Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-16353 |
Entity Registrant Name | 37 CAPITAL INC. |
Entity Central Index Key | 0000825171 |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | Suite 303 |
Entity Address, Address Line Two | 570 Granville Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6C 3P1 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | true |
Entity Common Stock, Shares Outstanding | 5,745,947 |
Auditor Name | DALE MATHESON CARR-HILTON LABONTE LLP |
Auditor Firm ID | 1173 |
Auditor Location | Vancouver, Canada |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Suite 303 |
Entity Address, Address Line Two | 570 Granville Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6C 3P1 |
City Area Code | 604 |
Local Phone Number | 681-0204 |
Contact Personnel Name | Jacob Kalpakian |
Balance Sheets
Balance Sheets - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current | ||
Cash | $ 122 | $ 1,611 |
GST receivable | 1,560 | 502 |
Total current assets | 1,682 | 2,113 |
Mineral Property Interests (note 5) | 54,001 | |
Total Assets | 55,683 | 2,113 |
Liabilities and Stockholders’ Deficiency | ||
Accounts payable and accrued liabilities (note 6) | 176,163 | 150,001 |
Due to related parties (note 7) | 103,200 | 34,756 |
Loan payable (note 9) | 57,973 | 52,973 |
Convertible debentures (note 10) | 489,589 | 459,589 |
Total Liabilities | 826,925 | 697,319 |
Stockholders’ Deficiency | ||
Capital stock (note 11) | 27,536,269 | 27,511,269 |
Equity portion of convertible debentures (note 10) | 33,706 | 33,706 |
Reserves | 24,000 | |
Deficit | (28,365,217) | (28,240,181) |
Total Stockholders’ Deficiency | (771,242) | (695,206) |
Total Liabilities and Stockholders’ Deficiency | $ 55,683 | $ 2,113 |
Statements of Comprehensive Los
Statements of Comprehensive Loss - CAD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses | |||
Finance and interest (notes 7, 9 and 10) | $ 40,598 | $ 36,227 | $ 54,618 |
Foreign exchange loss | 318 | ||
Legal, accounting and audit | 21,488 | 21,545 | 31,702 |
Office, rent and miscellaneous (note 7) | 38,311 | 26,133 | 39,847 |
Regulatory and transfer fees | 24,298 | 30,992 | 3,340 |
Travel, meals and entertainment | 12 | ||
Loss on debt settlement (note 11) | 887,222 | ||
Impairment loss (notes 5 and 17) | 40,002 | ||
Shareholder communications | 341 | 2,412 | 3,872 |
Total expenses | 125,036 | 1,044,863 | 133,379 |
Net and Comprehensive Loss for the Year | $ (125,036) | $ (1,044,863) | $ (133,379) |
Basic and Diluted Loss per Common Share | $ (0.03) | $ (0.24) | $ (0.09) |
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 4,807,317 | 4,287,906 | 1,427,571 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity Deficiency - CAD ($) | Issued capital [member] | Equity Portion Of Convertible Debentures Reserve [Member] | Warrant reserve [member] | Retained earnings [member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 25,857,450 | $ 33,706 | $ (27,061,939) | $ (1,170,783) | |
Beginning balance, Shares at Dec. 31, 2019 | 1,438,542 | ||||
IfrsStatementLineItems [Line Items] | |||||
Net loss for the year | (133,379) | (133,379) | |||
Shares issued to Eagle Plain Acacia Property | $ 7,500 | 7,500 | |||
Shares issued to eagle plain acacia property, shares | 20,000 | ||||
Ending balance, value at Dec. 31, 2020 | $ 25,864,950 | 33,706 | (27,195,318) | (1,296,662) | |
Ending balance, Shares at Dec. 31, 2020 | 1,458,542 | ||||
IfrsStatementLineItems [Line Items] | |||||
Net loss for the year | (1,044,863) | (1,044,863) | |||
Private placement, net of issuance of costs | $ 20,000 | 20,000 | |||
Private placement, net of issuance of costs, shares | 80,000 | ||||
Shares issued for debt, net of issuance of costs | $ 1,626,319 | 1,626,319 | |||
Shares issued for debt, net of issuance of costs, shares | 2,957,406 | ||||
Fractional share adjustment | |||||
Fractional share adjustment, shares | (1) | ||||
Ending balance, value at Dec. 31, 2021 | $ 27,511,269 | 33,706 | (28,240,181) | (695,206) | |
Ending balance, Shares at Dec. 31, 2021 | 4,495,947 | ||||
IfrsStatementLineItems [Line Items] | |||||
Net loss for the year | (125,036) | (125,036) | |||
Shares issued for mineral property interests investment | $ 1,000 | 1,000 | |||
Shares issued for mineral property interest, shares | 50,000 | ||||
Private placement, net of issuance of costs | $ 24,000 | 24,000 | 48,000 | ||
Private placement, net of issuance of costs, shares | 1,200,000 | ||||
Ending balance, value at Dec. 31, 2022 | $ 27,536,269 | $ 33,706 | $ 24,000 | $ (28,365,217) | $ (771,242) |
Ending balance, Shares at Dec. 31, 2022 | 5,745,947 |
Statements of Cash Flows
Statements of Cash Flows - CAD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | |||
Net loss | $ (125,036) | $ (1,044,863) | $ (133,379) |
Items not involving cash: | |||
Interest expense on loan and convertible debentures | 36,158 | 31,723 | 45,000 |
Impairment loss of investment (note 17) | 1 | ||
Impairment loss of mineral property (note 5) | 40,001 | ||
Loss on debt settlement | 887,222 | ||
Total Operating Activities | 88,878 | 85,916 | 88,379 |
Changes in non-cash working capital (note 12) | 53,176 | 37,489 | 88,350 |
Cash used in operating activities | (35,702) | (48,427) | (29) |
Investing Activities | |||
Purchase of mineral property interest | (53,001) | ||
Cash used in investing activities | (53,001) | ||
Financing Activities | |||
Private placement, net of share issue costs | 48,000 | ||
Share issue cost | (254) | ||
Proceeds from loan payable | 50,000 | ||
Proceed from related party loan | 64,200 | 44,240 | |
Repayment of loan from related party | (24,986) | (43,957) | |
Cash provided by financing activities | 87,214 | 50,029 | |
Net increase (decrease) in cash | (1,489) | 1,602 | (29) |
Cash, beginning | 1,611 | 9 | 38 |
Cash, ending | $ 122 | $ 1,611 | $ 9 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 12 Months Ended |
Dec. 31, 2022 | |
Nature Of Business | |
NATURE OF BUSINESS | 1. NATURE OF BUSINESS 37 Capital Inc. (“37 Capital” or the “Company”) was incorporated on August 24, 1984 The shares of the Company trade on the Canadian Securities Exchange (the “Exchange”) under the symbol “JJJ.X”, and trade on the OTC Pink tier of the OTC markets in the United States of America under the symbol “HHHEF”. The Company’s office is located at 303 – 570 Granville Street, Vancouver, British Columbia, Canada, V6C 3P1 and its registered office is located at 3200-650 West Georgia Street, Vancouver BC V6B 4P7. Effective June 15, 2021, the Company consolidated its capital stock on the basis of 5 pre-consolidation common shares to 1 post-consolidation common share. All the figures as to the number of common shares, stock options, warrants, prices of issued shares, exercise prices of stock options and warrants, as well as loss per share, in the financial statements are post-consolidation amounts and the prior year comparatives have been retroactively restated to present the post- consolidation amounts. In March 2020, the World Health Organization declared coronavirus (“COVID-19”) a global pandemic, which has caused significant wide-spread adverse, financial impact. The novel strains of coronavirus have caused and are continuing to cause disruptions globally. As the Company has no material operating income or cash flows, it is reliant on additional financing to fund its operations. An extended disruption that may be caused by the novel strains of coronavirus can affect the Company’s ability to obtain additional financing. The impact on the economy and the Company is not yet determinable. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2022 | |
Going Concern | |
