Document and Entity Information |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Document and Entity Information [Abstract] | |
| Document Type | 6-K |
| Amendment Flag | false |
| Document Period End Date | Sep. 30, 2019 |
| Entity Registrant Name | Gold Reserve Inc. |
| Entity Central Index Key | 0001072725 |
| Current Fiscal Year End Date | --12-31 |
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Document and Entity Information. No definition available.
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- Definition Accumulated deficit No definition available.
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- Definition Contributed Surplus No definition available.
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- Definition Lease Liability Current No definition available.
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- Definition Lease Liability Non Current No definition available.
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- Definition Right Of Use Asset No definition available.
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- Definition Stock options No definition available.
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- Definition Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount due within one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of investment in marketable security. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of current assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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| INCOME (LOSS) | ||||
| Gain on sale of mining data | $ 0 | $ 0 | $ 0 | $ 52,500,000 |
| Arbitration award | 0 | 0 | 0 | 36,000,000 |
| Interest income | 151,586 | 84,998 | 1,122,639 | 173,830 |
| Loss on marketable debt securities | 0 | (3,347,410) | 0 | (3,347,410) |
| Loss on marketable equity securities | (34,378) | (5,442) | (134,943) | (17,046) |
| Foreign currency gain (loss) | (184,384) | 244,265 | 399,859 | (180,292) |
| Other INCOME (LOSS) | (67,176) | (3,023,589) | 1,387,555 | 85,129,082 |
| EXPENSES | ||||
| Corporate general and administrative (Notes 3 and 9) | 1,470,362 | 1,116,490 | 3,918,621 | 5,631,766 |
| Contingent value rights (Note 3) | 262,549 | (16,304) | 262,549 | 4,442,820 |
| Siembra Minera Project costs (Note 7) | 431,819 | 3,952,881 | 4,700,979 | 5,195,944 |
| Exploration costs | 32,070 | 0 | 34,798 | 0 |
| Legal and accounting | 179,913 | 192,992 | 1,079,141 | 941,248 |
| Arbitration and settlement (Note 3) | 157,262 | 28,690 | 254,934 | 153,998 |
| Equipment holding costs | 108,450 | 305,852 | 325,101 | 785,022 |
| Total EXPENSES | 2,642,425 | 5,580,601 | 10,576,123 | 17,150,798 |
| Net income (loss) before income tax | (2,709,601) | (8,604,190) | (9,188,568) | 67,978,284 |
| Income tax benefit (expense) (Note 10) | 4,347,907 | 12,325,049 | 4,347,907 | (198,216) |
| Net income (loss) and comprehensive income (loss) for the period | $ 1,638,306 | $ 3,720,859 | $ (4,840,661) | $ 67,780,068 |
| Net income (loss) per share | ||||
| Basic | $ 0.02 | $ 0.04 | $ (0.05) | $ 0.68 |
| Diluted | $ 0.02 | $ 0.04 | $ (0.05) | $ 0.68 |
| Weighted average common shares outstanding, | ||||
| Basic | 99,395,048 | 99,395,048 | 99,395,048 | 99,395,048 |
| Diluted | 99,395,048 | 99,494,772 | 99,395,048 | 99,508,044 |
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- Definition Arbitral Award Settlement No definition available.
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- Definition Arbitration Award No definition available.
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- Definition Contingent Value Rights No definition available.
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- Definition Equipment holding costs No definition available.
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- Definition Gain On Sale Of Mining Data No definition available.
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- Definition Legal and accounting No definition available.
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- Definition Loss On Marketable Equity Securities No definition available.
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- Definition Net Income Loss Per Share Abstract No definition available.
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- Definition Net Loss Before Income Tax No definition available.
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- Definition Siembra Minera No definition available.
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- Definition Total Expenses No definition available.
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Exploration expenses (including prospecting) related to oil and gas producing entities and would be included in operating expenses of that entity. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. (ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records. (iii) Dry hole contributions and bottom hole contributions. (iv) Costs of drilling and equipping exploratory wells. (v) Costs of drilling exploratory-type stratigraphic test wells. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue and income classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after discount, accretion and premium amortization, of interest income and dividend income classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) |
Total |
Common Shares |
Common Shares Amount |
Contributed Surplus |
Stock Options |
Accumulated Deficit |
Accumulated Other Comprehensive Income |
|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2017 | $ 378,009,884 | $ 20,625,372 | $ 20,409,643 | $ (293,386,189) | $ 111,539 | ||
| Balance (In shares) at Dec. 31, 2017 | 99,395,048 | ||||||
| Cumulative effect of accounting change | 111,539 | $ (111,539) | |||||
| Net income for the period | 67,780,068 | ||||||
| Stock option compensation (Note 9) | 291,997 | ||||||
| Net income for the period | $ 67,780,068 | ||||||
| Balance (In shares) at Sep. 30, 2018 | 99,395,048 | ||||||
| Balance at Sep. 30, 2018 | 378,009,884 | 20,625,372 | 20,701,640 | (225,494,582) | |||
| Balance at Jun. 30, 2018 | 378,009,884 | 20,625,372 | 20,629,576 | (229,215,441) | |||
| Balance (In shares) at Jun. 30, 2018 | 99,395,048 | ||||||
| Net income for the period | 3,720,859 | 3,720,859 | |||||
| Stock option compensation (Note 9) | 72,064 | ||||||
| Balance (In shares) at Sep. 30, 2018 | 99,395,048 | ||||||
| Balance at Sep. 30, 2018 | 378,009,884 | 20,625,372 | 20,701,640 | (225,494,582) | |||
| Balance at Dec. 31, 2018 | 167,940,826 | 378,009,884 | 20,625,372 | 20,721,850 | (251,416,280) | ||
| Balance (In shares) at Dec. 31, 2018 | 99,395,048 | ||||||
| Net loss for the period | (4,840,661) | ||||||
| Stock option compensation (Note 9) | 31,043 | ||||||
| Return of capital (Note 11) | (75,540,237) | ||||||
| Net income for the period | (4,840,661) | ||||||
| Balance (In shares) at Sep. 30, 2019 | 99,395,048 | ||||||
| Balance at Sep. 30, 2019 | 87,590,971 | 302,469,647 | 20,625,372 | 20,752,893 | (256,256,941) | ||
| Balance at Sep. 30, 2019 | 302,469,647 | 20,625,372 | 20,752,893 | (256,256,941) | |||
| Balance (In shares) at Sep. 30, 2019 | 99,395,048 | ||||||
| Balance at Jun. 30, 2019 | 302,469,647 | 20,625,372 | 20,752,893 | (257,895,247) | |||
| Balance (In shares) at Jun. 30, 2019 | 99,395,048 | ||||||
| Net income for the period | 1,638,306 | ||||||
| Balance (In shares) at Sep. 30, 2019 | 99,395,048 | ||||||
| Balance at Sep. 30, 2019 | $ 87,590,971 | 302,469,647 | 20,625,372 | 20,752,893 | (256,256,941) | ||
| Net income for the period | 1,638,306 | ||||||
| Balance at Sep. 30, 2019 | $ 302,469,647 | $ 20,625,372 | $ 20,752,893 | $ (256,256,941) | |||
| Balance (In shares) at Sep. 30, 2019 | 99,395,048 |
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- Definition Cumulative Effect Of Accounting Change No definition available.
