0001072725-18-000038.txt : 20181120 0001072725-18-000038.hdr.sgml : 20181120 20181120124535 ACCESSION NUMBER: 0001072725-18-000038 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20181120 DATE AS OF CHANGE: 20181120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLD RESERVE INC CENTRAL INDEX KEY: 0001072725 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 810266636 STATE OF INCORPORATION: A0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31819 FILM NUMBER: 181194921 BUSINESS ADDRESS: STREET 1: 999 W. RIVERSIDE AVENUE STREET 2: SUITE 401 CITY: SPOKANE STATE: WA ZIP: 99201 BUSINESS PHONE: 5096231500 MAIL ADDRESS: STREET 1: 999 W. RIVERSIDE AVENUE STREET 2: SUITE 401 CITY: SPOKANE STATE: WA ZIP: 99201 6-K 1 gdrzfform6kjune2018restate.htm FORM 6-K gdrzfform6kjune2018restate.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

For the month of November 2018

Commission File Number: 001-31819

Gold Reserve Inc.
(Exact name of registrant as specified in its charter)

999 W. Riverside Avenue, Suite 401
Spokane, Washington 99201
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

This Report on Form 6-K and the exhibits attached hereto are hereby incorporated by reference into Gold Reserve Inc.’s (the “Company”) current Registration Statements on Form F-3 on file with the U.S. Securities and Exchange Commission (the “SEC”).

The following exhibits are furnished with this Form 6-K:

99.1 June 30, 2018 Interim Consolidated Financial Statements (Restated)

99.2 June 30, 2018 Management’s Discussion and Analysis (Restated)

99.3 Chief Executive Officer’s Certification of Refiled Interim Filings

99.4 Chief Financial Officer’s Certification of Refiled Interim Filings

Cautionary Statement Regarding Forward-Looking Statements and information

The information presented or incorporated by reference in this report contains both historical information and "forward-looking statements" (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) or "forward-looking information" (within the meaning of applicable Canadian securities laws) (collectively referred to herein as "forward-looking statements") that may state our intentions, hopes, beliefs, expectations or predictions for the future.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause our actual financial results, performance or achievements to be materially different from those expressed or implied herein and many of which are outside our control.

Forward-looking statements involve risks and uncertainties, as well as assumptions, including those set out herein, that may never materialize, prove incorrect or materialize other than as currently contemplated which could cause our results to differ materially from those expressed or implied by such forward-looking statements. The words "believe," "anticipate," "expect," "intend," "estimate," "plan," "may," "could" and other similar expressions that are predictions of or indicate future events and future trends, which do not relate to historical matters, identify forward-looking statements. Any such forward-looking statements are not intended to provide any assurances as to future results.

Numerous factors could cause actual results to differ materially from those described in the forward-looking statements, including, without limitation:

· the risk that the conclusions of management and its qualified consultants contained in the most recent Preliminary Economic Assessment of the Siembra Minera Gold Copper Project (the "Project") in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects may not be realized in the future;

· delay or failure by Venezuela to make payments or otherwise honor its commitments under the Settlement Agreement, including with respect to payment of the Award;

· the risk that Venezuela may not transfer the funds already deposited to the 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, to our U.S. or Canadian bank accounts;

· the risk that the Venezuelan government bonds received by the Company in payment of certain monthly installments due under the Settlement Agreement may not be able to be sold in a timely manner at their current market value or at all;

· the risk of currently existing or the imposition of additional future sanctions by the U.S., Canada or other jurisdictions that may negatively impact our ability to freely transfer funds from Venezuela and/or our ability to do business in Venezuela;

· the ability of the Company and Venezuela to (i) successfully overcome any legal, regulatory or technical obstacles to operate Siembra Minera and develop and later operate the Siembra Minera Project, (ii) obtain any remaining governmental approvals and (iii) obtain, subject to sanctions, financing to fund the capital and initial operating costs of the Siembra Minera Project;

· the risk the activities planned to be undertaken pursuant to the Permit to Effect and the social programs planned to be undertaken associated with the Siembra Minera Project area may not proceed as anticipated;

· risks associated with exploration, delineation of adequate resources and reserves, regulatory and permitting obstacles and other risks incident to the exploration, development and operation of mining properties in Venezuela and generally for mining projects including our ability to achieve revenue producing operations in the future;

· local risks associated with the concentration of our future operations and assets in Venezuela, including operational, security, legal, regulatory, political and economic risks;

· our ability to resume our efforts to enforce and collect the Award, including the associated costs of such enforcement and collection effort and the timing and success of that effort, if Venezuela fails to make payments under the Settlement Agreement, it is terminated and further efforts to meet the commitments in the Settlement Agreement are abandoned;

· pending the receipt of payments under the Settlement Agreement to our U.S. or Canadian bank accounts, our continued ability to service our obligations as they come due and access future additional funding, when required, for ongoing liquidity and capital resources, including as a result of payments of certain of those funds that must be made to our shareholders, Bonus Plan participants and holders of CVRs;

· potential shareholder dilution resulting from future financings;

· our prospects in general for the identification, exploration and development of additional mining projects;

· risks associated with the abilities and continued participation of key employees; and

· changes in U.S., Canadian and/or other tax laws to which we are subject.

See “Risk Factors” contained in our Annual Information Form and Annual Report on Form 40-F filed on www.sedar.com and www.sec.gov, respectively for additional risk factors that could cause results to differ materially from forward-looking statements.

Investors are cautioned not to put undue reliance on forward-looking statements, and investors should not infer that there has been no change in our affairs since the date of this report that would warrant any modification of any forward-looking statement made in this document, other documents periodically filed with the U.S. Securities and Exchange Commission (the "SEC") or other securities regulators or presented on the Company’s website. Forward-looking statements speak only as of the date made. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this notice. We disclaim any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to our disclosure obligations under applicable U.S. and Canadian securities regulations. Investors are urged to read the Company’s filings with U.S. and Canadian securities regulatory agencies, which can be viewed online at www.sec.gov and www.sedar.com, respectively.

The terms "mineral resource," "measured mineral resource," "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101. However, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases, and such estimates are not part of the SEC Industry Guide 7.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: November 20, 2018

GOLD RESERVE INC. (Registrant)

By: /s/ Robert A. McGuinness

Robert A. McGuinness, its Vice President of Finance,

Chief Financial Officer and its Principal Financial and Accounting Officer

EX-99.1 2 gdrzfform6kex991jun2018re.htm INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED) gdrzfform6kex991jun2018re.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.1

GOLD RESERVE INC.

June 30, 2018

Interim Consolidated Financial Statements (Restated)

U.S. Dollars

(unaudited)

GOLD RESERVE INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited - Expressed in U.S. dollars)

				June 30, 2018 (Restated, Note 3)		December 31, 2017
ASSETS
Current Assets:
Cash and cash equivalents (Note 5)			$	117,324,334	$	137,672,718
Receivable from sale of mining data and arbitration award (Note 4)				88,500,000		–
Marketable securities (Note 6)				227,628		239,232
Deposits, advances and other				1,346,377		156,050
Total current assets				207,398,339		138,068,000
Property, plant and equipment, net (Note 7)				12,678,743		12,632,534
Total assets			$	220,077,082	$	150,700,534
LIABILITIES
Current Liabilities:
Accounts payable and accrued expenses (Note 4)			$	3,120,879	$	2,167,171
Income tax payable				18,503,967		1,263,438
Contingent value rights (Note 4)				5,639,552		3,097,193
Total current liabilities				27,264,398		6,527,802

Deferred income tax (Note 12)				2,763,293		18,402,483
Total liabilities				30,027,691		24,930,285


SHAREHOLDERS' EQUITY
Serial preferred stock, without par value
Authorized:	Unlimited
Issued:	None
Common shares				378,009,884		378,009,884
Class A common shares, without par value
Authorized:	Unlimited
Issued and outstanding:	2018…99,395,048	2017…99,395,048
Contributed surplus				20,625,372		20,625,372
Stock options (Note 10)				20,629,576		20,409,643
Accumulated deficit				(229,215,441)		(293,386,189)
Accumulated other comprehensive income				–		111,539
Total shareholders' equity				190,049,391		125,770,249
Total liabilities and shareholders' equity			$	220,077,082	$	150,700,534

Contingencies (Note 4)

The accompanying notes are an integral part of the interim consolidated financial statements.

Approved by the Board of Directors:

/s/ J.C. Potvin /s/ James P. Geyer

GOLD RESERVE INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - Expressed in U.S. dollars)

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2018		2017		2018		2017
		(Restated, , Note 3)				(Restated,
		Note 3)				Note 3)
INCOME (LOSS)
Gain on sale of mining data	$	52,500,000	$	99,000,000	$	52,500,000	$	99,000,000
Arbitration award		36,000,000		–		36,000,000		–
Interest income		67,744		14,766		88,832		29,798
Loss on marketable equity securities		(24,060)		–		(11,604)		–
Loss on settlement of debt (Note 11)		–		(10,492,564)		–		(10,492,564)
Foreign currency gain (loss)		(422,610)		524		(424,557)		(7,820)
		88,121,074		88,522,726		88,152,671		88,529,414
EXPENSES
Corporate general and administrative (Notes 4 and 10)		3,344,441		2,079,889		4,515,276		6,115,593
Retention units costs		–		7,694,200		–		7,694,200
Contingent value rights (Note 4)		4,459,124		919,163		4,459,124		919,163
Siembra Minera Project costs (Note 8)		662,030		338,450		1,243,063		1,900,278
Exploration costs		–		28,224		–		56,918
Legal and accounting		314,453		169,917		748,256		318,987
Arbitration and settlement (Note 4)		88,673		2,155,408		125,308		2,337,668
Equipment holding costs		203,318		157,084		479,170		312,110
Interest expense (Note 11)		–		2,841,512		–		5,490,305
		9,072,039		16,383,847		11,570,197		25,145,222

Net income before income tax expense		79,049,035		72,138,879		76,582,474		63,384,192
Income tax expense (Note 12)		(11,923,975)		(15,847,604)		(12,523,265)		(15,847,604)

Net income for the period	$	67,125,060	$	56,291,275	$	64,059,209	$	47,536,588

Net income per share
Basic	$	0.67	$	0.63	$	0.64	$	0.53
Diluted	$	0.67	$	0.55	$	0.64	$	0.50
Weighted average common shares outstanding,
Basic		99,395,048		89,848,104		99,395,048		89,830,460
Diluted		99,495,365		106,679,440		99,511,316		106,728,057

GOLD RESERVE INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited - Expressed in U.S. dollars)

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2018		2017		2018		2017
		(Restated,				(Restated,
		Note 3)				Note 3)
Net income for the period	$	67,125,060	$	56,291,275	$	64,059,209	$	47,536,588
Other comprehensive loss, net of tax:
Items that may be reclassified subsequently to the
consolidated statement of operations:
Loss on marketable equity securities,
net of tax of nil (Note 2)		–		(25,724)		–		(115,090)
Other comprehensive loss		–		(25,724)		–		(115,090)
Comprehensive income for the period	$	67,125,060	$	56,265,551	$	64,059,209	$	47,421,498

The accompanying notes are an integral part of the interim consolidated financial statements.

GOLD RESERVE INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

For the Six Months Ended June 30, 2018 and the Year Ended December 31, 2017

(Unaudited - Expressed in U.S. dollars)

			Contributed Surplus	Stock Options	Accumulated Deficit	Accumulated Other Comprehensive Income

	Common Shares
	Number	Amount
					(Restated,
					Note 3)
Balance, December 31, 2016	89,710,604	$ 342,190,645	$ 25,723,900	$ 17,353,725	$ (382,897,065)	$ 443,173
Net income for the period	–	–	–	–	89,510,876	–
Other comprehensive loss	–	–	–	–	–	(331,634)
Stock option compensation (Note 10)	–	–	–	5,108,493	–	–
Fair value of options exercised	–	2,052,575	–	(2,052,575)	–	–
Common shares issued for:	–	–	–	–	–	–
Option exercises (Note 10)	2,073,435	5,973,474	–	–	–	–
Note conversions (Note 11)	7,611,009	27,793,190	(5,098,528)	–	–	–
Balance, December 31, 2017	99,395,048	378,009,884	20,625,372	20,409,643	(293,386,189)	111,539
Cumulative effect of accounting change (Note 2)	–	–	–	–	111,539	(111,539)
Net income for the period	–	–	–	–	64,059,209	–
Stock option compensation (Note 10)	–	–	–	219,933	–	–
Balance, June 30, 2018	99,395,048	$ 378,009,884	$ 20,625,372	$ 20,629,576	$ (229,215,441)	$ –

The accompanying notes are an integral part of the interim consolidated financial statements.

GOLD RESERVE INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - Expressed in U.S. dollars)

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2018		2017		2018		2017
		(Restated,				(Restated,
		Note 3)				Note 3)
Cash Flows from Operating Activities:
Net income for the period	$	67,125,060	$	56,291,275	$	64,059,209	$	47,536,588
Adjustments to reconcile net income to net cash used in operating activities:
Stock option compensation		73,678		244,958		219,933		4,661,778
Depreciation		12,095		1,250		23,669		2,447
Gain on sale of mining data		(52,500,000)		(99,000,000)		(52,500,000)		(99,000,000)
Arbitration award		(36,000,000)		–		(36,000,000)		–
Loss on settlement of debt		–		10,492,564		–		10,492,564
Loss on marketable equity securities		24,060		–		11,604		–
Accretion of convertible notes		–		2,827,239		–		5,461,759
Changes in non-cash working capital:
Net decrease (increase) in deposits, advances and other		(1,031,162)		93,125		(1,190,327)		(329,971)
Net increase in payables and accrued expenses		7,066,370		27,449,659		5,097,406		27,473,283
Net cash used in operating activities		(15,229,899)		(1,599,930)		(20,278,506)		(3,701,552)
Cash Flows from Investing Activities:
Proceeds from sale of mining data		–		40,000,000		–		40,000,000
Purchase of property, plant and equipment		(51,769)		(3,904)		(69,878)		(6,744)
Net cash provided by (used) in investing activities		(51,769)		39,996,096		(69,878)		39,993,256
Cash Flows from Financing Activities:
Proceeds from the issuance of common shares		–		–		–		397,375
Net cash provided by financing activities		–		–		–		397,375
Change in Cash and Cash Equivalents:
Net increase (decrease) in cash and cash equivalents		(15,281,668)		38,396,166		(20,348,384)		36,689,079
Cash and cash equivalents - beginning of period		132,606,002		34,039,962		137,672,718		35,747,049
Cash and cash equivalents - end of period	$	117,324,334	$	72,436,128	$	117,324,334	$	72,436,128


Supplemental Cash Flow Information:

Cash paid for interest	$	–	$	28,545	$	–	$	28,545
Cash paid for income taxes	$	10,196,311	$	–	$	10,921,926	$	–

The accompanying notes are an integral part of the interim consolidated financial statements.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED)

(Expressed in U.S. dollars)

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 4, Arbitral Award Settlement and Associated Mining Data Sale and Note 8, Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera")).

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 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 other 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 related notes included in our Annual Report on Form 40-F for the year ended December 31, 2017.

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, the carrying value of which has been adjusted, as a result of impairment tests, to its estimated fair value of $11.7 million and which is not being depreciated as it is not yet available for its intended 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.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED)

(Expressed in U.S. dollars)

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 our 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 share 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.

Convertible Notes. Convertible notes are initially recorded at estimated fair value and subsequently measured at amortized cost. The fair value is allocated between the equity and debt component parts based on their respective fair values at the time of issuance and recorded net of transaction costs. The equity portion of the convertible notes is estimated using the residual value method. The fair value of the debt component is accreted to the face value of the convertible notes using the effective interest rate method over the contractual life of the convertible notes, with the resulting charge recorded as interest expense.

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. Gains or losses on marketable equity securities are recorded in the statement of operations. If a decline in fair value of a security is determined to be other than temporary, an impairment loss is recognized. Cash and cash equivalents, deposits, advances and receivables are accounted for at cost which approximates fair value. Accounts payable, convertible notes, interest notes and contingent value rights are recorded at amortized cost. Amortized cost of accounts payable approximates fair value.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED)

(Expressed in U.S. dollars)

Note 2. New Accounting Policies:

Adopted in the year

In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This update was effective for us January 1, 2018. The updated guidance resulted in a reclassification of $0.1 million of unrealized holding gains and losses related to investments in marketable equity securities from accumulated other comprehensive income to accumulated deficit in the Balance Sheet upon adoption. Changes in the value of the Company’s marketable equity securities are now recorded as income (loss) instead of other comprehensive income (loss).

In January 2017, the FASB issued ASU 2017-01, Business Combinations. This update clarifies the definition of a business and adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows – Restricted Cash. This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments. This update is intended to reduce the existing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.

In May 2014, the FASB issued ASU 2014-09, Revenue from contracts with customers. This standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.

Recently issued accounting pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases. This update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for us commencing with the annual period beginning after December 15, 2018, including interim periods within that year. We are still in the process of evaluating the impact of this standard.

Note 3. Restatement of Financial Statements:

In connection with the preparation of the Company’s unaudited interim consolidated financial statements for the three and nine months ended September 30, 2018, an error was identified in the income tax calculation for the three month period ended June 30, 2018, which impacts the Company’s previously filed unaudited interim financial statements for the three and six month periods ended June 30, 2018. Income tax expense was overstated by $6,566,898 due to the incorrect allocation of income to a taxing jurisdiction with differing tax rates and in which the Company had different tax loss carryforwards (See Note 12, Income Tax (Restated)). These unaudited interim consolidated financial statements have been restated to correct this error.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED)

(Expressed in U.S. dollars)

The following table presents the effect of this restatement on the individual line items within the Company’s unaudited interim Consolidated Statements of Operations, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows and Balance Sheets.

	Three Months Ended June 30, 2018			Six Months Ended June 30, 2018
	As Previously Reported	Adjustment	As Restated	As Previously Reported	Adjustment	As Restated
Income tax expense	$(18,490,873)	$6,566,898	$(11,923,975)	$(19,090,163)	$6,566,898	$(12,523,265)
Net income for the period	60,558,162	6,566,898	67,125,060	57,492,311	6,566,898	64,059,209
Net income per share, basic and diluted	0.61	0.06	0.67	0.58	0.06	0.64
Comprehensive income for the period	60,558,162	6,566,898	67,125,060	57,492,311	6,566,898	64,059,209
Net increase in payables and expenses	$13,633,268	$(6,566,898)	$7,066,370	$11,664,304	$(6,566,898)	$5,097,406

	As at June 30, 2018
	As Previously Reported	Adjustment	As Restated
Deferred income tax	$ 9,330,191	$(6,566,898)	$ 2,763,293
Accumulated deficit	$(235,782,339)	$ 6,566,898	$(229,215,441)

Note 4. 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. 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 $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"). Pursuant to the Settlement Agreement, Venezuela agreed to make a payment of $40 million (the "Initial Payment") followed by 23 monthly payments of $29.5 million on or before the 15^th day of each month starting in July 2017, with a final payment of approximately $313.3 million scheduled to be paid on or before June 15, 2019. The first $240 million received by Gold Reserve from Venezuela is to be recognized as proceeds from the sale of the Mining Data.

As of the date of this report, Venezuela had deposited approximately $187.5 million to a Trust Account (See Note 5, Cash and Cash Equivalents). Of this amount, approximately $150.2 million had been transferred to the Company's bank account outside of Venezuela with a balance, at the date of this report, of approximately $37.3 million remaining in the Trust Account. Approximately $45 million remained in the Trust Account at June 30, 2018. In addition, in August 2018 the Company received Venezuelan government bonds, which are exempt from U.S. Sanctions pursuant to Department of Treasury General License No. 3 issued by the Office of Foreign Asset Control ("OFAC"), with a market value of approximately $88.5 million as payment of the December 2017 and January and February 2018 monthly installments due under the Settlement Agreement. The monthly payments pursuant to the Settlement Agreement from March through August 2018 totaling approximately $177 million remain unpaid.

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. Due to U.S. and Canadian Sanctions (See Note 5, Cash and Cash Equivalents) and the uncertainty of transferring the 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 calculating the CVR and Bonus Plan cash distributions. However, the full amount due based on total payments received has been recognized as an accrual in these financial statements.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED)

(Expressed in U.S. dollars)

The total estimated amount due pursuant to the terms of the CVRs as of June 30, 2018, (including those amounts remaining in the Trust Account and the receivable associated with the Venezuelan bonds) from the sale of the Mining Data and the arbitration award was approximately $5.6 million. The amount distributed during the six months ended June 30, 2018 based on cash amounts received in our North American bank account was approximately $1.9 million.