GOING CONCERN | 2. GOING CONCERN These financial statements have been prepared on the basis of accounting principles applicable to a "going concern", which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. Several adverse conditions cast substantial doubt on the validity of this assumption. The Company has incurred significant losses over the past three fiscal years. As of December 31, 2022, the Company has an accumulated deficit of $ 28,365,217 825,243 The application of the going concern concept is dependent upon the Company’s ability to raise sufficient funding to pay creditors and to satisfy its liabilities as they become due. Management is actively engaged in the review and due diligence on opportunities of merit and is seeking to raise the necessary capital to meet its funding requirements. There can be no assurance whatsoever that management’s plan will be successful. If the going concern assumption were not appropriate for these financial statements then adjustments may be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used. Such adjustments could be material. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2022 | |
Basis Of Presentation | |
BASIS OF PRESENTATION | 3. BASIS OF PRESENTATION (a) Statement of compliance These financial statements are prepared in accordance with the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting interpretation Committee (“IFRIC”). (b) Basis of presentation These financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. In addition, these financial statements have been prepared on the accrual basis, except for cash flow information. These financial statements are presented in Canadian dollars, which is the Company’s functional currency. (c) Approval of the financial statements These financial statements were approved and authorized for issue by the Board of Directors on May 4, 2023. (d) Reclassification Certain prior period amounts in these financial statements have been reclassified to conform to current period’s presentation. These reclassifications had no net effect on the results of operations or financial position for any period presented. (e) Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates will, by definition, seldom equal the actual results. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The key area of judgment applied in the preparation of the financial statements that could result in a material adjustment to the carrying amounts of assets and liabilities is as follows: • assessment of the Company’s ability to continue as a going concern and whether there are events or conditions that give rise to significant uncertainty; • the classification/allocation of expenses as exploration and evaluation expenditures or operating expenses; and • the determination whether there have been any events or changes in circumstances that indicate the impairment of its exploration and evaluations assets. The key estimates applied in the preparation of the financial statements that could result in a material adjustment to the carrying amounts of assets and liabilities are as follows: • The recoverability of the carrying value of exploration and evaluation assets; • The provision for income taxes and recognition of deferred income tax assets and liabilities; and • The inputs in determining the liability and equity components of the convertible debentures. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies | |
SIGNIFICANT ACCOUNTING POLICIES | 4. SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies of the Company include the following: (a) Financial instruments (i) Recognition and classification The Company classifies its financial instruments in the following categories: • At fair value through profit and loss (“FVTPL”): cash • At fair value through other comprehensive income (loss) (“FVTOCI”) • Amortized cost: accounts payable and accrued liabilities, due to related parties, loan payable and convertible debentures The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. (ii) Measurement Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the statements of comprehensive loss in the period in which they arise. Debt investments at FVTOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive loss (“OCI”). On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVTOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. (iii) Impairment of financial assets at amortized cost The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the statements of comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. (iv) Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Financial liabilities The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and / or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. Gains and losses on derecognition are generally recognized in profit or loss. (b) Mineral property interests Costs directly related to the acquisition, exploration and evaluation of resource properties are capitalized once the legal rights to explore the resource properties are acquired. The Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists: • the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed • substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned • exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and • sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. If it is determined that capitalized acquisition, exploration and evaluation costs are not recoverable, or the property is abandoned or management has determined impairment in value, the property is written down to its recoverable amount. From time to time, the Company acquires or disposes properties pursuant to the terms of option agreements. Options are exercisable entirely at the discretion of the optionee, and accordingly, are recorded as mineral property costs or recoveries when the payments are made or received. After costs are recovered, the balance of the payments received is recorded as a gain on option or disposition of mineral property. Once the technical feasibility and commercial viability of the extraction of mineral resources are demonstrable, mineral property interests attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property and equipment. To date, the Company’s mineral property interest has not demonstrated technical feasibility and commercial viability. The recoverability of the carrying amount of any mineral property interests is dependent on successful development and commercial exploitation or, alternatively, sale of the respective areas of interest. (c) Impairment At the end of each reporting period, the Company’s assets are reviewed to determine whether there is any indication that those assets may be impaired. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in profit or loss for the period. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. (d) Decommissioning liabilities An obligation to incur decommissioning and site rehabilitation costs occurs when environmental disturbance is caused by exploration, evaluation, development or ongoing production. Decommissioning and site rehabilitation costs arising from the installation of plant and other site preparation work, discounted to their net present value, are provided when the obligation to incur such costs arises and are capitalized into the cost of the related asset. These costs are charged against operations through depreciation of the asset and unwinding of the discount on the provision. Depreciation is included in operating costs while the unwinding of the discount is included as a financing cost. Changes in the measurement of a liability relating to the decommissioning or site rehabilitation of plant and other site preparation work are added to, or deducted from, the cost of the related asset. The costs for the restoration of site damage, which arises during production, are provided at their net present values and charged against operations as extraction progresses. Changes in the measurement of a liability, which arise during production, are charged against operating profit. The discount rate used to measure the net present value of the obligations is the pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the obligation. To date the Company does not have any decommissioning liabilities. (e) Income taxes Income tax expense consisting of current and deferred tax expense is recognized to profit or loss. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period-end, adjusted for amendments to tax payable with regard to previous years. Deferred tax assets and liabilities and the related deferred income tax expense or recovery are recognized for deferred tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. (f) Share-based payments The Company grants stock options to directors, officers, employees and consultants of the Company. The fair value of share-based payments to employees is measured at grant date, using the Black-Scholes Option Pricing Model, and is recognized over the vesting period using the graded method. Fair value of share-based payments for non-employees is recognized and measured at the date the goods or services are received based on the fair value of the goods or services received. If it is determined that the fair value of goods and services received cannot be reliably measured, the share-based payment is measured at the fair value of the equity instruments issued using the Black-Scholes Option Pricing Model. For both employees and non-employees, the fair value of share-based payments is recognized as either an expense or as mineral property interests with a corresponding increase in option reserves. The amount to be recognized as expense is adjusted to reflect the number of share options expected to vest. Consideration received on the exercise of stock options is recorded in capital stock and the related share-based payment is transferred from the stock option reserve to capital stock. For unexercised options that expire, the recorded value is transferred to deficit. (g) Convertible debentures The liability component of convertible debentures is recognized initially at the fair value of a similar liability that does not have a conversion option. The equity component is recognized initially, as the difference between the fair value of the convertible debenture as a whole and the fair value of the liability component. Transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of the convertible debenture is measured at amortized cost using the effective interest method. The equity component is not re-measured subsequent to initial recognition. (h) Loss per share Loss per share is calculated by dividing net loss attributable to common shares of the Company by the weighted average number of common shares outstanding during the year. The Company uses the treasury stock method for calculating diluted loss per share. Under this method, the dilutive effect on earnings per share is calculated on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to purchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. (i) Capital stock Proceeds from the exercise of stock options and warrants are recorded as capital stock. The proceeds from the issuance of units of the Company are allocated between common shares and warrants based on the residual value method. Under this method, the proceeds are allocated first to capital stock based on the fair value of the common shares at the time the units are issued and any residual value is allocated to the warrants. When the warrants are exercised, the related value is transferred from the warrant reserve to capital stock. For unexercised warrants that expire, the recorded value is transferred from the warrant reserves to deficit. On the issuance of flow-through shares, any premium received in excess of the market price of the Company’s common shares is initially recorded as a liability (“flow-through tax liability”). Provided that the Company has renounced the related expenditures, or that there is a reasonable expectation that it will do so, the flow-through tax liability is reduced on a pro-rata basis as the expenditures are incurred. If such expenditures are capitalized, a deferred tax liability is recognized. To the extent that the Company has suitable unrecognized deductible temporary differences, an offsetting recovery of deferred income taxes would be recorded. (j) Foreign currency translation Amounts recorded in foreign currency are translated into Canadian dollars as follows: (i) Monetary assets and liabilities, at the rate of exchange in effect as at the balance sheet date; (ii) Non-monetary assets and liabilities, at the exchange rates prevailing at the time of the acquisition of the assets or assumption of the liabilities; and (iii) Revenues and expenses (excluding amortization, which is translated at the same rate as the related asset), at the rate of exchange on the transaction date. Exchange differences are recognized in profit or loss in the period which they arise. (k) Accounting standards issued but not yet effective At the date of the approval of the financial statements, a number of standards and interpretations were issued but not effective. The Company considers that these new standards and interpretations are either not applicable or are not |
MINERAL PROPERTY INTERESTS
MINERAL PROPERTY INTERESTS | 12 Months Ended |
Dec. 31, 2022 | |
Mineral Property Interests | |
MINERAL PROPERTY INTERESTS | 5. MINERAL PROPERTY INTERESTS Schedule of mineral property interests Acacia Property Extra High Property Total Balance, December 31, 2020 $ 15,000 $ 25,001 $ 40,001 Impairment (15,000 ) (25,001 ) (40,001 ) Balance, December 31, 2021 $ — $ — $ — Acquisition costs — 54,001 54,001 Balance, December 31, 2022 $ — $ 54,001 $ 54,001 Acacia Property On September 30, 2019, the Company entered into a property option agreement (the “Option Agreement”) with Eagle Plains Resources ltd. (“Eagle Plains”) to acquire a 60 • Issuance of 10,000 300,000 • Issuance of 10,000 1,250,000 • Issuance of 10,000 750,000 Within a period of 30 days after each annual anniversary of the Option Agreement, the Company was required to decide whether or not it wanted to continue with the Option Agreement. On October 15, 2020, the Company entered into an amendment agreement to the Option Agreement with Eagle Plains as the Company was not able to incur the required amount of $ 100,000 st • Issuance of 20,000 • Commitment to incur $200,000 in property related expenditures during the 2nd period of the agreement. During November 2021, by mutual consent, the Company and Eagle Plains terminated the Option Agreement dated September 30, 2019 and the Amendment Agreement to the Option Agreement dated October 15, 2020. Accordingly, the Company recorded an impairment loss of $ 15,000 Extra High Property Previously the Company held a 33 On October 31, 2019, as amended on November 4, 2019, the Company entered into an agreement with Colt Resources Inc. (“Colt Resources”) to purchase the remaining 67 • a cash consideration of $ 100,000 • a 0.5% NSR from commercial production which may be purchased by the Company at any time by making a payment of $500,000. During the year ended December 31, 2021, the Company recorded an impairment loss of $ 25,001 Pursuant to the Company’s offer letter to Colt Resources dated July 6, 2022, the Company has made a cash payment of $ 15,000 50,000 50,000 December 10, 2022 During the year ended December 31, 2022, the Company incurred $ 38,001 June 30, 2023 As at December 31, 2022, the Company owns a 100% undivided right, interest and title in and to the Extra High Property. The Extra High Property is subject to a 1.5% Net Smelter Royalty (“NSR”) payable to a third party, 50% of which, or 0.75%, can be purchased by the Company at any time by paying $ 500,000 |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Payable And Accrued Liabilities | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Schedule of accounts payable and accrued liabilities December 31, 2022 December 31, 2021 Trade payables $ 90,195 $ 77,549 Accrued liabilities 85,968 72,452 Accounts payable and accrued liabilities $ 176,163 $ 150,001 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS | 7. RELATED PARTY TRANSACTIONS The amounts due to related parties are unsecured, payable on demand which consist of the following: Amounts due to related parties December 31, 2022 December 31, 2021 Advances from directors (interest at prime plus 1%) $ 40,372 $ — Entities controlled by directors (non-interest-bearing) 62,828 34,756 Due to related parties $ 103,200 $ 34,756 Included in convertible debentures and accrued interest is $ 489,589 459,589 During the years ended December 31, the following amounts were charged by related parties. Amounts charged by related parties 2022 2021 2020 Interest charged on amounts due to related parties $ 1,158 $ 275 $ 4,733 Interest on convertible debentures 30,000 30,000 30,000 Rent charged by entities with common directors (note 14) 12,000 12,000 12,000 Office expenses charged by, and other expenses paid on behalf of the Company by a company with common directors (note 14) 19,272 13,901 12,000 Total expenses $ 62,430 $ 56,176 $ 58,733 The Company, together with Jackpot Digital Inc. (“Jackpot”), a related company with certain common directors, have entered into an office lease agreement, and an office support services agreement (Note 14). |
