0001072725-19-000046.txt : 20191122 0001072725-19-000046.hdr.sgml : 20191122 20191122161729 ACCESSION NUMBER: 0001072725-19-000046 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191122 DATE AS OF CHANGE: 20191122 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: 191241821 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 gdrzfform6k112219.htm FORM 6-K gdrzfform6k112219.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 2019

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 and Form S-8 on file with the U.S. Securities and Exchange Commission (the “SEC”).

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

99.1 September 30, 2019 Interim Consolidated Financial Statements

99.2 September 30, 2019 Management’s Discussion and Analysis

99.3 Chief Executive Officer’s Certification of Interim Filings

99.4 Chief Financial Officer’s Certification of 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, 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:

● risks associated with current sanctions imposed by the U.S. and Canadian governments which, in aggregate, generally block all property of the Venezuelan government and prohibit the Company and its U.S. management and employees from dealing with Venezuelan government entities and individuals representing the government, including Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera"), or entering into certain financial transactions (the "Sanctions") which are expected to continue to adversely impact our ability to freely receive funds from Venezuela, either from the Trust Account or the remaining funds owed by Venezuela and our ability to develop and operate the Siembra Minera Project;

● risks that U.S. and Canadian government agencies that enforce Sanctions may not issue licenses that the Company may request in the future to engage in certain Venezuela-related transactions;

● risks associated with the Company's inability to access amounts 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") which have been blocked as a result of the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) designation of Bandes Bank as a Specially Designated National (“SDN”) pursuant to an Executive Order (“EO”). As a result of the Bandes Bank designation, the Company recorded an impairment loss in December 2018 on the balance of the trust of approximately $21.5 million;

● risks associated with the continued failure by the Bolivarian Republic of Venezuela ("Venezuela") to honor its commitments under the settlement agreement whereby, among other things, Venezuela agreed to pay us damages pursuant to an International Centre for the Settlement of Investment Disputes ("ICSID") judgment now totaling approximately $ 872 million, including interest (the "Award");

● risks associated with Venezuela's failure to honor its commitments associated with the formation and operation of Siembra Minera which holds certain gold, copper, silver and other strategic mineral rights within Venezuela's Bolivar State, including the historical Brisas and Cristinas concessions (in total referred to as the "Siembra Minera Project") and risks associated with the ability of the Company and Venezuela to (i) successfully overcome legal or regulatory obstacles to operate Siembra Minera for the purpose of developing the Siembra Minera Project, (ii) complete any additional definitive documentation and finalize a number of remaining governmental approvals and (iii) obtain financing to fund the capital costs of the Siembra Minera Project;

● risks that estimates and/or assumptions required to be made by management in the course of preparing our financial statements are determined to be inaccurate, resulting in a negative impact on 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;

● risks associated with the collection of the Award and concentration of our operations and assets in Venezuela which are and will continue to be subject to risks specific to Venezuela, including the effects of political, economic and social developments, social instability and unrest; international response to Venezuelan domestic and international policies; Sanctions by the U.S. or Canadian governments or other jurisdictions and potential invalidation, confiscation, expropriation or rescission of governmental orders, permits, agreements or property rights either by the existing or future regimes;

● risks that any future Venezuelan administration will void or otherwise fail to respect the agreements of the prior administration;

● risks associated with 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 honor its commitments pursuant to the Settlement Agreement, it is terminated and further efforts related to the Settlement Agreement are abandoned;

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

● risks associated with exploration, delineation of adequate reserves, regulatory and permitting obstacles and other risks associated with the development of the Siembra Minera Project;

● risks associated with our ability to service outstanding obligations as they come due and access future additional funding, when required, for ongoing liquidity and capital resources, pending the receipt of payments under the Settlement Agreement or collection of the Award in the courts;

● risks associated with our prospects in general for the identification, exploration and development of mining projects and other risks normally incident to the exploration, development and operation of mining properties, including our ability to achieve revenue producing operations in the future;

● risks associated with shareholder dilution resulting from the future sale of additional equity, if required;

● risks associated with the value realized, if any, from the disposition of the remaining assets related to our previous mining project in Venezuela known as the “Brisas Project”;

● risks associated with the abilities of and continued participation by certain employees; and

● risks associated with the impact of current or future U.S., Canadian and/or other jurisdiction's tax laws to which we are or may be 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.

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 22, 2019

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 gdrzfform6kexhibit991112219.htm INTERIM CONSOLIDATED FINANCIAL STATEMENTS gdrzfform6kexhibit991112219.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.1

GOLD RESERVE INC.

September 30, 2019

Interim Consolidated Financial Statements

U.S. Dollars

(unaudited)

GOLD RESERVE INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited - Expressed in U.S. dollars)

				September 30, 2019		December 31, 2018
ASSETS
Current Assets:
Cash and cash equivalents (Note 4)			$	64,952,134	$	147,646,353
Marketable equity securities (Note 5)				152,695		287,638
Income tax receivable (Note 10)				10,798,291		6,450,384
Deposits, advances and other				1,115,425		1,608,698
Total current assets				77,018,545		155,993,073
Property, plant and equipment, net (Note 6)				12,571,718		12,660,273
Right of use asset (Note 2)				272,888		–
Total assets			$	89,863,151	$	168,653,346
LIABILITIES
Current Liabilities:
Accounts payable and accrued expenses (Note 3)			$	1,733,011	$	712,520
Contingent value rights (Note 3)				263,221		–
Lease liability (Note 2)				90,659		–
Total current liabilities				2,086,891		712,520

Lease liability (Note 2)				185,289		–
Total liabilities				2,272,180		712,520


SHAREHOLDERS' EQUITY
Serial preferred stock, without par value
Authorized:	Unlimited
Issued:	None
Common shares (Note 11)				302,469,647		378,009,884
Class A common shares, without par value
Authorized:	Unlimited
Issued and outstanding:	2019…99,395,048	2018…99,395,048
Contributed surplus				20,625,372		20,625,372
Stock options (Note 9)				20,752,893		20,721,850
Accumulated deficit				(256,256,941)		(251,416,280)
Total shareholders' equity				87,590,971		167,940,826
Total liabilities and shareholders' equity			$	89,863,151	$	168,653,346

Contingencies (Note 3)

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 AND COMPREHENSIVE INCOME (LOSS)

(Unaudited - Expressed in U.S. dollars)

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2019		2018		2019		2018
INCOME (LOSS)
Gain on sale of mining data	$	–	$	–	$	–	$	52,500,000
Arbitration award		–		–		–		36,000,000
Interest income		151,586		84,998		1,122,639		173,830
Loss on marketable debt securities		–		(3,347,410)		–		(3,347,410)
Loss on marketable equity securities		(34,378)		(5,442)		(134,943)		(17,046)
Foreign currency gain (loss)		(184,384)		244,265		399,859		(180,292)
		(67,176)		(3,023,589)		1,387,555		85,129,082
EXPENSES
Corporate general and administrative (Notes 3 and 9)		1,470,362		1,116,490		3,918,621		5,631,766
Contingent value rights (Note 3)		262,549		(16,304)		262,549		4,442,820
Siembra Minera Project costs (Note 7)		431,819		3,952,881		4,700,979		5,195,944
Exploration costs		32,070		–		34,798		–
Legal and accounting		179,913		192,992		1,079,141		941,248
Arbitration and settlement (Note 3)		157,262		28,690		254,934		153,998
Equipment holding costs		108,450		305,852		325,101		785,022
		2,642,425		5,580,601		10,576,123		17,150,798

Net income (loss) before income tax		(2,709,601)		(8,604,190)		(9,188,568)		67,978,284
Income tax benefit (expense) (Note 10)		4,347,907		12,325,049		4,347,907		(198,216)
Net income (loss) and comprehensive
income (loss) for the period	$	1,638,306	$	3,720,859	$	(4,840,661)	$	67,780,068

Net income (loss) per share
Basic	$	0.02	$	0.04	$	(0.05)	$	0.68
Diluted	$	0.02	$	0.04	$	(0.05)	$	0.68
Weighted average common shares outstanding,
Basic		99,395,048		99,395,048		99,395,048		99,395,048
Diluted		99,395,048		99,494,772		99,395,048		99,508,044

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

GOLD RESERVE INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Unaudited - Expressed in U.S. dollars)

Three Months Ended September 30, 2019 and 2018
	Common Shares		Contributed Surplus	Stock Options	Accumulated Deficit
	Number	Amount	Contributed Surplus	Stock Options	Accumulated Deficit
Balance, June 30, 2019	99,395,048	$ 302,469,647	$ 20,625,372	$ 20,752,893	$(257,895,247)
Net income for the period	–	–	–	–	1,638,306
Balance, September 30, 2019	99,395,048	$ 302,469,647	$ 20,625,372	$ 20,752,893	$(256,256,941)


Balance, June 30, 2018	99,395,048	$ 378,009,884	$ 20,625,372	$ 20,629,576	$(229,215,441)
Net income for the period	–	–	–	–	3,720,859
Stock option compensation (Note 9)	–	–	–	72,064	–
Balance, September 30, 2018	99,395,048	$ 378,009,884	$ 20,625,372	$ 20,701,640	$(225,494,582)




Nine Months Ended September 30, 2019 and 2018
	Common Shares		Contributed Surplus	Stock Options	Accumulated Deficit	Accumulated Other Comprehensive Income
	Number	Amount	Contributed Surplus	Stock Options	Accumulated Deficit	Accumulated Other Comprehensive Income
Balance, December 31, 2018	99,395,048	$ 378,009,884	$ 20,625,372	$ 20,721,850	$(251,416,280)
Net loss for the period	–	–	–	–	(4,840,661)
Stock option compensation (Note 9)	–	–	–	31,043	–
Return of capital (Note 11)	–	(75,540,237)	–	–	–
Balance, September 30, 2019	99,395,048	$ 302,469,647	$ 20,625,372	$ 20,752,893	$(256,256,941)


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	–	–	–	–	111,539	(111,539)
Net income for the period	–	–	–	–	67,780,068	–
Stock option compensation (Note 9)	–	–	–	291,997	–	–
Balance, September 30, 2018	99,395,048	$ 378,009,884	$ 20,625,372	$ 20,701,640	$(225,494,582)	$ –

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				Nine Months Ended
		September 30,				September 30,
		2019		2018		2019		2018
Cash Flows from Operating Activities:
Net income (loss) for the period	$	1,638,306	$	3,720,859	$	(4,840,661)	$	67,780,068
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock option compensation		–		72,064		31,043		291,997
Depreciation		33,000		12,140		98,565		35,809
Gain on sale of mining data		–		–		–		(52,500,000)
Arbitration award		–		–		–		(36,000,000)
Write-down of property, plant and equipment		–		14,000				14,000
Loss on marketable equity and debt securities		34,378		3,352,852		134,943		3,364,456
Income tax		(4,347,907)		(12,325,049)		(4,347,907)		(10,723,710)
Changes in non-cash working capital:
Net decrease (increase) in deposits, advances and other		422,510		277,326		493,273		(913,001)
Net increase (decrease) in payables and accrued expenses		(782,734)		(397,807)		1,286,772		3,098,260
Net cash used in operating activities		(3,002,447)		(5,273,615)		(7,143,972)		(25,552,121)
Cash Flows from Investing Activities:
Purchase of property, plant and equipment		(6,525)		(1,394)		(10,010)		(71,272)
Proceeds from disposition of marketable securities		–		24,500		–		24,500
Net cash used in investing activities		(6,525)		23,106		(10,010)		(46,772)
Cash Flows from Financing Activities:
Return of capital		–		–		(75,540,237)		–
Net cash used in financing activities		–		–		(75,540,237)		–
Change in Cash and Cash Equivalents:
Net decrease in cash and cash equivalents		(3,008,972)		(5,250,509)		(82,694,219)		(25,598,893)
Cash and cash equivalents - beginning of period		67,961,106		117,324,334		147,646,353		137,672,718
Cash and cash equivalents - end of period	$	64,952,134	$	112,073,825	$	64,952,134	$	112,073,825


Supplemental Cash Flow Information:

Cash paid for income taxes	$	–	$	–	$	–	$	10,921,926

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

Note 1. The Company and Significant Accounting Policies:

Gold Reserve Inc. ("Gold Reserve", the "Company", "we", "us", or "our") is engaged in the business of acquiring, exploring and developing mining projects and was incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014.

Gold Reserve Inc. is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. A significant portion of our recent activities relate to the advancement of the Siembra Minera Project and the execution of the July 2016 settlement agreement, (as amended, the "Settlement Agreement") with the Bolivarian Republic of Venezuela ("Venezuela") in regards to the payment of the Award and the acquisition of our Mining Data by Venezuela (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera")).

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

On August 5, 2019, the U.S. government issued an Executive Order that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. As a result, Siembra Minera is now considered to be blocked property and a Specially Designated National (“SDN”), which means that the Company and its U.S. management and employees are prohibited from any dealings with Siembra Minera (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A.).

Basis of Presentation and Principles of Consolidation. These interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The statements principally include the accounts of the Company, Gold Reserve Corporation and three Barbadian subsidiaries one of which was formed to hold our equity interest in Siembra Minera which is beneficially owned 55% by Venezuela and 45% by Gold Reserve. Our investment in Siembra Minera is accounted for as an equity investment. All subsidiaries are wholly owned. All intercompany accounts and transactions have been eliminated on consolidation. Our policy is to consolidate those subsidiaries where control exists. We have only one operating segment, the exploration and development of mineral properties. As these unaudited interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the annual financial statements and the related notes included in our Annual Report on Form 40-F for the year ended December 31, 2018.

Cash and Cash Equivalents. We consider short-term, highly liquid investments purchased with an original maturity of three months or less to be cash equivalents for purposes of reporting cash equivalents and cash flows. The cost of these investments approximates fair value. We manage the exposure of our cash and cash equivalents to credit risk by diversifying our holdings into various major financial institutions.

Exploration and Development Costs. Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Mineral property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Mineral properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.

Property, Plant and Equipment Included in property, plant and equipment is certain equipment, relating to the Brias Project, the initial carrying value of which has been adjusted in prior periods for impairment, to its estimated fair value of $11.7 million. This equipment is not being depreciated as it is not in use. The ultimate recoverable value of this equipment may be different than management’s current estimate. We have additional property, plant and equipment which are recorded at cost less impairment charges and accumulated depreciation. Replacement costs and major improvements are capitalized. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the accounts and any resulting gain or loss is reflected in operations. Furniture, office equipment and leasehold improvements are depreciated using the straight-line method over 5 to 10 years. The remaining property, plant and equipment are fully depreciated.

Impairment of Long Lived Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the expected future net cash flows to be generated from the use or eventual disposition of a long-lived asset (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on a determination of the asset’s fair value. Fair value is generally determined by discounting estimated cash flows based on market participant expectations of those future cash flows, or applying a market approach that uses market prices and other relevant information generated by market transactions involving comparable assets.

Foreign Currency. The U.S. dollar is our (and our foreign subsidiaries’) functional currency. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Non-monetary assets and liabilities are translated at historical rates and revenue and expense items are translated at average exchange rates during the reporting period, except for depreciation which is translated at historical rates. Translation gains and losses are included in the statement of operations.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Stock Based Compensation. We maintain an equity incentive plan which provides for the grant of stock options to purchase the Class A common shares. We use the fair value method of accounting for stock options. The fair value of options granted to employees is computed using the Black-Scholes method as described in Note 9 and is expensed over the vesting period of the option. For non-employees, the fair value of stock based compensation is recorded as an expense over the vesting period or upon completion of performance. Consideration paid for shares on exercise of stock options, in addition to the fair value attributable to stock options granted, is credited to capital stock. Stock options granted under the plan become fully vested and exercisable upon a change of control.

Income Taxes. We use the liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between the tax basis of assets and liabilities and those amounts reported in the financial statements. The deferred tax assets or liabilities are calculated using the enacted tax rates expected to apply in the periods in which the differences are expected to be settled. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized.

Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Net Income (Loss) Per Share. Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of Class A common shares outstanding during each period. Diluted net income per share reflects the potentially dilutive effects of outstanding stock options and convertible notes. In periods in which a loss is incurred, the effect of potential issuances of shares under stock options and convertible notes would be anti-dilutive, and therefore basic and diluted losses per share are the same in those periods.

Investments. We determine the appropriate classification of investments in equity securities at acquisition and reevaluate such classifications at each reporting date. Investments in incorporated entities in which the Company has the ability to exercise significant influence over the investee are accounted for by the equity method.

Financial Instruments. Marketable securities are measured at fair value at each reporting date, with the change in value recognized in the statement of operations as a gain or loss. Cash and cash equivalents, deposits, advances and receivables are accounted for at cost which approximates fair value. Accounts payable and contingent value rights are recorded at amortized cost. Amortized cost of accounts payable approximates fair value.

Note 2. New Accounting Policies:

Adopted in the year

In February 2016, the FASB issued ASU 2016-02, Leases. This update increased the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The Company adopted this standard as of January 1, 2019 using the modified retrospective approach and recorded a lease liability and corresponding right of use asset of approximately $0.3 million for the operating lease for its corporate office.

Changes to the Company’s accounting policy as a result of the adoption are as follows: Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. When the rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The ROU assets include any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Note 3. Arbitral Award and Mining Data Sale Settlement Agreement:

In October 2009 we initiated the Brisas Arbitration to obtain compensation for the losses caused by the actions of Venezuela that terminated our Brisas Project. On September 22, 2014, we were granted an Arbitral Award (the “Award”) totaling $740.3 million.

In July 2016, we signed the Settlement Agreement, subsequently amended, whereby Venezuela agreed to pay us a total of approximately $1.032 billion ($792 million to satisfy the Award (including interest) and $240 million for the purchase of our mining data related to the Brisas Project (the "Mining Data")) in a series of payments ending on or before June 15, 2019. As agreed, the first $240 million received by Gold Reserve from Venezuela has been recognized as proceeds from the sale of the Mining Data.

As of the date of this report, the Company had received transfers to its bank account, pursuant to the Settlement Agreement, of approximately $254 million including $165.5 million transferred from the Trust Account (excluding $21.5 million that remains in the Trust Account. See Note 4, Cash and Cash Equivalents) and $88.5 million (the market value at the time of the agreement) in Venezuelan government bonds, which were at the time exempt from U.S. Sanctions pursuant to then-applicable General License 3 issued by the U.S. Treasury Department's Office of Foreign Asset Control ("OFAC"). The bonds were subsequently sold for approximately $74.3 million and the Company realized a $14.2 million loss on the sale during the year ended December 31, 2018. The remaining unpaid amount due from Venezuela pursuant to the Settlement Agreement, which is now delinquent, totals approximately $872 million (including interest of approximately $92 million) as of the date of this report.

The U.S. and Canadian governments have imposed sanctions which, in aggregate, generally block all property of the Venezuelan government and prohibit the Company and its management or its employees from dealing with certain Venezuelan individuals and entities including Siembra Minera or entering into certain financial transactions (the "Sanctions"). Recent financial Sanctions have built on Sanctions imposed by the U.S. government starting in March 2015 that designated certain Venezuelan government officials as SDNs, which generally prohibits them from traveling to the U.S., freezes any assets they may have in the U.S. and generally prohibits U.S. persons from doing business with them and any entity they own 50% or more. Since then, in August 2017, May 2018, November 2018, January 2019 and March 2019, the U.S. government has imposed additional Sanctions targeting the government of Venezuela and certain individuals and entities via Executive Orders ("EO's") that expanded the list of individuals and entities (including Bandes Bank and the Venezuelan state owned oil company) designated as SDNs, prohibited U.S. persons from dealing in certain financial transactions and targeted corruption in the gold or other identified sectors of the Venezuela economy. Similarly, in September and November 2017 and May 2018, the Government of Canada imposed its own Sanctions requiring asset freezes and imposing prohibitions on dealings with named Venezuelan officials and in April 2019 Canada imposed additional Sanctions against 43 additional individuals under the Special Economic Measures (Venezuela) Regulations of the Special Economic Measures Act.

Most recently, on August 5, 2019, the U.S. government issued an EO that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. This action targets the Venezuelan government and entities owned 50% or more or otherwise controlled by the Venezuelan government. Because the August 2019 EO applies to entities 50% or more owned by the Venezuelan government, the Mixed Company is now considered to be blocked and an SDN, which means that U.S. persons are generally prohibited from dealing with the Mixed Company.

The breadth and scope of the August 2019 EO along with the cumulative impact of the previous U.S. and Canadian Sanctions prohibits the Company from working with those Venezuelan government officials responsible for the payment and transfer of funds associated with the Settlement Agreement and those responsible for the operation of Siembra Minera and the development of the Siembra Minera Project which adversely impacts our ability to collect the remaining balance of the Award plus interest from Venezuela and, until Sanctions are lifted, significantly impedes our ability to develop the Siembra Minera Project.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

We have Contingent Value Rights ("CVRs") outstanding that entitle the holders to an aggregate of 5.466% of proceeds associated with the collection of the Award, sale of Mining Data or an enterprise sale (the "Proceeds"), less amounts for certain specified obligations, as well as a bonus plan as described below. In September 2019 management reduced its original estimate of the income tax due on previous amounts received from the sale of Mining Data. The effect of this change in estimate was to increase the net proceeds from the sale of the Mining Data subject to the CVR and as a result, the Company recorded an increase in its obligation to the CVR holders by approximately $0.3 million.

Due to U.S. and Canadian Sanctions and the uncertainty of transferring the remaining cash held in the Trust Account to bank accounts outside of Venezuela, management only considers those funds received by the Company into its North American bank account as funds available for purposes of the CVR and Bonus Plan cash distributions.

We maintain a bonus plan (the "Bonus Plan") which is intended to compensate the participants, including executive officers, employees, directors and consultants for their past and present contributions to the Company. The bonus pool under the Bonus Plan, as originally structured, was comprised of the gross proceeds collected or the fair value of any consideration realized related to such transactions less applicable taxes multiplied by 1% of the first $200 million and 5% thereafter. In June 2018, the Board modified the Bonus Plan to increase the percentage participation of certain individuals who in the Board's opinion were not adequately recognized for their current contribution to efforts associated with the conclusion of the Settlement Agreement and the collection of the amounts contemplated thereunder. The effect of the Board's modification to the Bonus Plan was to increase the after tax percentage allocation for the first $200 million up to a maximum of 1.28% and the percentage allocation thereafter up to a maximum of 6.4%. In September 2019 the Company recorded an increase in its obligation to the Bonus Plan participants by approximately $0.3 million as a result of the change to its original estimate of the income tax due on previous amounts received from the sale of Mining Data as discussed above.

Following receipt, if any, of additional funds pursuant to the Settlement Agreement and after applicable payments to CVR holders and Bonus Plan participants, we expect to distribute to our shareholders a substantial majority of any remaining amounts, subject to applicable regulatory requirements and retaining sufficient reserves for operating expenses, contractual obligations, accounts payable and income taxes, and any obligations arising as a result of the collection of the Award and/or sale of the Mining Data (See Note 11, Return of Capital).

Note 4. Cash and Cash Equivalents:

		September 30,		December 31,
		2019		2018
Bank deposits	$	31,685,167	$	47,588,968
Short term investments		33,266,967		100,057,385
Total	$	64,952,134	$	147,646,353

Short term investments include money market funds and U.S. treasury bills which mature in three months or less.

Payments made by Venezuela associated with the Settlement Agreement (excluding the transfer of Venezuelan bonds as discussed herein) have been deposited into a trust account for the benefit of the Company at Banco de Desarrollo Económico y Social de Venezuela ("Bandes Bank") (the "Trust Account"), a Venezuelan state-owned development bank. As Bandes Bank has been designated as an SDN, in 2018 the Company recorded an impairment loss on the remaining balance in the account and considers the Trust Account to be blocked property and not recoverable for accounting purposes. The Trust Account and the approximately $21.5 million therein will remain blocked property until the U.S. government delists Bandes Bank as an SDN or issues a specific license to the Company to unblock this property.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Note 5. Marketable Securities:

		September 30,		December 31,
		2019		2018
Equity securities
Fair value at beginning of period	$	287,638	$	239,232
Increase (decrease) in fair value		(134,943)		48,406
Fair value at balance sheet date	$	152,695	$	287,638

Debt securities
Fair value at beginning of year	$	–	$	–
Acquisitions		–		88,500,000
Dispositions		–		(74,311,349)
Realized loss		–		(14,188,651)
Fair value at balance sheet date	$	–	$	–

Marketable securities are accounted for at fair value, based on quoted market prices with gains or losses recorded in the Consolidated Statements of Operations. Gains and losses on securities sold are based on the average cost of the shares held at the date of disposition. As of September 30, 2019 and December 31, 2018, marketable equity securities had a cost basis of $98,043. Marketable debt securities, which were sold during 2018, consisted of Venezuelan government bonds received under the Settlement Agreement (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement).

Accounting Standards Codification ("ASC") 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices in active markets for identical assets or liabilities, Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability and Level 3 inputs are unobservable inputs for the asset or liability that reflect the entity’s own assumptions. The fair values of the Company’s marketable equity securities as at the balance sheet date are based on Level 1 inputs.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

Note 6. Property, Plant and Equipment:

				Accumulated
		Cost		Depreciation		Net
September 30, 2019
Machinery and equipment	$	11,677,534	$	–	$	11,677,534
Furniture and office equipment		479,579		(353,495)		126,084
Transportation equipment		491,025		(108,276)		382,749
Leasehold improvements		51,658		(16,307)		35,351
Mineral property		350,000		–		350,000
	$	13,049,796	$	(478,078)	$	12,571,718

				Accumulated
		Cost		Depreciation		Net
December 31, 2018
Machinery and equipment	$	11,677,534	$	–	$	11,677,534
Furniture and office equipment		469,569		(333,828)		135,741
Transportation equipment		491,025		(34,622)		456,403
Leasehold improvements		51,658		(11,063)		40,595
Mineral property		350,000		–		350,000
	$	13,039,786	$	(379,513)	$	12,660,273

Machinery and equipment consists of infrastructure and milling equipment originally intended for use on the Brisas Project. We evaluate our equipment to determine whether events or changes in circumstances have occurred that may indicate that the carrying amount may not be recoverable. We regularly obtain comparable market data for similar equipment as evidence that fair value less cost to sell is in excess of the carrying amount. No impairment write-downs of property, plant and equipment were recorded during the nine months ended September 30, 2019 and 2018.

Note 7. Empresa Mixta Ecosocialista Siembra Minera, S.A.:

In October 2016, together with an affiliate of the government of Venezuela, we established Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera"). The primary purpose of this entity is to develop the Siembra Minera Project, as defined below.

Siembra Minera is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation, and 45% by Gold Reserve. Siembra Minera (pursuant to the agreement which governs the formation and operation of Siembra Minera) holds certain gold, copper, silver and other strategic mineral rights (primarily comprised of the Brisas and Las Cristinas concessions) contained within Bolivar State comprising the Siembra Minera Project (which has a 20 year term with two 10 year extensions) and is, among other things authorized, via current or future Presidential Decrees and Ministerial resolutions, to carry on its business, pay a net smelter return royalty to Venezuela on the future sale of gold, copper, silver and any other strategic minerals over the life of the project and provide net profits participation based on the sales price of gold per ounce. A number of authorizations, which still have not been provided by the current administration, are critical to the future operation and economics of the Siembra Minera Project. Pursuant to the Settlement Agreement, both parties will retain their respective interest in Siembra Minera in the event all of the agreed upon Settlement Agreement payments are not made by Venezuela.

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

On March 16, 2018, the Company announced the completion of a technical report for the Preliminary Economic Assessment ("PEA") for the Siembra Minera Project in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects which included, among other information, resource estimates, pit design, mine plan, flowsheet design, design criteria, project layout, infrastructure requirements, capital and operating estimates. The Company has directly incurred the costs on the Siembra Minera Project, which beginning in 2016 through September 30, 2019, amounted to a total of approximately $19.0 million. The Siembra Minera Project expenditures primarily include costs associated with the completion of the PEA that included a number of engineering, environmental and social third party advisors as well as costs associated with a number of social works programs in the vicinity of the Siembra Minera Project, which are expensed as incurred and classified within “Siembra Minera Project Costs” in the Consolidated Statements of Operations.

On August 5, 2019, the U.S. government issued an EO that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. This action targets the Venezuelan government and entities owned 50% or more or otherwise controlled by the Venezuelan government. Because the August 2019 EO applies to entities 50% or more owned by the Venezuelan government, Siembra Minera is now considered to be blocked (or an SDN), which means that U.S. persons are generally prohibited from dealing with Siembra Minera.

The imposition of these broader Sanctions by the U.S. and Canadian governments (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement) prohibits the Company from working with Venezuelan government officials on issues related to the future development of the Siembra Minera Project.

Note 8. KSOP Plan:

The KSOP Plan, adopted in 1990 for retirement benefits of employees, is comprised of two parts, (1) a salary reduction component, and a 401(k) which includes provisions for discretionary contributions by us, and (2) an employee share ownership component, or ESOP. Allocation of Class A common shares or cash to participants’ accounts, subject to certain limitations, is at the discretion of the Board. There have been no Class A common shares allocated to the KSOP Plan since 2011. Cash contributions for plan year 2018 were approximately $212,000. As of September 30, 2019, no contributions by the Company had been made for plan year 2019.

Note 9. Stock Based Compensation Plans:

Equity Incentive Plans

The Company’s equity incentive plan provides for the grant of stock options to purchase up to a maximum of 8,750,000 of the Class A common shares. As of September 30, 2019, there were 2,307,000 options available for grant. Grants are made for terms of up to ten years with vesting periods as required by the TSXV and as may be determined by a committee of the Board established pursuant to the equity incentive plan.

Stock option transactions for the nine months ended September 30, 2019 and 2018 are as follows:

	2019		2018
	Shares	Weighted Average Exercise Price	Shares	Weighted Average Exercise Price
Options outstanding - beginning of period	4,554,565	$ 3.11	5,091,565	$ 3.13
Options expired	(185,000)	3.43	(487,000)	3.34
Options outstanding - end of period	4,369,565	$ 3.09	4,604,565	$ 3.11

Options exercisable - end of period	4,369,565	$ 3.09	4,060,818	$ 3.10

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

The following table relates to stock options at September 30, 2019:

	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	$ -	1.69	444,922	$1.92	$ -	1.69
$2.69	125,000	$2.69	-	7.58	125,000	$2.69	-	7.58
$3.15	3,369,643	$3.15	-	7.38	3,369,643	$3.15	-	7.38
$3.91	180,000	$3.91	-	5.75	180,000	$3.91	-	5.75
$4.02	250,000	$4.02	-	4.82	250,000	$4.02	-	4.82
$1.92 - $4.02	4,369,565	$3.09	$ -	6.59	4,369,565	$3.09	$ -	6.59

No options were granted during the nine month periods ended September 30, 2019 and 2018. The Company recorded non-cash compensation expense during the nine months ended September 30, 2019 and 2018 of approximately $31,000 and $292,000, respectively for stock options granted in prior periods.

Change of Control Agreements

The Company maintains change of control agreements with certain officers and employees. A Change of Control is generally defined as one or more of the following: the acquisition by any individual, entity or group, of beneficial ownership of the Company of 25 percent of the voting power of the outstanding Common Shares; a change in the composition of the Board that causes less than a majority of the current directors of the Board to be members of the incoming board; reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company; liquidation or dissolution of the Company; or any other event the Board reasonably determines constitutes a Change of Control. As of September 30, 2019, in the event of a change of control, the amount payable under these agreements was approximately $8.7 million. None of this amount has currently been recognized as a change of control is not considered probable at this time.