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- Definition Net Income For The Period 9M 2018 No definition available.
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- Definition Net Income For The Period Q3 2019 No definition available.
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- Definition Net Loss For The Period 9M 2019 No definition available.
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- Definition Return Of Capital No definition available.
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- Definition Stock Option Compensation 9M 2018 No definition available.
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- Definition Stock Option Compensation 9M 2019 No definition available.
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- Definition Stock Option Compensation Q3 2018 No definition available.
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- Definition Stockholders Equity 2019 No definition available.
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- Definition Stockholders Equity in Shares 2019 No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of shares issued which are neither cancelled nor held in the treasury. No definition available.
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Arbitration Award Income No definition available.
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- Definition Cash Flows From Operating Activities Abstract No definition available.
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- Definition Gain On Sale Of Mine Data No definition available.
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- Definition Return Of Capital Distribution No definition available.
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- Definition Writedown Of Property Plant And Equipment No definition available.
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- References No definition available.
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. No definition available.
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- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net cash inflow or outflow for the increase (decrease) in the beginning and end of period deposits balances. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of unrealized and realized gain (loss) on investment in marketable security, including other-than-temporary impairment (OTTI). No definition available.
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- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of the noncash component of income tax expense for the period other than the portion from the net change in the entity's deferred tax assets and liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash outflow from the acquisition of or improvements to long-lived, physical assets used to produce goods and services and not intended for resale, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash inflow associated with the aggregate amount received by the entity through sale or maturity of marketable securities (held-to-maturity or available-for-sale) during the period. No definition available.
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of noncash expense for option under share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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The Company and Significant Accounting Policies: |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| The Company and Significant Accounting Policies: [Abstract] | |
| The Company and Significant Accounting Policies: | Note 1. The Company and Significant Accounting Policies: Gold Reserve Inc. ("Gold Reserve", the "Company", "we", "us", or "our") is engaged in the business of acquiring, exploring and developing mining projects and was incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014. Gold Reserve Inc. is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. A significant portion of our recent activities relate to the advancement of the Siembra Minera Project and the execution of the July 2016 settlement agreement, (as amended, the "Settlement Agreement") with the Bolivarian Republic of Venezuela ("Venezuela") in regards to the payment of the Award and the acquisition of our Mining Data by Venezuela (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera")). On August 5, 2019, the U.S. government issued an Executive Order that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. As a result, Siembra Minera is now considered to be blocked property and a Specially Designated National (“SDN”), which means that the Company and its U.S. management and employees are prohibited from any dealings with Siembra Minera (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A.). Basis of Presentation and Principles of Consolidation. These interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The statements principally include the accounts of the Company, Gold Reserve Corporation and three Barbadian subsidiaries one of which was formed to hold our equity interest in Siembra Minera which is beneficially owned 55% by Venezuela and 45% by Gold Reserve. Our investment in Siembra Minera is accounted for as an equity investment. All subsidiaries are wholly owned. All intercompany accounts and transactions have been eliminated on consolidation. Our policy is to consolidate those subsidiaries where control exists. We have only one operating segment, the exploration and development of mineral properties. As these unaudited interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the annual financial statements and the related notes included in our Annual Report on Form 40-F for the year ended December 31, 2018. Cash and Cash Equivalents. We consider short-term, highly liquid investments purchased with an original maturity of three months or less to be cash equivalents for purposes of reporting cash equivalents and cash flows. The cost of these investments approximates fair value. We manage the exposure of our cash and cash equivalents to credit risk by diversifying our holdings into various major financial institutions. Exploration and Development Costs. Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Mineral property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Mineral properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values. Property, Plant and Equipment Included in property, plant and equipment is certain equipment, relating to the Brias Project, the initial carrying value of which has been adjusted in prior periods for impairment, to its estimated fair value of $11.7 million. This equipment is not being depreciated as it is not in use. The ultimate recoverable value of this equipment may be different than management's current estimate. We have additional property, plant and equipment which are recorded at cost less impairment charges and accumulated depreciation. Replacement costs and major improvements are capitalized. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the accounts and any resulting gain or loss is reflected in operations. Furniture, office equipment and leasehold improvements are depreciated using the straight-line method over 5 to 10 years. The remaining property, plant and equipment are fully depreciated. Impairment of Long Lived Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the expected future net cash flows to be generated from the use or eventual disposition of a long-lived asset (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on a determination of the asset's fair value. Fair value is generally determined by discounting estimated cash flows based on market participant expectations of those future cash flows, or applying a market approach that uses market prices and other relevant information generated by market transactions involving comparable assets. Foreign Currency. The U.S. dollar is our (and our foreign subsidiaries') functional currency. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Non-monetary assets and liabilities are translated at historical rates and revenue and expense items are translated at average exchange rates during the reporting period, except for depreciation which is translated at historical rates. Translation gains and losses are included in the statement of operations. Stock Based Compensation. We maintain an equity incentive plan which provides for the grant of stock options to purchase the Class A common shares. We use the fair value method of accounting for stock options. The fair value of options granted to employees is computed using the Black-Scholes method as described in Note 9 and is expensed over the vesting period of the option. For non-employees, the fair value of stock based compensation is recorded as an expense over the vesting period or upon completion of performance. Consideration paid for shares on exercise of stock options, in addition to the fair value attributable to stock options granted, is credited to capital stock. Stock options granted under the plan become fully vested and exercisable upon a change of control. Income Taxes. We use the liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between the tax basis of assets and liabilities and those amounts reported in the financial statements. The deferred tax assets or liabilities are calculated using the enacted tax rates expected to apply in the periods in which the differences are expected to be settled. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized. Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Net Income (Loss) Per Share. Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of Class A common shares outstanding during each period. Diluted net income per share reflects the potentially dilutive effects of outstanding stock options and convertible notes. In periods in which a loss is incurred, the effect of potential issuances of shares under stock options and convertible notes would be anti-dilutive, and therefore basic and diluted losses per share are the same in those periods. Investments. We determine the appropriate classification of investments in equity securities at acquisition and reevaluate such classifications at each reporting date. Investments in incorporated entities in which the Company has the ability to exercise significant influence over the investee are accounted for by the equity method. Financial Instruments. Marketable securities are measured at fair value at each reporting date, with the change in value recognized in the statement of operations as a gain or loss. Cash and cash equivalents, deposits, advances and receivables are accounted for at cost which approximates fair value. Accounts payable and contingent value rights are recorded at amortized cost. Amortized cost of accounts payable approximates fair value. |
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- Definition The Company And Significant Accounting Policies Abstract No definition available.
