2030 1,272,447 2031 1,807,955 2032 864,013 2033 102,286 2034 (297,953) 2035 (332,517) 2036 535,288 2037 639,125 2038 257,946 2039 530,343 $ 9,610,295 |
Nature of Operations and Goin_2
Nature of Operations and Going Concern (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Details | ||
Net loss | $ 580,344 | $ 257,946 |
Working capital deficiency | $ 5,339,827 | $ 4,759,483 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities Disclosure: Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Details | ||
Accounts payable, current | $ 220,559 | $ 259,550 |
Accrued liabilities, current | 1,000,233 | 850,906 |
Accounts payable and accrued liabilities | $ 1,220,792 | $ 1,110,456 |
Loans Payable Disclosure_ Sch_2
Loans Payable Disclosure: Schedule of Loans Payable (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Details | ||
Demand loans | $ 417,364 | $ 417,364 |
Promissory notes | 8,625 | 8,625 |
Interest payable | 16,927 | 16,927 |
Loans payable | $ 442,916 | $ 442,916 |
Loans Payable Disclosure (Detai
Loans Payable Disclosure (Details) | Dec. 31, 2019 |
Details | |
Promissory notes interest rate | 10.00% |
Related Party Transactions Di_2
Related Party Transactions Disclosure (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Due to director | $ 616,159 | $ 521,074 |
Accrued management fees to a Director | ||
Fees accrued from related parties | $ 120,000 | $ 120,000 |
Legal Liability Disclosure_ S_2
Legal Liability Disclosure: Schedule of Legal Liability (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Details | ||
Legal liability, gross | $ 2,403,152 | $ 2,257,255 |
Legal liability, interest payable | 697,069 | 598,613 |
Legal liability | $ 3,100,221 | $ 2,855,868 |
Warrants Disclosure_ Schedule_3
Warrants Disclosure: Schedule of Warrant Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Details | |||
Number of warrants outstanding | 15,459,148 | 17,959,148 | 5,157,440 |
Warrants outstanding, Weighted Average Exercise Price | $ 0.04 | $ 0.07 | $ 0.64 |
Warrants expirations | 2,500,000 | 1,827,500 | |
Warrants expired, weighted average exercise price | $ 0.04 | $ 0.04 | |
Warrants issued | 14,629,208 | ||
Warrants issued | $ 0.05 |
Warrants Disclosure_ Schedule_4
Warrants Disclosure: Schedule of Stockholders' Equity Note, Warrants (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Warrants outstanding, Weighted Average Exercise Price | $ 0.04 | $ 0.07 | $ 0.64 |
Number of warrants outstanding | 15,459,148 | 17,959,148 | 5,157,440 |
Warrants issued - Open (1) | |||
Warrants outstanding, Weighted Average Exercise Price | $ 0.50 | ||
Number of warrants outstanding | 389,170 | 389,170 | |
Warrants issued - Open (2) | |||
Warrants outstanding, Weighted Average Exercise Price | $ 0.75 | ||
Number of warrants outstanding | 389,170 | 389,170 | |
Warrants issued - Open (3) | |||
Warrants outstanding, Weighted Average Exercise Price | $ 0.25 | ||
Number of warrants outstanding | 51,600 | 51,600 | |
Warrants issued - Expire April 20, 2019 | |||
Warrants outstanding, Weighted Average Exercise Price | $ 0.04 | ||
Number of warrants outstanding | 2,500,000 | ||
Warrants issued - Expire April 23, 2020 | |||
Warrants outstanding, Weighted Average Exercise Price | $ 0.05 | ||
Number of warrants outstanding | 645,000 | 645,000 | |
Warrants issued - Expire April 23, 2020 (2) | |||
Warrants outstanding, Weighted Average Exercise Price | $ 0.05 | ||
Number of warrants outstanding | 850,000 | 850,000 | |
Warrants issued - Expire Sept 30, 2020 | |||
Warrants outstanding, Weighted Average Exercise Price | $ 0.05 | ||
Number of warrants outstanding | 792,102 | 792,102 | |
Warrants issued - Expire Sept 30, 2020 (2) | |||
Warrants outstanding, Weighted Average Exercise Price | $ 0.05 | ||
Number of warrants outstanding | 500,000 | 500,000 | |
Warrants issued - Expire Sept 30, 2020 (3) | |||
Warrants outstanding, Weighted Average Exercise Price | $ 0.05 | ||
Number of warrants outstanding | 11,842,106 | 11,842,106 |
Income Tax Disclosure_ Schedu_3
Income Tax Disclosure: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Details | ||
Income (Loss) before income taxes | $ (580,344) | $ (257,946) |
Income tax rate | 21.00% | 21.00% |
Expected income tax expense (recovery) | $ (121,872) | $ (54,169) |
Permanent difference | 10,500 | 0 |
Effect from change in tax rates | 0 | 1,146,861 |
Change in valuation allowance | 111,372 | (1,092,692) |
Provision for income taxes | $ 0 | $ 0 |
Income Tax Disclosure_ Schedu_4
Income Tax Disclosure: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Details | ||
Non-capital loss, deferred tax assets | $ 2,018,162 | $ 1,906,790 |
Change in valuation allowance, deferred tax assets | (2,018,162) | (1,906,790) |
Deferred Tax Assets, Net of Valuation Allowance | $ 0 | $ 0 |
Income Tax Disclosure_ Summar_2
Income Tax Disclosure: Summary of Operating Loss Carryforwards (Details) | Dec. 31, 2019USD ($) |
Losses expiring 2026 | |
Operating losses carried forward | $ 681,591 |
Losses expiring 2027 | |
Operating losses carried forward | 718,441 |
Losses expiring 2028 | |
Operating losses carried forward | 1,791,899 |
Losses expiring 2029 | |
Operating losses carried forward | 1,039,431 |
Losses expiring 2030 | |
Operating losses carried forward | 1,272,447 |
Losses expiring 2031 | |
Operating losses carried forward | 1,807,955 |
Losses expiring 2032 | |
Operating losses carried forward | 864,013 |
Losses expiring 2033 | |
Operating losses carried forward | 102,286 |
Losses expiring 2034 | |
Operating losses carried forward | (297,953) |
Losses expiring 2035 | |
Operating losses carried forward | (332,517) |
Losses expiring 2036 | |
Operating losses carried forward | 535,288 |
Losses expiring 2037 | |
Operating losses carried forward | 639,125 |
Losses expiring 2038 | |
Operating losses carried forward | 257,946 |
Losses expiring 2039 | |
Operating losses carried forward | $ 530,343 |
Common Stock Disclosure (Detail
Common Stock Disclosure (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | |
Stcok issued for cash, shares | 28,258,416 | |
Stcok issued for cash, value | $ 268,405 | |
Warrants issued | 14,629,208 | |
Stcok issued for services, shares | 1,000,000 | |
Stcok issued for services, value | $ 10,000 | |
Preferred Stock outstanding | 597,716 | 597,716 |
Series A Preferred Stock | ||
Preferred Stock outstanding | 582,716 | 582,716 |
Series B Preferred Stock | ||
Preferred Stock outstanding | 15,000 | 15,000 |
Series C Preferred Stock | ||
Preferred Stock outstanding | 0 | 0 |
Loss Per Share Disclosure (Deta
Loss Per Share Disclosure (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Details | ||
Potentially dilutive securities excluded from earnings calculation (warrants) | 15,459,148 | 17,959,148 |