Note 10. Income Tax:

Income tax expense (benefit) for the nine months ended September 30, 2019 and 2018 differs from the amount that would result from applying Canadian tax rates to net loss before taxes. These differences result from the items noted below:

	2019		2018
	Amount	%	Amount	%
Income tax expense (benefit) based on Canadian tax rates	$ (2,297,142)	(25)	$ 16,994,571	25
Increase (decrease) due to:
Different tax rates on foreign subsidiaries	260,663	3	(1,813,647)	(2)
Non-deductible expenses	9,152	-	908,032	1
Withholding tax	-	-	759,062	1
Previously unrecognized tax benefits	(4,347,907)	(47)	(11,508,151)	(17)
Change in valuation allowance and other	2,027,327	22	(5,141,651)	(8)
	$ (4,347,907)	(47)	$ 198,216	-

GOLD RESERVE INC.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. dollars)

The Company recorded income tax (benefit) expense of $(4.3) million and $0.2 million for the nine months ended September 30, 2019 and 2018, respectively. We have recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced in the near term if our estimate of future taxable income changes. The Company has an income tax receivable of $10.8 million related to prior year overpayments. This receivable was increased by $4.3 million during the three months ended September 30, 2019 as a result of revisions to management's estimates of the timing and amount of deductions available to the Company’s US subsidiary following the write-off of certain subsidiaries. The Company has filed an amended return which meets the recognition threshold for refund receivable as of September 30, 2019. The components of the Canadian and U.S. deferred income tax assets and liabilities as of September 30, 2019 and December 31, 2018 were as follows:


		September 30,		December 31,
		2019		2018
Deferred income tax assets
Net operating loss carry forwards	$	33,536,042	$	31,362,816
Property, Plant and Equipment		3,226,282		3,226,994
Other		1,660,339		1,652,114
		38,422,663		36,241,924
Valuation allowance		(38,411,186)		(36,202,109)
	$	11,477	$	39,815

Deferred income tax liabilities
Other		(11,477)		(39,815)
Net deferred income tax liability	$	-	$	-

At September 30, 2019, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars.

	U.S.	Canadian	Expires
$		1,973,368	2026
		3,662,314	2027
		13,959,070	2028
		13,229,114	2029
		16,343,835	2030
		18,301,312	2031
		5,309,986	2032
		7,719,628	2033
		8,944,359	2034
		12,767,412	2035
		15,179,110	2036
		11,447,131	2037
		413,307	2038
		3,459,717	2039
	1,707,742
$	1,707,742	132,709,663

Note 11. Return of Capital:

In June 2019, the Company completed a return of capital transaction by way of a court-approved plan of arrangement transaction under the Business Corporations Act (Alberta) which required approval by the Alberta Court of Queen’s Bench and at least two-thirds of the votes of shareholders. Pursuant to the plan of arrangement, the Company returned to holders of its Class A common shares approximately $76 million or $0.76 per Class A Share

EX-99.2 3 gdrzfform6kexhibit992112219.htm MANAGEMENT'S DISCUSSION AND ANALYSIS gdrzfform6kexhibit992112219.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.2

GOLD RESERVE INC.

September 30, 2019

Management’s Discussion and Analysis

U.S. Dollars

(unaudited)

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

This Management’s Discussion and Analysis of Financial Condition and Results of Operations, dated
November 22, 2019 is intended to assist in understanding and assessing our results of operations and financial condition and should be read in conjunction with the September 30, 2019 unaudited interim consolidated financial statements and related notes. All dollar amounts herein are expressed in U.S. Dollars.

Venezuela's political, economic and social conditions

Venezuela continues to experience substantial social, political and economic turmoil. The country's overall infrastructure, social services network and economy have generally collapsed. These conditions, which persist as of the date of this report and are expected to continue in the foreseeable future, adversely impact our ability to freely receive funds from Venezuela, either from the Trust Account or the remaining funds owed by Venezuela and have hindered our ability to develop certain gold, copper, silver and other strategic mineral rights contained within Bolivar State comprising what is known as the Siembra Minera project (the “Siembra Minera Project”).

U.S. and Canadian Sanctions

As noted elsewhere, the U.S. and Canadian Sanctions (as described below) have significantly impaired our ability to collect amounts due us pursuant to the Settlement Agreement including amounts deposited and still held in a trust account for the benefit of the Company at Banco de Desarrollo Económico y Social de Venezuela ("Bandes Bank") (the "Trust Account"), as well as our ability to finance and develop the Siembra Minera Project.

Recent U.S. government imposed financial sanctions (as defined herein "Sanctions") have built on Sanctions imposed by the U.S. government starting in March 2015 that designated certain Venezuelan government officials as “Specially Designated Nationals” (“SDNs”), which generally prohibits them from traveling to the U.S., freezes any assets they may have in the U.S. and generally prohibits U.S. persons from doing business with them and any entity they own 50% or more. Since then, in August 2017, May 2018, November 2018, January 2019 and March 2019, the U.S. government has imposed additional Sanctions targeting the government of Venezuela and certain individuals and entities via Executive Orders ("EO's") that expanded the list of individuals and entities (including Bandes Bank and the Venezuelan state owned oil company) designated as SDNs, prohibited U.S. persons from dealing in certain financial transactions and targeted corruption in the gold or other identified sectors of the Venezuela economy. Similarly, in September and November 2017 and May 2018, the Government of Canada imposed its own Sanctions requiring asset freezes and imposing prohibitions on dealings with named Venezuelan officials and in April 2019 Canada imposed additional Sanctions against 43 additional individuals under the Special Economic Measures (Venezuela) Regulations of the Special Economic Measures Act.

Most recently, on August 5, 2019, the U.S. government issued an EO that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. This action targets the Venezuelan government and entities owned 50% or more or otherwise controlled by the Venezuelan government. Because the August 2019 EO applies to entities 50% or more owned by the Venezuelan government, the Mixed Company is now considered to be blocked (or an SDN), which means that U.S. persons are generally prohibited from dealing with the Mixed Company.

The breadth and scope of the August 2019 EO along with the cumulative impact of the previous U.S. and Canadian Sanctions limits the Company’s ability to work with those Venezuelan government officials responsible for the payment and transfer of funds associated with the Settlement Agreement and those responsible for the operation of Siembra Minera and the development of the Siembra Minera Project which adversely impacts our ability to collect the remaining balance of the Award plus interest from Venezuela and, until Sanctions are lifted, significantly impedes our ability to develop the Siembra Minera Project.

EXPLORATION PROSPECTS

SIEMBRA MINERA

Overview

In August 2016, we executed the Contract for the Incorporation and Administration of the Mixed Company with the government of Venezuela (the "Mixed Company Formation Document") to form a jointly owned company and in October 2016, together with an affiliate of the government of Venezuela, we established Siembra Minera, the entity whose purpose 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. Although Venezuela is not current with its obligations outlined in the Settlement Agreement, the parties retain their respective interests in Siembra Minera.

Siembra Minera holds certain gold, copper, silver and other strategic mineral rights within Bolivar State comprising approximately 18,950 hectares in an area located in the Km 88 gold mining district of southeast Bolivar State which includes the historical Brisas and Cristinas areas. The mineral rights held by Siembra Minera have a 20 year term with two 10 year extensions.

Gold Reserve, under a yet to be completed 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. Venezuela is obligated to use its best efforts to grant to Siembra Minera similar terms that would apply to the Siembra Minera Project in the event Venezuela enters into an agreement with a third party for the incorporation of a mixed company to perform similar activities with terms and conditions that are more favorable than the tax and fiscal incentives contemplated in the Mixed Company Formation Document and is obligated to indemnify us and our affiliates against any future legal actions related to property ownership associated with the Siembra Minera Project.

There are significant provisions related to the formation of Siembra Minera and the development and operation of the Siembra Minera Project as provided in the Mixed Company Formation Document some of which are still pending completion. A number of these pending authorizations are critical to the financing and future operation of the Siembra Minera Project.

Venezuela agreed to certain Presidential Decrees, within the legal framework of the "Orinoco Mining Arc" (created on February 24, 2016 under Presidential Decree No. 2.248 as an area for national strategic development Official Gazzette No. 40.855), that will or have been issued to provide for tax and fiscal incentives for companies owned jointly with the government (“Mixed Companies”) operating in that area 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 the same cost of electricity, diesel and gasoline as that incurred by the government or related entities.

Siembra Minera is obligated to pay to the government a special advantage of 3% of gross sales and 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, 6% for the next ten years. The parties also agreed to participate in the price of gold in accordance with a 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 us. 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% ̶ 45.0% and 60.5% ̶ 39.5%, respectively.

Venezuela is obligated to advance $110.2 million to Siembra Minera to facilitate the early startup of the pre-operation and construction activities, but has not yet taken steps to provide such funding and Siembra Minera is obligated, with Venezuela's support, to undertake initiatives to secure financing(s) to fund the anticipated capital costs of the Siembra Minera Project, which is estimated to be in excess of $2 billion. To date no verifiable financing alternatives have been identified.

The Mixed Company Formation Documents provide for Siembra Minera, pursuant to Presidential Decrees or other authorizations, to be subject to an income tax 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; to be authorized 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 sales proceeds; to hold funds associated with future capital cost financings and sale of gold, copper and silver offshore in U.S. dollar accounts with dividend and profit distributions, if any, paid directly to Siembra Minera shareholders; to convert all funds into local currency at the same exchange rate offered by Venezuela to other similar entities, as required to pay Venezuela income taxes and annual operating and capital costs denominated in Bolivars for the Siembra Minera Project. As of the date of this report, Venezuela has not yet taken steps to formally provide such authorizations via Presidential Decree or otherwise.

Siembra Minera Project Completed Activities

The Company continues 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 as well as continuation of an estimated $6 million works program to build new facilities and rehabilitate existing ones at the 4 largest schools, a church and recreational and sport facilities for the students and the community as well as a musical arts program. The Company is also establishing a radio station at one school to improve local communications and generating preliminary engineering assessments for potential future upgrades to the local communities' water supply and sewage system infrastructure.

The Company's development activities include the following: published the results of a Preliminary Economic Assessment of the Siembra Minera Gold Copper Project (the "PEA") in accordance with Canadian National Instrument 43-101 ̶ Standards of Disclosure for Mineral Projects ("NI 43-101"); completed the preliminary design and engineering on the small scale Phase I oxide saprolite process plant and the Phase 2 larger hard rock process plant; completed the preliminary design work for a Phase 1 and Phase 2 Tailings Dam design; completed and obtained approval of a Venezuelan Environmental Impact Statement (V-EIS); subsequently received the environmental permit to affect the Area for the early works (the "Permit to Affect"); collected and transported a surface saprolite material sample to the U.S. for future metallurgical testing; validated, with the assistance of Empresa Nacional Forestal (a state owned company affiliated with the Ministry of Environment), the forest inventory for the project area; prepared and submitted the 2019 budget for Siembra Minera according to parameters set forth by the Venezuelan budgeting agency; obtained, the "Initiation Act", pursuant to the Permit to Affect, allowing Siembra Minera to initiate the authorized preliminary/early works on the Siembra Minera Project; completed in March 2019 the Environmental Supervision Plan for the permitted (early or preliminary) works; hosted two community events for the granting of the Environmental Permit and the granting of the Initiation Act; worked with Mission Piar (Small Miner Program affiliated with the Ministry of Mines) to complete an initial survey and census of small miners located in the project area, which included cataloging identities, locations, infrastructure, and health status; completed a feasibility study for a rock quarry in March 2019 as part of the opening of the quarry needed for the “early works” and during both Phases I and II of the project; and assisted small miner alliances, with the support of the Ministry of Mines, to obtain mining rights to property north of the Siembra Minera Project – with the purpose of relocating small miners from the Siembra Minera Project area.

Overall the Company has directly incurred the costs of the Siembra Minera Project including the social programs discussed herein, which beginning in 2016 through September 30, 2019 amounted to a total of approximately $19.0 million. The Sanctions severely restrict our ability to develop the Siembra Minera Project and, until such time as Sanctions are lifted, we expect our activities in Venezuela will be limited. It is unclear to management if any new Venezuelan administration in the future will respect the agreements of the prior administration.

Siembra Minera Project Development

With the previous issuance of the permit to effect the environment and the more recent issuance of the Initiation Act we have considered initial plans for 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 initial construction activities. We have evaluated initial proposals for a drilling program in support of the overall project development activities, water management wells, and test areas where additional resource potential is evident. Various geotechnical studies as well as environmental and social studies to augment and update previous work on the property have been considered which could 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. In addition, the social programs in the area (as described above) are expected to continue. The next phase of the Siembra Minera Project’s development is envisioned 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. Given the current economic, social and political turmoil in Venezuela, as well as current and future Sanctions, the timing and extent of future development on the Siembra Minera Project remains unclear at this time.

LMS GOLD PROJECT

On March 1, 2016, we completed the acquisition of certain wholly-owned mining claims known as the LMS Gold Project (the "LMS Property"), together with certain personal property for $350,000, pursuant to a Purchase and Sale Agreement with Raven Gold Alaska Inc. ("Raven"), a wholly-owned subsidiary of Corvus Gold Inc. Raven retains an NSR with respect to (i) "Precious Metals" produced and recovered from the LMS Property equal to 3% of "Net Smelter Returns" on such metals (the "Precious Metals Royalty") and (ii) "Base Metals" produced and recovered from the LMS Property equal to 1% of Net Smelter Returns on such metals, however we have the option, for a period of 20 years from the date of closing of the acquisition, to buy back a one-third interest (i.e. 1 %) in the Precious Metals Royalty at a price of $4 million. The LMS Property remains at an early stage of exploration and is not material to the Company.

BRISAS ARBITRAL AWARD SETTLEMENT AND MINING DATA SALE

In October 2009, we initiated a claim (the "Brisas Arbitration") under the Additional Facility Rules of the International Centre for the Settlement of Investment Disputes ("ICSID") 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 granted us an Arbitral Award (the “Award”) totaling $740.3 million. The Award (less legal costs and expenses) accrues post-award interest at a rate of LIBOR plus 2%, compounded annually.

In July 2016, we signed a settlement agreement whereby Venezuela agreed to pay us the Award (including interest) and purchase our Mining Data (the "Settlement Agreement"). 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 a series of monthly payments ending on or before June 15, 2019. As agreed, the first $240 million received by Gold Reserve from Venezuela has been recognized as proceeds from the sale of the Mining Data.

In addition, the Company agreed to suspend the legal enforcement of the Award until final payment 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.

All Settlement Agreement payments made by Venezuela, excluding the Venezuelan government bonds transferred to the Company in August 2018, were initially deposited into the Trust Account with Bandes Bank. Pursuant to the terms of a trust agreement in respect of the Trust Account (the “Trust Agreement”), the Company has the right to direct the transfer of the funds to its bank accounts outside of Venezuela. With the designation of Bandes Bank as an SDN in March 2019, the Company is treating the Trust Account as blocked property and as a result, the Company, in December 2018, recorded an impairment loss of $21.5 million, representing the balance of the funds remaining in the Trust Account. The Trust Account and the funds therein will remain blocked property until the U.S. government delists Bandes Bank as an SDN or issues a specific license to the Company to unblock this property. The Company plans to submit a license application to request the unblocking of the Trust Account and funds (See “U.S. and Canadian Sanctions”).

As of the date of this management’s discussion and analysis, the Company had received transfers to its bank account, pursuant to the Settlement Agreement, of approximately $254 million including $165.5 million transferred from the Trust Account (excluding $21.5 million that remains in the Trust Account) and $88.5 million (the market value at the time of the agreement) in Venezuelan government bonds, which were at the time exempt from U.S. Sanctions pursuant to then-applicable General License 3 issued by the U.S. Treasury Department's Office of Foreign Asset Control ("OFAC"). The bonds were subsequently sold for approximately $74.3 million and the Company realized a $14.2 million loss on the sale during the year ended December 31, 2018. The remaining unpaid amount due from Venezuela pursuant to the Settlement Agreement, which is now delinquent, totals approximately $872 million (including interest of approximately $92 million) as of the date of this report.

Given the current political, economic and social conditions in Venezuela, it is unclear when or if Venezuela will pay the remaining obligations contained in the Settlement Agreement totaling approximately $872 million (including interest) or when or if the Company will decide to re-commence its efforts to collect the remaining amount of the Award including interest. As discussed herein, U.S. and Canadian Sanctions continue to impede the transfer of funds from Venezuela to our North American bank accounts.