REFUNDABLE SUBSCRIPTION
REFUNDABLE SUBSCRIPTION | 12 Months Ended |
Dec. 31, 2022 | |
Refundable Subscription | |
REFUNDABLE SUBSCRIPTION | 8. REFUNDABLE SUBSCRIPTION During the year ended December 31, 2016, the Company cancelled subscription agreements of a non-brokered private placement totaling $ 45,000 35,000 10,000 10,000 40,000 0.55 12,000 During the year ended December 31, 2020, the Company received $ 20,000 80,000 0.25 0.50 80,000 0.25 |
LOAN PAYABLE
LOAN PAYABLE | 12 Months Ended |
Dec. 31, 2022 | |
Loan Payable | |
LOAN PAYABLE | 9. LOAN PAYABLE During the year ended December 31, 2016, the Company entered into an agreement with an arm’s length party whereby the arm’s length party paid certain debts owed by the Company. The loan was non-interest bearing, unsecured and due on demand. On January 25, 2021, the principal amount of $ 103,924 415,697 124,709 During May 2021, an arm’s length party has lent the Company the amount of $ 50,000 7,973 2,975 During July 2022, an arm’s length party has lent the Company the amount of $ 15,000 15,000 274 |
CONVERTIBLE DEBENTURES FINANCIN
CONVERTIBLE DEBENTURES FINANCING | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Debentures Financing | |
CONVERTIBLE DEBENTURES FINANCING | 10. CONVERTIBLE DEBENTURES FINANCING Convertible Debentures Financing 2015 On January 6, 2015, the Company closed a convertible debenture financing with two directors of the Company for the amount of $ 250,000 January 6, 2016 1.50 222,006 27,994 On October 29, 2021 the Company entered into an Addendum to the convertible debentures whereby the maturity date of the principal amount totaling $ 250,000 At December 31, 2022, the Company recorded interest expense of $ 30,000 30,000 250,000 $ 239,589 209,589 Convertible Debentures Financing 2013 During the year ended December 31, 2013, the Company issued several convertible debentures for a total amount of $ 975,000 913,072 61,928 During the year ended December 31 2022, the Company recorded interest expense of $nil 0 0 833,409 0.55 100,000 250,023 The following table reconciles the fair value of the debentures to the carrying amount. Reconciles of fair value of debentures to carrying amount Liability Component Equity Component Total Balance, December 31, 2020 $ 639,191 $ 33,706 $ 672,897 Interest accrued 30,000 — 30,000 Shares for debt issue (209,602 ) — (209,602 ) Balance, December 31, 2021 459,589 33,706 493,295 Interest accrued 30,000 — 30,000 Balance, December 31, 2022 $ 489,589 $ 33,706 $ 523,295 |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2022 | |
Capital Stock | |
CAPITAL STOCK | 11. CAPITAL STOCK (a) Authorized Unlimited number of common and preferred shares without par value. As of December 31, 2022, there are no preferred shares issued. (b) Issued As of December 31, 2022, there are 5,745,947 common shares issued and outstanding. On August 31, 2022 the Company closed the first tranche of the non-brokered private placement financing which was announced on August 8, 2022 for gross proceeds of $ 10,000 250,000 0.05 5 On October 7, 2022 and October 31, 2022, the Company has closed the second, third and final tranches of the non-brokered private placement financing which was announced on August 8, 2022 for gross proceeds of $ 38,000 950,000 0.05 5 37 CAPITAL INC. On January 15, 2021, the Company issued 80,000 20,000 0.50 On January 25, 2021, the Company issued 2,957,406 0.25 739,351 2,957,406 1,626,573 887,222 During the year ended December 31, 2020, the Company issued 20,000 common shares at $0.375 per share to Eagle Plains pursuant to the Acacia Property Option Agreement (Note 5). As at December 31, 2020, Jackpot owned 9,997 common shares in the capital of the Company. During January 2021, Jackpot acquired 597,380 common shares of the Company at a price of $0.25 per share pursuant to a debt settlement agreement dated December 11, 2020. As of December 31, 2022, Jackpot owns 607,377 common shares in the capital of the Company representing approximately 10.5% of the Company’s issued and outstanding common shares. (c) Warrants Warrants activity is as follows: Warrants activity Number of Warrants Weighted Average Exercise Price Balance, December 31, 2020 964,997 0.60 Expired (100,000 ) 0.675 Issued 80,000 0.50 Balance, December 31, 2021 944,997 0.59 Issued 1,200,000 0.05 Expired (864,997 ) 0.12 Balance, December 31, 2022 1,280,000 $ 0.08 As of December 31, 2022, the following warrants were outstanding: Warrants outstanding Expiry Date Exercise Price Number of Warrants Outstanding January 15, 2023 $ 0.50 80,000 August 31, 2027 $ 0.05 250,000 October 7, 2027 $ 0.05 750,000 October 31, 2027 $ 0.05 200,000 1,280,000 The weighted average remaining contractual life for warrants outstanding at December 31, 2022 is 4.46 0.86 (d) Stock options The Company’s 2015 Stock Option Plan provides that the Board of Directors of the Company may grant to directors, officers, employees and consultants of the Company options to acquire up to 20% of the issued and outstanding common shares of the Company calculated from time to time on a rolling basis. The terms of the options are determined at the date of grant. As of December 31, 2022, there were no stock options outstanding (2021 – Nil). |
CHANGES IN NON-CASH WORKING CAP
CHANGES IN NON-CASH WORKING CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Changes In Non-cash Working Capital | |
CHANGES IN NON-CASH WORKING CAPITAL | 12. CHANGES IN NON-CASH WORKING CAPITAL Schedule Of Changes in noncash working capital 2022 2021 2020 GST receivable $ (1,058 ) $ 60 $ 78 Accounts payable and accrued liabilities 26,162 8,698 226,068 Due to related parties 28,072 28,731 (137,796 ) Changes in non-cash working capital $ 53,176 $ 37,489 $ 88,350 Supplemental information Non-cash items Interest expense included in convertible debt $ 30,000 $ 30,000 $ 45,000 Interest expense included in due to related parties $ 889 $ — $ 3,961 Shares issued for mineral property interests $ 1,000 $ — $ 7,500 Shares issued for debt $ — $ 1,626,319 $ — |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
INCOME TAXES | 13. INCOME TAXES Income tax expense differs from the amount that would be computed by applying the Canadian statutory income tax rate of 27 Schedule of income tax expenses For the years ended December 31, 2022 2021 2020 Loss before income taxes $ 125,036 $ 1,044,863 $ 133,379 Statutory income tax rate 27 % 27.00 % 27.00 % Expected income tax benefit (33,760 ) (282,113 ) (36,012 ) Items not deductible for income tax purposes — 250,350 — Underprovided in prior years (36,896 ) (85,905 ) (97,367 ) Unrecognized benefit of deferred tax assets 70,656 117,667 133,379 Income tax expense $ — $ — $ — 37 CAPITAL INC. Notes to Financial Statements For Years Ended December 31, 2022 and 2021 The Company recognizes tax benefits on losses or other deductible amounts where it is probable the Company will generate sufficient taxable income to utilize deferred tax assets. The Company’s unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts: Schedule of unrecognized deductible temporary differences and unused tax losses For the years ended December 31, 2022 2021 Excess of unused exploration expenditures over carrying value of mineral property interests $ 2,656,168 $ 2,656,168 Excess of undepreciated capital cost over carrying value of fixed assets 698,593 698,593 Non-refundable mining investment tax credits 247 247 Non-capital losses carried forward 4,597,836 4,336,148 Capital losses carried forward 993,649 993,649 Unrecognized deductible temporary differences $ 8,946,493 $ 8,684,805 At December 31, 2022, the Company has non-capital losses of $ 4,587,836 4,336,000 The Company has available approximate net capital losses of $ 994,000 2,710,000 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Commitments | |