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%. The total estimated amount due pursuant to the terms of the Bonus Plan as of June 30, 2018 (including those amounts remaining in the Trust Account and the receivable associated with the Venezuelan bonds) from the sale of the Mining Data and the arbitration award is approximately $2.3 million. The amount of cash distributed during the six months ended June 30, 2018 based on cash amounts transferred to our North American bank account was approximately $0.4 million.

Following receipt of funds transferred pursuant to the Settlement Agreement to our North American bank account 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.

Note 5. Cash and Cash Equivalents:

		June 30,		December 31,
		2018		2017
Bank deposits	$	41,729,659	$	39,649,888
Cash held in trust		45,045,428		88,500,000
Money market funds		30,549,247		9,522,830
Total	$	117,324,334	$	137,672,718

Payments made by Venezuela associated with the Settlement Agreement (excluding the recent transfer of Venezuelan bonds) are generally 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. Under the trust agreement, the Company can transfer the funds to its bank account outside of Venezuela. Cash held in the Trust Account as of June 30, 2018 is classified as cash and cash equivalents. Cash deposited to the Trust Account subsequent to the balance sheet date but prior to the date of issuance of the consolidated financial statements is recognized as a receivable as it represents amounts due from the sale of the Mining Data or the Arbitration Award as of the balance sheet date, for which collectability is certain.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED)

(Expressed in U.S. dollars)

Subsequent to the U.S. actions, Canada imposed its own sanctions. Recently the U.S. government added several additional individuals to the sanctions list and prohibited U.S. persons from dealing in cryptocurrencies issued by the Venezuelan government. The U.S. and Canadian governments have been reported to be considering further sanctions (collectively, the “Sanctions”). The Sanctions, in addition to the political, economic and financial condition of Venezuela, have complicated the monthly transfer of funds from Venezuela to our North American bank account.

Note 6. Marketable Securities:

		June 30,		December 31,
		2018		2017
Fair value at beginning of year	$	239,232	$	541,216
Decrease in fair value		(11,604)		(301,984)
Fair value at balance sheet date	$	227,628	$	239,232

The Company’s marketable securities are recorded at quoted market value with gains and 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 June 30, 2018 and December 31, 2017, marketable securities had a cost basis of $98,043.

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 securities are based on Level 1 inputs.

Note 7. Property, Plant and Equipment:

				Accumulated
		Cost		Depreciation		Net
June 30, 2018
Machinery and equipment	$	11,677,534	$	–	$	11,677,534
Furniture and office equipment		633,687		(486,425)		147,262
Transportation equipment		491,025		(17,312)		473,713
Leasehold improvements		39,185		(8,951)		30,234
Mineral property		350,000		–		350,000
	$	13,191,431	$	(512,688)	$	12,678,743

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED)

(Expressed in U.S. dollars)

				Accumulated
		Cost		Depreciation		Net
December 31, 2017
Machinery and equipment	$	11,677,534	$	–	$	11,677,534
Furniture and office equipment		587,126		(503,216)		83,910
Transportation equipment		489,560		–		489,560
Leasehold improvements		39,185		(7,655)		31,530
Mineral property		350,000		–		350,000
	$	13,143,405	$	(510,871)	$	12,632,534

Machinery and equipment consists of infrastructure and milling equipment intended for use on the Brisas Project. We continually evaluate our equipment to determine whether events or changes in circumstances have occurred that may indicate impairment has occurred. We review comparable market data for evidence that fair value less cost to sell is in excess of the carrying amount. We did not record any impairment write-downs of property, plant and equipment during the six months ended June 30, 2018 and 2017. During 2017, the Company purchased approximately $0.5 million of transportation equipment that is intended to be used in the development of the Siembra Minera project.

Note 8. 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.

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 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. Pursuant to the Settlement Agreement, both parties will retain their respective interest in Siembra Minera in the event all of the agreed upon settlement payments are not made by Venezuela.

On March 16, 2018, the Company announced, on behalf of Siembra Minera, the completion of a technical report for the Preliminary Economic Assessment 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 incurred the costs on the Siembra Minera Project, which through June 30, 2018 amounted to a total of approximately $10.4 million. These expenditures primarily include costs associated with consultants working on the Siembra Minera Project as well as various social works programs, which are expensed as incurred and classified within “Siembra Minera Project Costs” in the Consolidated Statements of Operations.

Note 9. 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 2017 were approximately $234,000. As of June 30, 2018, no contributions by the Company had been made for plan year 2018.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED)

(Expressed in U.S. dollars)

Note 10. 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 our Class A common shares. As of June 30, 2018, there were 2,072,000 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 six months ended June 30, 2018 and 2017 are as follows:

	2018		2017
	Shares	Weighted Average Exercise Price	Shares	Weighted Average Exercise Price
Options outstanding - beginning of period	5,091,565	$ 3.13	3,357,000	$ 2.84
Options granted	-	-	5,277,500	3.15
Options exercised	-	-	(137,500)	2.89
Options expired	(487,000)	3.34	(1,469,500)	2.89
Options outstanding - end of period	4,604,565	$ 3.11	7,027,500	$ 3.06

Options exercisable - end of period	4,060,818	$ 3.10	5,908,752	$ 3.05

The following table relates to stock options at June 30, 2018:

	Outstanding Options				Exercisable Options
Exercise Price	Number	Weighted Average Exercise Price	Aggregate Intrinsic Value	Weighted Average Remaining Contractual Term (Years)	Number	Weighted Average Exercise Price	Aggregate Intrinsic Value	Weighted Average Remaining Contractual Term (Years)
$1.92	444,922	$1.92	$ 278,521	2.94	444,922	$1.92	$ 278,521	2.94
$2.69	125,000	$2.69	-	8.84	93,750	$2.69	-	8.84
$3.15	3,544,643	$3.15	-	8.63	3,032,146	$3.15	-	8.63
$3.91	180,000	$3.91	-	7.00	180,000	$3.91	-	7.00
$4.02	310,000	$4.02	-	6.07	310,000	$4.02	-	6.07
$1.92 - $4.02	4,604,565	$3.11	$ 278,521	7.85	4,060,818	$3.10	$ 278,521	7.75

During the six months ended June 30, 2018 and 2017, the Company granted NIL and 5.3 million stock options, respectively. In the first half of 2017, approximately 0.1 million outstanding options were exercised for net proceeds to the Company of $0.4 million. The Company recorded non-cash compensation expense during the six months ended June 30, 2018 and 2017 of $0.2 million and $4.7 million, respectively for stock options granted in 2017 and prior periods.

The weighted average fair value of the options granted in the first six months of 2017 was calculated at $1.04. The fair value of options granted was determined using the Black-Scholes model based on the following weighted average assumptions:

			2017
Risk free interest rate			1.22%
Expected term			2 years
Expected volatility			59%
Dividend yield			nil

The risk free interest rate is based on the US Treasury rate on the date of grant for a period equal to the expected term of the option. The expected term is based on historical exercise experience and projected post-vesting behavior. The expected volatility is based on historical volatility of the Company’s stock over a period equal to the expected term of the option.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED)

(Expressed in U.S. dollars)

Retention Plan and Change of Control Agreements

The Company maintains the Gold Reserve Director and Employee Retention Plan. Each unit (a "Retention Unit") granted to a participant entitles such person to receive a cash payment equal to the fair market value of one Gold Reserve Class A common share on the date the Retention Unit is granted or on the date any such participant becomes entitled to payment, whichever is greater. Units previously granted under the plan became fully vested upon the collection of proceeds from sale of the Mining Data and the Board of Director's agreement to distribute a substantial majority of the remaining proceeds to our shareholders. In June 2017, as a result of the collection of proceeds related to the sale of the Mining Data, the Retention Units vested and in the third quarter of 2017 the Company paid $7.7 million to plan participants. As of June 30, 2018 there were no Retention Units outstanding.

The Company also 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 June 30, 2018, in the event of a change of control, the amount payable under these agreements was approximately $15.5 million. None of this amount has currently been recognized as a change of control is not considered probable at this time.

Note 11. Convertible Notes and Interest Notes:

In the third quarter of 2017, the Company settled all of its outstanding 11% Senior Secured Convertible Notes and Interest Notes due December 31, 2018 (the "2018 Notes"). Prior to settlement, the Company had a total of $59.1 million face value of 2018 Notes outstanding. Of these notes, $36.3 million were redeemed for cash and the Company paid an additional $6.4 million related to a 20% premium due on the redeemed notes and $0.2 million in interest to the redemption date. The remaining $22.8 million 2018 Notes were converted to approximately 7.6 million Class A common shares. As a result of the redemption or conversion of 2018 Notes, the Company recorded a $16.6 million loss on settlement of debt consisting of the $6.4 million premium paid and approximately $10.2 million of remaining unamortized discount. In October 2017, the Company redeemed for cash its remaining debt, which consisted of approximately $1.0 million face value of 5.5% Senior Subordinated Convertible Notes due June 15, 2022 (the "2022 Convertible Notes").

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED)

(Expressed in U.S. dollars)

Note 12. Income Tax (Restated):

The Company’s is restating its unaudited interim consolidated financial statements for the three and six months ended June 30, 2018, to correct an error in the income tax calculation for the three month period ended June 30, 2018. Income tax expense was overstated by $6,566,898 due to the incorrect allocation of income to a taxing jurisdiction with differing tax rates and in which the Company had different tax loss carryforwards. The effect of the correction of this error is reflected in the change in valuation allowance in the rate reconciliation below.

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") which made broad and complex changes to the U.S. tax code. The Tax Act established new tax laws including, but not limited to, a reduction of the U.S. federal corporate tax rate from 35% to 21% beginning in 2018.

Income tax expense for the six months ended June 30, 2018 and 2017 differs from the amount that would result from applying Canadian tax rates to net income before taxes (See Note 3, Restatement of Financial Statements). These differences result from the items noted below:

	2018		2017
	(Restated)
	Amount	%	Amount	%
Income tax expense based on Canadian tax rates	$ 19,145,619	25	$ 15,846,048	25
Increase (decrease) due to:
Different tax rates on foreign subsidiaries	(3,434,408)	(4)	9,251,553	15
Non-deductible expenses	47,326	–	2,217,385	3
Withholding tax	759,062	1	–	–
Change in valuation allowance and other	(3,994,334)	(5)	(11,467,382)	(18)
	$ 12,523,265	16	$ 15,847,604	25

The Company recorded income tax expense of $12.5 million and $15.8 million for the six months ended June 30, 2018 and 2017, 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 components of the Canadian and U.S. deferred income tax assets and liabilities as of June 30, 2018 and December 31, 2017 were as follows:


		June 30,		December 31,
		2018 (Restated)		2017
Deferred income tax assets
Net operating loss carry forwards	$	34,720,324	$	35,964,366
Property, Plant and Equipment		3,227,410		3,227,745
Capital loss carry forwards		1,466,726		1,478,385
Other		157,501		204,209
		39,571,961		40,874,705
Valuation allowance		(35,506,531)		(40,662,538)
	$	4,065,430	$	212,167

Deferred income tax liabilities
Cash held in trust		(6,801,510)		(18,585,000)
Other		(27,213)		(29,650)
Net deferred income tax liability	$	(2,763,293)	$	(18,402,483)

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (RESTATED)

(Expressed in U.S. dollars)

At June 30, 2018, we had the following Canadian tax loss carry forwards. Amounts are in U.S. dollars.

		Expires
$	1,988,836	2026
	3,691,021	2027
	14,068,491	2028
	13,332,813	2029
	16,471,949	2030
	18,444,769	2031
	5,351,036	2032
	6,881,259	2033
	9,913,925	2034
	12,867,492	2035
	15,299,043	2036
	18,726,192	2037
	1,844,469	2038
$	138,881,295

EX-99.2 3 gdrzfform6kex992jun2018re.htm MANAGEMENT'S DISCUSSION AND ANALYSIS (RESTATED) gdrzfform6kex992jun2018re.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.2

GOLD RESERVE INC.

June 30, 2018

Management’s Discussion and Analysis (Restated)

U.S. Dollars

(unaudited)

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

This Management’s Discussion and Analysis of Financial Condition and Results of Operations, dated
August 22, 2018 (except for the effects of the restatement as described below) is intended to assist in understanding and assessing our results of operations and financial condition and should be read in conjunction with the restated June 30, 2018 interim consolidated financial statements and related notes. All dollar amounts herein are expressed in U.S. Dollars.

RESTATEMENT OF INTERIM CONSOLIDATED FINANCIAL STATEMENTS

In connection with the preparation of the Company’s unaudited interim consolidated financial statements for the three and nine months ended September 30, 2018, an error was identified in the income tax calculation for the three month period ended June 30, 2018, which impacts the Company’s previously filed unaudited interim financial statements for the three and six month periods ended June 30, 2018. Income tax expense was overstated by $6,566,898 due to the incorrect allocation of income to a taxing jurisdiction with differing tax rates and in which the Company had different tax loss carryforwards. The Company is restating its June 30, 2018 unaudited interim consolidated financial statements to correct this error. As a result of this restatement, net income and net income per share increased by approximately $6.6 million and $0.06, respectively for the three and six months ended June 30, 2018 (See Notes 3 and 12 to the unaudited interim consolidated financial statements).

Internal Control over Financial Reporting (ICFR) and Disclosure Controls and Procedures (DC&P)

In conjunction with the matter described above, the Company’s management has determined it has a material weakness in the Company’s ICFR and DC&P, and as such, its internal control over financial reporting as of June 30, 2018 was not effective. Management did not recognize that income should have been allocated to a different taxing jurisdiction which resulted in a material error in the calculation of tax expense for the period. The control deficiency was concluded to be operational in nature. Management is in the process of remediating this control deficiency by the implementation of additional review and oversight procedures with respect to the preparation and review of the tax amounts included in the financial statements.

EXPLORATION PROSPECTS

Siembra Minera

In August 2016, we executed an agreement with the government of Venezuela to form a jointly owned company and in October 2016, together with an affiliate of the government of Venezuela, we established Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera"), the entity whose purpose is to develop the Siembra Minera Project. Siembra Minera holds certain gold, copper, silver and other strategic mineral rights within Bolivar State (having a term of 20 years with two 10 year extensions) which is comprised of approximately 18,950 hectares in an area located in the Km 88 gold mining district of southeast Bolivar State which includes the Brisas and Cristinas areas. The entity is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation and 45% by Gold Reserve and, in the event the settlement payments are not made by Venezuela, the parties will retain their respective interest in Siembra Minera.

Pursuant to the agreement, Siembra Minera similar to other mixed companies operating in the area of the "Orinoco Mining Arc" (as defined in Presidential Decree No. 2.248) is expected to be issued tax and fiscal incentives that include exemption from value added tax, stamp tax, municipal taxes and any taxes arising from the contribution of tangible or intangible assets, if any, to the mixed companies by the parties and also provides for the cost of electricity, diesel and gasoline the same as that incurred by the government or related entities. The agreement also obligates Siembra Minera to pay a special advantage to the Venezuelan government of 3% of gross sales, a net smelter return royalty (“NSR”) on the sale of gold, copper, silver and any other strategic minerals of 5% for the first ten years of commercial production and 6% for the next ten years and income tax upon the commencement of commercial production at a rate of 14% for years one to five, 19% for years 6 to 10, 24% for years 11 to 15, 29% for years 16 to 20 and 34% thereafter.

Siembra Minera is further authorized by the agreement to export and sell concentrate and doré containing gold, copper, silver and other strategic minerals outside of Venezuela and maintain foreign currency balances associated with future capital financings and sale of gold, copper and silver in offshore US dollar accounts, with dividends and profit distributions, if any, paid directly to the shareholders of Siembra Minera. In addition, funds required for Venezuela income taxes and annual operating and capital costs denominated in Bolivars for the Siembra Minera Project are expected to be converted into local currency at the most favorable exchange rate offered by Venezuela to other entities.

The parties agreed to participate in the future price of gold, in accordance with an agreed upon formula resulting in specified respective percentages based on the sales price of gold per ounce. For sales up to $1,600 per ounce, net profits will be allocated 55% to Venezuela and 45% to Gold Reserve. For sales greater than $1,600 per ounce, the incremental amount will be allocated 70% to Venezuela and 30% to us. For example, with sales at $1,600 and $3,500 per ounce, net profits will be allocated 55.0% and 45.0% and 60.5% and 39.5%, respectively. In addition, Gold Reserve, under a Technical Services Agreement, is expected to provide engineering, procurement and construction services to Siembra Minera for a fee of 5% over all costs of construction and development and, thereafter, for a fee of 5% over operating costs during operations. Siembra Minera is expected to undertake initiatives to secure financing(s) to fund the anticipated capital cost of a small cyanidation plant estimated at $300 million as well as the large flotation plant, which is expected to cost in excess of $2 billion.

Preliminary Economic Assessment (“PEA”)

On March 16, 2018, the results of a technical report for the PEA of the Siembra Minera Gold Copper Project in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") was announced. The technical report in connection with the PEA (the "Siembra Minera Technical Report") prepared by Roscoe Postle Associates, Inc. ("RPA"), Samuel Engineering Inc. ("Samuel Engineering"), Tierra Group International, Ltd ("Tierra Group"), and AATA International, Inc. ("AATA") is available to the public at www.sedar.com and www.sec.gov, as well as, the Company’s website at www.goldreserveinc.com. The summary section of the March 16, 2018 PEA of the Siembra Minera Project Report prepared in compliance with NI 43-101 is included in the Company's annual information form.

Siembra Minera Project Completed Activities

The Company, on behalf of Siembra Minera completed and published the Siembra Minera Technical Report with respect to the PEA as discussed above. In addition, preliminary design and cost estimates and related tailings dam facilities for the small plant and large plant were compiled along with an initial framework for an early works program. Preparation of a Venezuela Environment Impact Statement ("VEIS") and International Environmental and Social Impact Assessment ("IESIA") have also commenced. The Company is currently transporting a large sample of the surface saprolite material to the United States for metallurgical testing which will aid in the final engineering design of the Early Works Project.

In May 2018, Siembra Minera obtained the Permit to Effect for the Siembra Minera Project from the Venezuelan Ministry of the Environment and later participated in an inauguration ceremony which included the officials from the Ministry of the Environment, the Minister of Mines, the Bolivar State Governor and other high government officials to mark the formal commencement of activities on the Siembra Minera Project now that the Environmental Permit to Effect has been issued. Siembra Minera is currently awaiting the issuance of the Initiation Act authorizing it to proceed with work on the Project.

The Company, on behalf of Siembra Minera, has also launched a number of social programs to improve the health care in the Siembra Minera Project area including addressing the malaria problem with medicine and preventive measures and recently engaged an independent contractor to rehabilitate and upgrade various health care facilities, schools, sports courts and parks located in the Project vicinity and to generate engineering assessments for future upgrades to the local communities' water supply and sewage system infrastructure.

The Company has incurred costs associated with the work so far completed on the Siembra Minera Project, which through June 30, 2018 amounted to a total of approximately $10.4 million. These expenditures primarily include costs associated with consultants working on the project as well as various social works programs, which have been recognized in the Consolidated Statements of Operations.

Siembra Minera Project Development

Concurrent with financing efforts, the next phase of the Project’s development is expected to include detail design work for the small cyanidation plant and related facilities along with the metallurgical testing to support the metallurgical process used in the plant. Subject to appropriate funding we expect to initiate the feasibility study on the large flotation plant and concurrent detailed engineering.

With the issuance of the permit to effect the environment we are evaluating various on-site activities such as site clearing, construction of a temporary camp and warehouse facilities, drilling of dewatering and development drill holes, access roads on the property, opening of the quarry for construction aggregates and commencement of initial construction activities. Further permits and authorizations will be required to place the project into production which will be requested during this initial period of activity.

Proposals are being evaluated for a drilling program which will support the overall project development activities, water management wells, and test areas where additional resource potential is evident. Siembra Minera has established local management offices in Caracas and Puerto Ordaz which will support its plan to complete various geotechnical studies as well as environmental and social studies to augment and update previous work on the property. This work will support the generation of a pre-feasibility study for the small and large plant and generate an International Environmental & Social Impact Assessment (IESIA) for the support of the various operating and environmental permits that will be required for the project.