The terms of the Settlement Agreement also included Venezuela's obligation to make available to an escrow agent negotiable financial instruments, with a face value of at least $350 million, partially guaranteeing the payment obligations to the Company. As of the date of this report, the collateral has not yet been provided to the escrow agent and it is unclear if and when Venezuela will comply with this particular obligation of the Settlement Agreement.

Obligations Due Upon Collection of the Award and Sale of Mining Data

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 the CVR holders are entitled to the value of 5.466% of that interest. For a variety of reasons, the Board 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 continue discussions with the CVR holder on this subject and it is not possible at this time to know the outcome of this matter.

In September 2019 management reduced its original estimate of the income tax due on previous amounts received from the sale of Mining Data. The effect of this revision was to increase the net proceeds from the sale of the Mining Data subject to the CVR and as a result, the Company recorded an increase in its obligation to the CVR holders by approximately $0.3 million. As of September 30, 2019, the total cumulative estimated obligation due pursuant to the terms of the CVR from the sale of the Mining Data and collection of the Award was approximately $10.0 million, of which $9.7 million has been distributed to CVR holders.

The Board 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.

In September 2019 the Company recorded an increase in its obligation to the Bonus Plan participants by approximately $0.3 million as a result of the change to its original estimate of the income tax due on previous amounts received from the sale of Mining Data as discussed above. As of September 30, 2019, the total cumulative estimated obligation pursuant to the terms of the Bonus Plan from the sale of the Mining Data and collection of the Award was approximately $4.4 million, of which $4.1 million has been distributed to Bonus Plan participants.

Our Intent to Distribute Collection of the Award or Sale of Mining Data to Shareholders

In June 2019, the Company completed a distribution of approximately $76 million or $0.76 per share to holders of Class A Shares as a return of capital. The return of capital was completed pursuant to a court-approved plan of arrangement transaction under the Business Corporations Act (Alberta) (the “Act”) which required approval by the Court and at least two-thirds of the votes cast by Shareholders in respect of a special resolution. The return of capital transaction was affected pursuant to an arrangement transaction (the “Arrangement”) in accordance with a plan of arrangement (the “Plan of Arrangement”) pursuant to section 193 of the Act. Full details of the return of capital transaction are described in the Company’s management proxy circular and other related materials filed with applicable Canadian securities regulatory authorities and made available at www.sedar.com or www.sec.gov, and posted on the Company’s website at www.goldreserveinc.com.

Following the receipt, if any, of additional funds pursuant to the Settlement Agreement and after applicable payments of Net Proceeds to holders of our CVRs and participants under our Bonus Plan, 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 future collection of the remaining amounts related to the Award.

Financial Overview

Our overall financial position is influenced by the proceeds previously received pursuant to the Settlement Agreement, related payment obligations and the return of capital completed in the second quarter of 2019 in accordance with the Plan of Arrangement. Recent operating results and overall financial position and liquidity are impacted by Venezuela's failure to honor its payment obligations under the Settlement Agreement in a timely manner, ongoing expenses associated with activities related to the Siembra Minera Project, obligations associated with collections under the Settlement Agreement, U.S. and Canadian Sanctions and costs associated with maintaining our legal and regulatory obligations in good standing.

As discussed elsewhere in this management's discussion and analysis, the U.S. and Canadian Sanctions have and will continue to adversely impact our ability to collect the remaining balance of the Award plus interest from Venezuela and, until Sanctions are lifted impede our ability to develop the Siembra Minera Project.

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 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 timing of the collection of the amounts due pursuant to the Settlement Agreement, the timing and amount of distributions made to shareholders, if any, 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 September 30, 2019, we had cash and cash equivalents of approximately $65.0 million which represents a decrease from December 31, 2018 of approximately $82.7 million. The net decrease was primarily due to a return of capital to shareholders pursuant to the Plan of Arrangement as more fully described in the “Financing Activities” section below.

		2019		Change		2018
Cash and cash equivalents	$	64,952,134	$	(82,694,219)	$	147,646,353

As of September 30, 2019, we had financial resources including cash, cash equivalents and marketable securities totaling approximately $65.1 million, equipment with a carrying value of approximately $11.7 million (See Note 6 to the consolidated financial statements), income tax receivable of approximately $10.8 million and short-term financial obligations consisting of accounts payable, accrued expenses, contingent value rights and lease liability of approximately $2.1 million.

We have no revenue producing operations at this time. Our future working capital position is dependent upon the receipt of the remaining balance of the Award plus interest pursuant to the Settlement Agreement or its collection in the relevant legal jurisdictions. Although we believe, subsequent to the return of capital pursuant to the Plan of Arrangement, that we will have sufficient working capital to carry on our activities for the next 12 to 24 months, our actual cash burn-rate may require us to seek additional sources of funding to ensure our ability to continue our activities in the normal course. As discussed elsewhere in this management's discussion and analysis, the U.S. and Canadian Sanctions have and will continue to adversely impact our ability to collect the remaining balance of the Award plus interest from Venezuela and, until Sanctions are lifted, significantly impede our ability to develop the Siembra Minera Project.

Operating Activities

Cash flow used in operating activities for the nine months ended September 30, 2019 and 2018 was approximately $7.1 million and $25.6 million, respectively. Cash flow used in operating activities consists of net income (loss) (the components of which are more fully discussed below) adjusted for losses on marketable securities, non-cash expense items primarily related to stock option compensation and depreciation as well as certain non-cash changes in working capital.

Cash flow used in operating activities during the nine months ended September 30, 2019 decreased from the prior comparable period primarily due to a decrease in cash paid for income taxes, general and administrative costs and other expenses related to obligations resulting from the receipt of payments pursuant to the Settlement Agreement and an increase in interest income.

Investing Activities

Cash flow used in investing activities decreased during the nine months ended September 30, 2019 primarily due to a decrease in purchases of property, plant and equipment.

Financing Activities

In June 2019, the Company completed a distribution of approximately $76 million or $0.76 per share to holders of Class A Shares as a return of capital. The return of capital was completed pursuant to a court-approved plan of arrangement transaction under the Business Corporations Act (Alberta) (the “Act”) and required approval by the Court and at least two-thirds of the votes cast by Shareholders in respect of a special resolution. The return of capital transaction was affected pursuant to an arrangement transaction (the “Arrangement”) in accordance with a plan of arrangement (the “Plan of Arrangement”) pursuant to section 193 of the Act. Full details of the return of capital transaction are described in the Company’s management proxy circular and other related materials filed with applicable Canadian securities regulatory authorities and made available at www.sedar.com or www.sec.gov, and posted on the Company’s website at www.goldreserveinc.com.

Contractual Obligations

Our material contractual obligation payments as of September 30, 2019 consist of amounts due pursuant to the CVR’s and the bonus plan of approximately $0.6 million.

Results of Operations

Summary Results of Operations

Consolidated net income (loss) for the three and nine months ended September 30, 2019 was approximately $1.6 million and $(4.8) million, respectively compared to consolidated net income of $3.7 million and $67.8 million during the comparable periods in 2018.

		Three Months			Nine Months
	2019	2018	Change	2019	2018	Change
Income (loss)	$ (67,176)	$(3,023,589)	$2,956,413	$ 1,387,555	$85,129,082	$(83,741,527)
Expenses	(2,642,425)	(5,580,601)	2,938,176	(10,576,123)	(17,150,798)	6,574,675
Net income (loss) before tax	(2,709,601)	(8,604,190)	5,894,589	(9,188,568)	67,978,284	(77,166,852)
Income tax benefit (expense)	4,347,907	12,325,049	(7,977,142)	4,347,907	(198,216)	4,546,123
Net income (loss) for the period	$1,638,306	$3,720,859	$(2,082,553)	$(4,840,661)	$67,780,068	$(72,620,729)

Income

		Three Months			Nine Months
	2019	2018	Change	2019	2018	Change
Gain on sale of mining data	$ –	$ –	$ –	$ –	$52,500,000	$(52,500,000)
Arbitration award	–	–	–	–	36,000,000	(36,000,000)
Interest income	151,586	84,998	66,588	1,122,639	173,830	948,809
Loss on marketable debt securities	–	(3,347,410)	3,347,410	–	(3,347,410)	3,347,410
Loss on marketable equity securities	(34,378)	(5,442)	(28,936)	(134,943)	(17,046)	(117,897)
Foreign currency gain (loss)	(184,384)	244,265	(428,649)	399,859	(180,292)	580,151
	$(67,176)	$(3,023,589)	$2,956,413	$1,387,555	$85,129,082	$(83,741,527)

As the Company has no commercial production or source of operating cash flow at this time, income is often variable from period to period and subject to payments made pursuant to the Settlement Agreement, if any. The decrease in income was primarily due to not receiving any payments under the Settlement Agreement in 2019 partially offset by a decrease in loss on marketable securities and increases in interest income and foreign currency gain.

Expenses

		Three Months			Nine Months
	2019	2018	Change	2019	2018	Change
Corporate general and administrative	$1,470,362	$1,116,490	$ 353,872	$3,918,621	$5,631,766	$(1,713,145)
Contingent value rights	262,549	(16,304)	278,853	262,549	4,442,820	(4,180,271)
Siembra Minera Project costs	431,819	3,952,881	(3,521,062)	4,700,979	5,195,944	(494,965)
Exploration costs	32,070	–	32,070	34,798	–	34,798
Legal and accounting	179,913	192,992	(13,079)	1,079,141	941,248	137,893
Arbitration and settlement	157,262	28,690	128,572	254,934	153,998	100,936
Equipment holding costs	108,450	305,852	(197,402)	325,101	785,022	(459,921)
Total expenses	$2,642,425	$5,580,601	$(2,938,176)	$10,576,123	$17,150,798	$(6,574,675)

Corporate general and administrative expense and contingent value rights expense changed from the prior comparable periods as a result of changes in expenses related to receipt of payments under the Settlement Agreement. Expenses associated with the Siembra Minera Project decreased from the prior comparable periods as a result of a reduction in the work programs in the project area (See Siembra Minera Project Completed Activities). Legal and accounting expenses for the nine months ended September 30, 2019 increased from the prior comparable period primarily as a result of professional fees associated with the return of capital transaction. Arbitration and settlement expense increased generally as a result of counsels' evaluation of various issues associated with the current status of the Settlement Agreement and the Siembra Minera Project. The decrease in equipment holding costs was due to the cost of relocation of certain equipment in 2018. Overall, total expenses for the three and nine months ended September 30, 2019 decreased by approximately $2.9 million and $6.6 million, respectively, from the comparable periods in 2018.

Summary of Quarterly Results (1)

Quarter ended	9/30/19	6/30/19	3/31/19	12/31/18	9/30/18	6/30/18	3/31/18	12/31/17
Income (loss)	$(67,176)	$647,953	$806,778	$(33,559,907)	$(3,023,589)	$88,121,074	$31,597	$(120,524)
Net income (loss)
before tax (2)	(2,709,601)	(3,718,609)	(2,760,358)	(36,090,031)	(8,604,190)	79,049,035	(2,466,561)	(3,935,744)
Per share	(0.03)	(0.04)	(0.03)	(0.36)	(0.09)	0.80	(0.02)	(0.04)
Fully diluted	(0.03)	(0.04)	(0.03)	(0.36)	(0.09)	0.79	(0.02)	(0.04)
Net income (loss) (2)	1,638,306	(3,718,609)	(2,760,358)	(25,921,698)	3,720,859	67,125,060	(3,065,851)	7,698,845
Per share	0.02	(0.04)	(0.03)	(0.26)	0.04	0.67	(0.03)	0.08
Fully diluted	0.02	(0.04)	(0.03)	(0.26)	0.04	0.67	(0.03)	0.08

(1) The information shown above is derived from our unaudited 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.

In the first three quarters of 2019, income primarily consisted of interest and foreign currency gain (loss) as the Company did not receive any additional payments related to the Settlement Agreement.

In the third and fourth quarters of 2018, income declined primarily due to a decrease in receipts associated with the Settlement Agreement, losses on marketable debt securities and a loss on the impairment of funds held in the Trust Account.

In the second quarter of 2018, income increased as a result of gain on sale of Mining Data and receipts from 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 2019, net income increased primarily as a result of a change in estimated income tax.

In the first and second quarters of 2019, the Company recorded net losses primarily because the Company did not have any receipts from the Settlement Agreement.

In the fourth quarter of 2018 the Company recorded a net loss primarily as a result of losses on marketable debt securities and loss on impairment of funds held in trust partially offset by an increase in tax benefit (See Note 10 to the audited consolidated financial statements).

In the third quarter of 2018, the Company recorded net income primarily as a result of the recognition of certain tax benefits associated with the sale of the Mining Data.

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 net losses primarily because the Company did not have any receipts from the sale of its Mining Data or from the arbitration award.

In the fourth quarter of 2017, the Company recorded net income primarily as a result of an adjustment to income tax expense.

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 gdrzfform6kexhibit993112219.htm CEO'S CERTIFICATION OF INTERIM FILINGS gdrzfform6kexhibit993112219.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.3 Chief Executive Officer’s Certification of Interim Filings

Form 52-109F2

Certification of interim filings – full certificate

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 September 30, 2019.
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, 2019 and ended on September 30, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 22, 2019

/s/Rockne J. Timm

Rockne J. Timm

Chief Executive Officer

EX-99.4 5 gdrzfform6kexhibit994112219.htm CFO'S CERTIFICATION OF INTERIM FILINGS gdrzfform6kexhibit994112219.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.4 Chief Financial Officer’s Certification of Interim Filings

Form 52-109F2

Certification of 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 September 30, 2019.
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, 2019 and ended on September 30, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 22, 2019

/s/Robert A. McGuinness

Robert A. McGuinness

Chief Financial Officer

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Note 10.    Income Tax: Income tax expense (benefit) for the nine months ended September 30, 2019 and 2018 differs from the amount that would result from applying Canadian tax rates to net loss before taxes. These differences result from the items noted below: <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="559" style="border-collapse:collapse;margin-left:.5in;width:476.899994pt;"> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="2" valign="top" width="25%" style="padding:0in 5.75pt 0in 5.75pt;"> 2019 </td> <td colspan="2" valign="top" width="24%" style="padding:0in 5.75pt 0in 5.75pt;"> 2018 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> Amount </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> % </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> Amount </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> % </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;"> Income tax expense (benefit) based on Canadian tax rates </td> <td valign="top" width="17%" style="border-top:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> $  (2,297,142) </td> <td valign="top" width="8%" style="border-top:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> (25) </td> <td valign="top" width="16%" style="border-top:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> $  16,994,571 </td> <td valign="top" width="8%" style="border-top:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> 25 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;"> Increase (decrease) due to: </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">  Different tax rates on foreign subsidiaries </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> 260,663 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> 3 </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> (1,813,647) </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> (2) </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">  Non-deductible expenses </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> 9,152 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 908,032 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> 1 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">  Withholding tax </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 759,062 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> 1 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">  Previously unrecognized tax benefits </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> (4,347,907) </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> (47) </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> (11,508,151) </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> (17) </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">  Change in valuation allowance and other </td> <td valign="top" width="17%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 2,027,327 </td> <td valign="top" width="8%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 22 </td> <td valign="top" width="16%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (5,141,651) </td> <td valign="top" width="8%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (8) </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> $ (4,347,907) </td> <td valign="top" width="8%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> (47) </td> <td valign="top" width="16%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> $ 198,216  </td> <td valign="top" width="8%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> - </td> </tr> </table></div>                                 The Company recorded income tax (benefit) expense of $(4.3) million and $0.2 million for the nine months ended September 30, 2019 and 2018, respectively. We have recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced in the near term if our estimate of future taxable income changes. The Company has an income tax receivable of $10.8 million related to prior year overpayments. <a name="_Hlk25223497" />This receivable was increased by $4.3 million during the three months ended September 30, 2019 as a result of revisions to management's estimates of the timing and amount of deductions available to the Company's US subsidiary associated with the write-off of certain subsidiaries. The Company has filed an amended return which meets the recognition threshold for refund receivable as of September 30, 2019. The components of the Canadian and U.S. deferred income tax assets and liabilities as of September 30, 2019 and December 31, 2018 were as follows:   <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="523" style="border-collapse:collapse;margin-left:.5in;width:449.899994pt;"> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="4" valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;"> September 30, </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> December 31, </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="7%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> 2019 </td> <td valign="top" width="8%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> 2018 </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 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;"> Net operating loss carry forwards </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;"> 33,536,042 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> 31,362,816 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;"> Property, Plant and Equipment </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;"> 3,226,282 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> 3,226,994 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;"> Other </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 1,660,339 </td> <td valign="top" width="8%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 1,652,114 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;"> 38,422,663 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> 36,241,924 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;"> Valuation allowance </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (38,411,186) </td> <td valign="top" width="8%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (36,202,109) </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;">     11,477 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;">     39,815 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;">   </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 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;"> Other </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (11,477) </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (39,815) </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="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="18%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> - </td> </tr> </table></div>     At September 30, 2019, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars.   <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="589" style="border-collapse:collapse;margin-left:.5in;width:499.399994pt;"> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> U.S. </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Canadian </td> <td valign="bottom" width="19%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Expires </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 1,973,368 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2026 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 3,662,314 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2027 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 13,959,070 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2028 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 13,229,114 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2029 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 16,343,835 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2030 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 18,301,312 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2031 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 5,309,986 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2032 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 7,719,628 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2033 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 8,944,359 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2034 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 12,767,412 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2035 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 15,179,110 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2036 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 11,447,131 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2037 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 413,307 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2038 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 3,459,717 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2039 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 1,707,742 </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 1,707,742 </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 132,709,663 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> </table></div>

