Registration of securities issued in business combination transactions

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes [Abstract]  
Schedule of Income Taxes at Statutory Rates A reconciliation of income taxes at statutory rates with the reported taxes is as follows:
 

2022

 

2021

   

($)

 

($)

Loss for the year

 

(22,473,192

)

 

(17,840,147

)

     

 

   

 

Expected income tax (recovery)

 

(6,070,000

)

 

(4,820,000

)

Change in statutory, foreign tax, foreign exchange rates and other

 

(12,000

)

 

294,000

 

Permanent differences

 

1,875,000

 

 

1,107,000

 

Share issue costs

 

370,000

 

 

432,000

 

Change in unrecognized deductible temporary differences

 

3,837,000

 

 

2,987,000

 

Income tax expense

 

 

 

 

Schedule of Deferred Income Taxes The significant components of the Company’s deferred tax assets that have not been included on the consolidated balance sheets are as follows:
 

2022

 

2021

   

($)

 

($)

Non-capital losses carry-forward

 

14,379,000

 

 

11,751,000

 

Evaluation assets

 

1,470,000

 

 

1,470,000

 

Share issuance costs

 

789,000

 

 

735,000

 

Debt with accretion

 

 

 

(70,000

)

Intangible assets

 

622,000

 

 

179,000

 

Other deferreds

 

12,000

 

 

37,000

 

Allowable capital losses

 

3,558,000

 

 

3,801,000

 

Property and equipment

 

76,000

 

 

35,000

 

   

20,906,000

 

 

17,938,000

 

Unrecognized deferred tax assets

 

(20,906,000

)

 

(17,938,000

)

Schedule of Deferred Income Taxes 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

 

2022

 

Expiry Date Range

 

2021

 

Expiry Date
Range

   

($)

     

($)

   

Non-capital losses available for future periods – US

 

41,188,000

 

2036 to indefinite

 

29,390,000

 

2036 to indefinite

Non-capital losses available for future periods – Canada

 

21,739,000

 

2026 to 2042

 

20,664,000

 

2026 to 2041

Allowable capital losses

 

13,178,000

 

No expiry date

 

14,077,000

 

No expiry date

Property and equipment

 

270,000

 

No expiry date

 

128,000

 

No expiry date

Intangible assets

 

2,962,000

 

No expiry date

 

853,000

 

No expiry date

Exploration and evaluation assets

 

5,446,000

 

No expiry date

 

5,446,000

 

No expiry date

Share issuance costs

 

2,922,000

 

No expiry date

 

2,724,000

 

No expiry date