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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New Accounting Policies: |
9 Months Ended |
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Sep. 30, 2019 | |
| New Accounting Policies: [Abstract] | |
| New Accounting Policies: | Note 2. New Accounting Policies: Adopted in the year In February 2016, the FASB issued ASU 2016-02, Leases. This update increased the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The Company adopted this standard as of January 1, 2019 using the modified retrospective approach and recorded a lease liability and corresponding right of use asset of approximately $0.3 million for the operating lease for its corporate office. Changes to the Company's accounting policy as a result of the adoption are as follows: Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. When the rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The ROU assets include any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
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- Definition New Accounting Policies Abstract No definition available.
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- Definition New Accounting Policies Text Block No definition available.
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Arbitral Award and Mining Data Sale Settlement Agreement: |
9 Months Ended |
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Sep. 30, 2019 | |
| Arbitral Award and Mining Data Sale Settlement Agreement: [Abstract] | |
| Arbitral Award and Mining Data Sale Settlement Agreement: | Note 3. Arbitral Award and Mining Data Sale Settlement Agreement: In October 2009 we initiated the Brisas Arbitration to obtain compensation for the losses caused by the actions of Venezuela that terminated our Brisas Project. On September 22, 2014, we were granted an Arbitral Award (the “Award”) totaling $740.3 million. In July 2016, we signed the Settlement Agreement, subsequently amended, whereby Venezuela agreed to pay us a total of approximately $1.032 billion ($792 million to satisfy the Award (including interest) and $240 million for the purchase of our mining data related to the Brisas Project (the "Mining Data")) in a series of payments ending on or before June 15, 2019. As agreed, the first $240 million received by Gold Reserve from Venezuela has been recognized as proceeds from the sale of the Mining Data. As of the date of this report, the Company had received transfers to its bank account, pursuant to the Settlement Agreement, of approximately $254 million including $165.5 million transferred from the Trust Account (excluding $21.5 million that remains in the Trust Account. See Note 4, Cash and Cash Equivalents) and $88.5 million (the market value at the time of the agreement) in Venezuelan government bonds, which were at the time exempt from U.S. Sanctions pursuant to then-applicable General License 3 issued by the U.S. Treasury Department's Office of Foreign Asset Control ("OFAC"). The bonds were subsequently sold for approximately $74.3 million and the Company realized a $14.2 million loss on the sale during the year ended December 31, 2018. The remaining unpaid amount due from Venezuela pursuant to the Settlement Agreement, which is now delinquent, totals approximately $872 million (including interest of approximately $92 million) as of the date of this report. The U.S. and Canadian governments have imposed sanctions which, in aggregate, generally block all property of the Venezuelan government and prohibit the Company and its management or its employees from dealing with certain Venezuelan individuals and entities including Siembra Minera or entering into certain financial transactions (the "Sanctions"). Recent financial Sanctions have built on Sanctions imposed by the U.S. government starting in March 2015 that designated certain Venezuelan government officials as SDNs, which generally prohibits them from traveling to the U.S., freezes any assets they may have in the U.S. and generally prohibits U.S. persons from doing business with them and any entity they own 50% or more. Since then, in August 2017, May 2018, November 2018, January 2019 and March 2019, the U.S. government has imposed additional Sanctions targeting the government of Venezuela and certain individuals and entities via Executive Orders ("EO's") that expanded the list of individuals and entities (including Bandes Bank and the Venezuelan state owned oil company) designated as SDNs, prohibited U.S. persons from dealing in certain financial transactions and targeted corruption in the gold or other identified sectors of the Venezuela economy. Similarly, in September and November 2017 and May 2018, the Government of Canada imposed its own Sanctions requiring asset freezes and imposing prohibitions on dealings with named Venezuelan officials and in April 2019 Canada imposed additional Sanctions against 43 additional individuals under the Special Economic Measures (Venezuela) Regulations of the Special Economic Measures Act.
Most recently, on August 5, 2019, the U.S. government issued an EO that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. This action targets the Venezuelan government and entities owned 50% or more or otherwise controlled by the Venezuelan government. Because the August 2019 EO applies to entities 50% or more owned by the Venezuelan government, the Mixed Company is now considered to be blocked and an SDN, which means that U.S. persons are generally prohibited from dealing with the Mixed Company.
The breadth and scope of the August 2019 EO along with the cumulative impact of the previous U.S. and Canadian Sanctions prohibits the Company from working with those Venezuelan government officials responsible for the payment and transfer of funds associated with the Settlement Agreement and those responsible for the operation of Siembra Minera and the development of the Siembra Minera Project which adversely impacts our ability to collect the remaining balance of the Award plus interest from Venezuela and, until Sanctions are lifted, significantly impedes our ability to develop the Siembra Minera Project. We have Contingent Value Rights ("CVRs") outstanding that entitle the holders to an aggregate of 5.466% of proceeds associated with the collection of the Award, sale of Mining Data or an enterprise sale (the "Proceeds"), less amounts for certain specified obligations, as well as a bonus plan as described below. In September 2019 management reduced its original estimate of the income tax due on previous amounts received from the sale of Mining Data. The effect of this change in estimate was to increase the net proceeds from the sale of the Mining Data subject to the CVR and as a result, the Company recorded an increase in its obligation to the CVR holders by approximately $0.3 million. Due to U.S. and Canadian Sanctions and the uncertainty of transferring the remaining cash held in the Trust Account to bank accounts outside of Venezuela, management only considers those funds received by the Company into its North American bank account as funds available for purposes of the CVR and Bonus Plan cash distributions. We maintain a bonus plan (the "Bonus Plan") which is intended to compensate the participants, including executive officers, employees, directors and consultants for their past and present contributions to the Company. The bonus pool under the Bonus Plan, as originally structured, was comprised of the gross proceeds collected or the fair value of any consideration realized related to such transactions less applicable taxes multiplied by 1% of the first $200 million and 5% thereafter. In June 2018, the Board modified the Bonus Plan to increase the percentage participation of certain individuals who in the Board's opinion were not adequately recognized for their current contribution to efforts associated with the conclusion of the Settlement Agreement and the collection of the amounts contemplated thereunder. The effect of the Board's modification to the Bonus Plan was to increase the after tax percentage allocation for the first $200 million up to a maximum of 1.28% and the percentage allocation thereafter up to a maximum of 6.4%. In September 2019 the Company recorded an increase in its obligation to the Bonus Plan participants by approximately $0.3 million as a result of the change to its original estimate of the income tax due on previous amounts received from the sale of Mining Data as discussed above. Following receipt, if any, of additional funds pursuant to the Settlement Agreement and after applicable payments to CVR holders and Bonus Plan participants, we expect to distribute to our shareholders a substantial majority of any remaining amounts, subject to applicable regulatory requirements and retaining sufficient reserves for operating expenses, contractual obligations, accounts payable and income taxes, and any obligations arising as a result of the collection of the Award and/or sale of the Mining Data (See Note 11, Return of Capital).
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- Definition Arbitral Award And Mining Data Sale Settlement Agreement Abstract No definition available.
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- Definition Arbitral Award And Mining Data Sale Settlement Agreement Text Block No definition available.