Note 6.      Property, Plant and Equipment: <table border="0" cellpadding="0" cellspacing="0" width="576" style="border-collapse:collapse;margin-left:23.4pt;width:512.500000pt;"> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;">                 </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> Accumulated </td> <td valign="top" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Cost </td> <td valign="top" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Depreciation </td> <td valign="top" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Net </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> September 30, 2019 </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> Machinery and equipment </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 11,677,534 </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 11,677,534 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> Furniture and office equipment </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 479,579 </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> (353,495) </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 126,084 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> Transportation equipment </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 491,025 </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> (108,276) </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 382,749 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> Leasehold improvements </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 51,658 </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> (16,307) </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 35,351 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> Mineral property </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 350,000 </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 350,000 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="7%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 13,049,796 </td> <td valign="bottom" width="6%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="15%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (478,078) </td> <td valign="bottom" width="6%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 12,571,718 </td> </tr> <tr style="height:7.0pt;"> <td valign="top" width="34%" style="height:7.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="7%" style="height:7.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="height:7.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="6%" style="height:7.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="height:7.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="6%" style="height:7.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="height:7.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> Accumulated </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Cost </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Depreciation </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Net </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> December 31, 2018 </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> Machinery and equipment </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 11,677,534 </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 11,677,534 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> Furniture and office equipment </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 469,569 </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> (333,828) </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 135,741 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> Transportation equipment </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 491,025 </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> (34,622) </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 456,403 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> Leasehold improvements </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 51,658 </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> (11,063) </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 40,595 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;"> Mineral property </td> <td valign="bottom" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 350,000 </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="bottom" width="6%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 350,000 </td> </tr> <tr> <td valign="top" width="34%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="7%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 13,039,786 </td> <td valign="bottom" width="6%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="15%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (379,513) </td> <td valign="bottom" width="6%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="bottom" width="16%" style="border-bottom:solid black 1.5pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 12,660,273 </td> </tr> </table> Stock option transactions for the nine months ended September 30, 2019 and 2018 are as follows: <table border="0" cellpadding="0" cellspacing="0" width="548" style="border-collapse:collapse;margin-left:5.4pt;width:491.799988pt;"> <tr> <td valign="top" width="31%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="2" valign="top" width="30%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 2019 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="2" valign="bottom" width="29%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 2018 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr style="height:37.0pt;"> <td valign="top" width="31%" style="height:37.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="border-bottom:solid black 1.0pt;height:37.0pt;padding:0in 5.75pt 0in 5.75pt;"> Shares </td> <td valign="bottom" width="15%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:37.0pt;padding:0in 5.75pt 0in 5.75pt;"> Weighted Average Exercise Price </td> <td valign="top" width="5%" style="height:37.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="15%" style="border-bottom:solid black 1.0pt;height:37.0pt;padding:0in 5.75pt 0in 5.75pt;"> Shares </td> <td valign="bottom" width="14%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:37.0pt;padding:0in 5.75pt 0in 5.75pt;"> Weighted Average Exercise Price </td> <td valign="top" width="5%" style="height:37.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.75pt 0in 5.75pt;"> Options outstanding - beginning of period </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 4,554,565 </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> $ 3.11 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 5,091,565 </td> <td valign="top" width="14%" style="padding:0in 5.75pt 0in 5.75pt;"> $ 3.13 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.75pt 0in 5.75pt;"> Options expired </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (185,000) </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">    3.43 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (487,000) </td> <td valign="top" width="14%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">    3.34 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.75pt 0in 5.75pt;"> Options outstanding - end of period </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 4,369,565 </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ 3.09 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 4,604,565 </td> <td valign="top" width="14%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ 3.11 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="14%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.75pt 0in 5.75pt;"> Options exercisable - end of period </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 4,369,565 </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ 3.09 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 4,060,818 </td> <td valign="top" width="14%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ 3.10 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="14%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="31%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="14%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> </table> The following table relates to stock options at September 30, 2019:   <table border="0" cellpadding="0" cellspacing="0" width="642" style="border-collapse:collapse;margin-left:5.4pt;width:596.500000pt;"> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="4" valign="bottom" width="43%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Outstanding Options </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="4" valign="bottom" width="41%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Exercisable Options </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="11%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Exercise Price </td> <td valign="bottom" width="11%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Number </td> <td valign="bottom" width="10%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Weighted Average Exercise Price </td> <td valign="bottom" width="11%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Aggregate Intrinsic Value </td> <td valign="bottom" width="11%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Weighted Average Remaining Contractual Term (Years) </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="bottom" width="10%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Number </td> <td valign="bottom" width="10%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Weighted Average Exercise Price </td> <td valign="bottom" width="10%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Aggregate Intrinsic Value </td> <td valign="bottom" width="11%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Weighted Average Remaining Contractual Term (Years) </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> $1.92 </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 444,922 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> $1.92 </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> $ - </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 1.69 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> 444,922 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> $1.92 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> $ - </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 1.69 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> $2.69 </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 125,000 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> $2.69 </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 7.58 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> 125,000 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> $2.69 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 7.58 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> $3.15 </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 3,369,643 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> $3.15 </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 7.38 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> 3,369,643 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> $3.15 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 7.38 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> $3.91 </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 180,000 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> $3.91 </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 5.75 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> 180,000 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> $3.91 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 5.75 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> $4.02 </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 250,000 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> $4.02 </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 4.82 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> 250,000 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> $4.02 </td> <td valign="top" width="10%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="11%" style="padding:0in 5.75pt 0in 5.75pt;"> 4.82 </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="11%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $1.92 - $4.02 </td> <td valign="top" width="11%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 4,369,565 </td> <td valign="top" width="10%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $3.09 </td> <td valign="top" width="11%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ - </td> <td valign="top" width="11%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 6.59 </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="10%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 4,369,565 </td> <td valign="top" width="10%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $3.09 </td> <td valign="top" width="10%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ - </td> <td valign="top" width="11%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 6.59 </td> </tr> </table> Income tax expense (benefit) for the nine months ended September 30, 2019 and 2018 differs from the amount that would result from applying Canadian tax rates to net loss before taxes. These differences result from the items noted below: <table border="0" cellpadding="0" cellspacing="0" width="559" style="border-collapse:collapse;margin-left:.5in;width:476.899994pt;"> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="2" valign="top" width="25%" style="padding:0in 5.75pt 0in 5.75pt;"> 2019 </td> <td colspan="2" valign="top" width="24%" style="padding:0in 5.75pt 0in 5.75pt;"> 2018 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> Amount </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> % </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> Amount </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> % </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;"> Income tax expense (benefit) based on Canadian tax rates </td> <td valign="top" width="17%" style="border-top:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> $  (2,297,142) </td> <td valign="top" width="8%" style="border-top:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> (25) </td> <td valign="top" width="16%" style="border-top:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> $  16,994,571 </td> <td valign="top" width="8%" style="border-top:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> 25 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;"> Increase (decrease) due to: </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">  Different tax rates on foreign subsidiaries </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> 260,663 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> 3 </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> (1,813,647) </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> (2) </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">  Non-deductible expenses </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> 9,152 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 908,032 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> 1 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">  Withholding tax </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> 759,062 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> 1 </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">  Previously unrecognized tax benefits </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> (4,347,907) </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> (47) </td> <td valign="top" width="16%" style="padding:0in 5.75pt 0in 5.75pt;"> (11,508,151) </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> (17) </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">  Change in valuation allowance and other </td> <td valign="top" width="17%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 2,027,327 </td> <td valign="top" width="8%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 22 </td> <td valign="top" width="16%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (5,141,651) </td> <td valign="top" width="8%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (8) </td> </tr> <tr> <td valign="top" width="51%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> $ (4,347,907) </td> <td valign="top" width="8%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> (47) </td> <td valign="top" width="16%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> $ 198,216  </td> <td valign="top" width="8%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> - </td> </tr> </table> The Company recorded income tax (benefit) expense of $(4.3) million and $0.2 million for the nine months ended September 30, 2019 and 2018, respectively. We have recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced in the near term if our estimate of future taxable income changes. The Company has an income tax receivable of $10.8 million related to prior year overpayments. This receivable increased during the three months ended September 30, 2019 as a result of a revision of management's estimate of income tax due on the receipt of proceeds from the sale of Mining Data in prior years. The components of the Canadian and U.S. deferred income tax assets and liabilities as of September 30, 2019 and December 31, 2018 were as follows:   <table border="0" cellpadding="0" cellspacing="0" width="523" style="border-collapse:collapse;margin-left:.5in;width:449.899994pt;"> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td colspan="4" valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;"> September 30, </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> December 31, </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="7%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> 2019 </td> <td valign="top" width="8%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid black 1.5pt;padding:0in 5.75pt 0in 5.75pt;"> 2018 </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 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;"> Net operating loss carry forwards </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;"> 33,536,042 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> 31,362,816 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;"> Property, Plant and Equipment </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;"> 3,226,282 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> 3,226,994 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;"> Other </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 1,660,339 </td> <td valign="top" width="8%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 1,652,114 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;"> 38,422,663 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;"> 36,241,924 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;"> Valuation allowance </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (38,411,186) </td> <td valign="top" width="8%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (36,202,109) </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;">     11,477 </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;">     39,815 </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;">   </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 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="50%" style="padding:0in 5.75pt 0in 5.75pt;"> Other </td> <td valign="top" width="7%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="18%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (11,477) </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="17%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> (39,815) </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="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="18%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> - </td> <td valign="top" width="8%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="17%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> - </td> </tr> </table> At September 30, 2019, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars.   <table border="0" cellpadding="0" cellspacing="0" width="589" style="border-collapse:collapse;margin-left:.5in;width:499.399994pt;"> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> U.S. </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Canadian </td> <td valign="bottom" width="19%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> Expires </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 1,973,368 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2026 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 3,662,314 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2027 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 13,959,070 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2028 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 13,229,114 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2029 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 16,343,835 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2030 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 18,301,312 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2031 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 5,309,986 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2032 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 7,719,628 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2033 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 8,944,359 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2034 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 12,767,412 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2035 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 15,179,110 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2036 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 11,447,131 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2037 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 413,307 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2038 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="padding:0in 5.75pt 0in 5.75pt;"> 3,459,717 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;"> 2039 </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 1,707,742 </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> <td valign="top" width="5%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> $ </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 1,707,742 </td> <td valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 5.75pt 0in 5.75pt;"> 132,709,663 </td> <td valign="top" width="19%" style="padding:0in 5.75pt 0in 5.75pt;">   </td> </tr> </table> 0.55 0.45 11700000 300000 740300000 1032000 792000000 240000000 254000000 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Valuation Allowance And Other Change in valuation allowance and other Change In Valuation Allowance And Other Common Shares Amount [Member] Common Shares Amount Common Shares Amount Member Contingent Value Rights Contingent Value Rights Contingent value rights (Note 3) Contributed Surplus Contributed surplus Contributed Surplus Cost Machinery And Equipment Cost: Machinery and equipment Cost Machinery And Equipment Cost Mineral Property Cost: Mineral property Cost Mineral Property Cost Transportation Equipment Cost: Transportation equipment Cost Transportation Equipment Cumulative Effect Of Accounting Change Cumulative effect of accounting change Cumulative Effect Of Accounting Change Cumulative Expenditures Associated With Siembra Minera Cumulative expenditures associated with Siembra Minera Cumulative Expenditures Associated With Siembra Minera Cvr Due CVR due Cvr Due Deferred Income Tax Assets [Abstract] Deferred income tax assets Deferred Income Tax Assets Abstract Deferred Income Tax Liabilities [Abstract] Deferred income tax liabilities Deferred Income Tax Liabilities Abstract Different Tax Rates On Foreign Subsidiaries Different tax rates on foreign subsidiaries Different Tax Rates On Foreign Subsidiaries Dispositions Dispositions Dispositions Empresa Mixta Ecosocialista Siembra Minera, S. [Abstract] Empresa Mixta Ecosocialista Siembra MineraS 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 Equity Securities [Abstract] Equity securities Equity Securities Abstract 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 Fair Value At Beginning Of Year Fair value at beginning of period Fair Value At Beginning Of Year Fair Value Of Debt Securities At Beginning Of Year Fair value at beginning of year Fair Value Of Debt Securities At Beginning Of Year Fair Value Of Equipment Fair value of equipment Fair Value Of Equipment Fair Value Of Equity Securities At Balance Sheet Date Fair value at balance sheet date Fair Value Of Equity Securities At Balance Sheet Date Gain On Sale Of Mine Data Gain on sale of mining data Gain On Sale Of Mine Data 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 Impairment Loss Impairment loss Impairment Loss Income Tax Income tax Income Tax Income Tax: [Abstract] Income Tax Abstract Income Tax Benefit Based On Canadian Tax Rates Income tax expense (benefit) based on Canadian tax rates Income Tax (Benefit) Based On Canadian Tax Rates Income Tax Details Oneabstract [Abstract] Income Tax: (Details one)Abstract] Income Tax Details One abstract Income Tax Details Textabstract [Abstract] Income Tax: (Details text)[Abstract] Income Tax Details Text abstract Income Tax Details Threeabstract [Abstract] Income Tax: (Details three)[Abstract] Income Tax Details Three abstract Income Tax Details Twoabstract [Abstract] Income Tax: (Details two)[Abstract] Income Tax Details Two abstract Income Tax Expense Benefit Text Block Income tax expense (benefit) Income Tax Expense Benefit Text Block Income Tax Expense Recorded By The Company Income tax expense recorded by the Company Income Tax Expense Recorded By The Company Income Tax: (Tables) [Abstract] Income Tax Tables Abstract Increase Decrease Due To [Abstract] Increase (decrease) due to: Increase (Decrease) Due To Abstract Increase Decrease In Fair Value Increase (decrease) in fair value Increase Decrease In Fair Value KSOP Plan: [Abstract] Ksop Plan Abstract Ksop Plan Text Block KSOP Plan: Ksop Plan Text Block Lease Liability And Right Of Use Asset Lease liability and right of use asset Lease Liability And Right Of Use Asset Lease Liability Current Lease liability (Note 2) Lease Liability Current Lease Liability Non Current Lease liability (Note 2) Lease Liability Non Current 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 marketable equity securities Loss On Marketable Equity Securities Loss On Sale Of Bonds Loss on sale of bonds Loss On Sale Of Bonds Marketable Equity Securities Cost Basis Marketable equity securities cost basis Marketable Equity Securities Cost Basis Marketable Securities Details [Abstract] Marketable Securities: (Details 1) [Abstract] Marketable Securities Details Abstract Marketable Securities Details Textabstract [Abstract] Marketable Securities: (Details Text)[Abstract] Marketable Securities Details Text abstract Marketable Securities: (Tables) [Abstract] Marketable Securities Tables Abstract Maximum Number Of Shares Available Under The Plan Maximum number of shares available under the plan Maximum Number Of Shares Available Under The Plan Maximum Term Of Options Maximum term of options Maximum Term Of Options Modified Bonus Percentage Of First Two Hundred Million Collected Modified bonus percentage of first two hundred million collected Modified Bonus Percentage Of First Two Hundred Million Collected Modified Bonus Percentage Thereafter Modified bonus percentage thereafter Modified Bonus Percentage Thereafter Net Deferred Income Tax Liability Text Block Net deferred income tax liability Net Deferred Income Tax Liability Text Block Net Deferred Tax Assets Net deferred tax assets Net Deferred Tax Assets 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 9 M 2018 Net income for the period Net Income For The Period 9M 2018 Net Income For The Period Q 32019 Net income for the period Net Income For The Period Q3 2019 Net Income Loss Per Share [Abstract] Net income (loss) per share Net Income Loss Per Share Abstract Net Leasehold Improvements Net: Leasehold improvements Net Leasehold Improvements Net Loss Before Income Tax Net income (loss) before income tax Net Loss Before Income Tax Net Loss For The Period 9 M 2019 Net loss for the period Net Loss For The Period 9M 2019 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 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 Options Available For Grant Options available for grant Options Available For Grant Options Expired Options expired Options Expired 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 Original Bonus Percentage Of First Two Hundred Million Collected Original bonus percentage of first two hundred million collected Original Bonus Percentage Of Firs two Hundred Million Collected Original Bonus Percentage Thereafter Original bonus percentage thereafter Original Bonus Percentage Thereafter 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 Payments Made Pursuant To Settlement Agreement Payments made pursuant to Settlement Agreement Payments Made Pursuant To Settlement Agreement Previously Unrecognized Tax Benefits Previously unrecognized tax benefits Previously Unrecognized Tax Benefits Property Plant And Equipment Deferred Tax Asset Property, Plant and Equipment Property Plant And Equipment Deferred Tax Asset Property, Plant and Equipment: (Tables) [Abstract] Property Plant And Equipment Tables Abstract Property Plant And Equipmentdetails [Abstract] Property, Plant and Equipment:(Details) [Abstract] Property Plant And Equipment details Abstract Property Plant Equipment Text Block Property, Plant Equipment: Property Plant Equipment Text Block Return Of Capital Return of capital (Note 11) Return Of Capital Return of Capital: [Abstract] Return Of Capital Abstract Return Of Capital Distribution Return of capital Return Of Capital Distribution Return Of Capital Text Block Return of Capital: Return Of Capital Text Block Returned To Shareholders Returned to shareholders Returned To Shareholders Returned To Shareholders Per Share Returned to shareholders per share Returned To Shareholders Per Share Right Of Use Asset Right of use asset (Note 2) Right Of Use Asset Settlement Agreement Settlement Agreement Settlement Agreement Siembra Minera Siembra Minera Siembra Minera Project costs (Note 7) 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 One [Abstract] Stock Based Compensation Plans: (Details 1)[Abstract] Stock Based Compensation Plans Details One Abstract Stock Based Compensation Plans Details Twoabstract [Abstract] Stock Based Compensation Plans: (Details two)[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 Based Compensation Plansdetails Text [Abstract] Stock Based Compensation Plans:(Details Text) [Abstract] Stock Based Compensation Plans details Text Abstract Stock Option Compensation 9 M 2018 Stock option compensation (Note 9) Stock Option Compensation 9M 2018 Stock Option Compensation 9 M 2019 Stock option compensation (Note 9) Stock Option Compensation 9M 2019 Stock Option Compensation Q 32018 Stock option compensation (Note 9) Stock Option Compensation Q3 2018 Stock Option Transactions Text Block Stock Option Transactions Stock Option Transactions Text Block Stock Options Stock options (Note 9) Stock options Stock Options [Member] Stock Options Stock Options Member Stockholders Equity 2019 Balance Stockholders Equity 2019 Stockholders Equityin Shares 2019 Balance (In shares) Stockholders Equity in Shares 2019 The Company and Significant Accounting Policies: [Abstract] The Company And Significant Accounting Policies Abstract The Companys Income Tax Receivable The Company's income tax receivable The Companys Income Tax Receivable 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 Total Us Tax Loss Carryforward Total US tax loss carryforward Total Us Tax Loss Carryforward 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 Exercise Price Options Exercisable Weighted average exercise price - options exercisable Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price Options Expired Weighted average exercise price - options expired Weighted Average Exercise Price Options Expired Weighted Average Exercise Price Options Outstanding Weighted average exercise price - options outstanding Weighted average exercise price - options outstanding Weighted Average Exercise Price Options Outstanding Withholding Tax Withholding tax Withholding Tax Writedown Of Property Plant And Equipment Write-down of property, plant and equipment Writedown Of Property Plant And Equipment Accounts Payable and Accrued Liabilities, Current Accounts payable and accrued expenses (Note 3) 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 (loss) to net cash used in operating activities: Assets Total assets Assets, Current Total current assets Assets, Current [Abstract] Current Assets: Cash and Cash Equivalents: [Abstract] Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents (Note 4) 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 decrease in cash and cash equivalents Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents: Common Stock [Member] Common Shares Common Stock, Value, Issued Common shares (Note 11) Costs and Expenses [Abstract] EXPENSES Debt Securities [Abstract] Debt securities 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 Foreign Currency Transaction Gain (Loss), before Tax Foreign currency gain (loss) Furniture and Fixtures, Gross Cost: Furniture and office equipment Gain (Loss) on Extinguishment of Debt Loss on marketable debt securities General and Administrative Expense Corporate general and administrative (Notes 3 and 9) Debt Securities, Held-to-maturity Fair value at balance sheet date Income Statement [Abstract] Income Tax Disclosure [Text Block] Income Tax: Income Tax Expense (Benefit) Income tax benefit (expense) (Note 10) Income Taxes Paid, Net Cash paid for income taxes Income Taxes Receivable, Current Income tax receivable (Note 10) Increase (Decrease) in Accounts Payable Net increase (decrease) 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 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 Marketable equity securities (Note 5) Marketable Securities: [Abstract] Marketable Securities, Gain (Loss) Loss on marketable equity and debt securities Marketable Securities [Table Text Block] Marketable Securities: Net Cash Provided by (Used in) Financing Activities Net cash used in 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 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 Net income (loss) and comprehensive income (loss) for the period Notes Payable, Current Contingent value rights (Note 3) Other Assets, Current Deposits, advances and other Other Income Other INCOME (LOSS) Other Interest and Dividend Income Interest income Other Noncash Income Tax Expense Income tax Other Nonoperating Income (Expense) [Abstract] INCOME (LOSS) Payments to Acquire Other Property, Plant, and Equipment Purchase of property, plant and equipment Proceeds from Sale and Maturity of Marketable Securities Proceeds from disposition of marketable securities Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Net income (loss) 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 6) Realized Investment Gains (Losses) Realized loss 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) Short-term Investments Short term investments 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] 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The Company and Significant Accounting Policies: (Details Text)
$ in Millions