COMMITMENTS | 14. COMMITMENTS a) The Company has an office lease agreement with Jackpot. Under the agreement, the Company is entitled to have office space from Jackpot at a monthly rate of $ 1,000 Furthermore, Jackpot or the Company may terminate this agreement by giving each other a three months’ notice in writing. b) The Company has an office support services agreement with Jackpot which has been extended until March 31, 2023. Under the agreement, the Company is entitled to receive office support services from Jackpot at a monthly rate of $ 1,000 c) In relation to the flow-through private placement completed during January 2021, the Company was committed to incur and renounce $ 20,000 20,000 10,000 |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
Capital Management | |
CAPITAL MANAGEMENT | 15. CAPITAL MANAGEMENT The Company considers its capital to be comprised of stockholders’ deficiency and convertible debenture. The Company’s objective when managing capital is to maintain adequate levels of funding to support the acquisition, exploration and, if warranted, the development of mineral properties, to invest in non-mining related projects and to maintain the necessary corporate and administrative functions to facilitate these activities. This is done primarily through equity and debt financing. Future financings are dependent on market conditions and there can be no assurance that the Company will be able to raise funds in the future. There were no changes to the Company’s approach to capital management during the year ended December 31, 2022. The Company is not subject to externally imposed capital requirements. |
FINANCIAL INSTRUMENTS AND RISK
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments And Risk Management | |
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 16. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (a) Risk management overview The Company's activities expose it to a variety of financial risks including credit risk, liquidity risk and market risk. This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and processes for measuring and managing risk, and the Company's management of capital. The Company employs risk management strategies and policies to ensure that any exposure to risk is in compliance with the Company's business objectives and risk tolerance levels. While the Board of Directors has the overall responsibility for the Company's risk management framework, the Company's management has the responsibility to administer and monitor these risks. (b) Fair value of financial instruments The fair values of cash, accounts payable and accrued liabilities, due to related parties, loan payable and convertible debentures approximate their carrying values due to the short-term maturity of these instruments. IFRS establishes a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). (c) Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The financial instruments that potentially subject the Company to a significant concentration of credit risk consist of cash. The Company mitigates its exposure to credit loss associated with cash by placing its cash with a major financial institution. (d) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they are due. The Company's approach to managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when due. At December 31, 2022, the Company had cash of $ 122 1,611 826,925 697,319 7,973 (e) Market risk Market risk is the risk that changes in market prices, such as interest rates and foreign exchange rates, will affect the Company's net earnings or the value of financial instruments. As at December 31, 2022, the Company is not exposed to significant interest rate risk, currency risk or other price risk on its financial assets and liabilities due to the short-term maturity of its financial liabilities and the fixed interest rate on the outstanding convertible debentures. |
INVESTMENT
INVESTMENT | 12 Months Ended |
Dec. 31, 2022 | |
Investment | |
INVESTMENT | 17. INVESTMENT In April 2013, the Company entered into a purchase and sale agreement with a Mexican gaming company, whereby the Company agreed to purchase a royalty revenue stream of an amount the greater of 10% of the net profits or 5% of the gross revenues of the Mexican land-based casino for a purchase price of $ 800,000 799,999 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies | |
Financial instruments | (a) Financial instruments (i) Recognition and classification The Company classifies its financial instruments in the following categories: • At fair value through profit and loss (“FVTPL”): cash • At fair value through other comprehensive income (loss) (“FVTOCI”) • Amortized cost: accounts payable and accrued liabilities, due to related parties, loan payable and convertible debentures The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. (ii) Measurement Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the statements of comprehensive loss in the period in which they arise. Debt investments at FVTOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive loss (“OCI”). On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVTOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. (iii) Impairment of financial assets at amortized cost The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the statements of comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. (iv) Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Financial liabilities The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and / or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. Gains and losses on derecognition are generally recognized in profit or loss. |
Mineral property interests | (b) Mineral property interests Costs directly related to the acquisition, exploration and evaluation of resource properties are capitalized once the legal rights to explore the resource properties are acquired. The Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists: • the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed • substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned • exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and • sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. If it is determined that capitalized acquisition, exploration and evaluation costs are not recoverable, or the property is abandoned or management has determined impairment in value, the property is written down to its recoverable amount. From time to time, the Company acquires or disposes properties pursuant to the terms of option agreements. Options are exercisable entirely at the discretion of the optionee, and accordingly, are recorded as mineral property costs or recoveries when the payments are made or received. After costs are recovered, the balance of the payments received is recorded as a gain on option or disposition of mineral property. Once the technical feasibility and commercial viability of the extraction of mineral resources are demonstrable, mineral property interests attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property and equipment. To date, the Company’s mineral property interest has not demonstrated technical feasibility and commercial viability. The recoverability of the carrying amount of any mineral property interests is dependent on successful development and commercial exploitation or, alternatively, sale of the respective areas of interest. |