BRISAS ARBITRAL AWARD AND MINING DATA SALE SETTLEMENT AGREEMENT

In October 2009, we initiated a claim (the "Brisas Arbitration") under the Additional Facility Rules of the ICSID of the World Bank to obtain compensation for the losses caused by the actions of Venezuela that terminated our Brisas Project in violation of the terms of the Treaty between the Government of Canada and the Government of Venezuela for the Promotion and Protection of Investments. In September 2014, the ICSID Tribunal unanimously awarded us the Award totaling approximately $740.3 million.

In July 2016, we signed the Settlement Agreement, whereby Venezuela agreed to pay us the amount of the Award (including interest) and purchase our Mining Data. Under the terms of the Settlement Agreement, as amended, Venezuela agreed to pay the Company $792 million to satisfy the Award and $240 million for the purchase of the Mining Data for a total of approximately $1.032 billion in monthly installments. The first $240 million to be received by Gold Reserve from Venezuela is related to the sale of the Mining Data.

In addition, the Company agreed to suspend the legal enforcement of the Award until final payment, pursuant to the Settlement Agreement, is made by Venezuela and Venezuela irrevocably waived its right to appeal the February 2017 judgment issued by the Cour d'appel de Paris dismissing the annulment applications filed by Venezuela in respect of the Award and agreed to terminate all other proceedings seeking annulment of the Award. Pursuant to the Settlement Agreement, Venezuela agreed to make a payment of $40 million (the "Initial Payment") followed by 23 monthly payments of $29.5 million on or before the 15th day (previously the 10th day) of each month starting in July 2017, with a final payment of approximately $313.3 million scheduled to be paid on or before June 15, 2019.

Payments made by Venezuela associated with the Settlement Agreement (excluding the recent transfer of Venezuelan bonds) are generally deposited into a Trust Account with Bandes Bank (the "Trustee"), a Venezuelan state-owned development bank. Under the Trust Agreement, the Company can transfer the funds to its bank account outside of Venezuela. For financial statement purposes, deposits held in the Trust Account as of the balance sheet date are recorded as cash and cash equivalents and deposits made to the Trust Account subsequent to the balance sheet date but prior to the date of issuance of the consolidated financial statements are recorded as a receivable from sale of Mining Data or the arbitration award.

As of June 30, 2018 Venezuela had deposited approximately $187.5 million to the Trust Account. Of this amount, approximately $142.5 million had been transferred to the Company's bank account outside of Venezuela with the balance of approximately $45.0 million remaining in the Trust Account. As of the date of this report the Trustee has transferred a total of approximately $150.2 million to our North American bank account with approximately $37.3 million remaining in the Trust Account. In addition, in August 2018 the Company received Venezuelan government bonds, which are exempt from U.S. Sanctions pursuant to Department of Treasury General License No. 3 issued by the Office of Foreign Asset Control ("OFAC"), with a market value of approximately $88.5 million as payment of the December 2017 and January and February 2018 monthly installments due under the Settlement Agreement. The monthly payments pursuant to the Settlement Agreement from March through August 2018 totaling approximately $177 million remain unpaid.

Due to U.S. and Canadian Sanctions against Venezuela (as noted below) and the uncertainty of transferring the funds still on deposit in the Trust account outside of Venezuela, the Board of Directors has only considered those funds actually received by the Company in its North American bank account as funds available for purposes of calculating the CVR and Bonus Plan distributions, however, the full amount due based on total payments received has been accrued as a payable in the Consolidated Balance Sheets.

In August 2017, the U.S. government imposed financial sanctions targeting the Venezuelan government by issuing an executive order that prohibits U.S. persons from dealing in financing of greater than 30 days for the Venezuelan government, including any entity owned or controlled by the Venezuelan government (with respect to the state oil company and its subsidiaries, these restrictions prohibit financings of greater than 90 days). In addition, U.S. persons are prohibited from dealing in, among other things, bonds (unless otherwise exempt from U.S. Sanctions pursuant to Department of Treasury General License No. 3 issued by the Office of Foreign Asset Control ("OFAC")) or equity issued by the Venezuelan government after the U.S. financial sanctions were imposed on August 25, 2017. These U.S. financial sanctions built on sanctions imposed by the U.S. government starting in March 2015 that prohibit various Venezuelan officials from traveling to the U.S., freeze any assets they may have in the U.S. and generally prohibit U.S. persons from doing business with them and any entity they own 50% or more. Subsequent to the U.S. actions, Canada imposed its own sanctions. Recently the U.S. government added several additional individuals to the sanctions list and prohibited U.S. persons from dealing in cryptocurrencies issued by the Venezuelan government. The U.S. and Canadian governments have been reported to be considering further sanctions (collectively, the “Sanctions”). The Sanctions, in addition to the economic and financial condition of Venezuela, have complicated the monthly transfer of funds from Venezuela to our North American bank account.

Pursuant to a 2012 restructuring of convertible notes, we issued Contingent Value Rights ("CVRs") 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 sufficient to pay or reserve for taxes payable, certain associated professional fees and expenses not to exceed $10 million, any accrued operating expenses as of the date of the receipt of proceeds not to exceed $1 million and the balance of any remaining Notes and accrued interest thereon (the "Net Proceeds"). We have been advised by a CVR holder that it believes that the Company’s 45% interest in Siembra Minera represents “Proceeds” for purposes of the CVRs and as such it believes it is entitled to the value of 5.466% of that interest. For a variety of reasons, the Board of Directors does not agree with that position and believes it is inconsistent with the CVRs and the terms and manner upon which we reached settlement as to the Award with the Venezuelan government. We are in discussions with the CVR holder on this subject, all of which are preliminary and it is not possible at this time to know the outcome of this matter.

The Board of Directors approved a bonus plan (the "Bonus Plan") in May 2012, which was intended to compensate the participants, including executive officers, employees, directors and consultants for their contributions related to: the development of the Brisas Project; the manner in which the development effort was carried out allowing the Company to present a strong defense of its arbitration claim; the support of the Company’s execution of the Brisas Arbitration; and the ongoing efforts to assist with positioning the Company in the collection of an award, sale of the Mining Data or enterprise sale. 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%. The Bonus Plan is administered by a committee of independent directors who selected the individual participants in the Bonus Plan and fixed the relative percentage of the total pool to be distributed to each participant. Participation in the Bonus Plan by existing participants is fully vested, subject to voluntary termination of employment or termination for cause. Participants who reach age 65 and retire are fully vested and continue to participate in future distributions under the Plan.

As of June 30, 2018, the total estimated remaining amount due pursuant to the terms of the CVRs (including those amounts remaining in the Trust Account and the receivable associated with the Venezuelan bonds) from the sale of the Mining Data and the arbitration award was approximately $5.6 million. The amount distributed during the six months ended June 30, 2018 based on amounts actually received in our North American bank account was approximately $1.9 million.

As of June 30, 2018, the total estimated remaining amount due pursuant to the terms of the Bonus Plan (including those amounts remaining in the Trust Account and the receivable associated with the Venezuelan bonds) from the sale of the Mining Data and the arbitration award is approximately $2.3 million. The amount distributed during the six months ended June 30, 2018 based on amounts actually received in our North American bank account was approximately $0.4 million.

Following receipt of funds transferred pursuant to the Settlement Agreement to our North American bank account and after applicable payments to CVR holders and Bonus Plan participants, we expect to distribute to our shareholders a substantial majority of any remaining proceeds, 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.

Financial Overview

Our overall financial position continues to be influenced by the Settlement Agreement and the proceeds received thereunder, the settlement in the third quarter of 2017 of all of our outstanding notes and the ongoing payment of amounts due pursuant to the CVRs, Retention and Bonus Plans. Recent operating results are impacted by expenses associated with the formation and initial activities related to Siembra Minera, costs associated with the Settlement Agreement and costs associated with maintaining our legal and regulatory obligations in good standing.

Historically we have financed our operations through the issuance of common stock, other equity securities and debt. The timing of any future investments or transactions if any, and the amounts that may be required cannot be determined at this time and are subject to available cash, the continued collection, if any, of the proceeds associated with the sale of the Mining Data or collection of the Award and/or future financings, if any. We have only one operating segment, the exploration and development of mineral properties.

Our longer-term funding requirements may be adversely impacted by the amount of and timing of the collections of the amounts due pursuant to the Settlement Agreement, timing and amount of distribution made to shareholder, if any, and future financial market conditions, industry conditions, regulatory approvals or other unknown or unpredictable conditions and, as a result, there can be no assurance that additional funding will be available or, if available, offered on acceptable terms.

Liquidity and Capital Resources

At June 30, 2018, we had cash and cash equivalents of approximately $117.3 million (including cash of $45.0 million held in trust) (See Note 5 to the consolidated financial statements), which represents a decrease from December 31, 2017 of approximately $20.3 million. The net decrease was primarily due to income taxes paid and cash used in operations as more fully described in the “Operating Activities” section below.

		2018		Change		2017
Cash and cash equivalents	$	117,324,334	$	(20,348,384)	$	137,672,718

Subsequent to the balance sheet date the Trustee transferred additional funds out of the Trust Account increasing the total amount transferred to our North American bank account to approximately $150.2 million. As of the date of this report, the balance of approximately $37.3 million remains in the Trust Account.

As of June 30, 2018, we had financial resources including cash, cash equivalents and marketable securities totaling approximately $117.6 million including $45.0 million remaining in the Trust Account (See Note 5 to the consolidated financial statements), a receivable from the sale of mining data and the arbitration award of $88.5 million (represented by Venezuelan government bonds), Brisas Project related equipment with an estimated net realizable value of approximately $11.7 million (See Note 7 to the consolidated financial statements), and short-term financial obligations including income tax, contingent value rights, accounts payable and accrued expenses of approximately $27.3 million.

We have no revenue producing operations at this time and our working capital position is dependent upon receipt of payments under the Settlement Agreement and our cash burn rate and we may be required to seek additional sources of funding to ensure our ability to continue our activities in the normal course.

Operating Activities

Cash flow used in operating activities for the six months ended June 30, 2018 and 2017 was approximately $20.3 million and $3.7 million, respectively. Cash flow used in operating activities consists of net loss (the components of which are more fully discussed below) adjusted for gains on investing activities and non-cash expense items primarily related to stock option compensation and certain non-cash changes in working capital. Cash flow used in operating activities during the six months ended June 30, 2018 increased from the prior comparable period primarily due to changes in working capital including an increase in cash paid for income taxes.

Investing Activities

Cash flow from investing activities during the six months ended June 30, 2018 decreased from the prior comparable period as the Company did not record any additional receipts of cash from the sale of its Mining Data. As of June 30, 2018, the Company held approximately $11.7 million of Brisas Project related equipment intended for future sale or use (See Note 7 to the consolidated financial statements).

Financing Activities

During the six months ended June 30, 2017, certain directors, officers, employees and consultants exercised approximately 0.1 million outstanding options for net proceeds to the Company of approximately $0.4 million. The Company did not have cash flows from financing activities during the six months ended June 30, 2018.

Contractual Obligations

Our material contractual obligation payments as of June 30, 2018 consist of amounts due pursuant to the CVR’s and the bonus plan of $5.6 million and $2.3 million, respectively.

Results of Operations

Summary Results of Operations

		Three Months			Six Months
	2018	2017	Change	2018	2017	Change
Income	$88,121,074	$88,522,726	$(401,652)	$88,152,671	$88,529,414	$ (376,743)
Total Expenses	(9,072,039)	(16,383,847)	7,311,808	(11,570,197)	(25,145,222)	13,575,025
Net income before tax	$79,049,035	$72,138,879	$6,910,156	$76,582,474	$63,384,192	$13,198,282

Consolidated net income before tax for the three and six months ended June 30, 2018 was approximately $79.0 million and $76.6 million, respectively compared to $72.1 million and $63.4 million in the comparable periods in 2017.

Income

		Three Months			Six Months
	2018	2017	Change	2018	2017	Change
Gain on sale of mining data	$52,500,000	$99,000,000	$(46,500,000)	$52,500,000	$99,000,000	$(46,500,000)
Arbitration income	36,000,000	–	36,000,000	36,000,000	–	36,000,000
Interest income	67,744	14,766	52,978	88,832	29,798	59,034
Loss on marketable equity securities	(24,060)	–	(24,060)	(11,604)	–	(11,604)
Loss on settlement of debt	–	(10,492,564)	10,492,564		(10,492,564)	10,492,564
Foreign currency gain (loss)	(422,610)	524	(423,134)	(424,557)	(7,820)	(416,737)
	$88,121,074	$88,522,726	$ (401,652)	$88,152,671	$88,529,414	$(376,743)

As the Company has no commercial production at this time, income is often variable from period to period due to the timing and magnitude of the payments from Venezuela. The decrease in income was primarily due to decreased gain on the sale of the mining data and increases in foreign currency loss partially offset by the arbitration award and a decrease in loss on settlement of debt.

Expenses

Corporate general and administrative expense for the six months ended June 30, 2018 decreased from the comparable period in 2017 primarily due to decreases in expense related to non-cash charges associated with the issuance of stock options partially offset by expense related to the bonus plan. For the three months ended June 30, 2018 general and administrative expense increased due to the expense related to the bonus plan. Retention Units became due and payable in full in 2017 as a result of the collection of proceeds pursuant to the Settlement Agreement. Costs associated with Contingent Value Rights increased over the comparable periods in 2017 as a result of the receipt of payments pursuant to the Settlement Agreement. Expenses associated with the Siembra Minera Project increased during the three months ended June 30, 2018 as the Company continued its activities related to the development of the project. Legal and accounting expenses increased as a result of increased professional fees related to legal guidance associated with Sanctions as well as advice regarding income tax planning. The decrease in arbitration and settlement costs is related to the contingent legal fees that became due and payable in the second quarter of 2017 upon receiving payment under the Settlement Agreement. The increase in equipment holding costs was due to the relocation of certain equipment in 2018. The decrease in interest expense was due to the redemption and conversion of convertible notes in the third quarter of 2017. Overall, total expenses for the three and six months ended June 30, 2018 decreased by approximately $7.3 million and $13.6 million, respectively, from the comparable periods in 2017.

		Three Months			Six Months
	2018	2017	Change	2018	2017	Change
Corporate general and administrative	$3,344,441	$2,079,889	$1,264,552	$4,515,276	$6,115,593	$(1,600,317)
Retention units costs	–	7,694,200	(7,694,200)	–	7,694,200	(7,694,200)
Contingent value rights	4,459,124	919,163	3,539,961	4,459,124	919,163	3,539,961
Siembra Minera Project costs	662,030	338,450	323,580	1,243,063	1,900,278	(657,215)
Exploration costs	–	28,224	(28,224)	–	56,918	(56,918)
Legal and accounting	314,453	169,917	144,536	748,256	318,987	429,269
Arbitration and settlement	88,673	2,155,408	(2,066,735)	125,308	2,337,668	(2,212,360)
Equipment holding costs	203,318	157,084	46,234	479,170	312,110	167,060
Interest expense	–	2,841,512	(2,841,512)	–	5,490,305	(5,490,305)
Total expenses	$9,072,039	$16,383,847	$(7,311,808)	$11,570,197	$25,145,222	$(13,575,025)

SUMMARY OF QUARTERLY RESULTS (1)

Quarter ended	6/30/18	3/31/18	12/31/17	9/30/17	6/30/17	3/31/17	12/31/16	9/30/16
	(Restated) (3)
Income (loss)	$88,121,074	$31,597	$(120,524)	$82,289,038	$88,522,726	$6,688	$(554,106)	$6,798
Net income (loss)
before tax (2)	79,049,035	(2,466,561)	(3,935,744)	65,135,602	72,138,879	(8,754,687)	(6,400,329)	(5,585,556)
Per share	0.80	(0.02)	(0.04)	0.68	0.80	(0.10)	(0.08)	(0.06)
Fully diluted	0.79	(0.02)	(0.04)	0.68	0.70	(0.10)	(0.08)	(0.06)
Net income (loss) (2)	67,125,060	(3,065,851)	7,698,845	34,275,443	56,291,275	(8,754,687)	(6,400,329)	(5,585,556)
Per share	0.67	(0.03)	0.08	0.36	0.63	(0.10)	(0.08)	(0.06)
Fully diluted	0.67	(0.03)	0.08	0.36	0.55	(0.10)	(0.08)	(0.06)

(1) The information shown above is derived from our consolidated financial statements that have been prepared in accordance with U.S. generally accepted accounting principles.

(2) Net income (loss) from continuing and total operations attributable to owners of the parent.

(3) Net income, net income per share and net income per share fully diluted have been restated. See Note 3 to the June 30, 2018 unaudited interim consolidated financial statements.

In the second quarter of 2018, income increased as a result of gain on sale of mining data and the collection of the arbitration award. In the first quarter of 2018, income increased as a result of a decrease in foreign currency loss. In the fourth quarter of 2017, income decreased as the Company did not have any receipts from the sale of its Mining Data. In the third quarter of 2017, the Company recorded $88.5 million of income related to the sale of its Mining Data and a $6.1 million loss on settlement of debt. In the second quarter of 2017, the Company recorded $99.0 million of income related to the sale of its Mining Data and a $10.5 million loss on settlement of debt. In the first quarter of 2017, other income (loss) consisted of interest income and foreign currency loss. In the fourth quarter of 2016, other income (loss) primarily consisted of a loss on write-down of property, plant and equipment partially offset by foreign currency gain. In the third quarter of 2016, other income (loss) consisted of interest income, gain (loss) on settlement of debt and foreign currency loss.

In the second quarter of 2018, net income increased as a result of gain on sale of mining data and the collection of the arbitration award. In the first quarter of 2018, the Company recorded a net loss as the Company did not have any receipts from the sale of its Mining Data. In the fourth quarter of 2017, the Company recorded net income primarily as a result of an adjustment to income tax expense. In the second and third quarters of 2017, the Company recorded net income as a result of the deposit of funds by Venezuela into the Trust Account associated with the sale of its Mining Data partially offset by the loss on settlement of debt. In the first quarter of 2017, net loss increased primarily as a result of non-cash stock option compensation expense of $4.4 million partially offset by a $1.2 million decrease in arbitration and settlement costs. In the fourth quarter of 2016, net loss increased as a result of a loss on write-down of property, plant and equipment as well as an increase in costs associated with employee compensation and director fees. In the third quarter of 2016, net loss increased mainly as a result of increased expenses related to increased efforts to settle the Award and the incurrence of costs associated with the formation of Siembra Minera.

Off-Balance Sheet Arrangements

The Company is not a party to any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the Company’s financial condition, changes in financial condition, revenues, expense, results of operations, liquidity, capital expenditures or capital resources.

EX-99.3 4 gdrzfform6kex993jun2018re.htm CEO'S CERTIFICATION OF REFILED INTERIM FILINGS gdrzfform6kex993jun2018re.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.3 Chief Executive Officer’s Certification of Refiled Interim Filings

Form 52-109F2R

Certification of refiled interim filings – full certificate

This certificate is being filed on the same date that Gold Reserve Inc. (the “issuer”) has refiled interim financial report and related management’s discussion and analysis for the period ended June 30, 2018.

I, Rockne J. Timm, Chief Executive Officer of Gold Reserve Inc., certify the following:

I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Gold Reserve Inc. (the “issuer”) for the interim period ended June 30, 2018.
Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 The control framework the issuer’s other certifying officer and I used to design the issuer’s ICFR is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 framework.

