Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| 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, |
|
| |
|
2023 |
|
|
2022 |
|
| Domestic |
|
$ |
(8,925,899 |
) |
|
$ |
(20,999,110 |
) |
| Foreign |
|
|
(1,586,258 |
) |
|
|
(1,474,082 |
) |
| Total |
|
$ |
(10,512,157 |
) |
|
$ |
(22,473,192 |
) |
|
| Schedule of Components of Loss Before Income Taxes |
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:
| |
|
2023 |
|
|
2022 |
|
| |
|
($) |
|
|
($) |
|
| Loss for the year |
|
|
(10,512,157 |
) |
|
|
(22,473,192 |
) |
| |
|
|
|
|
|
|
|
|
| Income tax at federal statutory rate |
|
|
(2,838,000 |
) |
|
|
(5,876,000 |
) |
| Increase (decrease) in tax resulting from: |
|
|
|
|
|
|
|
|
| Change in statutory, foreign tax, foreign exchange rates and other |
|
|
536,000 |
|
|
|
(12,000 |
) |
| Permanent differences |
|
|
(218,000 |
) |
|
|
1,875,000 |
|
| Share issue costs |
|
|
- |
|
|
|
370,000 |
|
| Change in unrecognized deductible temporary differences |
|
|
2,686,000 |
|
|
|
3,643,000 |
|
| Other |
|
|
(166,000 |
) |
|
|
- |
|
| Income tax expense |
|
|
- |
|
|
|
- |
|
|
| Schedule of Net Deferred Tax Assets (Liabilities) |
The net deferred tax assets (liabilities) are comprised of the following:
| |
|
2023 |
|
|
2022 |
|
| |
|
($) |
|
|
($) |
|
| Deferred tax assets: |
|
|
|
|
|
|
| Non-capital losses carry-forward |
|
|
15,769,000 |
|
|
|
14,379,000 |
|
| Exploration and Evaluation assets |
|
|
1,470,000 |
|
|
|
1,470,000 |
|
| Share issuance costs |
|
|
733,000 |
|
|
|
789,000 |
|
| Intangible assets |
|
|
2,047,000 |
|
|
|
622,000 |
|
| Other deferreds |
|
|
1,000 |
|
|
|
12,000 |
|
| Allowable capital losses |
|
|
3,635,000 |
|
|
|
3,558,000 |
|
| Property and equipment |
|
|
77,000 |
|
|
|
76,000 |
|
| Valuation allowance |
|
|
(23,732,000 |
) |
|
|
(20,906,000 |
) |
| Total deferred income taxes |
|
|
- |
|
|
|
- |
|
|
| 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 |
|
2023 |
|
|
Expiry Date Range |
|
2022 |
|
|
Expiry Date Range |
| |
|
($) |
|
|
|
|
($) |
|
|
|
| Non-capital losses available for future periods - US |
|
|
45,697,000 |
|
|
2036 to indefinite |
|
|
41,188,000 |
|
|
2036 to indefinite |
| Non-capital losses available for future periods - Canada |
|
|
22,862,000 |
|
|
2026 to 2043 |
|
|
21,739,000 |
|
|
2026 to 2041 |
| Allowable capital losses |
|
|
13,463,000 |
|
|
No expiry date |
|
|
13,178,000 |
|
|
No expiry date |
| Property and equipment |
|
|
280,000 |
|
|
No expiry date |
|
|
270,000 |
|
|
No expiry date |
| Intangible assets |
|
|
9,747,000 |
|
|
No expiry date |
|
|
2,962,000 |
|
|
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 |
|
|
2,922,000 |
|
|
No expiry date |
|