Impairment | (c) Impairment At the end of each reporting period, the Company’s assets are reviewed to determine whether there is any indication that those assets may be impaired. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in profit or loss for the period. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. |
Decommissioning liabilities | (d) Decommissioning liabilities An obligation to incur decommissioning and site rehabilitation costs occurs when environmental disturbance is caused by exploration, evaluation, development or ongoing production. Decommissioning and site rehabilitation costs arising from the installation of plant and other site preparation work, discounted to their net present value, are provided when the obligation to incur such costs arises and are capitalized into the cost of the related asset. These costs are charged against operations through depreciation of the asset and unwinding of the discount on the provision. Depreciation is included in operating costs while the unwinding of the discount is included as a financing cost. Changes in the measurement of a liability relating to the decommissioning or site rehabilitation of plant and other site preparation work are added to, or deducted from, the cost of the related asset. The costs for the restoration of site damage, which arises during production, are provided at their net present values and charged against operations as extraction progresses. Changes in the measurement of a liability, which arise during production, are charged against operating profit. The discount rate used to measure the net present value of the obligations is the pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the obligation. To date the Company does not have any decommissioning liabilities. |
Income taxes | (e) Income taxes Income tax expense consisting of current and deferred tax expense is recognized to profit or loss. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period-end, adjusted for amendments to tax payable with regard to previous years. Deferred tax assets and liabilities and the related deferred income tax expense or recovery are recognized for deferred tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. |
Share-based payments | (f) Share-based payments The Company grants stock options to directors, officers, employees and consultants of the Company. The fair value of share-based payments to employees is measured at grant date, using the Black-Scholes Option Pricing Model, and is recognized over the vesting period using the graded method. Fair value of share-based payments for non-employees is recognized and measured at the date the goods or services are received based on the fair value of the goods or services received. If it is determined that the fair value of goods and services received cannot be reliably measured, the share-based payment is measured at the fair value of the equity instruments issued using the Black-Scholes Option Pricing Model. For both employees and non-employees, the fair value of share-based payments is recognized as either an expense or as mineral property interests with a corresponding increase in option reserves. The amount to be recognized as expense is adjusted to reflect the number of share options expected to vest. Consideration received on the exercise of stock options is recorded in capital stock and the related share-based payment is transferred from the stock option reserve to capital stock. For unexercised options that expire, the recorded value is transferred to deficit. |
Convertible debentures | (g) Convertible debentures The liability component of convertible debentures is recognized initially at the fair value of a similar liability that does not have a conversion option. The equity component is recognized initially, as the difference between the fair value of the convertible debenture as a whole and the fair value of the liability component. Transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of the convertible debenture is measured at amortized cost using the effective interest method. The equity component is not re-measured subsequent to initial recognition. |
Loss per share | (h) Loss per share Loss per share is calculated by dividing net loss attributable to common shares of the Company by the weighted average number of common shares outstanding during the year. The Company uses the treasury stock method for calculating diluted loss per share. Under this method, the dilutive effect on earnings per share is calculated on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to purchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. |
Capital stock | (i) Capital stock Proceeds from the exercise of stock options and warrants are recorded as capital stock. The proceeds from the issuance of units of the Company are allocated between common shares and warrants based on the residual value method. Under this method, the proceeds are allocated first to capital stock based on the fair value of the common shares at the time the units are issued and any residual value is allocated to the warrants. When the warrants are exercised, the related value is transferred from the warrant reserve to capital stock. For unexercised warrants that expire, the recorded value is transferred from the warrant reserves to deficit. On the issuance of flow-through shares, any premium received in excess of the market price of the Company’s common shares is initially recorded as a liability (“flow-through tax liability”). Provided that the Company has renounced the related expenditures, or that there is a reasonable expectation that it will do so, the flow-through tax liability is reduced on a pro-rata basis as the expenditures are incurred. If such expenditures are capitalized, a deferred tax liability is recognized. To the extent that the Company has suitable unrecognized deductible temporary differences, an offsetting recovery of deferred income taxes would be recorded. |
Foreign currency translation | (j) Foreign currency translation Amounts recorded in foreign currency are translated into Canadian dollars as follows: (i) Monetary assets and liabilities, at the rate of exchange in effect as at the balance sheet date; (ii) Non-monetary assets and liabilities, at the exchange rates prevailing at the time of the acquisition of the assets or assumption of the liabilities; and (iii) Revenues and expenses (excluding amortization, which is translated at the same rate as the related asset), at the rate of exchange on the transaction date. Exchange differences are recognized in profit or loss in the period which they arise. |
Accounting standards issued but not yet effective | (k) Accounting standards issued but not yet effective At the date of the approval of the financial statements, a number of standards and interpretations were issued but not effective. The Company considers that these new standards and interpretations are either not applicable or are not |
MINERAL PROPERTY INTERESTS (Tab
MINERAL PROPERTY INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Mineral Property Interests | |
Schedule of mineral property interests | Schedule of mineral property interests Acacia Property Extra High Property Total Balance, December 31, 2020 $ 15,000 $ 25,001 $ 40,001 Impairment (15,000 ) (25,001 ) (40,001 ) Balance, December 31, 2021 $ — $ — $ — Acquisition costs — 54,001 54,001 Balance, December 31, 2022 $ — $ 54,001 $ 54,001 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Payable And Accrued Liabilities | |
Schedule of accounts payable and accrued liabilities | Schedule of accounts payable and accrued liabilities December 31, 2022 December 31, 2021 Trade payables $ 90,195 $ 77,549 Accrued liabilities 85,968 72,452 Accounts payable and accrued liabilities $ 176,163 $ 150,001 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Amounts due to related parties | Amounts due to related parties December 31, 2022 December 31, 2021 Advances from directors (interest at prime plus 1%) $ 40,372 $ — Entities controlled by directors (non-interest-bearing) 62,828 34,756 Due to related parties $ 103,200 $ 34,756 |