5.2 N/A

5.3 N/A

The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2018 and ended on June 30, 2018 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 20, 2018

/s/Rockne J. Timm

Rockne J. Timm

Chief Executive Officer

EX-99.4 5 gdrzfform6kex994jun2018re.htm CFO'S CERTIFICATION OF REFILED INTERIM FILINGS gdrzfform6kex994jun2018re.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.4 Chief Financial Officer’s Certification of Refiled Interim Filings

Form 52-109F2R

Certification of refiled interim filings – full certificate

I, Robert A. McGuinness, Chief Financial Officer of Gold Reserve Inc., certify the following:

I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Gold Reserve Inc. (the “issuer”) for the interim period ended June 30, 2018.
Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 N/A

5.3 N/A

The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2018 and ended on June 30, 2018 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 20, 2018

/s/Robert A. McGuinness

Robert A. McGuinness

Chief Financial Officer

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Note 8.      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. 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 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. Pursuant to the Settlement Agreement, both parties will retain their respective interest in Siembra Minera in the event all of the agreed upon settlement payments are not made by Venezuela. On March 16, 2018, the Company announced, on behalf of Siembra Minera, the completion of a technical report for the Preliminary Economic Assessment 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 incurred the costs on the Siembra Minera Project, which through June 30, 2018 amounted to a total of approximately $10.4 million. These expenditures primarily include costs associated with consultants working on the Siembra Minera Project as well as various social works programs, which are expensed as incurred and classified within “Siembra Minera Project Costs” in the Consolidated Statements of Operations. Note 9.      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 2017 were approximately $234,000. As of June 30, 2018, no contributions by the Company had been made for plan year 2018. Note 10.    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 our Class A common shares. As of June 30, 2018, there were 2,072,000 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 six months ended June 30, 2018 and 2017 are as follows: <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="548" style="border-collapse:collapse;margin-left:5.4pt;width:486.900024pt;"> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="top" width="30%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2018 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="bottom" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2017 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr style="height:37.75pt;"> <td valign="top" width="31%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Shares </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Shares </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options outstanding - beginning of period </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 5,091,565 </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 3.13 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,357,000 </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 2.84 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options granted </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> -   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 5,277,500 </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 3.15 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options exercised </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> -   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> (137,500) </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 2.89 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options expired </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (487,000) </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 3.34 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (1,469,500) </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2.89 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options outstanding - end of period </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 4,604,565 </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 3.11 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 7,027,500 </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 3.06 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options exercisable - end of period </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 4,060,818 </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 3.10 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,908,752 </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 3.05 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> </table></div> The following table relates to stock options at June 30, 2018:   <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.4pt;width:589.499939pt;"> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Outstanding Options </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Exercisable Options </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Exercise Price </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Number </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Aggregate Intrinsic Value </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Remaining Contractual Term (Years) </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Number </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Aggregate Intrinsic Value </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Remaining Contractual Term (Years) </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 444,922 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 278,521 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 2.94 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 444,922 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 278,521 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 2.94 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.69 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 125,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.69 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.84 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 93,750 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.69 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.84 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.15 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,544,643 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.15 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.63 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,032,146 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.15 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.63 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 180,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 7.00 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 180,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 7.00 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 310,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 6.07 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 310,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 6.07 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $1.92 - $4.02 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 4,604,565 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $3.11 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 278,521 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 7.85 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 4,060,818 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $3.10 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 278,521 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 7.75 </td> </tr> </table></div>     During the six months ended June 30, 2018 and 2017, the Company granted NIL and 5.3 million stock options, respectively. In the first half of 2017, approximately 0.1 million outstanding options were exercised for net proceeds to the Company of $0.4 million. The Company recorded non-cash compensation expense during the six months ended June 30, 2018 and 2017 of $0.2 million and $4.7 million, respectively for stock options granted in 2017 and prior periods. The weighted average fair value of the options granted in the first six months of 2017 was calculated at $1.04. The fair value of options granted was determined using the Black-Scholes model based on the following weighted average assumptions: <div align="left"><table border="1" cellpadding="0" cellspacing="0" style="border:none;border-collapse:collapse;margin-left:.5in;width:408.599976pt;"> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2017 </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Risk free interest rate </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 1.22% </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Expected term </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 2 years </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Expected volatility </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 59% </td> </tr> <tr> <td valign="top" width="58%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Dividend yield </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> nil </td> </tr> </table></div> The risk free interest rate is based on the US Treasury rate on the date of grant for a period equal to the expected term of the option. The expected term is based on historical exercise experience and projected post-vesting behavior. The expected volatility is based on historical volatility of the Company's stock over a period equal to the expected term of the option. Retention Plan and Change of Control Agreements The Company maintains the Gold Reserve Director and Employee Retention Plan.  Each unit (a "Retention Unit") granted to a participant entitles such person to receive a cash payment equal to the fair market value of one Gold Reserve Class A common share on the date the Retention Unit is granted or on the date any such participant becomes entitled to payment, whichever is greater. Units previously granted under the plan became fully vested upon the collection of proceeds from sale of the Mining Data and the Board of Director's agreement to distribute a substantial majority of the remaining proceeds to our shareholders.  In June 2017, as a result of the collection of proceeds related to the sale of the Mining Data, the Retention Units vested and in the third quarter of 2017 the Company paid $7.7 million to plan participants. As of June 30, 2018 there were no Retention Units outstanding. The Company also 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 June 30, 2018, in the event of a change of control, the amount payable under these agreements was approximately $15.5 million. None of this amount has currently been recognized as a change of control is not considered probable at this time. Note 11.    Convertible Notes and Interest Notes: In the third quarter of 2017, the Company settled all of its outstanding 11% Senior Secured Convertible Notes and Interest Notes due December 31, 2018 (the "2018 Notes"). Prior to settlement, the Company had a total of $59.1 million face value of 2018 Notes outstanding.  Of these notes, $36.3 million were redeemed for cash and the Company paid an additional $6.4 million related to a 20% premium due on the redeemed notes and $0.2 million in interest to the redemption date. The remaining $22.8 million 2018 Notes were converted to approximately 7.6 million Class A common shares. As a result of the redemption or conversion of 2018 Notes, the Company recorded a $16.6 million loss on settlement of debt consisting of the $6.4 million premium paid and approximately $10.2 million of remaining unamortized discount. In October 2017, the Company redeemed for cash its remaining debt, which consisted of approximately $1.0 million face value of 5.5% Senior Subordinated Convertible Notes due June 15, 2022 (the "2022 Convertible Notes").

Note 12.    Income Tax (Restated): The Company's is restating its unaudited interim consolidated financial statements for the three and six months ended June 30, 2018, to correct an error in the income tax calculation for the three month period ended June 30, 2018. Income tax expense was overstated by $6,566,898 due to the incorrect allocation of income to a taxing jurisdiction with differing tax rates and in which the Company had different tax loss carryforwards. The effect of the correction of this error is reflected in the change in valuation allowance in the rate reconciliation below.  On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") which made broad and complex changes to the U.S. tax code. The Tax Act established new tax laws including, but not limited to, a reduction of the U.S. federal corporate tax rate from 35% to 21% beginning in 2018. Income tax expense for the six months ended June 30, 2018 and 2017 differs from the amount that would result from applying Canadian tax rates to net income before taxes (See Note 3, Restatement of Financial Statements). These differences result from the items noted below: <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:473.399963pt;"> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="top" width="25%" style="padding:0in 5.4pt 0in 5.4pt;"> 2018 </td> <td colspan="2" valign="top" width="24%" style="padding:0in 5.4pt 0in 5.4pt;"> 2017 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="top" width="25%" style="padding:0in 5.4pt 0in 5.4pt;"> (Restated) </td> <td colspan="2" valign="top" width="24%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> Amount </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> % </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> Amount </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> % </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> Income tax expense based on Canadian tax rates </td> <td valign="top" width="17%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> $  19,145,619 </td> <td valign="top" width="8%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 25 </td> <td valign="top" width="16%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> $  15,846,048 </td> <td valign="top" width="8%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 25 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> Increase (decrease) due to: </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">  Different tax rates on foreign subsidiaries </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> (3,434,408) </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> (4) </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 9,251,553 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> 15 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">  Non-deductible expenses </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 47,326 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 2,217,385 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> 3 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">  Withholding tax </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 759,062 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> 1 </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">  Change in valuation allowance and other </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (3,994,334) </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (5) </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (11,467,382) </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (18) </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> $    12,523,265  </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 16 </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> $  15,847,604 </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 25 </td> </tr> </table></div>                                                                                                                                 The Company recorded income tax expense of $12.5 million and $15.8 million for the six months ended June 30, 2018 and 2017, 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 components of the Canadian and U.S. deferred income tax assets and liabilities as of June 30, 2018 and December 31, 2017 were as follows: <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:446.399963pt;"> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="4" valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> June 30, </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> December 31, </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 2018 (Restated) </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 2017 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> Deferred income tax assets </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Net operating loss carry forwards </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 34,720,324 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 35,964,366 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Property, Plant and Equipment </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,227,410 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,227,745 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Capital loss carry forwards </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 1,466,726 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 1,478,385 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Other </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 157,501 </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 204,209 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 39,571,961 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 40,874,705 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Valuation allowance </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (35,506,531) </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (40,662,538) </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;">     4,065,430 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">     212,167 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> Deferred income tax liabilities </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Cash held in trust </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> (6,801,510) </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> (18,585,000) </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Other </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (27,213) </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (29,650) </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> Net deferred income tax liability </td> <td valign="top" width="7%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> (2,763,293) </td> <td valign="top" width="8%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> (18,402,483) </td> </tr> </table></div>     At June 30, 2018, we had the following Canadian tax loss carry forwards. Amounts are in U.S. dollars.   <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:422.099976pt;"> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="22%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Expires </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 1,988,836 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2026 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,691,021 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2027 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 14,068,491 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2028 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 13,332,813 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2029 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 16,471,949 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2030 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 18,444,769 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2031 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 5,351,036 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2032 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 6,881,259 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2033 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 9,913,925 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2034 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 12,867,492 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2035 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 15,299,043 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2036 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 18,726,192 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2037 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 1,844,469 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2038 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> 138,881,295 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> </table></div>   <div style="page:WordSection3;">   </div>

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 4, Arbitral Award Settlement and Associated Mining Data Sale and Note 8, Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera")). 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 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 other 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 related notes included in our Annual Report on Form 40-F for the year ended December 31, 2017. 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, the carrying value of which has been adjusted, as a result of impairment tests, to its estimated fair value of $11.7 million and which is not being depreciated as it is not yet available for its intended 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 our 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 share 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. Convertible Notes. Convertible notes are initially recorded at estimated fair value and subsequently measured at amortized cost. The fair value is allocated between the equity and debt component parts based on their respective fair values at the time of issuance and recorded net of transaction costs. The equity portion of the convertible notes is estimated using the residual value method. The fair value of the debt component is accreted to the face value of the convertible notes using the effective interest rate method over the contractual life of the convertible notes, with the resulting charge recorded as interest expense. 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. Gains or losses on marketable equity securities are recorded in the statement of operations. If a decline in fair value of a security is determined to be other than temporary, an impairment loss is recognized. Cash and cash equivalents, deposits, advances and receivables are accounted for at cost which approximates fair value. Accounts payable, convertible notes, interest notes and contingent value rights are recorded at amortized cost. Amortized cost of accounts payable approximates fair value. The following table presents the effect of this restatement on the individual line items within the Company's unaudited interim Consolidated Statements of Operations, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows and Balance Sheets.     <table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.75pt;width:562.000000pt;"> <tr> <td valign="top" width="20%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="3" valign="top" width="40%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Three Months Ended June 30, 2018 </td> <td colspan="3" valign="top" width="40%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Six Months Ended June 30, 2018 </td> </tr> <tr> <td valign="top" width="20%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Previously Reported </td> <td valign="bottom" width="13%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Adjustment </td> <td valign="bottom" width="13%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Restated </td> <td valign="bottom" width="13%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Previously Reported </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Adjustment </td> <td valign="bottom" width="13%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Restated </td> </tr> <tr style="height:15.25pt;"> <td valign="bottom" width="20%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> Income tax expense </td> <td valign="bottom" width="14%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $(18,490,873) </td> <td valign="bottom" width="13%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $6,566,898 </td> <td valign="bottom" width="13%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $(11,923,975) </td> <td valign="bottom" width="13%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $(19,090,163) </td> <td valign="bottom" width="14%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $6,566,898 </td> <td valign="bottom" width="13%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $(12,523,265) </td> </tr> <tr> <td valign="top" width="20%" style="padding:0in 5.75pt 0in 5.75pt;"> Net income for the period </td> <td valign="bottom" width="14%" style="padding:0in 5.75pt 0in 5.75pt;"> 60,558,162 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;"> 6,566,898 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;"> 67,125,060 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">   57,492,311 </td> <td valign="bottom" width="14%" style="padding:0in 5.75pt 0in 5.75pt;">  6,566,898 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">  64,059,209 </td> </tr> <tr> <td valign="top" width="20%" style="padding:0in 5.75pt 0in 5.75pt;"> Net income per share, basic and diluted </td> <td valign="bottom" width="14%" style="padding:0in 5.75pt 0in 5.75pt;"> 0.61 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">  0.06 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">  0.67 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">   0.58 </td> <td valign="bottom" width="14%" style="padding:0in 5.75pt 0in 5.75pt;">  0.06 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">  0.64 </td> </tr> <tr> <td valign="top" width="20%" style="padding:0in 5.75pt 0in 5.75pt;"> Comprehensive income for the period </td> <td valign="bottom" width="14%" style="padding:0in 5.75pt 0in 5.75pt;">   60,558,162 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">   6,566,898 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">   67,125,060 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">  57,492,311 </td> <td valign="bottom" width="14%" style="padding:0in 5.75pt 0in 5.75pt;">   6,566,898 </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">  64,059,209 </td> </tr> <tr> <td valign="top" width="20%" style="padding:0in 5.75pt 0in 5.75pt;"> Net increase in payables and expenses </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $13,633,268 </td> <td valign="bottom" width="13%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $(6,566,898) </td> <td valign="bottom" width="13%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $7,066,370 </td> <td valign="bottom" width="13%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $11,664,304 </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $(6,566,898) </td> <td valign="bottom" width="13%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $5,097,406 </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.75pt;width:562.000000pt;"> <tr> <td valign="top" width="23%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="3" valign="top" width="35%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="3" valign="top" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As at June 30, 2018 </td> </tr> <tr> <td valign="top" width="23%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="12%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Previously Reported </td> <td valign="bottom" width="13%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Adjustment </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> As Restated </td> </tr> <tr style="height:15.25pt;"> <td valign="bottom" width="23%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> Deferred income tax </td> <td valign="bottom" width="13%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="12%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="10%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $ 9,330,191 </td> <td valign="bottom" width="13%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $(6,566,898) </td> <td valign="bottom" width="14%" style="height:15.25pt;padding:0in 5.75pt 0in 5.75pt;"> $ 2,763,293 </td> </tr> <tr> <td valign="top" width="23%" style="padding:0in 5.75pt 0in 5.75pt;"> Accumulated deficit </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="12%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="10%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   $(235,782,339) </td> <td valign="bottom" width="13%" style="padding:0in 5.75pt 0in 5.75pt;"> $ 6,566,898 </td> <td valign="bottom" width="14%" style="padding:0in 5.75pt 0in 5.75pt;"> $(229,215,441) </td> </tr> </table> Note 5.      Cash and Cash Equivalents: <table border="1" cellpadding="0" cellspacing="0" width="96%" style="border:none;border-collapse:collapse;margin-left:9.0pt;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="16%" style="padding:0in 0in 0in 0in;"> June 30, </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="16%" style="padding:0in 0in 0in 0in;"> December 31, </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">   </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> 2018 </td> <td valign="top" width="2%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">   </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> 2017 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> Bank deposits </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> 41,729,659 </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> 39,649,888 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> Cash held in trust </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> 45,045,428 </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> 88,500,000 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> Money market funds </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;">   </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> 30,549,247 </td> <td valign="top" width="2%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> 9,522,830 </td> </tr> <tr style="height:13.95pt;page-break-inside:avoid;"> <td valign="bottom" width="42%" style="height:13.95pt;padding:0in 0in 0in 0in;"> Total </td> <td valign="bottom" width="2%" style="height:13.95pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="12%" style="height:13.95pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="2%" style="height:13.95pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="4%" style="height:13.95pt;padding:0in 0in 0in 0in;">   </td> <td valign="bottom" width="4%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> 117,324,334 </td> <td valign="bottom" width="2%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> 137,672,718 </td> </tr> </table>

Stock option transactions for the six months ended June 30, 2018 and 2017 are as follows: <table border="0" cellpadding="0" cellspacing="0" width="548" style="border-collapse:collapse;margin-left:5.4pt;width:486.900024pt;"> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="top" width="30%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2018 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="bottom" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2017 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr style="height:37.75pt;"> <td valign="top" width="31%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Shares </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Shares </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options outstanding - beginning of period </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 5,091,565 </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 3.13 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,357,000 </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 2.84 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options granted </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> -   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> 5,277,500 </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 3.15 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options exercised </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> -   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> (137,500) </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 2.89 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options expired </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (487,000) </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 3.34 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (1,469,500) </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2.89 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options outstanding - end of period </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 4,604,565 </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 3.11 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 7,027,500 </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 3.06 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> Options exercisable - end of period </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 4,060,818 </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 3.10 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 5,908,752 </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 3.05 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> </table> The following table relates to stock options at June 30, 2018:   <table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.4pt;width:589.499939pt;"> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Outstanding Options </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Exercisable Options </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Exercise Price </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Number </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Aggregate Intrinsic Value </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Remaining Contractual Term (Years) </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Number </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Exercise Price </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Aggregate Intrinsic Value </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Weighted Average Remaining Contractual Term (Years) </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 444,922 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 278,521 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 2.94 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 444,922 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $1.92 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $ 278,521 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 2.94 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.69 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 125,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.69 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.84 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 93,750 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $2.69 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.84 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.15 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,544,643 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.15 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.63 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,032,146 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.15 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 8.63 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 180,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 7.00 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 180,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $3.91 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 7.00 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> 310,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 6.07 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 310,000 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> $4.02 </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> 6.07 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $1.92 - $4.02 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 4,604,565 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $3.11 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 278,521 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 7.85 </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 4,060,818 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $3.10 </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> $ 278,521 </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 7.75 </td> </tr> </table> The weighted average fair value of the options granted in the first six months of 2017 was calculated at $1.04. The fair value of options granted was determined using the Black-Scholes model based on the following weighted average assumptions: <table border="1" cellpadding="0" cellspacing="0" style="border:none;border-collapse:collapse;margin-left:.5in;width:408.599976pt;"> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 2017 </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Risk free interest rate </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 1.22% </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Expected term </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 2 years </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> Expected volatility </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> 59% </td> </tr> <tr> <td valign="top" width="58%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Dividend yield </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> nil </td> </tr> </table> Income tax expense for the six months ended June 30, 2018 and 2017 differs from the amount that would result from applying Canadian tax rates to net income before taxes. These differences result from the items noted below: <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:473.399963pt;"> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="top" width="25%" style="padding:0in 5.4pt 0in 5.4pt;"> 2018 </td> <td colspan="2" valign="top" width="24%" style="padding:0in 5.4pt 0in 5.4pt;"> 2017 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="2" valign="top" width="25%" style="padding:0in 5.4pt 0in 5.4pt;"> (Restated) </td> <td colspan="2" valign="top" width="24%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> Amount </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> % </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> Amount </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> % </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> Income tax expense based on Canadian tax rates </td> <td valign="top" width="17%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> $  19,145,619 </td> <td valign="top" width="8%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 25 </td> <td valign="top" width="16%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> $  15,846,048 </td> <td valign="top" width="8%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 25 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> Increase (decrease) due to: </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">  Different tax rates on foreign subsidiaries </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> (3,434,408) </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> (4) </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 9,251,553 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> 15 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">  Non-deductible expenses </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 47,326 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> 2,217,385 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> 3 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">  Withholding tax </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 759,062 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> 1 </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> - </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">  Change in valuation allowance and other </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (3,994,334) </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (5) </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (11,467,382) </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (18) </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> $    12,523,265  </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 16 </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> $  15,847,604 </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 25 </td> </tr> </table> The Company recorded income tax expense of $12.5 million and $15.8 million for the six months ended June 30, 2018 and 2017, 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 components of the Canadian and U.S. deferred income tax assets and liabilities as of June 30, 2018 and December 31, 2017 were as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:446.399963pt;"> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td colspan="4" valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> June 30, </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> December 31, </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 2018 (Restated) </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> 2017 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> Deferred income tax assets </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Net operating loss carry forwards </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 34,720,324 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 35,964,366 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Property, Plant and Equipment </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,227,410 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,227,745 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Capital loss carry forwards </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 1,466,726 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 1,478,385 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Other </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 157,501 </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 204,209 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 39,571,961 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> 40,874,705 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Valuation allowance </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (35,506,531) </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (40,662,538) </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;">     4,065,430 </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">     212,167 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> Deferred income tax liabilities </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Cash held in trust </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> (6,801,510) </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> (18,585,000) </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> Other </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (27,213) </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> (29,650) </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> Net deferred income tax liability </td> <td valign="top" width="7%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> (2,763,293) </td> <td valign="top" width="8%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> (18,402,483) </td> </tr> </table> At June 30, 2018, we had the following Canadian tax loss carry forwards. Amounts are in U.S. dollars.   <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:422.099976pt;"> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="bottom" width="22%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> Expires </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 1,988,836 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2026 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 3,691,021 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2027 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 14,068,491 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2028 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 13,332,813 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2029 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 16,471,949 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2030 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 18,444,769 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2031 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 5,351,036 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2032 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 6,881,259 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2033 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 9,913,925 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2034 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 12,867,492 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2035 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 15,299,043 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2036 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> 18,726,192 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2037 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> 1,844,469 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> 2038 </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> <td valign="top" width="6%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> $ </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> 138,881,295 </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;">   </td> </tr> </table> 0.55 0.45 11700000 100000 -18490873 -19090163 6566898 6566898 -11923975 -12523265 60558162 57492311 6566898 6566898 67125060 64059209 0.61 0.58 0.06 0.06 0.67 0.64 60558162 57492311 6566898 6566898 67125060 64059209 13633268 11664304 -6566898 -6566898 7066370 5097406 9330191 -6566898 2763293 -235782339 6566898 -229215441 6600000 740300000 792000000 240000000 40000000 29500000 313300000 187500000 150200000 37300000 88500000 177000000 0.05466 5600000 1900000 0.01 0.05 2300000 400000