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Cash and Cash Equivalents: |
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| Cash and Cash Equivalents: | Note 4. Cash and Cash Equivalents:
Short term investments include money market funds and U.S. treasury bills which mature in three months or less. Payments made by Venezuela associated with the Settlement Agreement (excluding the transfer of Venezuelan bonds as discussed herein) have been deposited into a trust account for the benefit of the Company at Banco de Desarrollo Económico y Social de Venezuela ("Bandes Bank") (the "Trust Account"), a Venezuelan state-owned development bank. As Bandes Bank has been designated as an SDN, in 2018 the Company recorded an impairment loss on the remaining balance in the account and considers the Trust Account to be blocked property and not recoverable for accounting purposes. The Trust Account and the approximately $21.5 million therein will remain blocked property until the U.S. government delists Bandes Bank as an SDN or issues a specific license to the Company to unblock this property. |
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- References No definition available.
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- Definition Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Marketable Securities: |
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| Marketable Securities: | Note 5. Marketable Securities:
Marketable securities are accounted for at fair value, based on quoted market prices with gains or losses recorded in the Consolidated Statements of Operations. Gains and losses on securities sold are based on the average cost of the shares held at the date of disposition. As of September 30, 2019 and December 31, 2018, marketable equity securities had a cost basis of $98,043. Marketable debt securities, which were sold during 2018, consisted of Venezuelan government bonds received under the Settlement Agreement (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement). Accounting Standards Codification ("ASC") 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices in active markets for identical assets or liabilities, Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability and Level 3 inputs are unobservable inputs for the asset or liability that reflect the entity's own assumptions. The fair values of the Company's marketable equity securities as at the balance sheet date are based on Level 1 inputs.
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- References No definition available.
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- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. No definition available.
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Property, Plant and Equipment: |
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| Property, Plant and Equipment: | Note 6. Property, Plant and Equipment:
Machinery and equipment consists of infrastructure and milling equipment originally intended for use on the Brisas Project. We evaluate our equipment to determine whether events or changes in circumstances have occurred that may indicate that the carrying amount may not be recoverable. We regularly obtain comparable market data for similar equipment as evidence that fair value less cost to sell is in excess of the carrying amount. No impairment write-downs of property, plant and equipment were recorded during the nine months ended September 30, 2019 and 2018. |
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- References No definition available.
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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Empresa Mixta Ecosocialista Siembra Minera, S. |
9 Months Ended |
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Sep. 30, 2019 | |
| Empresa Mixta Ecosocialista Siembra Minera, S. [Abstract] | |
| Empresa Mixta Ecosocialista Siembra Minera, S. | Note 7. Empresa Mixta Ecosocialista Siembra Minera, S.A.:
In October 2016, together with an affiliate of the government of Venezuela, we established Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera"). The primary purpose of this entity is to develop the Siembra Minera Project, as defined below. Siembra Minera is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation, and 45% by Gold Reserve. Siembra Minera (pursuant to the agreement which governs the formation and operation of Siembra Minera) holds certain gold, copper, silver and other strategic mineral rights (primarily comprised of the Brisas and Las Cristinas concessions) contained within Bolivar State comprising the Siembra Minera Project (which has a 20 year term with two 10 year extensions) and is, among other things authorized, via current or future Presidential Decrees and Ministerial resolutions, to carry on its business, pay a net smelter return royalty to Venezuela on the future sale of gold, copper, silver and any other strategic minerals over the life of the project and provide net profits participation based on the sales price of gold per ounce. A number of authorizations, which still have not been provided by the current administration, are critical to the future operation and economics of the Siembra Minera Project. Pursuant to the Settlement Agreement, both parties will retain their respective interest in Siembra Minera in the event all of the agreed upon Settlement Agreement payments are not made by Venezuela. On March 16, 2018, the Company announced the completion of a technical report for the Preliminary Economic Assessment ("PEA") for the Siembra Minera Project in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects which included, among other information, resource estimates, pit design, mine plan, flowsheet design, design criteria, project layout, infrastructure requirements, capital and operating estimates. The Company has directly incurred the costs on the Siembra Minera Project, which beginning in 2016 through September 30, 2019, amounted to a total of approximately $19.0 million. The Siembra Minera Project expenditures primarily include costs associated with the completion of the PEA that included a number of engineering, environmental and social third party advisors as well as costs associated with a number of social works programs in the vicinity of the Siembra Minera Project, which are expensed as incurred and classified within “Siembra Minera Project Costs” in the Consolidated Statements of Operations. On August 5, 2019, the U.S. government issued an EO that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. This action targets the Venezuelan government and entities owned 50% or more or otherwise controlled by the Venezuelan government. Because the August 2019 EO applies to entities 50% or more owned by the Venezuelan government, Siembra Minera is now considered to be blocked (or an SDN), which means that U.S. persons are generally prohibited from dealing with Siembra Minera. The imposition of these broader Sanctions by the U.S. and Canadian governments (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement) prohibits the Company from working with Venezuelan government officials on issues related to the future development of the Siembra Minera Project. |
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- Definition Empresa Mixta Ecosocialista Siembra MineraS Abstract No definition available.
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- Definition Empresa Mixta Ecosocialista Siembra MineraS Text Block No definition available.
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KSOP Plan: |
9 Months Ended |
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Sep. 30, 2019 | |
| KSOP Plan: [Abstract] | |
| KSOP Plan: | Note 8. KSOP Plan: The KSOP Plan, adopted in 1990 for retirement benefits of employees, is comprised of two parts, (1) a salary reduction component, and a 401(k) which includes provisions for discretionary contributions by us, and (2) an employee share ownership component, or ESOP. Allocation of Class A common shares or cash to participants' accounts, subject to certain limitations, is at the discretion of the Board. There have been no Class A common shares allocated to the KSOP Plan since 2011. Cash contributions for plan year 2018 were approximately $212,000. As of September 30, 2019, no contributions by the Company had been made for plan year 2019. |
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- Definition Ksop Plan Abstract No definition available.
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- Definition Ksop Plan Text Block No definition available.
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Stock Based Compensation Plans: |
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| Stock Based Compensation Plans: | Note 9. Stock Based Compensation Plans: Equity Incentive Plans The Company's equity incentive plan provides for the grant of stock options to purchase up to a maximum of 8,750,000 of the Class A common shares. As of September 30, 2019, there were 2,307,000 options available for grant. Grants are made for terms of up to ten years with vesting periods as required by the TSXV and as may be determined by a committee of the Board established pursuant to the equity incentive plan. Stock option transactions for the nine months ended September 30, 2019 and 2018 are as follows:
The following table relates to stock options at September 30, 2019:
No options were granted during the nine month periods ended September 30, 2019 and 2018. The Company recorded non-cash compensation expense during the nine months ended September 30, 2019 and 2018 of approximately $31,000 and $292,000, respectively for stock options granted in prior periods. The Company maintains change of control agreements with certain officers and employees. A Change of Control is generally defined as one or more of the following: the acquisition by any individual, entity or group, of beneficial ownership of the Company of 25 percent of the voting power of the outstanding Common Shares; a change in the composition of the Board that causes less than a majority of the current directors of the Board to be members of the incoming board; reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company; liquidation or dissolution of the Company; or any other event the Board reasonably determines constitutes a Change of Control. As of September 30, 2019, in the event of a change of control, the amount payable under these agreements was approximately $8.7 million. None of this amount has currently been recognized as a change of control is not considered probable at this time. |
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- Definition Stock Based Compensation Plans Abstract No definition available.
