• Filing Date: 2017-03-31
  • Form Type: 10-K
  • Description: Annual report
v3.7.0.1
13. Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Taxes Tables  
Schedule of Components of Income Tax Expense (Benefit)
    2016     2015  
Tax benefit at federal statutory rate   $ (353,872 )   $ (293,486 )
State income tax effect     (21,754 )     (32,283 )
Foreign income tax effect     37,371       91,072  
Non-deductible items     3,263       -  
Percentage depletion     (40,976 )     -  
Change in valuation allowance - Domestic     151,745       (311,732 )
Change in valuation allowance - Foreign     224,223       546,429  
Foreign tax assessment     285,048       -  
Alternative minimum tax - Domestic     13,090       -  
   Total   $ 298,138     $ -  
Domestic and foreign components of income (loss) from operations before income taxes
    2016     2015  
Domestic   $ (263,652 )   $ 982,901  
Foreign     (747,410 )     (1,821,432 )
Total   $ (1,011,062 )   $ (838,531 )
Deferred tax assets
    2016     2015  
Deferred tax assets:            
Foreign exploration costs   $ 47,011     $ 87,494  
Foreign net operating loss carry forward     1,309,445       2,515,954  
Domestic net operating loss carry forward     465,145       185,472  
      Deferred tax assets     1,821,601       2,788,920  
                 
Valuation allowance (foreign)     (1,309,445 )     (2,515,954 )
Valuation allowance (domestic)     (299,522 )     (90,220 )
      Total deferred tax assets     212,634       182,746  
                 
Deferred tax liabilities:                
   Property, plant, and equipment     (210,912 )     (181,224 )
   Other     (1,722 )     (1,522 )
      Total deferred tax liabilities     (212,634 )     (182,746 )
Net Deferred Tax Assets   $ -     $ -  
Schedule of Effective Income Tax Rate Reconciliation
Change in valuation allowance is comprised of the following:        
             
    2016     2015  
Domestic            
Change in deferred tax asset for current year   $ (151,745 )   $ (166,547 )
Adjustment for prior year tax estimate to actual     (57,557 )     (145,185 )
    $ (209,302 )   $ (311,732 )
Foreign                
Change in deferred tax asset for current year   $ (224,223 )   $ 589,613  
Adjustment for impact of tax assessment     285,048       -  
Impact on change in foreign exchange rate     421,643       366,591  
Adjustment for prior year tax estimates to actual     724,041       (409,775 )
    $ 1,206,509     $ 546,429