41729659

39649888

45045428 88500000 30549247 9522830 117324334 137672718 239232 541216 -11604 -301984

227628

239232

98043 98043 11677534 11677534 0 0 11677534 11677534

633687

587126

-486425 -503216 147262 83910 491025 489560 -17312 473713 489560

39185

-8951 -7655 30234 31530 350000 350000 0 0 350000 350000 13191431 13143405 -512688 -510871 12678743 12632534 500000 10400000 0 234000 5091565 3357000 3.11 3.13 3.06 2.84 5277500 3.15 -137500 2.89 -487000 -1469500 3.34 2.89

4604565

7027500

4060818

5908752

3.10 3.05 444922 1.92 278521 P2Y343D 444922 1.92 278521 P2Y343D 125000 2.69 P8Y307D 93750 2.69 P8Y307D 3544643 3.15 P8Y230D 3032146 3.15 P8Y230D 180000 3.91 P7Y 180000 3.91 P7Y 310000 4.02 P6Y26D 310000 4.02 P6Y26D 4604565 3.11 278521 P7Y310D 4060818 3.10 278521 P7Y274D 0.0122 P2Y 0.59 0.00 8750000 2072000 P10Y 5300000 100000 400000 200000 4700000 1.04 7700000 15500000 In the third quarter of 2017, the Company settled all of its outstanding 11% Senior Secured Convertible Notes and Interest Notes due December 31, 2018 (the "2018 Notes"). Prior to settlement, the Company had a total of $59.1 million face value of 2018 Notes outstanding. Of these notes, $36.3 million were redeemed for cash and the Company paid an additional $6.4 million related to a 20% premium due on the redeemed notes and $0.2 million in interest to the redemption date. The remaining $22.8 million 2018 Notes were converted to approximately 7.6 million Class A common shares. As a result of the redemption or conversion of 2018 Notes, the Company recorded a $16.6 million loss on settlement of debt consisting of the $6.4 million premium paid and approximately $10.2 million of remaining unamortized discount. In October 2017, the Company redeemed for cash its remaining debt, which consisted of approximately $1.0 million face value of 5.5% Senior Subordinated Convertible Notes due June 15, 2022 (the "2022 Convertible Notes"). 19145619 15846048 -3434408 9251553 47326 2217385 759062 -3994334 -11467382 12523265 15847604 34720324 35964366 3227410 3227745 1466726 1478385 157501 204209 39571961 40874705

-35506531

-40662538

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2031 Canadian tax loss carryforward expiring 2031 Canadian Tax Loss Carryforward Expiring 2031 Canadian Tax Loss Carryforward Expiring 2032 g Canadian tax loss carryforward expiring 2032 Canadian Tax Loss Carryforward Expiring 2032 Canadian Tax Loss Carryforward Expiring 2033 Canadian tax loss carryforward expiring 2033 Canadian Tax Loss Carryforward Expiring 2033 Canadian Tax Loss Carryforward Expiring 2034 Canadian tax loss carryforward expiring 2034 Canadian Tax Loss Carryforward Expiring 2034 Canadian Tax Loss Carryforward Expiring 2035 Canadian tax loss carryforward expiring 2035 Canadian Tax Loss Carryforward Expiring 2035 Canadian Tax Loss Carryforward Expiring 2036 Canadian tax loss carryforward expiring 2036 Canadian Tax Loss Carryforward Expiring 2036 Canadian Tax Loss Carryforward Expiring 2037 Canadian tax loss carryforward expiring 2037 Canadian Tax Loss Carryforward Expiring 2037 Canadian Tax Loss Carryforward Expiring 2038 Canadian tax loss carryforward expiring 2038 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[Abstract] Empresa Mixta Ecosocialista Siembra Minera S Abstract Empresa Mixta Ecosocialista Siembra Minera S Text Block Empresa Mixta Ecosocialista Siembra Minera, S. Empresa Mixta Ecosocialista Siembra MineraS Text Block Equipment Holding Costs Equipment holding costs Equipment holding costs Estimated Bonus Payable Estimated bonus payable Estimated Bonus Payable Estimated Cvr Payable Estimated cvr payable Estimated Cvr Payable Exercisable Options Aggregate Intrinsic Value 192 Exercisable Options Aggregate Intrinsic Value: $1.92 Exercisable Options Aggregate Intrinsic Value 192 Exercisable Options Aggregate Intrinsic Value 269 Exercisable Options Aggregate Intrinsic Value: $2.69 Exercisable Options Aggregate Intrinsic Value 269 Exercisable Options Aggregate Intrinsic Value 315 Exercisable Options Aggregate Intrinsic Value: $3.15 Exercisable Options Aggregate Intrinsic Value 315 Exercisable Options Aggregate Intrinsic Value 391 Exercisable Options Aggregate Intrinsic Value: $3.91 Exercisable Options Aggregate Intrinsic Value 391 Exercisable Options Aggregate Intrinsic Value 402 Exercisable Options Aggregate Intrinsic Value: $4.02 Exercisable Options Aggregate Intrinsic Value 402 Exercisable Options Aggregate Intrinsic Value Total Exercisable Options Aggregate Intrinsic Value: $1.92 - $4.02 Exercisable Options Aggregate Intrinsic Value Total Exercisable Options Number 192 Exercisable Options Number: $1.92 Exercisable Options Number 192 Exercisable Options Number 269 Exercisable Options Number: $2.69 Exercisable Options Number 269 Exercisable Options Number 315 Exercisable Options Number: $3.15 Exercisable Options Number 315 Exercisable Options Number 391 Exercisable Options Number: $3.91 Exercisable Options Number 391 Exercisable Options Number 402 Exercisable Options Number: $4.02 Exercisable Options Number 402 Exercisable Options Number Total Exercisable Options Number: $1.92 - $4.02 Exercisable Options Number Total Exercisable Options Weighted Average Exercise Price 192 Exercisable Options Weighted Average Exercise Price: $1.92 Exercisable Options Weighted Average Exercise Price 192 Exercisable Options Weighted Average Exercise Price 269 Exercisable Options Weighted Average Exercise Price: $2.69 Exercisable Options Weighted Average Exercise Price 269 Exercisable Options Weighted Average Exercise Price 315 Exercisable Options Weighted Average Exercise Price: $3.15 Exercisable Options Weighted Average Exercise Price 315 Exercisable Options Weighted Average Exercise Price 391 Exercisable Options Weighted Average Exercise Price: $3.91 Exercisable Options Weighted Average Exercise Price 391 Exercisable Options Weighted Average Exercise Price 402 Exercisable Options Weighted Average Exercise Price: $4.02 Exercisable Options Weighted Average Exercise Price 402 Exercisable Options Weighted Average Exercise Price Total Exercisable Options Weighted Average Exercise Price: $1.92 - $4.02 Exercisable Options Weighted Average Exercise Price Total Exercisable Options Weighted Average Remaining Contractual Term Years 192 Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92 Exercisable Options Weighted Average Remaining Contractual Term Years 192 Exercisable Options Weighted Average Remaining Contractual Term Years 269 Exercisable Options Weighted Average Remaining Contractual Term (Years): $2.69 Exercisable Options Weighted Average Remaining Contractual Term Years 269 Exercisable Options Weighted Average Remaining Contractual Term Years 315 Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.15 Exercisable Options Weighted Average Remaining Contractual Term Years 315 Exercisable Options Weighted Average Remaining Contractual Term Years 391 Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.91 Exercisable Options Weighted Average Remaining Contractual Term Years 391 Exercisable Options Weighted Average Remaining Contractual Term Years 402 Exercisable Options Weighted Average Remaining Contractual Term (Years): $4.02 Exercisable Options Weighted Average Remaining Contractual Term Years 402 Exercisable Options Weighted Average Remaining Contractual Term Years Total Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92 - $4.02 Exercisable Options Weighted Average Remaining Contractual Term Years Total Expected Term Expected term Expected Term Expected Volatility Expected volatility Expected Volatility Fair Value At Beginning Of Year Fair value at beginning of year Fair Value At Beginning Of Year Fair Value Of Equipment Fair value of equipment Fair Value Of Equipment Fair Value Of Options Exercised 2017 Fair value of options exercised Fair Value Of Options Exercised 2017 Final Payment Amount To Be Received Final payment amount to be received Final Payment Amount To Be Received For The Periods Ended Text Block For the periods ended For the Periods Ended Text Block Gain On Sale Of Mining Data Gain on sale of mining data Gain On Sale Of Mining Data Government Bonds Received Government bonds received Government Bonds Received Income Tax Income tax Income Tax Income Tax Benefit Based On Canadian Tax Rates Income tax expense based on Canadian tax rates Income Tax (Benefit) Based On Canadian Tax Rates Income Tax Details One [Abstract] Income Tax: Details one) [Abstract] Income Tax Details One Abstract Income Tax Details Text [Abstract] Income Tax: (Details text) [Abstract] Income Tax Details Text Abstract Income Tax Details Three [Abstract] Income Tax: (Details 3) [Abstract] Income Tax Details Three Abstract Income Tax Detailstwo [Abstract] Income Tax: (Details 2) [Abstract] Income Tax Details two Abstract Income Tax Expense Adjustment Income tax expense adjustment Income Tax Expense Adjustment Income Tax Expense As Previously Reported Income tax expense as previously reported Income Tax Expense As Previously Reported Income Tax Expense As Restated Income tax expense as restated Income Tax Expense As Restated Income Tax Expense Overstatement Income tax expense overstatement Income Tax Expense Overstatement Income Tax Expense Recorded By The Company Income tax expense recorded by the Company Income Tax Expense Recorded By The Company Income Tax Expense Text Block Income tax expense Income Tax Expense Text Block Income Tax (Restated): [Abstract] Income Tax Restated Abstract Income Tax (Restated): (Tables) [Abstract] Income Tax Restated Tables Abstract Increase Decrease Due To [Abstract] Increase (decrease) due to: Increase (Decrease) Due To Abstract Initial Payment Initial payment Initial Payment Items That May Be Reclassified Subsequently To The Consolidated Statements Of Operations [Abstract] Items that may be reclassified subsequently to the Consolidated Statements of Operations Abstract ItemsThatMayBeReclassifiedSubsequentlyToTheConsolidatedStatementsOfOperationsAbstract KSOP Plan: [Abstract] Ksop Plan Abstract Ksop Plan Text Block KSOP Plan: Ksop Plan Text Block Legal And Accounting Legal and accounting Legal and accounting Loss Carryforwards Text Block Loss Carryforwards Loss Carryforwards Text Block Loss On Marketable Equity Securities Loss On 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Block Net deferred income tax liability Net Deferred Income Tax Liability Text Block Net Deferred Tax Asset Net deferred tax asset Net Deferred Tax Asset Net Deferred Tax Liability Net deferred income tax liability Net Deferred Tax Liability Net Furniture And Office Equipment Net: Furniture and office equipment Net Furniture And Office Equipment Net Income For The Period Net income for the period Net Income For The Period Net Income For The Period 2018 Net income for the period Net Income For The Period 2018 Net Income For The Period Adjustment Net income for the period adjustment Net Income For The Period Adjustment Net Income For The Period As Previously Reported Net income for the period as previously reported Net Income For The Period As Previously Reported Net Income For The Period As Restated Net income for the period as restated Net Income For The Period As Restated Net Income Loss Before Income Tax Expense Net income before income tax expense Net Income (Loss) Before Income Tax Expense Net Income Per Share Basic And Diluted Adjustment Net income per share, basic and diluted adjustment Net Income Per Share Basic And Diluted Adjustment Net Income Per Share Basic And Diluted As Previously Reported Net income per share, basic and diluted as previously reported Net Income Per Share Basic And Diluted As Previously Reported Net Income Per Share Basic And Diluted As Restated Net income per share, basic and diluted as restated Net Income Per Share Basic And Diluted As Restated Net Increase In Payables And Expenses Adjustment Net increase in payables and expenses adjustment Net Increase In Payables And Expenses Adjustment Net Increase In Payables And Expenses As Previously Reported Net increase in payables and expenses as previously reported Net Increase In Payables And Expenses As Previously Reported Net Increase In Payables And Expenses As Restated Net increase in payables and expenses as restated Net Increase In Payables And Expenses As Restated Net Leasehold Improvements Net: Leasehold improvements Net Leasehold Improvements Net Machinery And Equipment Net: Machinery and equipment Net Machinery And Equipment Net Mineral Property Net: Mineral property Net Mineral Property Net Operating Loss Carry Forwards Net operating loss carry forwards Net Operating Loss Carry Forwards Net Transportation Equipment Net: Transportation equipment Net Transportation Equipment New Accounting Policies: [Abstract] New Accounting Policies: [Abstract] New Accounting Policies Abstract New Accounting Policies Text Block New Accounting Policies: New Accounting Policies Text Block Noncash Compensation Expense Non-cash compensation expense Noncash Compensation Expense Nondeductible Expenses Non-deductible expenses Nondeductible Expenses Note Conversions 2017 Note conversions (Note 11) Note Conversions 2017 Note Conversions In Shares 2017 Note conversions (Note 11) (in shares) Note Conversions In Shares 2017 Option Exercises 2017 Option exercises (Note 10) Option Exercises 2017 Option Exercises In Shares 2017 Option exercises (Note 10) (in shares) Option Exercises In Shares 2017 Options Available For Grant Options available for grant Options Available For Grant Options Exercised Options exercised Options Exercised Options Exercised During The Period Options exercised during the period Options Exercised During The Period Options Expired Options expired Options Expired Options Granted Options granted Options Granted Options Granted During The Period Options granted during the period Options Granted During The Period Options Outstanding And Exercisable Text Block Options outstanding and exercisable Options Outstanding And Exercisable Text Block Options Outstanding Beginning Of Period Options outstanding - beginning of period Options Outstanding Beginning Of Period Other Comprehensive Loss Other comprehensive loss Other comprehensive loss Other Comprehensive Loss Other Comprehensive Loss Net Of Tax [Abstract] Other comprehensive loss, net of tax Other Comprehensive Loss Net Of Tax Abstract Other Deferred Tax Assets Other deferred tax assets Other Deferred Tax Assets Other Deferred Tax Liability Other deferred tax liability Other Deferred Tax Liability Outstanding Options Aggregate Intrinsic Value 192 Outstanding Options Aggregate Intrinsic Value: $1.92 Outstanding Options Aggregate Intrinsic Value 192 Outstanding Options Aggregate Intrinsic Value 269 Outstanding Options Aggregate Intrinsic Value: $2.69 Outstanding Options Aggregate Intrinsic Value 269 Outstanding Options Aggregate Intrinsic Value 315 Outstanding Options Aggregate Intrinsic Value: $3.15 Outstanding Options Aggregate Intrinsic Value 315 Outstanding Options Aggregate Intrinsic Value 391 Outstanding Options Aggregate Intrinsic Value: $3.91 Outstanding Options Aggregate Intrinsic Value 391 Outstanding Options Aggregate Intrinsic Value 402 Outstanding Options Aggregate Intrinsic Value: $4.02 Outstanding Options Aggregate Intrinsic Value 402 Outstanding Options Aggregate Intrinsic Value Total Outstanding Options Aggregate Intrinsic Value: $1.92 - $4.02 Outstanding Options Aggregate Intrinsic Value Total Outstanding Options Number 192 Outstanding Options Number: $1.92 Outstanding Options Number 192 Outstanding Options Number 269 Outstanding Options Number: $2.69 Outstanding Options Number 269 Outstanding Options Number 315 Outstanding Options Number: $3.15 Outstanding Options Number 315 Outstanding Options Number 391 Outstanding Options Number: $3.91 Outstanding Options Number 391 Outstanding Options Number 402 Outstanding Options Number: $4.02 Outstanding Options Number 402 Outstanding Options Number Total Outstanding Options Number: $1.92 - $4.02 Outstanding Options Number Total Outstanding Options Weighted Average Exercise Price 192 Outstanding Options Weighted Average Exercise Price: $1.92 Outstanding Options Weighted Average Exercise Price 192 Outstanding Options Weighted Average Exercise Price 269 Outstanding Options Weighted Average Exercise Price: $2.69 Outstanding Options Weighted Average Exercise Price 269 Outstanding Options Weighted Average Exercise Price 315 Outstanding Options Weighted Average Exercise Price: $3.15 Outstanding Options Weighted Average Exercise Price 315 Outstanding Options Weighted Average Exercise Price 391 Outstanding Options Weighted Average Exercise Price: $3.91 Outstanding Options Weighted Average Exercise Price 391 Outstanding Options Weighted Average Exercise Price 402 Outstanding Options Weighted Average Exercise Price: $4.02 Outstanding Options Weighted Average Exercise Price 402 Outstanding Options Weighted Average Exercise Price Total Outstanding Options Weighted Average Exercise Price: $1.92 - $4.02 Outstanding Options Weighted Average Exercise Price Total Outstanding Options Weighted Average Remaining Contractual Term Years 192 Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92 Outstanding Options Weighted Average Remaining Contractual Term Years 192 Outstanding Options Weighted Average Remaining Contractual Term Years 269 Outstanding Options Weighted Average Remaining Contractual Term (Years): $2.69 Outstanding Options Weighted Average Remaining Contractual Term Years 269 Outstanding Options Weighted Average Remaining Contractual Term Years 315 Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.15 Outstanding Options Weighted Average Remaining Contractual Term Years 315 Outstanding Options Weighted Average Remaining Contractual Term Years 391 Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.91 Outstanding Options Weighted Average Remaining Contractual Term Years 391 Outstanding Options Weighted Average Remaining Contractual Term Years 402 Outstanding Options Weighted Average Remaining Contractual Term (Years): $4.02 Outstanding Options Weighted Average Remaining Contractual Term Years 402 Outstanding Options Weighted Average Remaining Contractual Term Years Total Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92 - $4.02 Outstanding Options Weighted Average Remaining Contractual Term Years Total Paid To Retention Unit Plan Participants Paid to retention unit plan participants Paid To Retention Unit Plan Participants Proceeds From Sale Of Mining Data Proceeds from sale of mining data Proceeds From Sale Of Mining Data Proceeds To Company From Option Exercises Proceeds to company from option exercises Proceeds To Company From Option Exercises Property Plant And Equipment Deferred Tax Asset Property, Plant and Equipment Property Plant And Equipment Deferred Tax Asset Property Plant And Equipment Details [Abstract] Property, Plant and Equipment: (Details 1) [Abstract] Property Plant And Equipment Details Abstract Property Plant And Equipment Details Text [Abstract] Property, Plant and Equipment: (Details text) [Abstract] Property Plant And Equipment Details Text Abstract Property, Plant and Equipment: (Tables) [Abstract] Property Plant And Equipment Tables Abstract Purchase Of Transportation Equipment Purchase of transportation equipment Purchase Of Transportation Equipment Receivable From Sale Of Mining Data And Arbitration Award Note Receivable from sale of mining data and arbitration award (Note 4) Receivable From Sale Of Mining Data And Arbitration Award Reclassification Of Unrealized Holding Gains Reclassification of unrealized holding gains Reclassification Of Unrealized Holding Gains Restatement of Financial Statements: [Abstract] Restatement of Financial Statements: [Abstract] Restatement Of Financial Statements Abstract Restatement of Financial Statements: (Tables) [Abstract] Restatement Of Financial Statements Tables Abstract Restatement Of Financial Statements Text Block Restatement of Financial Statements: Restatement Of Financial Statements Text Block Restatement Of Financial Statementsdetails 2 [Abstract] Restatement of Financial Statements: [Abstract] Restatement Of Financial Statements details 2 Abstract Restatement Of Financial Statementsdetails Text [Abstract] Restatement of Financial Statements:Details text [Abstract] Restatement Of Financial Statements details Text Abstract Retention Units Costs Retention units costs Retention Units Costs Risk Free Interest Rate Risk free interest rate Risk Free Interest Rate Share Option Transactions Text Block Share option transactions Share Option Transactions Text Block Siembra Minera Siembra Minera Project costs (Note 8) Siembra Minera Siembra Minera Beneficial Ownership By Company Siembra Minera beneficial ownership by Company Siembra Minera Beneficial Ownership By Company Siembra Minera Beneficial Ownership By Venezuela Siembra Minera beneficial ownership by Venezuela Siembra Minera Beneficial Ownership By Venezuela Significant Accounting Policies (Policies) [Abstract] Significant Accounting Policies Policies Abstract Significant Accounting Policies Policies Text Block Significant Accounting Policies (Policies) Significant Accounting Policies Policies Text Block Stock Based Compensation Plans: [Abstract] Stock Based Compensation Plans Abstract Stock Based Compensation Plans Details [Abstract] Stock Based Compensation Plans: (Details 1) [Abstract] Stock Based Compensation Plans Details Abstract Stock Based Compensation Plans Details Text [Abstract] Stock Based Compensation Plans: (Details Text) [Abstract] Stock Based Compensation Plans Details Text Abstract Stock Based Compensation Plans Details Three [Abstract] Stock Based Compensation Plans: (Details 3) [Abstract] Stock Based Compensation Plans Details Three Abstract Stock Based Compensation Plans Details Two [Abstract] Stock Based Compensation Plans: (Details 2) [Abstract] Stock Based Compensation Plans Details Two Abstract Stock Based Compensation Plans: (Tables) [Abstract] Stock Based Compensation Plans Tables Abstract Stock Based Compensation Plans Text Block Stock Based Compensation Plans: Stock Based Compensation Plans Text Block Stock Option Compensation 2017 Stock option compensation (Note 10) Stock Option Compensation 2017 Stock Option Compensation 2018 Stock option compensation (Note 10) Stock Option Compensation 2018 Stock Options Stock options (Note 10) Stock options Stock Options [Member] Stock Options Stock Options Member Stockholders Equity 2017 Balance Stockholders Equity 2017 Stockholders Equityin Shares 2017 Balance (in shares) Stockholders Equity in Shares 2017 Summary Convertible Note Settlement Summary convertible note settlement Summary Convertible Note Settlement The Company and Significant Accounting Policies: [Abstract] The Company And Significant Accounting Policies Abstract Total Total Total Total Accumulated Depreciation Property Plant And Equipment Total accumulated depreciation property, plant and equipment Total Accumulated Depreciation Property Plant And Equipment Total Award Total award Total Award Total Canadian Tax Loss Carryforward Total Canadian tax loss carryforward Total Canadian Tax Loss Carryforward Total Cost Property Plant And Equipment Total cost property, plant and equipment Total Cost Property Plant And Equipment Total Deferred Tax Assets Total deferred tax assets Total Deferred Tax Assets Total Expenses Total EXPENSES Total Expenses Total Net Property Plant And Equipment Total net property, plant and equipment Total Net Property Plant And Equipment Venezuela Agreed To Pay For Mining Data Venezuela agreed to pay for mining data Venezuela Agreed To Pay For Mining Data Venezuela Agreed To Pay To Satisfy Award Venezuela agreed to pay to satisfy award Venezuela Agreed To Pay To Satisfy Award Weighted Average Assumptions Text Block Weighted Average Assumptions Weighted Average Assumptions Text Block Weighted Average Exercise Price Options Exercisable Weighted average exercise price - options exercisable Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price Options Exercised Weighted average exercise price - options exercised Weighted Average Exercise Price Options Exercised Weighted Average Exercise Price Options Expired Weighted average exercise price - options expired Weighted Average Exercise Price Options Expired Weighted Average Exercise Price Options Granted Weighted average exercise price - options granted Weighted Average Exercise Price Options Granted Weighted Average Exercise Price Options Outstanding Weighted average exercise price - options outstanding Weighted average exercise price - options outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Fair Value Of Options Granted Weighted average fair value of options granted Weighted Average Fair Value Of Options Granted Withholding Tax Withholding tax Withholding Tax Accounts Payable and Accrued Liabilities, Current Accounts payable and accrued expenses (Note 3) Accretion Expense Accretion of convertible notes Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income AOCI Attributable to Parent [Member] Accumulated Other Comprehensive Income Additional Paid-in Capital [Member] Contributed Surplus Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash used in operating activities: Assets Total assets Assets, Current Total current assets Assets, Current [Abstract] Current Assets: Available-for-sale Securities [Table Text Block] Marketable Securities: Cash and Cash Equivalents: [Abstract] Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents (Note 5) Cash and cash equivalents - beginning of period Cash and cash equivalents - end of period Cash and Cash Equivalents, at Carrying Value [Abstract] Change in Cash and Cash Equivalents: Cash and Cash Equivalents, Period Increase (Decrease) Net increase (decrease) in cash and cash equivalents Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents: Common Stock [Member] Common Shares Number Common Stock, Value, Issued Common shares Costs and Expenses [Abstract] EXPENSES Deferred Tax Liabilities, Gross Deferred income tax (Note 12) Deferred Tax Assets, Valuation Allowance Valuation allowance Depreciation Depreciation Earnings Per Share, Basic Basic Earnings Per Share, Diluted Diluted Equity Component [Domain] Exploration Expense Exploration costs Extinguishment of Debt, Gain (Loss), Net of Tax Loss on settlement of debt Foreign Currency Transaction Gain (Loss), before Tax Foreign currency gain (loss) Furniture and Fixtures, Gross Cost: Furniture and office equipment Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property Gain on sale of mining data Gain (Loss) on Extinguishment of Debt Loss on settlement of debt (Note 11) General and Administrative Expense Corporate general and administrative (Notes 4 and 10) Income Statement [Abstract] Income Tax Disclosure [Text Block] Income Tax (Restated): Income Tax Expense (Benefit) Income tax expense (Note 12) Income Taxes Paid, Net Cash paid for income taxes Increase (Decrease) in Accounts Payable Net increase in payables and accrued expenses Increase (Decrease) in Deposits Net decrease (increase) in deposits, advances and other Increase (Decrease) in Operating Capital [Abstract] Changes in non-cash working capital: Interest-bearing Deposits in Banks and Other Financial Institutions Bank deposits Interest Expense, Other Interest expense (Note 11) Interest Paid Cash paid for interest Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Marketable Securities: Leasehold Improvements, Gross Cost: Leasehold improvements Liabilities Total liabilities Liabilities [Abstract] LIABILITIES Liabilities and Equity Total liabilities and shareholders' equity Liabilities, Current Total current liabilities Liabilities, Current [Abstract] Current Liabilities: Marketable Securities Fair value at balance sheet date Marketable Securities: [Abstract] Marketable Securities, Current Marketable securities (Note 6) Marketable Securities, Gain (Loss) Loss on marketable equity securities Net Income (Loss) Attributable to Noncontrolling Interest [Abstract] Net income per share Net Cash Provided by (Used in) Financing Activities Net cash provided by financing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Cash Flows from Financing Activities: Net Cash Provided by (Used in) Investing Activities Net cash provided by (used) in investing activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash Flows from Investing Activities: Net Cash Provided by (Used in) Operating Activities Net cash used in operating activities Net Income (Loss) Attributable to Parent Net income for the period Other Assets, Current Deposits, advances and other Other Income Total INCOME (LOSS) Other Interest and Dividend Income Interest income Other Nonoperating Income (Expense) [Abstract] INCOME (LOSS) Payments to Acquire Other Property, Plant, and Equipment Purchase of property, plant and equipment Proceeds from Issuance of Common Stock Proceeds from the issuance of common shares Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Net income for the period Property, Plant and Equipment: [Abstract] Property, Plant and Equipment Disclosure [Text Block] Property, Plant and Equipment: Property, Plant and Equipment, Net Property, plant and equipment, net (Note 7) Property, Plant and Equipment [Table Text Block] Property, Plant and Equipment: Retained Earnings [Member] Accumulated Deficit Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Options exercisable - end of period Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Options outstanding - end of period Shares, Outstanding Balance (in shares) Balance (in shares) Significant Accounting Policies [Text Block] The Company and Significant Accounting Policies: Equity Components [Axis] Statement [Line Items] Statement of Cash Flows [Abstract] Statement of Financial Position [Abstract] Statement of Stockholders' Equity [Abstract] Statement [Table] Stock or Unit Option Plan Expense Stock option compensation Stockholders' Equity Attributable to Parent Total shareholders' equity Balance Balance Stockholders' Equity Attributable to Parent [Abstract] SHAREHOLDERS' EQUITY Supplemental Cash Flow Information [Abstract] Supplemental Cash Flow Information: Taxes Payable, Current Income tax payable Weighted Average Number of Shares Outstanding, Diluted Diluted Weighted Average Number of Shares Outstanding, Diluted [Abstract] Weighted average common shares outstanding, Weighted Average Number of Shares Outstanding, Basic Basic EX-101.PRE 11 gdrzf-20180630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2018 shares
Document and Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Entity Registrant Name	Gold Reserve Inc.
Entity Central Index Key	0001072725
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	99,395,048