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- Definition Stock Based Compensation Plans Text Block No definition available.
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Income Tax: |
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| Income Tax: | Note 10. Income Tax: Income tax expense (benefit) for the nine months ended September 30, 2019 and 2018 differs from the amount that would result from applying Canadian tax rates to net loss before taxes. These differences result from the items noted below:
The Company recorded income tax (benefit) expense of $(4.3) million and $0.2 million for the nine months ended September 30, 2019 and 2018, respectively. We have recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced in the near term if our estimate of future taxable income changes. The Company has an income tax receivable of $10.8 million related to prior year overpayments. This receivable was increased by $4.3 million during the three months ended September 30, 2019 as a result of revisions to management's estimates of the timing and amount of deductions available to the Company's US subsidiary associated with the write-off of certain subsidiaries. The Company has filed an amended return which meets the recognition threshold for refund receivable as of September 30, 2019. The components of the Canadian and U.S. deferred income tax assets and liabilities as of September 30, 2019 and December 31, 2018 were as follows:
At September 30, 2019, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars.
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- Definition Income Tax Abstract No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Return of Capital: |
9 Months Ended |
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Sep. 30, 2019 | |
| Return of Capital: [Abstract] | |
| Return of Capital: | Note 11. Return of Capital: In June 2019, the Company completed a return of capital transaction by way of a court-approved plan of arrangement transaction under the Business Corporations Act (Alberta) which required approval by the Alberta Court of Queen's Bench and at least two-thirds of the votes of shareholders. Pursuant to the plan of arrangement, the Company returned to holders of its Class A common shares approximately $76 million or $0.76 per Class A Share.
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- Definition Return Of Capital Text Block No definition available.
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Significant Accounting Policies (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Significant Accounting Policies (Policies) [Abstract] | |
| Significant Accounting Policies (Policies) | Gold Reserve Inc. ("Gold Reserve", the "Company", "we", "us", or "our") is engaged in the business of acquiring, exploring and developing mining projects and was incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014. Gold Reserve Inc. is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. A significant portion of our recent activities relate to the advancement of the Siembra Minera Project and the execution of the July 2016 settlement agreement, (as amended, the "Settlement Agreement") with the Bolivarian Republic of Venezuela ("Venezuela") in regards to the payment of the Award and the acquisition of our Mining Data by Venezuela (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera")). On August 5, 2019, the U.S. government issued an Executive Order that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. As a result, Siembra Minera is now considered to be blocked property and a Specially Designated National (“SDN”), which means that the Company and its U.S. management and employees are prohibited from any dealings with Siembra Minera (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A.). Basis of Presentation and Principles of Consolidation. These interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The statements principally include the accounts of the Company, Gold Reserve Corporation and three Barbadian subsidiaries one of which was formed to hold our equity interest in Siembra Minera which is beneficially owned 55% by Venezuela and 45% by Gold Reserve. Our investment in Siembra Minera is accounted for as an equity investment. All subsidiaries are wholly owned. All intercompany accounts and transactions have been eliminated on consolidation. Our policy is to consolidate those subsidiaries where control exists. We have only one operating segment, the exploration and development of mineral properties. As these unaudited interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the annual financial statements and the related notes included in our Annual Report on Form 40-F for the year ended December 31, 2018. Cash and Cash Equivalents. We consider short-term, highly liquid investments purchased with an original maturity of three months or less to be cash equivalents for purposes of reporting cash equivalents and cash flows. The cost of these investments approximates fair value. We manage the exposure of our cash and cash equivalents to credit risk by diversifying our holdings into various major financial institutions. Exploration and Development Costs. Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Mineral property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Mineral properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values. Property, Plant and Equipment Included in property, plant and equipment is certain equipment, relating to the Brias Project, the initial carrying value of which has been adjusted in prior periods for impairment, to its estimated fair value of $11.7 million. This equipment is not being depreciated as it is not in use. The ultimate recoverable value of this equipment may be different than management's current estimate. We have additional property, plant and equipment which are recorded at cost less impairment charges and accumulated depreciation. Replacement costs and major improvements are capitalized. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the accounts and any resulting gain or loss is reflected in operations. Furniture, office equipment and leasehold improvements are depreciated using the straight-line method over 5 to 10 years. The remaining property, plant and equipment are fully depreciated. Impairment of Long Lived Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the expected future net cash flows to be generated from the use or eventual disposition of a long-lived asset (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on a determination of the asset's fair value. Fair value is generally determined by discounting estimated cash flows based on market participant expectations of those future cash flows, or applying a market approach that uses market prices and other relevant information generated by market transactions involving comparable assets. Foreign Currency. The U.S. dollar is our (and our foreign subsidiaries') functional currency. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Non-monetary assets and liabilities are translated at historical rates and revenue and expense items are translated at average exchange rates during the reporting period, except for depreciation which is translated at historical rates. Translation gains and losses are included in the statement of operations. Stock Based Compensation. We maintain an equity incentive plan which provides for the grant of stock options to purchase the Class A common shares. We use the fair value method of accounting for stock options. The fair value of options granted to employees is computed using the Black-Scholes method as described in Note 9 and is expensed over the vesting period of the option. For non-employees, the fair value of stock based compensation is recorded as an expense over the vesting period or upon completion of performance. Consideration paid for shares on exercise of stock options, in addition to the fair value attributable to stock options granted, is credited to capital stock. Stock options granted under the plan become fully vested and exercisable upon a change of control. Income Taxes. We use the liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between the tax basis of assets and liabilities and those amounts reported in the financial statements. The deferred tax assets or liabilities are calculated using the enacted tax rates expected to apply in the periods in which the differences are expected to be settled. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized. Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Net Income (Loss) Per Share. Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of Class A common shares outstanding during each period. Diluted net income per share reflects the potentially dilutive effects of outstanding stock options and convertible notes. In periods in which a loss is incurred, the effect of potential issuances of shares under stock options and convertible notes would be anti-dilutive, and therefore basic and diluted losses per share are the same in those periods. Investments. We determine the appropriate classification of investments in equity securities at acquisition and reevaluate such classifications at each reporting date. Investments in incorporated entities in which the Company has the ability to exercise significant influence over the investee are accounted for by the equity method. Financial Instruments. Marketable securities are measured at fair value at each reporting date, with the change in value recognized in the statement of operations as a gain or loss. Cash and cash equivalents, deposits, advances and receivables are accounted for at cost which approximates fair value. Accounts payable and contingent value rights are recorded at amortized cost. Amortized cost of accounts payable approximates fair value. |
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- Definition Significant Accounting Policies Policies Abstract No definition available.