Sep. 30, 2019

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

The Company and Significant Accounting Policies: (Details Text) $ in Millions	Sep. 30, 2019 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 15 R27.htm IDEA: XBRL DOCUMENT v3.19.3

Cash and Cash Equivalents: (Details Text)
$ in Millions
12 Months Ended

Dec. 31, 2018

USD ($)

Cash And Cash Equivalents Details Text [Abstract]

Impairment loss $ 21.5

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Income Tax: (Details 1) - USD ($)
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Income Tax Details Oneabstract [Abstract]

Income tax expense (benefit) based on Canadian tax rates $ (2,297,142) $ 16,994,571

Increase (decrease) due to:

Different tax rates on foreign subsidiaries 260,663 (1,813,647)

Non-deductible expenses 9,152 908,032

Withholding tax 759,062

Previously unrecognized tax benefits (4,347,907) (11,508,151)

Change in valuation allowance and other 2,027,327 (5,141,651)

Income tax $ (4,347,907) $ 198,216

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CONSOLIDATED BALANCE SHEETS - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Current Assets:

Cash and cash equivalents (Note 4) $ 64,952,134 $ 147,646,353

Marketable equity securities (Note 5) 152,695 287,638

Income tax receivable (Note 10) 10,798,291 6,450,384

Deposits, advances and other 1,115,425 1,608,698

Total current assets 77,018,545 155,993,073

Property, plant and equipment, net (Note 6) 12,571,718 12,660,273

Right of use asset (Note 2) 272,888 0

Total assets 89,863,151 168,653,346

Current Liabilities:

Accounts payable and accrued expenses (Note 3) 1,733,011 712,520

Contingent value rights (Note 3) 263,221 0

Lease liability (Note 2) 90,659 0

Total current liabilities 2,086,891 712,520

Lease liability (Note 2) 185,289 0

Total liabilities 2,272,180 712,520

SHAREHOLDERS' EQUITY

Common shares (Note 11) 302,469,647 378,009,884

Contributed surplus 20,625,372 20,625,372

Stock options (Note 9) 20,752,893 20,721,850

Accumulated deficit (256,256,941) (251,416,280)

Total shareholders' equity 87,590,971 167,940,826

Total liabilities and shareholders' equity $ 89,863,151 $ 168,653,346

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KSOP Plan: (Details Text) - USD ($)
9 Months Ended 12 Months Ended

Sep. 30, 2019

Dec. 31, 2018

KSOP Plan: [Abstract]

Cash contributions to the plan $ 0 $ 212,000

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The Company and Significant Accounting Policies:
9 Months Ended

Sep. 30, 2019

The Company and Significant Accounting Policies: [Abstract]

The Company and Significant Accounting Policies:
Note 1. The Company and Significant Accounting Policies:

Gold Reserve Inc. ("Gold Reserve", the "Company", "we", "us", or "our") is engaged in the business of acquiring, exploring and developing mining projects and was incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014.

Gold Reserve Inc. is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. A significant portion of our recent activities relate to the advancement of the Siembra Minera Project and the execution of the July 2016 settlement agreement, (as amended, the "Settlement Agreement") with the Bolivarian Republic of Venezuela ("Venezuela") in regards to the payment of the Award and the acquisition of our Mining Data by Venezuela (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera")).

On August 5, 2019, the U.S. government issued an Executive Order that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. As a result, Siembra Minera is now considered to be blocked property and a Specially Designated National (“SDN”), which means that the Company and its U.S. management and employees are prohibited from any dealings with Siembra Minera (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A.).

Basis of Presentation and Principles of Consolidation. These interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The statements principally include the accounts of the Company, Gold Reserve Corporation and three Barbadian subsidiaries one of which was formed to hold our equity interest in Siembra Minera which is beneficially owned 55% by Venezuela and 45% by Gold Reserve. Our investment in Siembra Minera is accounted for as an equity investment. All subsidiaries are wholly owned. All intercompany accounts and transactions have been eliminated on consolidation. Our policy is to consolidate those subsidiaries where control exists. We have only one operating segment, the exploration and development of mineral properties. As these unaudited interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the annual financial statements and the related notes included in our Annual Report on Form 40-F for the year ended December 31, 2018.

Cash and Cash Equivalents. We consider short-term, highly liquid investments purchased with an original maturity of three months or less to be cash equivalents for purposes of reporting cash equivalents and cash flows. The cost of these investments approximates fair value. We manage the exposure of our cash and cash equivalents to credit risk by diversifying our holdings into various major financial institutions.

Exploration and Development Costs. Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Mineral property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Mineral properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.

Property, Plant and Equipment Included in property, plant and equipment is certain equipment, relating to the Brias Project, the initial carrying value of which has been adjusted in prior periods for impairment, to its estimated fair value of $11.7 million. This equipment is not being depreciated as it is not in use. The ultimate recoverable value of this equipment may be different than management's current estimate. We have additional property, plant and equipment which are recorded at cost less impairment charges and accumulated depreciation. Replacement costs and major improvements are capitalized. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the accounts and any resulting gain or loss is reflected in operations. Furniture, office equipment and leasehold improvements are depreciated using the straight-line method over 5 to 10 years. The remaining property, plant and equipment are fully depreciated.

Impairment of Long Lived Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the expected future net cash flows to be generated from the use or eventual disposition of a long-lived asset (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on a determination of the asset's fair value. Fair value is generally determined by discounting estimated cash flows based on market participant expectations of those future cash flows, or applying a market approach that uses market prices and other relevant information generated by market transactions involving comparable assets.

Foreign Currency. The U.S. dollar is our (and our foreign subsidiaries') functional currency. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Non-monetary assets and liabilities are translated at historical rates and revenue and expense items are translated at average exchange rates during the reporting period, except for depreciation which is translated at historical rates. Translation gains and losses are included in the statement of operations.

Stock Based Compensation. We maintain an equity incentive plan which provides for the grant of stock options to purchase the Class A common shares. We use the fair value method of accounting for stock options. The fair value of options granted to employees is computed using the Black-Scholes method as described in Note 9 and is expensed over the vesting period of the option. For non-employees, the fair value of stock based compensation is recorded as an expense over the vesting period or upon completion of performance. Consideration paid for shares on exercise of stock options, in addition to the fair value attributable to stock options granted, is credited to capital stock. Stock options granted under the plan become fully vested and exercisable upon a change of control.

Income Taxes. We use the liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between the tax basis of assets and liabilities and those amounts reported in the financial statements. The deferred tax assets or liabilities are calculated using the enacted tax rates expected to apply in the periods in which the differences are expected to be settled. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized.

Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Net Income (Loss) Per Share. Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of Class A common shares outstanding during each period. Diluted net income per share reflects the potentially dilutive effects of outstanding stock options and convertible notes. In periods in which a loss is incurred, the effect of potential issuances of shares under stock options and convertible notes would be anti-dilutive, and therefore basic and diluted losses per share are the same in those periods.

Investments. We determine the appropriate classification of investments in equity securities at acquisition and reevaluate such classifications at each reporting date. Investments in incorporated entities in which the Company has the ability to exercise significant influence over the investee are accounted for by the equity method.

Financial Instruments. Marketable securities are measured at fair value at each reporting date, with the change in value recognized in the statement of operations as a gain or loss. Cash and cash equivalents, deposits, advances and receivables are accounted for at cost which approximates fair value. Accounts payable and contingent value rights are recorded at amortized cost. Amortized cost of accounts payable approximates fair value.

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Marketable Securities: (Tables)
9 Months Ended

Sep. 30, 2019

Marketable Securities: (Tables) [Abstract]

Marketable Securities:
Note 5. Marketable Securities:



September 30,

December 31,

2019

2018

Equity securities

Fair value at beginning of period

$

287,638

$

239,232

Increase (decrease) in fair value

(134,943)

48,406

Fair value at balance sheet date

$

152,695

$

287,638

Debt securities

Fair value at beginning of year

$

-

$

-

Acquisitions

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88,500,000

Dispositions

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(74,311,349)

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-

(14,188,651)

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$

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$

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Property, Plant and Equipment:
9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment: [Abstract]

Property, Plant and Equipment:
Note 6. Property, Plant and Equipment:



Accumulated

Cost

Depreciation

Net

September 30, 2019

Machinery and equipment

$

11,677,534

$

-

$

11,677,534

Furniture and office equipment

479,579

(353,495)

126,084

Transportation equipment

491,025

(108,276)

382,749

Leasehold improvements

51,658

(16,307)

35,351

Mineral property

350,000

-

350,000

$

13,049,796

$

(478,078)

$

12,571,718

Accumulated

Cost

Depreciation

Net

December 31, 2018

Machinery and equipment

$

11,677,534

$

-

$

11,677,534

Furniture and office equipment

469,569

(333,828)

135,741

Transportation equipment

491,025

(34,622)

456,403

Leasehold improvements

51,658

(11,063)

40,595

Mineral property

350,000

-

350,000

$

13,039,786

$

(379,513)

$

12,660,273

Machinery and equipment consists of infrastructure and milling equipment originally intended for use on the Brisas Project. We evaluate our equipment to determine whether events or changes in circumstances have occurred that may indicate that the carrying amount may not be recoverable. We regularly obtain comparable market data for similar equipment as evidence that fair value less cost to sell is in excess of the carrying amount. No impairment write-downs of property, plant and equipment were recorded during the nine months ended September 30, 2019 and 2018.