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents (Note 5)	$ 117,324,334	$ 137,672,718
Receivable from sale of mining data and arbitration award (Note 4)	88,500,000	0
Marketable securities (Note 6)	227,628	239,232
Deposits, advances and other	1,346,377	156,050
Total current assets	207,398,339	138,068,000
Property, plant and equipment, net (Note 7)	12,678,743	12,632,534
Total assets	220,077,082	150,700,534
Current Liabilities:
Accounts payable and accrued expenses (Note 3)	3,120,879	2,167,171
Income tax payable	18,503,967	1,263,438
Contingent value rights (Note 4)	5,639,552	3,097,193
Total current liabilities	27,264,398	6,527,802
Deferred income tax (Note 12)	2,763,293	18,402,483
Total liabilities	30,027,691	24,930,285
SHAREHOLDERS' EQUITY
Common shares	378,009,884	378,009,884
Contributed surplus	20,625,372	20,625,372
Stock options (Note 10)	20,629,576	20,409,643
Accumulated deficit	(229,215,441)	(293,386,189)
Accumulated other comprehensive income	0	111,539
Total shareholders' equity	190,049,391	125,770,249
Total liabilities and shareholders' equity	$ 220,077,082	$ 150,700,534

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
INCOME (LOSS)
Gain on sale of mining data	$ 52,500,000	$ 99,000,000	$ 52,500,000	$ 99,000,000
Arbitration award	36,000,000	0	36,000,000	0
Interest income	67,744	14,766	88,832	29,798
Loss on marketable equity securities	(24,060)	0	(11,604)	0
Loss on settlement of debt (Note 11)	0	(10,492,564)	0	(10,492,564)
Foreign currency gain (loss)	(422,610)	524	(424,557)	(7,820)
Total INCOME (LOSS)	88,121,074	88,522,726	88,152,671	88,529,414
EXPENSES
Corporate general and administrative (Notes 4 and 10)	3,344,441	2,079,889	4,515,276	6,115,593
Retention units costs	0	7,694,200	0	7,694,200
Contingent value rights (Note 4)	4,459,124	919,163	4,459,124	919,163
Siembra Minera Project costs (Note 8)	662,030	338,450	1,243,063	1,900,278
Exploration costs	0	28,224	0	56,918
Legal and accounting	314,453	169,917	748,256	318,987
Arbitration and settlement (Note 4)	88,673	2,155,408	125,308	2,337,668
Equipment holding costs	203,318	157,084	479,170	312,110
Interest expense (Note 11)	0	2,841,512	0	5,490,305
Total EXPENSES	9,072,039	16,383,847	11,570,197	25,145,222
Net income before income tax expense	79,049,035	72,138,879	76,582,474	63,384,192
Income tax expense (Note 12)	(11,923,975)	(15,847,604)	(12,523,265)	(15,847,604)
Net income for the period	$ 67,125,060	$ 56,291,275	$ 64,059,209	$ 47,536,588
Net income per share
Basic	$ 0.67	$ 0.63	$ 0.64	$ 0.53
Diluted	$ 0.67	$ 0.55	$ 0.64	$ 0.50
Weighted average common shares outstanding,
Basic	99,395,048	89,848,104	99,395,048	89,830,460
Diluted	99,495,365	106,679,440	99,511,316	106,728,057

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net income for the period	$ 67,125,060	$ 56,291,275	$ 64,059,209	$ 47,536,588
Items that may be reclassified subsequently to the Consolidated Statements of Operations Abstract
Loss on marketable equity securities, net of tax of nil	0	(25,724)	0	(115,090)
Other comprehensive loss	0	(25,724)	0	(115,090)
Comprehensive income for the period	$ 67,125,060	$ 56,265,551	$ 64,059,209	$ 47,536,588

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Total	Common Shares Number	Common Shares Amount	Contributed Surplus	Stock Options	Accumulated Deficit	Accumulated Other Comprehensive Income
Balance at Dec. 31, 2016			$ 342,190,645	$ 25,723,900	$ 17,353,725	$ (382,897,065)	$ 443,173
Balance (in shares) at Dec. 31, 2016		89,710,604
Net income for the period						89,510,876
Other comprehensive loss							(331,634)
Stock option compensation (Note 10)					5,108,493
Fair value of options exercised			2,052,575		(2,052,575)
Common shares issued for:
Option exercises (Note 10)			5,973,474
Option exercises (Note 10) (in shares)		2,073,435
Note conversions (Note 11)			27,793,190	(5,098,528)
Note conversions (Note 11) (in shares)		7,611,009
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
Balance at Dec. 31, 2017	$ 125,770,249
Net income for the period	64,059,209
Other comprehensive loss	0
Common shares issued for:
Cumulative effect of accounting change (Note 2)						111,539	$ (111,539)
Net income for the period						64,059,209
Stock option compensation (Note 10)					219,933
Balance at Jun. 30, 2018	$ 190,049,391		$ 378,009,884	$ 20,625,372	$ 20,629,576	$ (229,215,441)
Balance (in shares) at Jun. 30, 2018		99,395,048

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities:
Net income for the period	$ 67,125,060	$ 56,291,275	$ 64,059,209	$ 47,536,588
Adjustments to reconcile net income to net cash used in operating activities:
Stock option compensation	73,678	244,958	219,933	4,661,778
Depreciation	12,095	1,250	23,669	2,447
Gain on sale of mining data	(52,500,000)	(99,000,000)	(52,500,000)	(99,000,000)
Arbitration award	(36,000,000)	0	(36,000,000)	0
Loss on settlement of debt	0	10,492,564	0	10,492,564
Loss on marketable equity securities	24,060	0	11,604	0
Accretion of convertible notes	0	2,827,239	0	5,461,759
Changes in non-cash working capital:
Net decrease (increase) in deposits, advances and other	(1,031,162)	93,125	(1,190,327)	(329,971)
Net increase in payables and accrued expenses	7,066,370	27,449,659	5,097,406	27,473,283
Net cash used in operating activities	(15,229,899)	(1,599,930)	(20,278,506)	(3,701,552)
Cash Flows from Investing Activities:
Proceeds from sale of mining data	0	40,000,000	0	40,000,000
Purchase of property, plant and equipment	(51,769)	(3,904)	(69,878)	(6,744)
Net cash provided by (used) in investing activities	(51,769)	39,996,096	(69,878)	39,993,256
Cash Flows from Financing Activities:
Proceeds from the issuance of common shares	0	0	0	397,375
Net cash provided by financing activities	0	0	0	397,375
Change in Cash and Cash Equivalents:
Net increase (decrease) in cash and cash equivalents	(15,281,668)	38,396,166	(20,348,384)	36,689,079
Cash and cash equivalents - beginning of period	132,606,002	34,039,962	137,672,718	35,747,049
Cash and cash equivalents - end of period	117,324,334	72,436,128	117,324,334	72,436,128
Supplemental Cash Flow Information:
Cash paid for interest	0	28,545	0	28,545
Cash paid for income taxes	$ 10,196,311	$ 0	$ 10,921,926	$ 0

XML 18 R7.htm IDEA: XBRL DOCUMENT

The Company and Significant Accounting Policies:

6 Months Ended

Jun. 30, 2018

The Company and Significant Accounting Policies: [Abstract]

The Company and Significant Accounting Policies:

Note 1. The Company and Significant Accounting Policies:

Property, Plant and Equipment. Included in property, plant and equipment is certain equipment, the carrying value of which has been adjusted, as a result of impairment tests, to its estimated fair value of $11.7 million and which is not being depreciated as it is not yet available for its intended 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.

XML 19 R8.htm IDEA: XBRL DOCUMENT

New Accounting Policies:	6 Months Ended
New Accounting Policies:	Jun. 30, 2018
New Accounting Policies: [Abstract]
New Accounting Policies:	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 2. New Accounting Policies:</font></b></p> <p style="margin:0in;margin-bottom:6.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Adopted in the year</font></u></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This update was effective for us January 1, 2018. </font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The updated guidance resulted in a reclassification of $0.1 million of unrealized holding gains and losses related to investments in marketable equity securities from accumulated other comprehensive income to accumulated deficit in the Balance Sheet upon adoption. C</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">hanges in the value of the Company's marketable equity securities are now recorded as income (loss) instead of other comprehensive income (loss).</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In January 2017, the FASB issued ASU 2017-01, Business Combinations. This update clarifies the definition of a business and adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows - Restricted Cash. This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments. This update is intended to reduce the existing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In May 2014, the FASB issued ASU 2014-09, Revenue from contracts with customers. This standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. This update was effective for us January 1, 2018 and did not have an impact on our financial statements.</font></p> <p style="margin:0in;margin-bottom:6.0pt;page-break-after:avoid;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Recently issued accounting pronouncements</font></u></p> <p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In February 2016, the FASB issued ASU 2016-02, Leases. This update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for us commencing with the annual period beginning after December 15, 2018, including interim periods within that year. We are still in the process of evaluating the impact of this standard.</font></p> <p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p>

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Restatement of Financial Statements:

6 Months Ended

Jun. 30, 2018

Restatement of Financial Statements: [Abstract]

Restatement of Financial Statements:

Note 3. Restatement of Financial Statements:

In connection with the preparation of the Company's unaudited interim consolidated financial statements for the three and nine months ended September 30, 2018, an error was identified in the income tax calculation for the three month period ended June 30, 2018, which impacts the Company's previously filed unaudited interim financial statements for the three and six month periods ended June 30, 2018. Income tax expense was overstated by $6,566,898 due to the incorrect allocation of income to a taxing jurisdiction with differing tax rates and in which the Company had different tax loss carryforwards (See Note 12, Income Tax (Restated)). These unaudited interim consolidated financial statements have been restated to correct this error.

The following table presents the effect of this restatement on the individual line items within the Company's unaudited interim Consolidated Statements of Operations, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows and Balance Sheets.