Amounts charged by related parties | Amounts charged by related parties 2022 2021 2020 Interest charged on amounts due to related parties $ 1,158 $ 275 $ 4,733 Interest on convertible debentures 30,000 30,000 30,000 Rent charged by entities with common directors (note 14) 12,000 12,000 12,000 Office expenses charged by, and other expenses paid on behalf of the Company by a company with common directors (note 14) 19,272 13,901 12,000 Total expenses $ 62,430 $ 56,176 $ 58,733 |
CONVERTIBLE DEBENTURES FINANC_2
CONVERTIBLE DEBENTURES FINANCING (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Debentures Financing | |
Reconciles of fair value of debentures to carrying amount | Reconciles of fair value of debentures to carrying amount Liability Component Equity Component Total Balance, December 31, 2020 $ 639,191 $ 33,706 $ 672,897 Interest accrued 30,000 — 30,000 Shares for debt issue (209,602 ) — (209,602 ) Balance, December 31, 2021 459,589 33,706 493,295 Interest accrued 30,000 — 30,000 Balance, December 31, 2022 $ 489,589 $ 33,706 $ 523,295 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Capital Stock | |
Warrants activity | Warrants activity Number of Warrants Weighted Average Exercise Price Balance, December 31, 2020 964,997 0.60 Expired (100,000 ) 0.675 Issued 80,000 0.50 Balance, December 31, 2021 944,997 0.59 Issued 1,200,000 0.05 Expired (864,997 ) 0.12 Balance, December 31, 2022 1,280,000 $ 0.08 |
Warrants outstanding | Warrants outstanding Expiry Date Exercise Price Number of Warrants Outstanding January 15, 2023 $ 0.50 80,000 August 31, 2027 $ 0.05 250,000 October 7, 2027 $ 0.05 750,000 October 31, 2027 $ 0.05 200,000 1,280,000 |
CHANGES IN NON-CASH WORKING C_2
CHANGES IN NON-CASH WORKING CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Changes In Non-cash Working Capital | |
Schedule Of Changes in noncash working capital | Schedule Of Changes in noncash working capital 2022 2021 2020 GST receivable $ (1,058 ) $ 60 $ 78 Accounts payable and accrued liabilities 26,162 8,698 226,068 Due to related parties 28,072 28,731 (137,796 ) Changes in non-cash working capital $ 53,176 $ 37,489 $ 88,350 Supplemental information Non-cash items Interest expense included in convertible debt $ 30,000 $ 30,000 $ 45,000 Interest expense included in due to related parties $ 889 $ — $ 3,961 Shares issued for mineral property interests $ 1,000 $ — $ 7,500 Shares issued for debt $ — $ 1,626,319 $ — |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Schedule of income tax expenses | Schedule of income tax expenses For the years ended December 31, 2022 2021 2020 Loss before income taxes $ 125,036 $ 1,044,863 $ 133,379 Statutory income tax rate 27 % 27.00 % 27.00 % Expected income tax benefit (33,760 ) (282,113 ) (36,012 ) Items not deductible for income tax purposes — 250,350 — Underprovided in prior years (36,896 ) (85,905 ) (97,367 ) Unrecognized benefit of deferred tax assets 70,656 117,667 133,379 Income tax expense $ — $ — $ — |
Schedule of unrecognized deductible temporary differences and unused tax losses | Schedule of unrecognized deductible temporary differences and unused tax losses For the years ended December 31, 2022 2021 Excess of unused exploration expenditures over carrying value of mineral property interests $ 2,656,168 $ 2,656,168 Excess of undepreciated capital cost over carrying value of fixed assets 698,593 698,593 Non-refundable mining investment tax credits 247 247 Non-capital losses carried forward 4,597,836 4,336,148 Capital losses carried forward 993,649 993,649 Unrecognized deductible temporary differences $ 8,946,493 $ 8,684,805 |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 | |
Nature Of Business | |
Entity Incorporation, Date of Incorporation | Aug. 24, 1984 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Going Concern | ||
Accumulated deficit | $ 28,365,217 | $ 28,240,181 |
Working capital deficiency | $ 825,243 |
MINERAL PROPERTY INTERESTS (Det
MINERAL PROPERTY INTERESTS (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Balance, December 31, 2021 | $ 40,001 | |
Impairment | (40,001) | |
Acquisition costs | 54,001 | |
Balance, December 31, 2022 | 54,001 | |
Acacia Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance, December 31, 2021 | 15,000 | |
Impairment | (15,000) | |
Acquisition costs | ||
Balance, December 31, 2022 | ||
Extra High Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance, December 31, 2021 | 25,001 | |
Impairment | (25,001) | |
Acquisition costs | 54,001 | |
Balance, December 31, 2022 | $ 54,001 |
MINERAL PROPERTY INTERESTS (D_2
MINERAL PROPERTY INTERESTS (Details Narrative) - CAD ($) | 12 Months Ended | |||||
Jul. 06, 2022 | Oct. 15, 2020 | Dec. 31, 2014 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||||||
ImpairmentLoss | $ 799,999 | $ 40,002 | ||||
Eagle Plains [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Stock issued | 20,000 | |||||
ImpairmentLoss | 15,000 | |||||
Eagle Plains [Member] | Third anniversary of Option Agreement [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of common stock issued | 10,000 | |||||
Value of common stock issued | $ 300,000 | |||||
Eagle Plains [Member] | Fifth anniversary of Option Agreement [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of common stock issued | 10,000 | |||||
Value of common stock issued | $ 1,250,000 | |||||
Eagle Plains [Member] | Fourth anniversary of Option Agreement [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of common stock issued | 10,000 | |||||
Value of common stock issued | $ 750,000 | |||||
Extra High Claims [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Percentage of holding | 33% | |||||
Colt Resources [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Percentage of holding | 67% | |||||
Acacia Property [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Percentage of holding | 60% | |||||
Property related expenditure | $ 100,000 | |||||
Extra High Property [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of common stock issued | 50,000 | |||||
ImpairmentLoss | $ 25,001 | |||||
Cash payment | $ 15,000 | $ 100,000 | ||||
Expired Date | Dec. 10, 2022 | Jun. 30, 2023 | ||||
Other costs | $ 38,001 | |||||
Payment for commercial production | $ 500,000 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Payable And Accrued Liabilities | ||
Trade payables | $ 90,195 | $ 77,549 |
Accrued liabilities | 85,968 | 72,452 |
Accounts payable and accrued liabilities | $ 176,163 | $ 150,001 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Related party transactions [abstract] | ||
Advances from directors (interest at prime plus 1%) | $ 40,372 | |
Entities controlled by directors (non-interest-bearing) | 62,828 | 34,756 |
Due to related parties | $ 103,200 | $ 34,756 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details 1) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related party transactions [abstract] | |||
Interest charged on amounts due to related parties | $ 1,158 | $ 275 | $ 4,733 |
Interest on convertible debentures | 30,000 | 30,000 | 30,000 |
Rent charged by entities with common directors (note 14) | 12,000 | 12,000 | 12,000 |
Office expenses charged by, and other expenses paid on behalf of the Company by a company with common directors (note 14) | 19,272 | 13,901 | 12,000 |
Total expenses | $ 62,430 | $ 56,176 | $ 58,733 |
RELATED PARTY TRANSACTIONS (D_3
RELATED PARTY TRANSACTIONS (Details Narrative) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Chief Executive Officer [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Convertible debentures and accrued interest | $ 489,589 | $ 459,589 |
REFUNDABLE SUBSCRIPTION (Detail
REFUNDABLE SUBSCRIPTION (Details Narrative) - CAD ($) | 12 Months Ended | ||||
Jan. 25, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | Jan. 15, 2021 | |