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Income Tax:
9 Months Ended

Sep. 30, 2019

Income Tax: [Abstract]

Income Tax:
Note 10. Income Tax:

Income tax expense (benefit) for the nine months ended September 30, 2019 and 2018 differs from the amount that would result from applying Canadian tax rates to net loss before taxes. These differences result from the items noted below:

2019

2018

Amount

%

Amount

%

Income tax expense (benefit) based on Canadian tax rates

$ (2,297,142)

(25)

$ 16,994,571

25

Increase (decrease) due to:

Different tax rates on foreign subsidiaries

260,663

3

(1,813,647)

(2)

Non-deductible expenses

9,152

-

908,032

1

Withholding tax

-

-

759,062

1

Previously unrecognized tax benefits

(4,347,907)

(47)

(11,508,151)

(17)

Change in valuation allowance and other

2,027,327

22

(5,141,651)

(8)

$ (4,347,907)

(47)

$ 198,216

-



The Company recorded income tax (benefit) expense of $(4.3) million and $0.2 million for the nine months ended September 30, 2019 and 2018, respectively. We have recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced in the near term if our estimate of future taxable income changes. The Company has an income tax receivable of $10.8 million related to prior year overpayments. This receivable was increased by $4.3 million during the three months ended September 30, 2019 as a result of revisions to management's estimates of the timing and amount of deductions available to the Company's US subsidiary associated with the write-off of certain subsidiaries. The Company has filed an amended return which meets the recognition threshold for refund receivable as of September 30, 2019. The components of the Canadian and U.S. deferred income tax assets and liabilities as of September 30, 2019 and December 31, 2018 were as follows:

September 30,

December 31,

2019

2018

Deferred income tax assets

Net operating loss carry forwards

$

33,536,042

$

31,362,816

Property, Plant and Equipment

3,226,282

3,226,994

Other

1,660,339

1,652,114

38,422,663

36,241,924

Valuation allowance

(38,411,186)

(36,202,109)

$

 11,477

$

 39,815

Deferred income tax liabilities

Other

(11,477)

(39,815)

Net deferred income tax liability

$

-

$

-

At September 30, 2019, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars.

U.S.

Canadian

Expires

$

1,973,368

2026

3,662,314

2027

13,959,070

2028

13,229,114

2029

16,343,835

2030

18,301,312

2031

5,309,986

2032

7,719,628

2033

8,944,359

2034

12,767,412

2035

15,179,110

2036

11,447,131

2037

413,307

2038

3,459,717

2039

1,707,742

$

1,707,742

132,709,663

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Income Tax: (Details 2) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Deferred income tax assets

Net operating loss carry forwards $ 33,536,042 $ 31,362,816

Property, Plant and Equipment 3,226,282 3,226,994

Other deferred tax assets 1,660,339 1,652,114

Total deferred tax assets 38,422,663 36,241,924

Valuation allowance (38,411,186) (36,202,109)

Net deferred tax assets 11,477 39,815

Deferred income tax liabilities

Other deferred tax liability (11,477) (39,815)

Net deferred income tax liability $ 0 $ 0

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

INCOME (LOSS)

Gain on sale of mining data $ 0 $ 0 $ 0 $ 52,500,000

Arbitration award 0 0 0 36,000,000

Interest income 151,586 84,998 1,122,639 173,830

Loss on marketable debt securities 0 (3,347,410) 0 (3,347,410)

Loss on marketable equity securities (34,378) (5,442) (134,943) (17,046)

Foreign currency gain (loss) (184,384) 244,265 399,859 (180,292)

Other INCOME (LOSS) (67,176) (3,023,589) 1,387,555 85,129,082

EXPENSES

Corporate general and administrative (Notes 3 and 9) 1,470,362 1,116,490 3,918,621 5,631,766

Contingent value rights (Note 3) 262,549 (16,304) 262,549 4,442,820

Siembra Minera Project costs (Note 7) 431,819 3,952,881 4,700,979 5,195,944

Exploration costs 32,070 0 34,798 0

Legal and accounting 179,913 192,992 1,079,141 941,248

Arbitration and settlement (Note 3) 157,262 28,690 254,934 153,998

Equipment holding costs 108,450 305,852 325,101 785,022

Total EXPENSES 2,642,425 5,580,601 10,576,123 17,150,798

Net income (loss) before income tax (2,709,601) (8,604,190) (9,188,568) 67,978,284

Income tax benefit (expense) (Note 10) 4,347,907 12,325,049 4,347,907 (198,216)

Net income (loss) and comprehensive income (loss) for the period $ 1,638,306 $ 3,720,859 $ (4,840,661) $ 67,780,068

Net income (loss) per share

Basic $ 0.02 $ 0.04 $ (0.05) $ 0.68

Diluted $ 0.02 $ 0.04 $ (0.05) $ 0.68

Weighted average common shares outstanding,

Basic 99,395,048 99,395,048 99,395,048 99,395,048

Diluted 99,395,048 99,494,772 99,395,048 99,508,044

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Stock Based Compensation Plans: (Details 1) - $ / shares
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Stock Based Compensation Plans Details One [Abstract]

Options outstanding - beginning of period 4,554,565 5,091,565

Weighted average exercise price - options outstanding $ 3.11 $ 3.13

Options expired (185,000) (487,000)

Weighted average exercise price - options expired $ 3.43 $ 3.34

Options outstanding - end of period 4,369,565 4,604,565

Weighted average exercise price - options outstanding $ 3.09 $ 3.11

Options exercisable - end of period 4,369,565 4,060,818

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New Accounting Policies:
9 Months Ended

Sep. 30, 2019

New Accounting Policies: [Abstract]

New Accounting Policies:
Note 2. New Accounting Policies:

Adopted in the year

In February 2016, the FASB issued ASU 2016-02, Leases. This update increased the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The Company adopted this standard as of January 1, 2019 using the modified retrospective approach and recorded a lease liability and corresponding right of use asset of approximately $0.3 million for the operating lease for its corporate office.

Changes to the Company's accounting policy as a result of the adoption are as follows: Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. When the rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The ROU assets include any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

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Marketable Securities:
9 Months Ended

Sep. 30, 2019

Marketable Securities: [Abstract]

Marketable Securities:
Note 5. Marketable Securities:



September 30,

December 31,

2019

2018

Equity securities

Fair value at beginning of period

$

287,638

$

239,232

Increase (decrease) in fair value

(134,943)

48,406

Fair value at balance sheet date

$

152,695

$

287,638

Debt securities

Fair value at beginning of year

$

-

$

-

Acquisitions

-

88,500,000

Dispositions

-

(74,311,349)

Realized loss

-

(14,188,651)

Fair value at balance sheet date

$

-

$

-

Marketable securities are accounted for at fair value, based on quoted market prices with gains or losses recorded in the Consolidated Statements of Operations. Gains and losses on securities sold are based on the average cost of the shares held at the date of disposition. As of September 30, 2019 and December 31, 2018, marketable equity securities had a cost basis of $98,043. Marketable debt securities, which were sold during 2018, consisted of Venezuelan government bonds received under the Settlement Agreement (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement).

Accounting Standards Codification ("ASC") 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices in active markets for identical assets or liabilities, Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability and Level 3 inputs are unobservable inputs for the asset or liability that reflect the entity's own assumptions. The fair values of the Company's marketable equity securities as at the balance sheet date are based on Level 1 inputs.



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Stock Based Compensation Plans:
9 Months Ended

Sep. 30, 2019

Stock Based Compensation Plans: [Abstract]

Stock Based Compensation Plans:
Note 9. Stock Based Compensation Plans:

Equity Incentive Plans

The Company's equity incentive plan provides for the grant of stock options to purchase up to a maximum of 8,750,000 of the Class A common shares. As of September 30, 2019, there were 2,307,000 options available for grant. Grants are made for terms of up to ten years with vesting periods as required by the TSXV and as may be determined by a committee of the Board established pursuant to the equity incentive plan.

Stock option transactions for the nine months ended September 30, 2019 and 2018 are as follows:

2019

2018

Shares

Weighted Average Exercise Price

Shares

Weighted Average Exercise Price

Options outstanding - beginning of period

4,554,565

$ 3.11

5,091,565

$ 3.13

Options expired

(185,000)

 3.43

(487,000)

 3.34

Options outstanding - end of period

4,369,565

$ 3.09

4,604,565

$ 3.11

Options exercisable - end of period

4,369,565

$ 3.09

4,060,818

$ 3.10

The following table relates to stock options at September 30, 2019:

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

$ -

1.69

444,922

$1.92

$ -

1.69

$2.69

125,000

$2.69

-

7.58

125,000

$2.69

-

7.58

$3.15

3,369,643

$3.15

-

7.38

3,369,643

$3.15

-

7.38

$3.91

180,000

$3.91

-

5.75

180,000

$3.91

-

5.75

$4.02

250,000

$4.02

-

4.82

250,000

$4.02

-

4.82

$1.92 - $4.02

4,369,565

$3.09

$ -

6.59

4,369,565

$3.09

$ -

6.59

No options were granted during the nine month periods ended September 30, 2019 and 2018. The Company recorded non-cash compensation expense during the nine months ended September 30, 2019 and 2018 of approximately $31,000 and $292,000, respectively for stock options granted in prior periods.

Change of Control Agreements

The Company maintains change of control agreements with certain officers and employees. A Change of Control is generally defined as one or more of the following: the acquisition by any individual, entity or group, of beneficial ownership of the Company of 25 percent of the voting power of the outstanding Common Shares; a change in the composition of the Board that causes less than a majority of the current directors of the Board to be members of the incoming board; reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company; liquidation or dissolution of the Company; or any other event the Board reasonably determines constitutes a Change of Control. As of September 30, 2019, in the event of a change of control, the amount payable under these agreements was approximately $8.7 million. None of this amount has currently been recognized as a change of control is not considered probable at this time.

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Cash and Cash Equivalents: (Tables)
9 Months Ended

Sep. 30, 2019

Cash and Cash Equivalents: (Tables) [Abstract]

Cash and Cash Equivalents:
Note 4. Cash and Cash Equivalents:

September 30,

December 31,

2019

2018

Bank deposits

$

31,685,167

$

47,588,968

Short term investments

33,266,967

100,057,385

Total

$

64,952,134

$

147,646,353

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Income Tax: (Tables)
9 Months Ended

Sep. 30, 2019

Income Tax: (Tables) [Abstract]

Income tax expense (benefit)
Income tax expense (benefit) for the nine months ended September 30, 2019 and 2018 differs from the amount that would result from applying Canadian tax rates to net loss before taxes. These differences result from the items noted below:

2019

2018

Amount

%

Amount

%

Income tax expense (benefit) based on Canadian tax rates

$ (2,297,142)

(25)

$ 16,994,571

25

Increase (decrease) due to:

Different tax rates on foreign subsidiaries

260,663

3

(1,813,647)

(2)

Non-deductible expenses

9,152

-

908,032

1

Withholding tax

-

-

759,062

1

Previously unrecognized tax benefits

(4,347,907)

(47)

(11,508,151)

(17)

Change in valuation allowance and other

2,027,327

22

(5,141,651)

(8)

$ (4,347,907)

(47)

$ 198,216

-

Net deferred income tax liability
The Company recorded income tax (benefit) expense of $(4.3) million and $0.2 million for the nine months ended September 30, 2019 and 2018, respectively. We have recorded a valuation allowance to reflect the estimated amount of the deferred tax assets which may not be realized, principally due to the uncertainty of utilization of net operating losses and other carry forwards prior to expiration. The valuation allowance for deferred tax assets may be reduced in the near term if our estimate of future taxable income changes. The Company has an income tax receivable of $10.8 million related to prior year overpayments. This receivable increased during the three months ended September 30, 2019 as a result of a revision of management's estimate of income tax due on the receipt of proceeds from the sale of Mining Data in prior years. The components of the Canadian and U.S. deferred income tax assets and liabilities as of September 30, 2019 and December 31, 2018 were as follows:

September 30,

December 31,

2019

2018

Deferred income tax assets

Net operating loss carry forwards

$

33,536,042

$

31,362,816

Property, Plant and Equipment

3,226,282

3,226,994

Other

1,660,339

1,652,114

38,422,663

36,241,924

Valuation allowance

(38,411,186)

(36,202,109)

$

 11,477

$

 39,815

Deferred income tax liabilities

Other

(11,477)

(39,815)

Net deferred income tax liability

$

-

$

-

Loss carryforwards
At September 30, 2019, we had the following U.S. and Canadian tax loss carry forwards stated in U.S. dollars.

U.S.

Canadian

Expires

$

1,973,368

2026

3,662,314

2027

13,959,070

2028

13,229,114

2029

16,343,835

2030

18,301,312

2031

5,309,986

2032

7,719,628

2033

8,944,359

2034

12,767,412

2035

15,179,110

2036

11,447,131

2037

413,307

2038

3,459,717

2039

1,707,742

$

1,707,742

132,709,663

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Cash and Cash Equivalents: (Details 1) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Cash And Cash Equivalents Detailsabstract [Abstract]

Bank deposits $ 31,685,167 $ 47,588,968

Short term investments 33,266,967 100,057,385

Total $ 64,952,134 $ 147,646,353

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Empresa Mixta Ecosocialista Siembra Minera, S.
9 Months Ended

Sep. 30, 2019

Empresa Mixta Ecosocialista Siembra Minera, S. [Abstract]

Empresa Mixta Ecosocialista Siembra Minera, S.
Note 7. Empresa Mixta Ecosocialista Siembra Minera, S.A.:

In October 2016, together with an affiliate of the government of Venezuela, we established Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera"). The primary purpose of this entity is to develop the Siembra Minera Project, as defined below.

Siembra Minera is beneficially owned 55% by Corporacion Venezolana de Mineria, S.A., a Venezuelan government corporation, and 45% by Gold Reserve. Siembra Minera (pursuant to the agreement which governs the formation and operation of Siembra Minera) holds certain gold, copper, silver and other strategic mineral rights (primarily comprised of the Brisas and Las Cristinas concessions) contained within Bolivar State comprising the Siembra Minera Project (which has a 20 year term with two 10 year extensions) and is, among other things authorized, via current or future Presidential Decrees and Ministerial resolutions, to carry on its business, pay a net smelter return royalty to Venezuela on the future sale of gold, copper, silver and any other strategic minerals over the life of the project and provide net profits participation based on the sales price of gold per ounce. A number of authorizations, which still have not been provided by the current administration, are critical to the future operation and economics of the Siembra Minera Project. Pursuant to the Settlement Agreement, both parties will retain their respective interest in Siembra Minera in the event all of the agreed upon Settlement Agreement payments are not made by Venezuela.

On March 16, 2018, the Company announced the completion of a technical report for the Preliminary Economic Assessment ("PEA") for the Siembra Minera Project in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects which included, among other information, resource estimates, pit design, mine plan, flowsheet design, design criteria, project layout, infrastructure requirements, capital and operating estimates. The Company has directly incurred the costs on the Siembra Minera Project, which beginning in 2016 through September 30, 2019, amounted to a total of approximately $19.0 million. The Siembra Minera Project expenditures primarily include costs associated with the completion of the PEA that included a number of engineering, environmental and social third party advisors as well as costs associated with a number of social works programs in the vicinity of the Siembra Minera Project, which are expensed as incurred and classified within “Siembra Minera Project Costs” in the Consolidated Statements of Operations.

On August 5, 2019, the U.S. government issued an EO that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. This action targets the Venezuelan government and entities owned 50% or more or otherwise controlled by the Venezuelan government. Because the August 2019 EO applies to entities 50% or more owned by the Venezuelan government, Siembra Minera is now considered to be blocked (or an SDN), which means that U.S. persons are generally prohibited from dealing with Siembra Minera.