	Three Months Ended June 30, 2018			Six Months Ended June 30, 2018
	As Previously Reported	Adjustment	As Restated	As Previously Reported	Adjustment	As Restated
Income tax expense	$(18,490,873)	$6,566,898	$(11,923,975)	$(19,090,163)	$6,566,898	$(12,523,265)
Net income for the period	60,558,162	6,566,898	67,125,060	57,492,311	6,566,898	64,059,209
Net income per share, basic and diluted	0.61	0.06	0.67	0.58	0.06	0.64
Comprehensive income for the period	60,558,162	6,566,898	67,125,060	57,492,311	6,566,898	64,059,209
Net increase in payables and expenses	$13,633,268	$(6,566,898)	$7,066,370	$11,664,304	$(6,566,898)	$5,097,406

	As at June 30, 2018
	As Previously Reported	Adjustment	As Restated
Deferred income tax	$ 9,330,191	$(6,566,898)	$ 2,763,293
Accumulated deficit	$(235,782,339)	$ 6,566,898	$(229,215,441)

XML 21 R10.htm IDEA: XBRL DOCUMENT

Arbitral Award and Mining Data Sale Settlement Agreement:

6 Months Ended

Jun. 30, 2018

Arbitral Award and Mining Data Sale Settlement Agreement: [Abstract]

Arbitral Award and Mining Data Sale Settlement Agreement:

Note 4. Arbitral Award and Mining Data Sale Settlement Agreement:

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Cash and Cash Equivalents:

6 Months Ended

Jun. 30, 2018

Cash and Cash Equivalents: [Abstract]

Cash and Cash Equivalents:

Note 5. Cash and Cash Equivalents:

		June 30,		December 31,
		2018		2017
Bank deposits	$	41,729,659	$	39,649,888
Cash held in trust		45,045,428		88,500,000
Money market funds		30,549,247		9,522,830
Total	$	117,324,334	$	137,672,718

XML 23 R12.htm IDEA: XBRL DOCUMENT

Marketable Securities:

6 Months Ended

Jun. 30, 2018

Marketable Securities: [Abstract]

Marketable Securities:

Note 6. Marketable Securities:

		June 30,		December 31,
		2018		2017
Fair value at beginning of year	$	239,232	$	541,216
Decrease in fair value		(11,604)		(301,984)
Fair value at balance sheet date	$	227,628	$	239,232

The Company's marketable securities are recorded at quoted market value with gains and 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 June 30, 2018 and December 31, 2017, marketable securities had a cost basis of $98,043.

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 securities are based on Level 1 inputs.

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

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Property, Plant and Equipment:

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment: [Abstract]

Property, Plant and Equipment:

Note 7. Property, Plant and Equipment:

				Accumulated
		Cost		Depreciation		Net
June 30, 2018
Machinery and equipment	$	11,677,534	$	-	$	11,677,534
Furniture and office equipment		633,687		(486,425)		147,262
Transportation equipment		491,025		(17,312)		473,713
Leasehold improvements		39,185		(8,951)		30,234
Mineral property		350,000		-		350,000
	$	13,191,431	$	(512,688)	$	12,678,743

				Accumulated
		Cost		Depreciation		Net
December 31, 2017
Machinery and equipment	$	11,677,534	$	-	$	11,677,534
Furniture and office equipment		587,126		(503,216)		83,910
Transportation equipment		489,560		-		489,560
Leasehold improvements		39,185		(7,655)		31,530
Mineral property		350,000		-		350,000
	$	13,143,405	$	(510,871)	$	12,632,534

XML 25 R14.htm IDEA: XBRL DOCUMENT

Empresa Mixta Ecosocialista Siembra Minera, S.

6 Months Ended

Jun. 30, 2018

Empresa Mixta Ecosocialista Siembra Minera, S. [Abstract]

Empresa Mixta Ecosocialista Siembra Minera, S.

Note 8. Empresa Mixta Ecosocialista Siembra Minera, S.A.:

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KSOP Plan:	6 Months Ended
KSOP Plan:	Jun. 30, 2018
KSOP Plan: [Abstract]
KSOP Plan:	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 9. KSOP Plan:</font></b></p> <p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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 2017 were approximately $234,000. As of June 30, 2018, no contributions by the Company had been made for plan year 2018. </font></p>

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Stock Based Compensation Plans:	6 Months Ended
Stock Based Compensation Plans:	Jun. 30, 2018
Stock Based Compensation Plans: [Abstract]
Stock Based Compensation Plans:	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 10. Stock Based Compensation Plans:</font></b></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Equity Incentive Plans</font></u></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company's equity incentive plan provides for the grant of stock options to purchase up to a maximum of 8,750,000 of our Class A common shares. As of June 30, 2018, there were 2,072,000 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.</font></p> <p style="margin-bottom:6.0pt;margin-left:.2in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:.3in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Stock option transactions for the six months ended June 30, 2018 and 2017 are as follows:</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="548" style="border-collapse:collapse;margin-left:5.4pt;width:486.900024pt;"> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="top" width="30%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2018</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="bottom" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr style="height:37.75pt;"> <td valign="top" width="31%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - beginning of period</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,091,565</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,357,000</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 2.84</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options granted</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">- </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,277,500</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.15</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercised</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">- </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(137,500)</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.89</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options expired</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(487,000)</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.34</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(1,469,500)</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.89</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,604,565</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.11</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7,027,500</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.06</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercisable - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,060,818</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.10</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,908,752</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.05</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;">The following table relates to stock options at June 30, 2018:</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.4pt;width:589.499939pt;"> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Outstanding Options</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercisable Options</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercise Price</font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.95pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 278,521</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.94</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 278,521</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.94</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">125,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.84</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">93,750</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.84</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,544,643</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.63</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,032,146</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.63</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">180,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.00</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">180,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.00</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">310,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">6.07</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">310,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">6.07</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92 - $4.02</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,604,565</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.11</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 278,521</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.85</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:18.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,060,818</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.10</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 278,521</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.75</font></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">During the six months ended June 30, 2018 and 2017, the Company granted NIL and 5.3 million stock options, respectively. In the first half of 2017, approximately 0.1 million outstanding options were exercised for net proceeds to the Company of $0.4 million. The Company recorded non-cash compensation expense during the six months ended June 30, 2018 and 2017 of $0.2 million and $4.7 million, respectively for stock options granted in 2017 and prior periods. </font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The weighted average fair value of the options granted in the first six months of 2017 was calculated at $1.04. The fair value of options granted was determined using the Black-Scholes model based on the following weighted average assumptions:</font></p> <div align="left"><table border="1" cellpadding="0" cellspacing="0" style="border:none;border-collapse:collapse;margin-left:.5in;width:408.599976pt;"> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2017</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Risk free interest rate</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1.22%</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Expected term</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2 years</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Expected volatility</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">59%</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Dividend yield</font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">nil</font></p> </td> </tr> </table></div> <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The risk free interest rate is based on the US Treasury rate on the date of grant for a period equal to the expected term of the option. The expected term is based on historical exercise experience and projected post-vesting behavior. The expected volatility is based on historical volatility of the Company's stock over a period equal to the expected term of the option.</font></p> <p style="margin:0in;margin-bottom:8.0pt;page-break-after:avoid;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Retention Plan and Change of Control Agreements</font></u></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company maintains the Gold Reserve Director and Employee Retention Plan. Each unit (a "Retention Unit") granted to a participant entitles such person to receive a cash payment equal to the fair market value of one Gold Reserve Class A common share on the date the Retention Unit is granted or on the date any such participant becomes entitled to payment, whichever is greater. Units previously granted under the plan became fully vested upon the collection of proceeds from sale of the Mining Data and the Board of Director's agreement to distribute a substantial majority of the remaining proceeds to our shareholders. In June 2017, as a result of the collection of proceeds related to the sale of the Mining Data, the Retention Units vested and in the third quarter of 2017 the Company paid $7.7 million to plan participants. As of June 30, 2018 there were no Retention Units outstanding.</font></p> <p style="margin:0in;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company also 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 June 30, 2018, in the event of a change of control, the amount payable under these agreements was approximately $15.5 million. None of this amount has currently been recognized as a change of control is not considered probable at this time. </font></p>

XML 28 R17.htm IDEA: XBRL DOCUMENT

Convertible Notes and Interest Notes:	6 Months Ended
Convertible Notes and Interest Notes:	Jun. 30, 2018
Convertible Notes and Interest Notes: [Abstract]
Convertible Notes and Interest Notes:	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 11. Convertible Notes and Interest Notes:</font></b></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In the third quarter of 2017, the Company settled all of its outstanding 11% Senior Secured Convertible Notes and Interest Notes due December 31, 2018 (the "2018 Notes"). Prior to settlement, the Company had a total of $59.1 million face value of 2018 Notes outstanding. Of these notes, $36.3 million were redeemed for cash and the Company paid an additional $6.4 million related to a 20% premium due on the redeemed notes and $0.2 million in interest to the redemption date. The remaining $22.8 million 2018 Notes were converted to approximately 7.6 million Class A common shares. As a result of the redemption or conversion of 2018 Notes, the Company recorded a $16.6 million loss on settlement of debt consisting of the $6.4 million premium paid and approximately $10.2 million of remaining unamortized discount. In October 2017, the Company redeemed for cash its remaining debt, which consisted of approximately $1.0 million face value of 5.5% Senior Subordinated Convertible Notes due June 15, 2022 (the "2022 Convertible Notes").</font></p>

XML 29 R18.htm IDEA: XBRL DOCUMENT

Income Tax (Restated):

6 Months Ended

Jun. 30, 2018

Income Tax (Restated): [Abstract]

Income Tax (Restated):

Note 12. Income Tax (Restated):

The Company's is restating its unaudited interim consolidated financial statements for the three and six months ended June 30, 2018, to correct an error in the income tax calculation for the three month period ended June 30, 2018. Income tax expense was overstated by $6,566,898 due to the incorrect allocation of income to a taxing jurisdiction with differing tax rates and in which the Company had different tax loss carryforwards. The effect of the correction of this error is reflected in the change in valuation allowance in the rate reconciliation below.

	2018		2017
	(Restated)
	Amount	%	Amount	%
Income tax expense based on Canadian tax rates	$ 19,145,619	25	$ 15,846,048	25
Increase (decrease) due to:
Different tax rates on foreign subsidiaries	(3,434,408)	(4)	9,251,553	15
Non-deductible expenses	47,326	-	2,217,385	3
Withholding tax	759,062	1	-	-
Change in valuation allowance and other	(3,994,334)	(5)	(11,467,382)	(18)
	$ 12,523,265	16	$ 15,847,604	25


		June 30,		December 31,
		2018 (Restated)		2017
Deferred income tax assets
Net operating loss carry forwards	$	34,720,324	$	35,964,366
Property, Plant and Equipment		3,227,410		3,227,745
Capital loss carry forwards		1,466,726		1,478,385
Other		157,501		204,209
		39,571,961		40,874,705
Valuation allowance		(35,506,531)		(40,662,538)
	$	4,065,430	$	212,167

Deferred income tax liabilities
Cash held in trust		(6,801,510)		(18,585,000)
Other		(27,213)		(29,650)
Net deferred income tax liability	$	(2,763,293)	$	(18,402,483)

At June 30, 2018, we had the following Canadian tax loss carry forwards. Amounts are in U.S. dollars.

		Expires
$	1,988,836	2026
	3,691,021	2027
	14,068,491	2028
	13,332,813	2029
	16,471,949	2030
	18,444,769	2031
	5,351,036	2032
	6,881,259	2033
	9,913,925	2034
	12,867,492	2035
	15,299,043	2036
	18,726,192	2037
	1,844,469	2038
$	138,881,295

XML 30 R19.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2018
Significant Accounting Policies (Policies) [Abstract]
Significant Accounting Policies (Policies)	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gold Reserve Inc. ("Gold Reserve", the "Company", "we", "us", or "our")</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> 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. </font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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 4, Arbitral Award Settlement and Associated Mining Data Sale and Note 8, Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera")).</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Basis of Presentation and Principles of Consolidation</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. 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 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 other 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 related notes included in our Annual Report on Form 40-F for the year ended December 31, 2017.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Cash and Cash Equivalents</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. 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. </font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Exploration and Development Costs</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. 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.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Property, Plant and Equipment</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. Included in property, plant and equipment is certain equipment, the carrying value of which has been adjusted, as a result of impairment tests, to its estimated fair value of $11.7 million and which is not being depreciated as it is not yet available for its intended 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.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Impairment of Long Lived Assets</font></i></b><b><i><font lang="EN-US" style="font-family:Times New Roman Bold,serif;font-size:10.0pt;">.</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> 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.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Foreign Currency. </font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Stock Based Compensation</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. We maintain an equity incentive plan which provides for the grant of stock options to purchase our 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 share 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.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Income Taxes</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. 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.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Use of Estimates</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. 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.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net Income (Loss) Per Share</font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">. 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.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Convertible Notes</font></i></b><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">.</font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> Convertible notes are initially recorded at estimated fair value and subsequently measured at amortized cost. The fair value is allocated between the equity and debt component parts based on their respective fair values at the time of issuance and recorded net of transaction costs. The equity portion of the convertible notes is estimated using the residual value method. The fair value of the debt component is accreted to the face value of the convertible notes using the effective interest rate method over the contractual life of the convertible notes, with the resulting charge recorded as interest expense. </font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Investments. </font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">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.</font></p> <p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-indent:.5in;"><b><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial Instruments. </font></i></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gains or losses on marketable equity securities are recorded in the statement of operations. If a decline in fair value of a security is determined to be other than temporary, an impairment loss is recognized. Cash and cash equivalents, deposits, advances and receivables are accounted for at cost which approximates fair value. Accounts payable, convertible notes, interest notes and</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> contingent value rights</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> are recorded at amortized cost. Amortized cost of accounts payable approximates fair value.</font></p>

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Restatement of Financial Statements: (Tables)

6 Months Ended

Jun. 30, 2018

Restatement of Financial Statements: (Tables) [Abstract]

For the periods ended

	Three Months Ended June 30, 2018			Six Months Ended June 30, 2018
	As Previously Reported	Adjustment	As Restated	As Previously Reported	Adjustment	As Restated
Income tax expense	$(18,490,873)	$6,566,898	$(11,923,975)	$(19,090,163)	$6,566,898	$(12,523,265)
Net income for the period	60,558,162	6,566,898	67,125,060	57,492,311	6,566,898	64,059,209
Net income per share, basic and diluted	0.61	0.06	0.67	0.58	0.06	0.64
Comprehensive income for the period	60,558,162	6,566,898	67,125,060	57,492,311	6,566,898	64,059,209
Net increase in payables and expenses	$13,633,268	$(6,566,898)	$7,066,370	$11,664,304	$(6,566,898)	$5,097,406

Balance sheet adjustments

	As at June 30, 2018
	As Previously Reported	Adjustment	As Restated
Deferred income tax	$ 9,330,191	$(6,566,898)	$ 2,763,293
Accumulated deficit	$(235,782,339)	$ 6,566,898	$(229,215,441)

XML 32 R21.htm IDEA: XBRL DOCUMENT

Cash and Cash Equivalents: (Tables)	6 Months Ended
Cash and Cash Equivalents: (Tables)	Jun. 30, 2018
Cash and Cash Equivalents: (Tables) [Abstract]
Cash and Cash Equivalents:	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><b><font lang="EN-US" style="font-family:Times New Roman Bold,serif;font-size:12.0pt;">Note 5. Cash and Cash Equivalents:</font></b></p> <table border="1" cellpadding="0" cellspacing="0" width="96%" style="border:none;border-collapse:collapse;margin-left:9.0pt;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">June 30,</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">December 31,</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">2018</font></p> </td> <td valign="top" width="2%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">2017</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;">Bank deposits</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">41,729,659</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">39,649,888</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;">Cash held in trust</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">45,045,428</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">88,500,000</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="42%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:12.0pt;">Money market funds</font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="12%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="2%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">30,549,247</font></p> </td> <td valign="top" width="2%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">9,522,830</font></p> </td> </tr> <tr style="height:13.95pt;page-break-inside:avoid;"> <td valign="bottom" width="42%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Total</font></p> </td> <td valign="bottom" width="2%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="12%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="2%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="4%" style="height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> </td> <td valign="bottom" width="4%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">117,324,334</font></p> </td> <td valign="bottom" width="2%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="16%" style="border-bottom:solid windowtext 1.5pt;height:13.95pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:4.7pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">137,672,718</font></p> </td> </tr> </table>

XML 33 R22.htm IDEA: XBRL DOCUMENT

Marketable Securities: (Tables)

6 Months Ended

Jun. 30, 2018

Marketable Securities: (Tables) [Abstract]

Marketable Securities:

Note 6. Marketable Securities:

		June 30,		December 31,
		2018		2017
Fair value at beginning of year	$	239,232	$	541,216
Decrease in fair value		(11,604)		(301,984)
Fair value at balance sheet date	$	227,628	$	239,232

XML 34 R23.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment: (Tables)

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment: (Tables) [Abstract]

Property, Plant and Equipment:

Note 7. Property, Plant and Equipment:

				Accumulated
		Cost		Depreciation		Net
June 30, 2018
Machinery and equipment	$	11,677,534	$	-	$	11,677,534
Furniture and office equipment		633,687		(486,425)		147,262
Transportation equipment		491,025		(17,312)		473,713
Leasehold improvements		39,185		(8,951)		30,234
Mineral property		350,000		-		350,000
	$	13,191,431	$	(512,688)	$	12,678,743

				Accumulated
		Cost		Depreciation		Net
December 31, 2017
Machinery and equipment	$	11,677,534	$	-	$	11,677,534
Furniture and office equipment		587,126		(503,216)		83,910
Transportation equipment		489,560		-		489,560
Leasehold improvements		39,185		(7,655)		31,530
Mineral property		350,000		-		350,000
	$	13,143,405	$	(510,871)	$	12,632,534

XML 35 R24.htm IDEA: XBRL DOCUMENT

Stock Based Compensation Plans: (Tables)	6 Months Ended
Stock Based Compensation Plans: (Tables)	Jun. 30, 2018
Stock Based Compensation Plans: (Tables) [Abstract]
Share option transactions	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:6.0pt;margin-left:.2in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:.3in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Stock option transactions for the six months ended June 30, 2018 and 2017 are as follows:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="548" style="border-collapse:collapse;margin-left:5.4pt;width:486.900024pt;"> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="top" width="30%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2018</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="2" valign="bottom" width="29%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr style="height:37.75pt;"> <td valign="top" width="31%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Shares</font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="top" width="5%" style="height:37.75pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - beginning of period</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,091,565</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.13</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,357,000</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 2.84</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options granted</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">- </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,277,500</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.15</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercised</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">- </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(137,500)</font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.89</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options expired</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(487,000)</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3.34</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">(1,469,500)</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.89</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options outstanding - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,604,565</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.11</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7,027,500</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.06</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Options exercisable - end of period</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,060,818</font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.10</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">5,908,752</font></p> </td> <td valign="top" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 3.05</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="15%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> </tr> </table>
Options outstanding and exercisable	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;">The following table relates to stock options at June 30, 2018:</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7pt;page-break-after:avoid;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.4pt;width:589.499939pt;"> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Outstanding Options</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td colspan="4" valign="bottom" width="42%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.75pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercisable Options</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Exercise Price</font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.95pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Number </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:4.45pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Exercise Price </font></p> </td> <td valign="bottom" width="10%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Aggregate Intrinsic Value</font></p> </td> <td valign="bottom" width="11%" style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:5.4pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">Weighted Average Remaining Contractual Term (Years)</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 278,521</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.94</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">444,922</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 278,521</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">2.94</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">125,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.84</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">93,750</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$2.69</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.84</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,544,643</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.63</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">3,032,146</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.15</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">8.63</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">180,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.00</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">180,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.91</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.00</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">310,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">6.07</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.9pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">310,000</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$4.02</font></p> </td> <td valign="top" width="10%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">-</font></p> </td> <td valign="top" width="11%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">6.07</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$1.92 - $4.02</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,604,565</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.11</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 278,521</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.85</font></p> </td> <td valign="top" width="5%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:18.7pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;"> </font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">4,060,818</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$3.10</font></p> </td> <td valign="top" width="10%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">$ 278,521</font></p> </td> <td valign="top" width="11%" style="border-bottom:double windowtext 2pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">7.75</font></p> </td> </tr> </table>
Weighted Average Assumptions	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The weighted average fair value of the options granted in the first six months of 2017 was calculated at $1.04. The fair value of options granted was determined using the Black-Scholes model based on the following weighted average assumptions:</font></p> <table border="1" cellpadding="0" cellspacing="0" style="border:none;border-collapse:collapse;margin-left:.5in;width:408.599976pt;"> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2017</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Risk free interest rate</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1.22%</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Expected term</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2 years</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Expected volatility</font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">59%</font></p> </td> </tr> <tr> <td valign="top" width="58%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Dividend yield</font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="14%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">nil</font></p> </td> </tr> </table>