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- Definition Significant Accounting Policies Policies Text Block No definition available.
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Cash and Cash Equivalents: (Tables) |
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| Cash and Cash Equivalents: | Note 4. Cash and Cash Equivalents:
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- Definition Cash And Cash Equivalents Tables Abstract No definition available.
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Marketable Securities: (Tables) |
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| Marketable Securities: | Note 5. Marketable Securities:
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- Definition Marketable Securities Tables Abstract No definition available.
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- Definition The entire disclosure for investments in certain debt and equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Property, Plant and Equipment: (Tables) |
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| Property, Plant Equipment: | Note 6. Property, Plant and Equipment:
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- Definition Property Plant And Equipment Tables Abstract No definition available.
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- Definition Property Plant Equipment Text Block No definition available.
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Stock Based Compensation Plans: (Tables) |
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| Stock Based Compensation Plans: (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Option Transactions | Stock option transactions for the nine months ended September 30, 2019 and 2018 are as follows:
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| Options Outstanding and Exercisable | The following table relates to stock options at September 30, 2019:
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- Definition Stock Based Compensation Plans Tables Abstract No definition available.
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- Definition Stock Option Transactions Text Block No definition available.
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Income Tax: (Tables) |
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| Income Tax: (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | Income tax expense (benefit) for the nine months ended September 30, 2019 and 2018 differs from the amount that would result from applying Canadian tax rates to net loss before taxes. These differences result from the items noted below:
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| Net deferred income tax liability | The Company recorded income tax (benefit) expense of $(4.3) million and $0.2 million for the nine months ended September 30, 2019 and 2018, respectively. We have recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced in the near term if our estimate of future taxable income changes. The Company has an income tax receivable of $10.8 million related to prior year overpayments. This receivable increased during the three months ended September 30, 2019 as a result of a revision of management's estimate of income tax due on the receipt of proceeds from the sale of Mining Data in prior years. The components of the Canadian and U.S. deferred income tax assets and liabilities as of September 30, 2019 and December 31, 2018 were as follows:
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| Loss carryforwards | At September 30, 2019, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars.
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- Definition Income Tax Tables Abstract No definition available.
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- Definition Loss Carryforwards Text Block No definition available.
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- Definition Net Deferred Income Tax Liability Text Block No definition available.
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The Company and Significant Accounting Policies: (Details Text) $ in Millions |
Sep. 30, 2019
USD ($)
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| The Company and Significant Accounting Policies: [Abstract] | |
| Siembra Minera beneficial ownership by Venezuela | 55.00% |
| Siembra Minera beneficial ownership by Company | 45.00% |
| Fair value of equipment | $ 11.7 |
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- Definition Fair Value Of Equipment No definition available.
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- Definition Siembra Minera Beneficial Ownership By Company No definition available.
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- Definition Siembra Minera Beneficial Ownership By Venezuela No definition available.
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- Definition The Company And Significant Accounting Policies Abstract No definition available.
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New Accounting Policies: (Details Text) $ in Millions |
Sep. 30, 2019
USD ($)
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| New Accounting Policies: [Abstract] | |
| Lease liability and right of use asset | $ 0.3 |
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- Definition Lease Liability And Right Of Use Asset No definition available.
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- Definition New Accounting Policies Abstract No definition available.
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Arbitral Award and Mining Data Sale Settlement Agreement: (Details Text) $ in Thousands |
Sep. 30, 2019
USD ($)
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| Arbitral Award and Mining Data Sale Settlement Agreement: [Abstract] | |
| Total award | $ 740,300 |
| Settlement Agreement | 1,032 |
| Venezuela agreed to pay to satisfy award | 792,000 |
| Venezuela agreed to pay for mining data | 240,000 |
| Payments made pursuant to Settlement Agreement | 254,000 |
| Amount deposited to trust account | 165,500 |
| Government bonds received | 88,500 |
| Bonds sold for | 74,300 |
| Loss on sale of bonds | 14,200 |
| Amount due and unpaid including interest | $ 872,000 |
| Amount of proceeds cvr holders entitled to | 5.466% |
| CVR due | $ 300 |
| Original bonus percentage of first two hundred million collected | 1.00% |
| Original bonus percentage thereafter | 5.00% |
| Modified bonus percentage of first two hundred million collected | 1.28% |
| Modified bonus percentage thereafter | 6.40% |
| Bonus due | $ 300 |
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- Definition Amount Deposited To Trust Account No definition available.
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- Definition Amount Due And Unpaid Including Interest No definition available.
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- Definition Amount Of Proceeds Cvr Holders Entitled To No definition available.
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- Definition Arbitral Award And Mining Data Sale Settlement Agreement Abstract No definition available.
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- Definition Bonds Sold For No definition available.
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- Definition Bonus Due No definition available.
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- Definition Cvr Due No definition available.
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- Definition Government Bonds Received No definition available.
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- Definition Loss On Sale Of Bonds No definition available.
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- Definition Modified Bonus Percentage Of First Two Hundred Million Collected No definition available.
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- Definition Modified Bonus Percentage Thereafter No definition available.
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- Definition Original Bonus Percentage Of Firs two Hundred Million Collected No definition available.
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- Definition Original Bonus Percentage Thereafter No definition available.
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- Definition Payments Made Pursuant To Settlement Agreement No definition available.
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- Definition Settlement Agreement No definition available.
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- Definition Total Award No definition available.
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- Definition Venezuela Agreed To Pay For Mining Data No definition available.
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- Definition Venezuela Agreed To Pay To Satisfy Award No definition available.
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Cash and Cash Equivalents: (Details 1) - USD ($) |
Sep. 30, 2019 |
Dec. 31, 2018 |
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| Cash And Cash Equivalents Detailsabstract [Abstract] | ||
| Bank deposits | $ 31,685,167 | $ 47,588,968 |
| Short term investments | 33,266,967 | 100,057,385 |
| Total | $ 64,952,134 | $ 147,646,353 |
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- Definition Cash and Cash Equivalents Details abstract No definition available.
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- Definition Total No definition available.
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- Definition For banks and other depository institutions (including Federal Reserve Banks, if applicable): Interest-bearing deposits in other financial institutions for relatively short periods of time including, for example, certificates of deposits, which are presented separately from cash on the balance sheet. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of investments including trading securities, available-for-sale securities, held-to-maturity securities, and short-term investments classified as other and current. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Cash and Cash Equivalents: (Details Text) $ in Millions |
12 Months Ended |
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Dec. 31, 2018
USD ($)
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| Cash And Cash Equivalents Details Text [Abstract] | |
| Impairment loss | $ 21.5 |
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- Definition Cash And Cash Equivalents Details Text Abstract No definition available.
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- Definition Impairment Loss No definition available.
