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 Income Taxes at Statutory Rates |
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 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 |
|