Refundable Subscription | |||||
Cancellation of non-brokered private placement | $ 45,000 | ||||
Refunded of non-brokered private placement | $ 35,000 | ||||
Refundable Subscription | $ 10,000 | ||||
Settled amount | $ 10,000 | ||||
Number os shares issued | 40,000 | 80,000 | |||
Fair value per share | $ 0.55 | ||||
Loss recognized | $ 12,000 | ||||
Received from subscription funds | $ 20,000 | ||||
Number of units subscription | 80,000 | ||||
Share Price | $ 0.25 | ||||
Warrant exercisable | $ 0.50 | ||||
Price per unit | $ 0.25 |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) - CAD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2022 | Jul. 31, 2022 | May 31, 2021 | Jan. 25, 2021 | |
Loan Payable | |||||
Loan payable | $ 52,973 | $ 57,973 | $ 15,000 | $ 50,000 | $ 103,924 |
Issuance of shares | 415,697 | ||||
Loss recognized | 124,709 | ||||
Accrued interest | $ 2,975 | 7,973 | |||
Repayment of loan payable | 15,000 | ||||
Accrued interest payables | $ 274 |
CONVERTIBLE DEBENTURES FINANC_3
CONVERTIBLE DEBENTURES FINANCING (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Balance, December 31, 2021 | $ 493,295 | $ 672,897 |
Interest accrued | 30,000 | 30,000 |
Shares for debt issue | (209,602) | |
Balance, December 31, 2022 | 523,295 | 493,295 |
Liability Component [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance, December 31, 2021 | 459,589 | 639,191 |
Interest accrued | 30,000 | 30,000 |
Shares for debt issue | (209,602) | |
Balance, December 31, 2022 | 489,589 | 459,589 |
Equity Component [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance, December 31, 2021 | 33,706 | 33,706 |
Interest accrued | ||
Shares for debt issue | ||
Balance, December 31, 2022 | $ 33,706 | $ 33,706 |
CONVERTIBLE DEBENTURES FINANC_4
CONVERTIBLE DEBENTURES FINANCING (Details Narrative) - CAD ($) | 12 Months Ended | |||||
Jan. 25, 2021 | Jan. 06, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2013 | Oct. 29, 2021 | |
IfrsStatementLineItems [Line Items] | ||||||
Principal amount | $ 250,000 | |||||
Issued an aggregate | $ 833,409 | |||||
Fair value per share | $ 0.55 | |||||
Accrued interest | $ 100,000 | |||||
Recognized loss | $ 250,023 | |||||
Convertible Debentures [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Convertible debenture financing, Amount | $ 250,000 | |||||
Maturity date | Jan. 06, 2016 | |||||
Convertible debentures, Amount | $ 222,006 | |||||
Equity portion of convertible debenture | $ 27,994 | |||||
Interest expense | 30,000 | $ 30,000 | ||||
Convertible note | 250,000 | |||||
Accrued interest | 239,589 | 209,589 | ||||
Convertible Debentures Two [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Convertible debenture financing, Amount | $ 975,000 | |||||
Conversion price | $ 1.50 | |||||
Convertible debentures, Amount | 913,072 | |||||
Equity portion of convertible debenture | $ 61,928 | |||||
Interest expense | $ 0 | $ 0 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Capital Stock | ||
Number of Warrants Beginning Balance | 944,997 | 964,997 |
Weighted Average Exercise Price Beginning Balance | $ 0.59 | $ 0.60 |
Expired | (864,997) | (100,000) |
Expired | $ 0.12 | $ 0.675 |
Issued | 1,200,000 | 80,000 |
Issued | $ 0.05 | $ 0.50 |
Number Of Warrants Ending Balance | 1,280,000 | 944,997 |
Weighted Average Exercise Price Ending Balnce | $ 0.08 | $ 0.59 |
CAPITAL STOCK (Details 1)
CAPITAL STOCK (Details 1) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
IfrsStatementLineItems [Line Items] | |
Number of Warrants Outstanding | 1,280,000 |
Warrant One [Member] | |
IfrsStatementLineItems [Line Items] | |
Exercise Price | $ / shares | $ 0.50 |
Number of Warrants Outstanding | 80,000 |
Warrant Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Exercise Price | $ / shares | $ 0.05 |
Number of Warrants Outstanding | 250,000 |
Warrant Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Exercise Price | $ / shares | $ 0.05 |
Number of Warrants Outstanding | 750,000 |
Warrant Four [Member] | |
IfrsStatementLineItems [Line Items] | |
Exercise Price | $ / shares | $ 0.05 |
Number of Warrants Outstanding | 200,000 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - CAD ($) | 12 Months Ended | |||||||
Oct. 31, 2022 | Oct. 07, 2022 | Aug. 31, 2022 | Jan. 25, 2021 | Jan. 15, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capital Stock | ||||||||
Gross proceeds | $ 38,000 | $ 38,000 | $ 10,000 | $ 739,351 | $ 20,000 | |||
Stock issued | 950,000 | 950,000 | 250,000 | 2,957,406 | 80,000 | |||
Common stock price | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.25 | $ 0.50 | |||
Period of common stock | 5 years | 5 years | 5 years | |||||
Fair value | $ 2,957,406 | |||||||
Common stock values | 1,626,573 | |||||||
Debt settlement | $ 887,222 | |||||||
Common Stock description | Jackpot owned 9,997 common shares in the capital of the Company. During January 2021, Jackpot acquired 597,380 common shares of the Company at a price of $0.25 per share pursuant to a debt settlement agreement dated December 11, 2020. As of December 31, 2022, Jackpot owns 607,377 common shares in the capital of the Company representing approximately 10.5% of the Company’s issued and outstanding common shares. | |||||||
Weighted average remaining contractual life for warrants outstanding | 4 years 5 months 15 days | 10 months 9 days |
CHANGES IN NON-CASH WORKING C_3
CHANGES IN NON-CASH WORKING CAPITAL (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes In Non-cash Working Capital | |||
GST receivable | $ (1,058) | $ 60 | $ 78 |
Accounts payable and accrued liabilities | 26,162 | 8,698 | 226,068 |
Due to related parties | 28,072 | 28,731 | (137,796) |
Changes in non-cash working capital | 53,176 | 37,489 | 88,350 |
Supplemental information | |||
Interest expense included in convertible debt | 30,000 | 30,000 | 45,000 |
Interest expense included in due to related parties | 889 | 3,961 | |
Shares issued for mineral property interests | 1,000 | 7,500 | |
Shares issued for debt | $ 1,626,319 |
INCOME TAXES (Details)
INCOME TAXES (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | |||
Loss before income taxes | $ 125,036 | $ 1,044,863 | $ 133,379 |
Statutory income tax rate | 27% | 27% | 27% |
Expected income tax benefit | $ (33,760) | $ (282,113) | $ (36,012) |
Items not deductible for income tax purposes | 250,350 | ||
Underprovided in prior years | (36,896) | (85,905) | (97,367) |
Unrecognized benefit of deferred tax assets | (70,656) | (117,667) | (133,379) |
Income tax expense |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | ||
Excess of unused exploration expenditures over carrying value of mineral property interests | $ 2,656,168 | $ 2,656,168 |
Excess of undepreciated capital cost over carrying value of fixed assets | 698,593 | 698,593 |
Non-refundable mining investment tax credits | 247 | 247 |
Non-capital losses carried forward | 4,597,836 | 4,336,148 |
Capital losses carried forward | 993,649 | 993,649 |
Unrecognized deductible temporary differences | $ 8,946,493 | $ 8,684,805 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | |||
Income tax rate | 27% | 27% | 27% |
Unrecognized unused non-capital tax losses | $ 4,587,836 | $ 4,336,000 | |
Net capital losses carried forward | 994,000 | ||
Available resource-related deductions carried forward | $ 2,710,000 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 CAD ($) | |
Commitments | |
Office support services expenses | $ 1,000 |
Exploration expenditures | 20,000 |
Accounts payable | $ 10,000 |
FINANCIAL INSTRUMENTS AND RIS_2
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Details Narrative) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Instruments And Risk Management | ||||
Cash | $ 122 | $ 1,611 | $ 9 | $ 38 |
Current liabilities | 826,925 | $ 697,319 | ||
Accrued interest | $ 7,973 |
INVESTMENT (Details Narrative)
INVESTMENT (Details Narrative) - CAD ($) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2013 | |
Investment | |||||
Purchase price | $ 800,000 | ||||
Impairment loss | $ 799,999 | $ 40,002 |