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Marketable Securities: (Details 1) - USD ($) |
9 Months Ended | 12 Months Ended | |
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Sep. 30, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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| Equity securities | |||
| Fair value at beginning of period | $ 287,638 | $ 239,232 | |
| Increase (decrease) in fair value | $ (134,943) | 48,406 | |
| Fair value at balance sheet date | 152,695 | 287,638 | |
| Debt securities | |||
| Fair value at beginning of year | 0 | 0 | |
| Acquisitions | 88,500,000 | ||
| Dispositions | (74,311,349) | ||
| Realized loss | (14,188,651) | ||
| Fair value at balance sheet date | $ 0 | $ 0 |
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- Definition Acquisitions No definition available.
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- Definition Dispositions No definition available.
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- Definition Equity Securities Abstract No definition available.
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- Definition Fair Value At Beginning Of Year No definition available.
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- Definition Fair Value Of Debt Securities At Beginning Of Year No definition available.
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- Definition Fair Value Of Equity Securities At Balance Sheet Date No definition available.
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- References No definition available.
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Marketable Securities: (Details Text) - USD ($) |
Sep. 30, 2019 |
Dec. 31, 2018 |
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| Marketable Securities Details Textabstract [Abstract] | ||
| Marketable equity securities cost basis | $ 98,043 | $ 98,043 |
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- Definition Marketable Equity Securities Cost Basis No definition available.
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- Definition Marketable Securities Details Text abstract No definition available.
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- Definition Accumulated Depreciation Furniture And Office Equipment No definition available.
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- Definition Accumulated Depreciation Leasehold Improvements No definition available.
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- Definition Accumulated Depreciation Machinery And Equipment No definition available.
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- Definition Accumulated Depreciation Mineral Property No definition available.
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- Definition Accumulated Depreciation Transportation Equipment No definition available.
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- Definition Cost Machinery And Equipment No definition available.
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- Definition Cost Mineral Property No definition available.
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- Definition Cost Transportation Equipment No definition available.
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- Definition Net Furniture And Office Equipment No definition available.
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- Definition Net Leasehold Improvements No definition available.
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- Definition Net Machinery And Equipment No definition available.
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- Definition Net Mineral Property No definition available.
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- Definition Net Transportation Equipment No definition available.
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- Definition Property Plant And Equipment details Abstract No definition available.
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- Definition Total Accumulated Depreciation Property Plant And Equipment No definition available.
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- Definition Total Cost Property Plant And Equipment No definition available.
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- Definition Total Net Property Plant And Equipment No definition available.
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- Definition Amount before accumulated depreciation of equipment commonly used in offices and stores that have no permanent connection to the structure of a building or utilities. Examples include, but are not limited to, desks, chairs, tables, and bookcases. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount before accumulated depreciation of additions or improvements to assets held under a lease arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Empresa Mixta Ecosocialista Siembra Minera, S. (Details Text) $ in Millions |
Sep. 30, 2019
USD ($)
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| Empresa Mixta Ecosocialista Siembra Minera, S. [Abstract] | |
| Siembra Minera beneficial ownership by Venezuela | 55.00% |
| Siembra Minera beneficial ownership by Company | 45.00% |
| Cumulative expenditures associated with Siembra Minera | $ 19.0 |
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- Definition Cumulative Expenditures Associated With Siembra Minera No definition available.
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- Definition Empresa Mixta Ecosocialista Siembra MineraS Abstract No definition available.
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- Definition Siembra Minera Beneficial Ownership By Company No definition available.
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- Definition Siembra Minera Beneficial Ownership By Venezuela No definition available.
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KSOP Plan: (Details Text) - USD ($) |
9 Months Ended | 12 Months Ended |
|---|---|---|
Sep. 30, 2019 |
Dec. 31, 2018 |
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| KSOP Plan: [Abstract] | ||
| Cash contributions to the plan | $ 0 | $ 212,000 |
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- Definition Cash Contributions To The Plan No definition available.
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- Definition Ksop Plan Abstract No definition available.
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Stock Based Compensation Plans: (Details 1) - $ / shares |
9 Months Ended | |
|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
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| Stock Based Compensation Plans Details One [Abstract] | ||
| Options outstanding - beginning of period | 4,554,565 | 5,091,565 |
| Weighted average exercise price - options outstanding | $ 3.11 | $ 3.13 |
| Options expired | (185,000) | (487,000) |
| Weighted average exercise price - options expired | $ 3.43 | $ 3.34 |
| Options outstanding - end of period | 4,369,565 | 4,604,565 |
| Weighted average exercise price - options outstanding | $ 3.09 | $ 3.11 |
| Options exercisable - end of period | 4,369,565 | 4,060,818 |
| Weighted average exercise price - options exercisable | $ 3.09 | $ 3.10 |
| X | ||||||||||
- Definition Options Expired No definition available.
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| X | ||||||||||
- Definition Options Outstanding Beginning Of Period No definition available.
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| X | ||||||||||
- Definition Stock Based Compensation Plans Details One Abstract No definition available.
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| X | ||||||||||
- Definition Weighted Average Exercise Price Options Exercisable No definition available.
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| X | ||||||||||
- Definition Weighted Average Exercise Price Options Expired No definition available.
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| X | ||||||||||
- Definition Weighted Average Exercise Price Options Outstanding No definition available.
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| X | ||||||||||
- Definition The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of options outstanding, including both vested and non-vested options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Exercisable Options Aggregate Intrinsic Value 192 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Aggregate Intrinsic Value 269 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Aggregate Intrinsic Value 315 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Aggregate Intrinsic Value 391 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Aggregate Intrinsic Value 402 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Aggregate Intrinsic Value Total No definition available.
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| X | ||||||||||
- Definition Exercisable Options Number 192 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Number 269 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Number 315 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Number 391 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Number 402 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Number Total No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Exercise Price 192 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Exercise Price 269 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Exercise Price 315 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Exercise Price 391 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Exercise Price 402 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Exercise Price Total No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Remaining Contractual Term Years 192 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Remaining Contractual Term Years 269 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Remaining Contractual Term Years 315 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Remaining Contractual Term Years 391 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Remaining Contractual Term Years 402 No definition available.
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| X | ||||||||||
- Definition Exercisable Options Weighted Average Remaining Contractual Term Years Total No definition available.
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| X | ||||||||||
- Definition Outstanding Options Aggregate Intrinsic Value 192 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Aggregate Intrinsic Value 269 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Aggregate Intrinsic Value 315 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Aggregate Intrinsic Value 391 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Aggregate Intrinsic Value 402 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Aggregate Intrinsic Value Total No definition available.
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| X | ||||||||||
- Definition Outstanding Options Number 192 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Number 269 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Number 315 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Number 391 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Number 402 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Number Total No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Exercise Price 192 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Exercise Price 269 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Exercise Price 315 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Exercise Price 391 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Exercise Price 402 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Exercise Price Total No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Remaining Contractual Term Years 192 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Remaining Contractual Term Years 269 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Remaining Contractual Term Years 315 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Remaining Contractual Term Years 391 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Remaining Contractual Term Years 402 No definition available.
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| X | ||||||||||
- Definition Outstanding Options Weighted Average Remaining Contractual Term Years Total No definition available.
