Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Income Taxes [Abstract] |
|
| Schedule of Components of Loss Before Income Taxes |
The components of loss before income
taxes are as follows:
| |
|
Year Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Domestic |
|
$ |
(3,019,430 |
) |
|
$ |
(8,925,899 |
) |
| Foreign |
|
|
(1,531,180 |
) |
|
|
(1,586,258 |
) |
| Total |
|
$ |
(4,550,610 |
) |
|
$ |
(10,512,157 |
) |
|
| Schedule of Reconciling the Company’s Provision for Income Taxes at Statutory Rate |
For purposes of reconciling the Company’s
provision for income taxes at the statutory rate and the Company’s provision (benefit) for income taxes at the effective tax rate,
a notional 27% tax rate was applied as follows:
| |
|
2024 |
|
|
2023 |
|
| |
|
($) |
|
|
($) |
|
| Loss before income taxes for the
year |
|
|
(4,550,610 |
) |
|
|
(10,512,157 |
) |
| |
|
|
|
|
|
|
|
|
| Income tax at federal statutory rate |
|
|
(1,248,000 |
) |
|
|
(2,838,000 |
) |
| Increase (decrease) in tax resulting from: |
|
|
|
|
|
|
|
|
| Change in statutory, foreign tax, foreign exchange
rates and other |
|
|
185,000 |
|
|
|
536,000 |
|
| Permanent differences |
|
|
36,000 |
|
|
|
(218,000 |
) |
| Foreign exchange |
|
|
732,000 |
|
|
|
- |
|
| California minimum tax |
|
|
800 |
|
|
|
- |
|
| Late filing penalty |
|
|
24,426 |
|
|
|
- |
|
| Change in unrecognized deductible temporary differences |
|
|
125,000 |
|
|
|
2,686,000 |
|
| Other |
|
|
169,000 |
|
|
|
(166,000 |
) |
| Income tax expense |
|
|
24,226 |
|
|
|
- |
|
|
| Schedule of Net Deferred Tax Assets Liabilities |
The net deferred tax assets (liabilities)
are comprised of the following:
| |
|
2024 |
|
|
2023(1)
|
|
| |
|
($) |
|
|
($) |
|
| Deferred tax assets: |
|
|
|
|
|
|
| Non-capital losses carry-forward |
|
|
18,198,000 |
|
|
|
15,769,000 |
|
| Share issuance costs |
|
|
733,000 |
|
|
|
733,000 |
|
| Other deferred |
|
|
51,000 |
|
|
|
1,000 |
|
| Allowable capital losses |
|
|
3,350,000 |
|
|
|
3,635,000 |
|
| Property and equipment |
|
|
55,000 |
|
|
|
77,000 |
|
| Valuation allowance |
|
|
(22,387,000 |
) |
|
|
(20,215,000 |
) |
| Total deferred income taxes |
|
|
- |
|
|
|
- |
|
| (1) |
Certain adjustments have been made to the numbers reported
in the Form 10-K for the year ended December 31, 2023, to reflect the revision of immaterial presentation errors in the prior period
primarily due to the incorrect recognition of a deferred tax asset and offsetting valuation allowance for the Company’s exploration
and evaluation assets and intangible assets. |
|
| Schedule of Unused Tax Credits and Unused Tax Losses |
The significant components of the Company’s
temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated balance sheets are as
follows:
| Temporary Differences |
| 2024 |
|
| Expiry Date Range |
| 2023 |
|
| Expiry Date Range |
| |
| ($) |
|
| |
| ($) |
|
| |
| Non-capital losses available for future periods - US |
| |
48,716,000 |
|
| 2036 to indefinite |
| |
45,697,000 |
|
| 2036 to indefinite |
| Non-capital losses available for future periods - Canada |
| |
24,393,000 |
|
| 2026 to 2044 |
| |
22,862,000 |
|
| 2026 to 2043 |
| Allowable capital losses |
| |
13,643,000 |
|
| No expiry date |
| |
13,463,000 |
|
| No expiry date |
| Property and equipment |
| |
280,000 |
|
| No expiry date |
| |
280,000 |
|
| No expiry date |
| Intangible assets |
| |
9,747,000 |
|
| No expiry date |
| |
9,747,000 |
|
| No expiry date |
| Exploration and evaluation assets |
| |
5,446,000 |
|
| No expiry date |
| |
5,446,000 |
|
| No expiry date |
| Share issuance costs |
| |
2,715,000 |
|
| No expiry date |
| |
2,715,000 |
|
| No expiry date |
|