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Income Tax (Restated): (Tables)	6 Months Ended
Income Tax (Restated): (Tables)	Jun. 30, 2018
Income Tax (Restated): (Tables) [Abstract]
Income tax expense	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:8.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Income tax expense for the six months ended June 30, 2018 and 2017 differs from the amount that would result from applying Canadian tax rates to net income before taxes. These differences result from the items noted below:</font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:473.399963pt;"> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td colspan="2" valign="top" width="25%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2018</font></p> </td> <td colspan="2" valign="top" width="24%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2017</font></p> </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td colspan="2" valign="top" width="25%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(Restated)</font></p> </td> <td colspan="2" valign="top" width="24%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Amount</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">%</font></p> </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Amount</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">%</font></p> </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Income tax expense based on Canadian tax rates</font></p> </td> <td valign="top" width="17%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$ 19,145,619</font></p> </td> <td valign="top" width="8%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">25</font></p> </td> <td valign="top" width="16%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$ 15,846,048</font></p> </td> <td valign="top" width="8%" style="border-top:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">25</font></p> </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Increase (decrease) due to:</font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> Different tax rates on foreign subsidiaries</font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(3,434,408)</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(4)</font></p> </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">9,251,553</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">15</font></p> </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> Non-deductible expenses</font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">47,326</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">-</font></p> </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2,217,385</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">3</font></p> </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> Withholding tax</font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">759,062</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1</font></p> </td> <td valign="top" width="16%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">-</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">-</font></p> </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> Change in valuation allowance and other</font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(3,994,334)</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(5)</font></p> </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(11,467,382)</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(18)</font></p> </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:2.1pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$ 12,523,265 </font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">16</font></p> </td> <td valign="top" width="16%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$ 15,847,604</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">25</font></p> </td> </tr> </table>
Net deferred income tax liability	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:3.0pt;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The Company recorded income tax expense of $12.5 million and $15.8 million for the six months ended June 30, 2018 and 2017, 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 components of the Canadian and U.S. deferred income tax assets and liabilities as of June 30, 2018 and December 31, 2017 were as follows:</font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:446.399963pt;"> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td colspan="4" valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">June 30,</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">December 31,</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2018</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(Restated)</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2017</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Deferred income tax assets</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Net operating loss carry forwards</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">34,720,324</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">35,964,366</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Property, Plant and Equipment</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">3,227,410</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">3,227,745</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Capital loss carry forwards</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1,466,726</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1,478,385</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Other</font></p> </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">157,501</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">204,209</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">39,571,961</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">40,874,705</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Valuation allowance</font></p> </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(35,506,531)</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(40,662,538)</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> 4,065,430</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> 212,167</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Deferred income tax liabilities</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Cash held in trust</font></p> </td> <td valign="top" width="7%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(6,801,510)</font></p> </td> <td valign="top" width="8%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(18,585,000)</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Other</font></p> </td> <td valign="top" width="7%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(27,213)</font></p> </td> <td valign="top" width="8%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="17%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(29,650)</font></p> </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Net deferred income tax liability</font></p> </td> <td valign="top" width="7%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(2,763,293)</font></p> </td> <td valign="top" width="8%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="17%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">(18,402,483)</font></p> </td> </tr> </table>
Loss Carryforwards	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">At June 30, 2018, we had the following Canadian tax loss carry forwards. Amounts are in U.S. dollars.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;page-break-after:avoid;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:.5in;width:422.099976pt;"> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:.7in;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="bottom" width="22%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">Expires</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1,988,836</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2026</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">3,691,021</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2027</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">14,068,491</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2028</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">13,332,813</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2029</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;margin-right:12.6pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">16,471,949</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2030</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">18,444,769</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2031</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">5,351,036</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2032</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">6,881,259</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2033</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">9,913,925</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2034</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">12,867,492</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2035</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">15,299,043</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2036</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">18,726,192</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2037</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="18%" style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">1,844,469</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">2038</font></p> </td> </tr> <tr> <td valign="top" width="54%" style="padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> <td valign="top" width="6%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">$</font></p> </td> <td valign="top" width="18%" style="border-bottom:double windowtext 2pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;">138,881,295</font></p> </td> <td valign="top" width="22%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font style="font-family:Times New Roman,serif;font-size:9.0pt;"> </font></p> </td> </tr> </table>

XML 37 R26.htm IDEA: XBRL DOCUMENT

The Company and Significant Accounting Policies: (Details Text) $ in Millions	Jun. 30, 2018 USD ($)
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

XML 38 R27.htm IDEA: XBRL DOCUMENT

New Accounting Policies: (Details Text) $ in Millions	Jun. 30, 2018 USD ($)
New Accounting Policies: [Abstract]
Reclassification of unrealized holding gains	$ 0.1

XML 39 R28.htm IDEA: XBRL DOCUMENT

Restatement of Financial Statements: (Details 1) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Restatement of Financial Statements: [Abstract]
Income tax expense as previously reported	$ (18,490,873)	$ (19,090,163)
Income tax expense adjustment	6,566,898	6,566,898
Income tax expense as restated	(11,923,975)	(12,523,265)
Net income for the period as previously reported	60,558,162	57,492,311
Net income for the period adjustment	6,566,898	6,566,898
Net income for the period as restated	$ 67,125,060	$ 64,059,209
Net income per share, basic and diluted as previously reported	$ 0.61	$ 0.58
Net income per share, basic and diluted adjustment	0.06	0.06
Net income per share, basic and diluted as restated	$ 0.67	$ 0.64
Comprehensive income for the period as previously reported	$ 60,558,162	$ 57,492,311
Comprehensive income for the period adjustment	6,566,898	6,566,898
Comprehensive income for the period as restated	67,125,060	64,059,209
Net increase in payables and expenses as previously reported	13,633,268	11,664,304
Net increase in payables and expenses adjustment	(6,566,898)	(6,566,898)
Net increase in payables and expenses as restated	$ 7,066,370	$ 5,097,406

XML 40 R29.htm IDEA: XBRL DOCUMENT

Restatement of Financial Statements: (Details 2)	Jun. 30, 2018 USD ($)
Restatement Of Financial Statementsdetails 2 [Abstract]
Deferred income tax as previously reported	$ 9,330,191
Deferred income tax adjustment	(6,566,898)
Deferred income tax as restated	2,763,293
Accumulated deficit as previously reported	(235,782,339)
Accumulated deficit adjustment	6,566,898
Accumulated deficit as restated	$ (229,215,441)

XML 41 R30.htm IDEA: XBRL DOCUMENT

Restatement of Financial Statements: (Details Text) $ in Millions	6 Months Ended
	Jun. 30, 2018 USD ($)
Restatement Of Financial Statementsdetails Text [Abstract]
Income tax expense overstatement	$ 6.6

XML 42 R31.htm IDEA: XBRL DOCUMENT

Arbitral Award Settlement and Associated Mining Data Sale: (Details Text) $ in Millions	6 Months Ended
	Jun. 30, 2018 USD ($)
Arbitral Award Settlement and Associated Mining Data Sale: [Abstract]
Total award	$ 740.3
Venezuela agreed to pay to satisfy award	792.0
Venezuela agreed to pay for mining data	240.0
Initial payment	40.0
Additional twenty three payment amounts to be received	29.5
Final payment amount to be received	313.3
Amount deposited to trust account	187.5
Amount transferred outside Venezuela	150.2
Amount remaining in trust account	37.3
Government bonds received	88.5
Amount due and unpaid	$ 177.0
Amount of proceeds cvr holders entitled to	5.466%
Estimated cvr payable	$ 5.6
cvr distributed	$ 1.9
Bonus percentage of first two hundred million collected	1.00%
Bonus percentage thereafter	5.00%
Estimated bonus payable	$ 2.3
bonus distributed	$ 0.4

XML 43 R32.htm IDEA: XBRL DOCUMENT

Cash and Cash Equivalents: (Details 1) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Cash And Cash Equivalents Details [Abstract]
Bank deposits	$ 41,729,659	$ 39,649,888
Cash held in trust	45,045,428	88,500,000
Money market funds	30,549,247	9,522,830
Total	$ 117,324,334	$ 137,672,718

XML 44 R33.htm IDEA: XBRL DOCUMENT

Marketable Securities: (Details 1) - USD ($)	6 Months Ended	12 Months Ended
Marketable Securities: (Details 1) - USD ($)	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Marketable Securities Details [Abstract]
Fair value at beginning of year	$ 239,232		$ 541,216
Decrease in fair value	(11,604)	$ (301,984)
Fair value at balance sheet date	$ 227,628	$ 239,232

XML 45 R34.htm IDEA: XBRL DOCUMENT

Marketable Securities: (Details Text) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Marketable Securities Details Text [Abstract]
Marketable securities cost basis	$ 98,043	$ 98,043

XML 46 R35.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment: (Details 1) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Property Plant And Equipment Details [Abstract]
Cost: Machinery and equipment	$ 11,677,534	$ 11,677,534
Accumulated Depreciation: Machinery and equipment	0	0
Net: Machinery and equipment	11,677,534	11,677,534
Cost: Furniture and office equipment	633,687	587,126
Accumulated Depreciation: Furniture and office equipment	(486,425)	(503,216)
Net: Furniture and office equipment	147,262	83,910
Cost: Transportation equipment	491,025	489,560
Accumulated Depreciation: Transportation equipment	(17,312)
Net: Transportation equipment	473,713	489,560
Cost: Leasehold improvements	39,185	39,185
Accumulated Depreciation: Leasehold improvements	(8,951)	(7,655)
Net: Leasehold improvements	30,234	31,530
Cost: Mineral property	350,000	350,000
Accumulated Depreciation: Mineral property	0	0
Net: Mineral property	350,000	350,000
Total cost property, plant and equipment	13,191,431	13,143,405
Total accumulated depreciation property, plant and equipment	(512,688)	(510,871)
Total net property, plant and equipment	$ 12,678,743	$ 12,632,534

XML 47 R36.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment: (Details Text) $ in Millions	12 Months Ended
Property, Plant and Equipment: (Details Text) $ in Millions	Dec. 31, 2017 USD ($)
Property Plant And Equipment Details Text [Abstract]
Purchase of transportation equipment	$ 0.5

XML 48 R37.htm IDEA: XBRL DOCUMENT

Empresa Mixta Ecosocialista Siembra Minera, S. (Details Text) $ in Millions	Jun. 30, 2018 USD ($)
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	$ 10.4

XML 49 R38.htm IDEA: XBRL DOCUMENT

KSOP Plan: (Details Text) - USD ($)	6 Months Ended	12 Months Ended
KSOP Plan: (Details Text) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
KSOP Plan: [Abstract]
Cash contributions to the plan	$ 0	$ 234,000

XML 50 R39.htm IDEA: XBRL DOCUMENT

Stock Based Compensation Plans: (Details 1) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Stock Based Compensation Plans Details [Abstract]
Options outstanding - beginning of period	5,091,565	3,357,000
Weighted average exercise price - options outstanding	$ 3.13	$ 2.84
Options granted		5,277,500
Weighted average exercise price - options granted		$ 3.15
Options exercised		(137,500)
Weighted average exercise price - options exercised		$ 2.89
Options expired	(487,000)	(1,469,500)
Weighted average exercise price - options expired	$ 3.34	$ 2.89
Options outstanding - end of period	4,604,565	7,027,500
Weighted average exercise price - options outstanding	$ 3.13	$ 2.84	$ 3.11	$ 3.06
Options exercisable - end of period	4,060,818	5,908,752
Weighted average exercise price - options exercisable			$ 3.10	$ 3.05

XML 51 R40.htm IDEA: XBRL DOCUMENT

Stock Based Compensation Plans: (Details 2)	6 Months Ended
Stock Based Compensation Plans: (Details 2)	Jun. 30, 2018 USD ($) $ / shares shares
Stock Based Compensation Plans Details Two [Abstract]
Outstanding Options Number: $1.92 \| shares	444,922
Outstanding Options Weighted Average Exercise Price: $1.92 \| $ / shares	$ 1.92
Outstanding Options Aggregate Intrinsic Value: $1.92 \| $	$ 278,521
Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92	2 years 343 days
Exercisable Options Number: $1.92 \| shares	444,922
Exercisable Options Weighted Average Exercise Price: $1.92 \| $ / shares	$ 1.92
Exercisable Options Aggregate Intrinsic Value: $1.92 \| $	$ 278,521
Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92	2 years 343 days
Outstanding Options Number: $2.69 \| shares	125,000
Outstanding Options Weighted Average Exercise Price: $2.69 \| $ / shares	$ 2.69
Outstanding Options Weighted Average Remaining Contractual Term (Years): $2.69	8 years 307 days
Exercisable Options Number: $2.69 \| shares	93,750
Exercisable Options Weighted Average Exercise Price: $2.69 \| $ / shares	$ 2.69
Exercisable Options Weighted Average Remaining Contractual Term (Years): $2.69	8 years 307 days
Outstanding Options Number: $3.15 \| shares	3,544,643
Outstanding Options Weighted Average Exercise Price: $3.15 \| $ / shares	$ 3.15
Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.15	8 years 230 days
Exercisable Options Number: $3.15 \| shares	3,032,146
Exercisable Options Weighted Average Exercise Price: $3.15 \| $ / shares	$ 3.15
Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.15	8 years 230 days
Outstanding Options Number: $3.91 \| shares	180,000
Outstanding Options Weighted Average Exercise Price: $3.91 \| $ / shares	$ 3.91
Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.91	7 years
Exercisable Options Number: $3.91 \| shares	180,000
Exercisable Options Weighted Average Exercise Price: $3.91 \| $ / shares	$ 3.91
Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.91	7 years
Outstanding Options Number: $4.02 \| shares	310,000
Outstanding Options Weighted Average Exercise Price: $4.02 \| $ / shares	$ 4.02
Outstanding Options Weighted Average Remaining Contractual Term (Years): $4.02	6 years 26 days
Exercisable Options Number: $4.02 \| shares	310,000
Exercisable Options Weighted Average Exercise Price: $4.02 \| $ / shares	$ 4.02
Exercisable Options Weighted Average Remaining Contractual Term (Years): $4.02	6 years 26 days
Outstanding Options Number: $1.92 - $4.02 \| shares	4,604,565
Outstanding Options Weighted Average Exercise Price: $1.92 - $4.02 \| $ / shares	$ 3.11
Outstanding Options Aggregate Intrinsic Value: $1.92 - $4.02 \| $	$ 278,521
Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92 - $4.02	7 years 310 days
Exercisable Options Number: $1.92 - $4.02 \| shares	4,060,818
Exercisable Options Weighted Average Exercise Price: $1.92 - $4.02 \| $ / shares	$ 3.10
Exercisable Options Aggregate Intrinsic Value: $1.92 - $4.02 \| $	$ 278,521
Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92 - $4.02	7 years 274 days

XML 52 R41.htm IDEA: XBRL DOCUMENT

Stock Based Compensation Plans: (Details 3)	6 Months Ended
Stock Based Compensation Plans: (Details 3)	Jun. 30, 2017
Stock Based Compensation Plans Details Three [Abstract]
Risk free interest rate	1.22%
Expected term	2 years
Expected volatility	59.00%
Dividend yield	0.00%

XML 53 R42.htm IDEA: XBRL DOCUMENT

Stock Based Compensation Plans: (Details Text) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Stock Based Compensation Plans Details Text [Abstract]
Maximum number of options available under the plan		8,750
Options available for grant		2,072
Maximum term of options		10 years
Options granted during the period			5,300
Options exercised during the period			100
Proceeds to company from option exercises			$ 0.4
Non-cash compensation expense		$ 0.2	$ 4.7
Weighted average fair value of options granted			$ 1.04
Paid to retention unit plan participants	$ 7.7
Amount payable in event of change of control		$ 15.5

XML 54 R43.htm IDEA: XBRL DOCUMENT

Convertible Notes and Interest Notes: (Details Text)	6 Months Ended
Convertible Notes and Interest Notes: (Details Text)	Dec. 31, 2017
Convertible Notes and Interest Notes: [Abstract]
Summary convertible note settlement	In the third quarter of 2017, the Company settled all of its outstanding 11% Senior Secured Convertible Notes and Interest Notes due December 31, 2018 (the "2018 Notes"). Prior to settlement, the Company had a total of $59.1 million face value of 2018 Notes outstanding. Of these notes, $36.3 million were redeemed for cash and the Company paid an additional $6.4 million related to a 20% premium due on the redeemed notes and $0.2 million in interest to the redemption date. The remaining $22.8 million 2018 Notes were converted to approximately 7.6 million Class A common shares. As a result of the redemption or conversion of 2018 Notes, the Company recorded a $16.6 million loss on settlement of debt consisting of the $6.4 million premium paid and approximately $10.2 million of remaining unamortized discount. In October 2017, the Company redeemed for cash its remaining debt, which consisted of approximately $1.0 million face value of 5.5% Senior Subordinated Convertible Notes due June 15, 2022 (the "2022 Convertible Notes").

XML 55 R44.htm IDEA: XBRL DOCUMENT

Income Tax: (Details 1) - USD ($)	6 Months Ended
Income Tax: (Details 1) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Income Tax Details One [Abstract]
Income tax expense based on Canadian tax rates	$ 19,145,619	$ 15,846,048
Increase (decrease) due to:
Different tax rates on foreign subsidiaries	(3,434,408)	9,251,553
Non-deductible expenses	47,326	2,217,385
Withholding tax	759,062
Change in valuation allowance and other	(3,994,334)	(11,467,382)
Income tax	$ 12,523,265	$ 15,847,604

XML 56 R45.htm IDEA: XBRL DOCUMENT

Income Tax: (Details 2) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Deferred income tax assets
Net operating loss carry forwards	$ 34,720,324	$ 35,964,366
Property, Plant and Equipment	3,227,410	3,227,745
Capital loss carry forwards	1,466,726	1,478,385
Other deferred tax assets	157,501	204,209
Total deferred tax assets	39,571,961	40,874,705
Valuation allowance	(35,506,531)	(40,662,538)
Net deferred tax asset	4,065,430	212,167
Deferred income tax liabilities
Cash held in trust	(6,801,510)	(18,585,000)
Other deferred tax liability	(27,213)	(29,650)
Net deferred income tax liability	$ (2,763,293)	$ (18,402,483)

XML 57 R46.htm IDEA: XBRL DOCUMENT

Income Tax: (Details 3)	Jun. 30, 2018 USD ($)
Income Tax Details Three [Abstract]
Canadian tax loss carryforward expiring 2026	$ 1,988,836
Canadian tax loss carryforward expiring 2027	3,691,021
Canadian tax loss carryforward expiring 2028	14,068,491
Canadian tax loss carryforward expiring 2029	13,332,813
Canadian tax loss carryforward expiring 2030	16,471,949
Canadian tax loss carryforward expiring 2031	18,444,769
Canadian tax loss carryforward expiring 2032	5,351,036
Canadian tax loss carryforward expiring 2033	6,881,259
Canadian tax loss carryforward expiring 2034	9,913,925
Canadian tax loss carryforward expiring 2035	12,867,492
Canadian tax loss carryforward expiring 2036	15,299,043
Canadian tax loss carryforward expiring 2037	18,726,192
Canadian tax loss carryforward expiring 2038	1,844,469
Total Canadian tax loss carryforward	$ 138,881,295

XML 58 R47.htm IDEA: XBRL DOCUMENT

Income Tax: (Details Text) - USD ($) $ in Millions	6 Months Ended
Income Tax: (Details Text) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Income Tax Details Text [Abstract]
Income tax expense recorded by the Company	$ 12.5	$ 15.8

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A0#% @ T&5T31V1"%K+IP JP\* M !( ( ! &=DF8M,C Q.# V,S!?8V%L+GAM;%!+ 0(4 Q0 ( M -!E=$VY]MK:-@8 /% 6 " =7% !G9')Z9BTR,#$X M,#8S,%]D968N>&UL4$L! A0#% @ T&5T30\_@QL$3P 1_P% !8 M ( !/\P &=DF8M,C Q C.# V,S!?<')E+GAM;%!+!08 !@ & ) ! #M00$ ! end

GOLD RESERVE INC.

June 30, 2018

Interim Consolidated Financial Statements (Restated)

378,009,884

20,625,372

20,409,643

(293,386,189)

111,539

125,770,249

150,700,534

Adjustments to reconcile net income to net cash

Net decrease (increase) in deposits, advances and other

Net increase in payables and accrued expenses

Exhibit 99.2

GOLD RESERVE INC.

June 30, 2018

Management’s Discussion and Analysis (Restated)

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

Exhibit 99.3 Chief Executive Officer’s Certification of Refiled Interim Filings

Exhibit 99.4 Chief Financial Officer’s Certification of Refiled Interim Filings

Net decrease (increase) in deposits,
advances and other

Net increase in payables
and accrued expenses