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| X | ||||||||||
- Definition Stock Based Compensation Plans Details Two abstract No definition available.
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Stock Based Compensation Plans: (Details Text) - USD ($) shares in Thousands, $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Stock Based Compensation Plansdetails Text [Abstract] | ||
| Maximum number of shares available under the plan | 8,750 | |
| Options available for grant | 2,300 | |
| Maximum term of options | 10 years | |
| Non-cash compensation expense | $ 30 | $ 300 |
| Amount payable in event of change of control | $ 8,700 | |
| X | ||||||||||
- Definition Amount Payable In Event Of Change Of Control No definition available.
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| X | ||||||||||
- Definition Maximum Number Of Shares Available Under The Plan No definition available.
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| X | ||||||||||
- Definition Maximum Term Of Options No definition available.
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| X | ||||||||||
- Definition Noncash Compensation Expense No definition available.
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| X | ||||||||||
- Definition Options Available For Grant No definition available.
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| X | ||||||||||
- Definition Stock Based Compensation Plans details Text Abstract No definition available.
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Income Tax: (Details 1) - USD ($) |
9 Months Ended | |
|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Income Tax Details Oneabstract [Abstract] | ||
| Income tax expense (benefit) based on Canadian tax rates | $ (2,297,142) | $ 16,994,571 |
| Increase (decrease) due to: | ||
| Different tax rates on foreign subsidiaries | 260,663 | (1,813,647) |
| Non-deductible expenses | 9,152 | 908,032 |
| Withholding tax | 759,062 | |
| Previously unrecognized tax benefits | (4,347,907) | (11,508,151) |
| Change in valuation allowance and other | 2,027,327 | (5,141,651) |
| Income tax | $ (4,347,907) | $ 198,216 |
| X | ||||||||||
- Definition Change In Valuation Allowance And Other No definition available.
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| X | ||||||||||
- Definition Different Tax Rates On Foreign Subsidiaries No definition available.
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| X | ||||||||||
- Definition Income Tax No definition available.
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| X | ||||||||||
- Definition Income Tax (Benefit) Based On Canadian Tax Rates No definition available.
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| X | ||||||||||
- Definition Income Tax Details One abstract No definition available.
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| X | ||||||||||
- Definition Increase (Decrease) Due To Abstract No definition available.
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| X | ||||||||||
- Definition Nondeductible Expenses No definition available.
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| X | ||||||||||
- Definition Previously Unrecognized Tax Benefits No definition available.
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| X | ||||||||||
- Definition Withholding Tax No definition available.
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Income Tax: (Details 2) - USD ($) |
Sep. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Deferred income tax assets | ||
| Net operating loss carry forwards | $ 33,536,042 | $ 31,362,816 |
| Property, Plant and Equipment | 3,226,282 | 3,226,994 |
| Other deferred tax assets | 1,660,339 | 1,652,114 |
| Total deferred tax assets | 38,422,663 | 36,241,924 |
| Valuation allowance | (38,411,186) | (36,202,109) |
| Net deferred tax assets | 11,477 | 39,815 |
| Deferred income tax liabilities | ||
| Other deferred tax liability | (11,477) | (39,815) |
| Net deferred income tax liability | $ 0 | $ 0 |
| X | ||||||||||
- Definition Deferred Income Tax Assets Abstract No definition available.
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| X | ||||||||||
- Definition Deferred Income Tax Liabilities Abstract No definition available.
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| X | ||||||||||
- Definition Net Deferred Tax Assets No definition available.
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| X | ||||||||||
- Definition Net Deferred Tax Liability No definition available.
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| X | ||||||||||
- Definition Net Operating Loss Carry Forwards No definition available.
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| X | ||||||||||
- Definition Other Deferred Tax Assets No definition available.
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| X | ||||||||||
- Definition Other Deferred Tax Liability No definition available.
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| X | ||||||||||
- Definition Property Plant And Equipment Deferred Tax Asset No definition available.
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| X | ||||||||||
- Definition Total Deferred Tax Assets No definition available.
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| X | ||||||||||
- Definition Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Income Tax: (Details 3) |
Sep. 30, 2019
USD ($)
|
|---|---|
| Income Tax Details Threeabstract [Abstract] | |
| Canadian tax loss carryforward expiring 2026 | $ 1,973,368 |
| Canadian tax loss carryforward expiring 2027 | 3,662,314 |
| Canadian tax loss carryforward expiring 2028 | 13,959,070 |
| Canadian tax loss carryforward expiring 2029 | 13,229,114 |
| Canadian tax loss carryforward expiring 2030 | 16,343,835 |
| Canadian tax loss carryforward expiring 2031 | 18,301,312 |
| Canadian tax loss carryforward expiring 2032 | 5,309,986 |
| Canadian tax loss carryforward expiring 2033 | 7,719,628 |
| Canadian tax loss carryforward expiring 2034 | 8,944,359 |
| Canadian tax loss carryforward expiring 2035 | 12,767,412 |
| Canadian tax loss carryforward expiring 2036 | 15,179,110 |
| Canadian tax loss carryforward expiring 2037 | 11,447,131 |
| Canadian tax loss carryforward expiring 2038 | 413,307 |
| Canadian tax loss carryforward expiring 2039 | 3,459,717 |
| Total Canadian tax loss carryforward | 132,709,663 |
| Total US tax loss carryforward | $ 1,707,742 |
| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2026 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2027 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2028 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2029 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2030 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2031 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2032 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2033 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2034 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2035 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2036 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2037 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2038 No definition available.
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| X | ||||||||||
- Definition Canadian Tax Loss Carryforward Expiring 2039 No definition available.
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| X | ||||||||||
- Definition Income Tax Details Three abstract No definition available.
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| X | ||||||||||
- Definition Total Canadian Tax Loss Carryforward No definition available.
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| X | ||||||||||
- Definition Total Us Tax Loss Carryforward No definition available.
|
Income Tax: (Details Text) - USD ($) $ in Millions |
9 Months Ended | |
|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Income Tax Details Textabstract [Abstract] | ||
| Income tax expense recorded by the Company | $ (4.3) | $ 0.2 |
| The Company's income tax receivable | $ 10.8 | |
| X | ||||||||||
- Definition Income Tax Details Text abstract No definition available.
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| X | ||||||||||
- Definition Income Tax Expense Recorded By The Company No definition available.
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| X | ||||||||||
- Definition The Companys Income Tax Receivable No definition available.
|
Return of Capital: (Details Text) $ / shares in Units, $ in Millions |
1 Months Ended |
|---|---|
|
Jun. 30, 2019
USD ($)
$ / shares
| |
| Return of Capital: [Abstract] | |
| Returned to shareholders | $ | $ 76 |
| Returned to shareholders per share | $ / shares | $ 0.76 |
| X | ||||||||||
- Definition Return Of Capital Abstract No definition available.
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| X | ||||||||||
- Definition Returned To Shareholders No definition available.
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| X | ||||||||||
- Definition Returned To Shareholders Per Share No definition available.
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