The imposition of these broader Sanctions by the U.S. and Canadian governments (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement) prohibits the Company from working with Venezuelan government officials on issues related to the future development of the Siembra Minera Project.

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Return of Capital:
9 Months Ended

Sep. 30, 2019

Return of Capital: [Abstract]

Return of Capital:
Note 11. Return of Capital:

In June 2019, the Company completed a return of capital transaction by way of a court-approved plan of arrangement transaction under the Business Corporations Act (Alberta) which required approval by the Alberta Court of Queen's Bench and at least two-thirds of the votes of shareholders. Pursuant to the plan of arrangement, the Company returned to holders of its Class A common shares approximately $76 million or $0.76 per Class A Share.

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Document and Entity Information
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Sep. 30, 2019

Document and Entity Information [Abstract]

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Entity Registrant Name Gold Reserve Inc.

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Stock Based Compensation Plans: (Details Text) - USD ($)
shares in Thousands, $ in Thousands
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Stock Based Compensation Plansdetails Text [Abstract]

Maximum number of shares available under the plan 8,750

Options available for grant 2,300

Maximum term of options 10 years

Non-cash compensation expense $ 30 $ 300

Amount payable in event of change of control $ 8,700

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Cash Flows from Operating Activities:

Net income (loss) for the period $ 1,638,306 $ 3,720,859 $ (4,840,661) $ 67,780,068

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Stock option compensation 0 72,064 31,043 291,997

Depreciation 33,000 12,140 98,565 35,809

Gain on sale of mining data 0 0 0 (52,500,000)

Arbitration award 0 0 0 (36,000,000)

Write-down of property, plant and equipment 0 14,000 14,000

Loss on marketable equity and debt securities 34,378 3,352,852 134,943 3,364,456

Income tax (4,347,907) (12,325,049) (4,347,907) (10,723,710)

Changes in non-cash working capital:

Net decrease (increase) in deposits, advances and other 422,510 277,326 493,273 (913,001)

Net increase (decrease) in payables and accrued expenses (782,734) (397,807) 1,286,772 3,098,260

Net cash used in operating activities (3,002,447) (5,273,615) (7,143,972) (25,552,121)

Cash Flows from Investing Activities:

Purchase of property, plant and equipment (6,525) (1,394) (10,010) (71,272)

Proceeds from disposition of marketable securities 0 24,500 0 24,500

Net cash used in investing activities (6,525) 23,106 (10,010) (46,772)

Cash Flows from Financing Activities:

Return of capital 0 0 (75,540,237) 0

Net cash used in financing activities 0 0 (75,540,237) 0

Change in Cash and Cash Equivalents:

Net decrease in cash and cash equivalents (3,008,972) (5,250,509) (82,694,219) (25,598,893)

Cash and cash equivalents - beginning of period 67,961,106 117,324,334 147,646,353 137,672,718

Cash and cash equivalents - end of period 64,952,134 112,073,825 64,952,134 112,073,825

Supplemental Cash Flow Information:

Cash paid for income taxes $ 0 $ 0 $ 0 $ 10,921,926

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Empresa Mixta Ecosocialista Siembra Minera, S. (Details Text)
$ in Millions

Sep. 30, 2019

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 $ 19.0

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Income Tax: (Details Text) - USD ($)
$ in Millions
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

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Cash and Cash Equivalents:
9 Months Ended

Sep. 30, 2019

Cash and Cash Equivalents: [Abstract]

Cash and Cash Equivalents:
Note 4. Cash and Cash Equivalents:

September 30,

December 31,

2019

2018

Bank deposits

$

31,685,167

$

47,588,968

Short term investments

33,266,967

100,057,385

Total

$

64,952,134

$

147,646,353

Short term investments include money market funds and U.S. treasury bills which mature in three months or less.

Payments made by Venezuela associated with the Settlement Agreement (excluding the transfer of Venezuelan bonds as discussed herein) have been deposited into a trust account for the benefit of the Company at Banco de Desarrollo Económico y Social de Venezuela ("Bandes Bank") (the "Trust Account"), a Venezuelan state-owned development bank. As Bandes Bank has been designated as an SDN, in 2018 the Company recorded an impairment loss on the remaining balance in the account and considers the Trust Account to be blocked property and not recoverable for accounting purposes. The Trust Account and the approximately $21.5 million therein will remain blocked property until the U.S. government delists Bandes Bank as an SDN or issues a specific license to the Company to unblock this property.

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Marketable Securities: (Details 1) - USD ($)
9 Months Ended 12 Months Ended

Sep. 30, 2019

Dec. 31, 2018

Dec. 31, 2017

Equity securities

Fair value at beginning of period $ 287,638 $ 239,232

Increase (decrease) in fair value $ (134,943) 48,406

Fair value at balance sheet date 152,695 287,638

Debt securities

Fair value at beginning of year 0 0

Acquisitions 88,500,000

Dispositions (74,311,349)

Realized loss (14,188,651)

Fair value at balance sheet date $ 0 $ 0

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Property, Plant and Equipment: (Tables)
9 Months Ended

Sep. 30, 2019

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

Property, Plant Equipment:
Note 6. Property, Plant and Equipment:



Accumulated

Cost

Depreciation

Net

September 30, 2019

Machinery and equipment

$

11,677,534

$

-

$

11,677,534

Furniture and office equipment

479,579

(353,495)

126,084

Transportation equipment

491,025

(108,276)

382,749

Leasehold improvements

51,658

(16,307)

35,351

Mineral property

350,000

-

350,000

$

13,049,796

$

(478,078)

$

12,571,718

Accumulated

Cost

Depreciation

Net

December 31, 2018

Machinery and equipment

$

11,677,534

$

-

$

11,677,534

Furniture and office equipment

469,569

(333,828)

135,741

Transportation equipment

491,025

(34,622)

456,403

Leasehold improvements

51,658

(11,063)

40,595

Mineral property

350,000

-

350,000

$

13,039,786

$

(379,513)

$

12,660,273

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New Accounting Policies: (Details Text)
$ in Millions

Sep. 30, 2019

USD ($)

New Accounting Policies: [Abstract]

Lease liability and right of use asset $ 0.3

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Return of Capital: (Details Text)
$ / shares in Units, $ in Millions
1 Months Ended

Jun. 30, 2019

USD ($)

$ / shares

Return of Capital: [Abstract]

Returned to shareholders | $ $ 76

Returned to shareholders per share | $ / shares $ 0.76

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Stock Based Compensation Plans: (Tables)
9 Months Ended

Sep. 30, 2019

Stock Based Compensation Plans: (Tables) [Abstract]

Stock Option Transactions
Stock option transactions for the nine months ended September 30, 2019 and 2018 are as follows:

2019

2018

Shares

Weighted Average Exercise Price

Shares

Weighted Average Exercise Price

Options outstanding - beginning of period

4,554,565

$ 3.11

5,091,565

$ 3.13

Options expired

(185,000)

 3.43

(487,000)

 3.34

Options outstanding - end of period

4,369,565

$ 3.09

4,604,565

$ 3.11

Options exercisable - end of period

4,369,565

$ 3.09

4,060,818

$ 3.10

Options Outstanding and Exercisable
The following table relates to stock options at September 30, 2019:

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

$ -

1.69

444,922

$1.92

$ -

1.69

$2.69

125,000

$2.69

-

7.58

125,000

$2.69

-

7.58

$3.15

3,369,643

$3.15

-

7.38

3,369,643

$3.15

-

7.38

$3.91

180,000

$3.91

-

5.75

180,000

$3.91

-

5.75

$4.02

250,000

$4.02

-

4.82

250,000

$4.02

-

4.82

$1.92 - $4.02

4,369,565

$3.09

$ -

6.59

4,369,565

$3.09

$ -

6.59

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Arbitral Award and Mining Data Sale Settlement Agreement: (Details Text)
$ in Thousands

Sep. 30, 2019

USD ($)

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

Total award $ 740,300

Settlement Agreement 1,032

Venezuela agreed to pay to satisfy award 792,000

Venezuela agreed to pay for mining data 240,000

Payments made pursuant to Settlement Agreement 254,000

Amount deposited to trust account 165,500

Government bonds received 88,500

Bonds sold for 74,300

Loss on sale of bonds 14,200

Amount due and unpaid including interest $ 872,000

Amount of proceeds cvr holders entitled to 5.466%

CVR due $ 300

Original bonus percentage of first two hundred million collected 1.00%

Original bonus percentage thereafter 5.00%

Modified bonus percentage of first two hundred million collected 1.28%

Modified bonus percentage thereafter 6.40%

Bonus due $ 300

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Marketable Securities: (Details Text) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Marketable Securities Details Textabstract [Abstract]

Marketable equity securities cost basis $ 98,043 $ 98,043

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KSOP Plan:
9 Months Ended

Sep. 30, 2019

KSOP Plan: [Abstract]

KSOP Plan:
Note 8. KSOP Plan:

The KSOP Plan, adopted in 1990 for retirement benefits of employees, is comprised of two parts, (1) a salary reduction component, and a 401(k) which includes provisions for discretionary contributions by us, and (2) an employee share ownership component, or ESOP. Allocation of Class A common shares or cash to participants' accounts, subject to certain limitations, is at the discretion of the Board. There have been no Class A common shares allocated to the KSOP Plan since 2011. Cash contributions for plan year 2018 were approximately $212,000. As of September 30, 2019, no contributions by the Company had been made for plan year 2019.

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Significant Accounting Policies (Policies)
9 Months Ended

Sep. 30, 2019

Significant Accounting Policies (Policies) [Abstract]

Significant Accounting Policies (Policies)
Gold Reserve Inc. ("Gold Reserve", the "Company", "we", "us", or "our") is engaged in the business of acquiring, exploring and developing mining projects and was incorporated in 1998 under the laws of the Yukon Territory, Canada and continued to Alberta, Canada in September 2014.

Gold Reserve Inc. is the successor issuer to Gold Reserve Corporation which was incorporated in 1956. A significant portion of our recent activities relate to the advancement of the Siembra Minera Project and the execution of the July 2016 settlement agreement, (as amended, the "Settlement Agreement") with the Bolivarian Republic of Venezuela ("Venezuela") in regards to the payment of the Award and the acquisition of our Mining Data by Venezuela (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A. ("Siembra Minera")).

On August 5, 2019, the U.S. government issued an Executive Order that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. As a result, Siembra Minera is now considered to be blocked property and a Specially Designated National (“SDN”), which means that the Company and its U.S. management and employees are prohibited from any dealings with Siembra Minera (See Note 3, Arbitral Award and Mining Data Sale Settlement Agreement and Note 7, Empresa Mixta Ecosocialista Siembra Minera, S.A.).

Basis of Presentation and Principles of Consolidation. These interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The statements principally include the accounts of the Company, Gold Reserve Corporation and three Barbadian subsidiaries one of which was formed to hold our equity interest in Siembra Minera which is beneficially owned 55% by Venezuela and 45% by Gold Reserve. Our investment in Siembra Minera is accounted for as an equity investment. All subsidiaries are wholly owned. All intercompany accounts and transactions have been eliminated on consolidation. Our policy is to consolidate those subsidiaries where control exists. We have only one operating segment, the exploration and development of mineral properties. As these unaudited interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the annual financial statements and the related notes included in our Annual Report on Form 40-F for the year ended December 31, 2018.

Cash and Cash Equivalents. We consider short-term, highly liquid investments purchased with an original maturity of three months or less to be cash equivalents for purposes of reporting cash equivalents and cash flows. The cost of these investments approximates fair value. We manage the exposure of our cash and cash equivalents to credit risk by diversifying our holdings into various major financial institutions.

Exploration and Development Costs. Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Mineral property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Mineral properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.

Property, Plant and Equipment Included in property, plant and equipment is certain equipment, relating to the Brias Project, the initial carrying value of which has been adjusted in prior periods for impairment, to its estimated fair value of $11.7 million. This equipment is not being depreciated as it is not in use. The ultimate recoverable value of this equipment may be different than management's current estimate. We have additional property, plant and equipment which are recorded at cost less impairment charges and accumulated depreciation. Replacement costs and major improvements are capitalized. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the accounts and any resulting gain or loss is reflected in operations. Furniture, office equipment and leasehold improvements are depreciated using the straight-line method over 5 to 10 years. The remaining property, plant and equipment are fully depreciated.

Impairment of Long Lived Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the expected future net cash flows to be generated from the use or eventual disposition of a long-lived asset (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on a determination of the asset's fair value. Fair value is generally determined by discounting estimated cash flows based on market participant expectations of those future cash flows, or applying a market approach that uses market prices and other relevant information generated by market transactions involving comparable assets.

Foreign Currency. The U.S. dollar is our (and our foreign subsidiaries') functional currency. Monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates. Non-monetary assets and liabilities are translated at historical rates and revenue and expense items are translated at average exchange rates during the reporting period, except for depreciation which is translated at historical rates. Translation gains and losses are included in the statement of operations.

Stock Based Compensation. We maintain an equity incentive plan which provides for the grant of stock options to purchase the Class A common shares. We use the fair value method of accounting for stock options. The fair value of options granted to employees is computed using the Black-Scholes method as described in Note 9 and is expensed over the vesting period of the option. For non-employees, the fair value of stock based compensation is recorded as an expense over the vesting period or upon completion of performance. Consideration paid for shares on exercise of stock options, in addition to the fair value attributable to stock options granted, is credited to capital stock. Stock options granted under the plan become fully vested and exercisable upon a change of control.

Income Taxes. We use the liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between the tax basis of assets and liabilities and those amounts reported in the financial statements. The deferred tax assets or liabilities are calculated using the enacted tax rates expected to apply in the periods in which the differences are expected to be settled. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized.

Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Net Income (Loss) Per Share. Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of Class A common shares outstanding during each period. Diluted net income per share reflects the potentially dilutive effects of outstanding stock options and convertible notes. In periods in which a loss is incurred, the effect of potential issuances of shares under stock options and convertible notes would be anti-dilutive, and therefore basic and diluted losses per share are the same in those periods.

Investments. We determine the appropriate classification of investments in equity securities at acquisition and reevaluate such classifications at each reporting date. Investments in incorporated entities in which the Company has the ability to exercise significant influence over the investee are accounted for by the equity method.

Financial Instruments. Marketable securities are measured at fair value at each reporting date, with the change in value recognized in the statement of operations as a gain or loss. Cash and cash equivalents, deposits, advances and receivables are accounted for at cost which approximates fair value. Accounts payable and contingent value rights are recorded at amortized cost. Amortized cost of accounts payable approximates fair value.

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Income Tax: (Details 3)

Sep. 30, 2019

USD ($)

Income Tax Details Threeabstract [Abstract]

Canadian tax loss carryforward expiring 2026 $ 1,973,368

Canadian tax loss carryforward expiring 2027 3,662,314

Canadian tax loss carryforward expiring 2028 13,959,070

Canadian tax loss carryforward expiring 2029 13,229,114

Canadian tax loss carryforward expiring 2030 16,343,835

Canadian tax loss carryforward expiring 2031 18,301,312

Canadian tax loss carryforward expiring 2032 5,309,986

Canadian tax loss carryforward expiring 2033 7,719,628

Canadian tax loss carryforward expiring 2034 8,944,359

Canadian tax loss carryforward expiring 2035 12,767,412

Canadian tax loss carryforward expiring 2036 15,179,110

Canadian tax loss carryforward expiring 2037 11,447,131

Canadian tax loss carryforward expiring 2038 413,307

Canadian tax loss carryforward expiring 2039 3,459,717

Total Canadian tax loss carryforward 132,709,663

Total US tax loss carryforward $ 1,707,742

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Arbitral Award and Mining Data Sale Settlement Agreement:
9 Months Ended

Sep. 30, 2019

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

Arbitral Award and Mining Data Sale Settlement Agreement:
Note 3. Arbitral Award and Mining Data Sale Settlement Agreement:

In October 2009 we initiated the Brisas Arbitration to obtain compensation for the losses caused by the actions of Venezuela that terminated our Brisas Project. On September 22, 2014, we were granted an Arbitral Award (the “Award”) totaling $740.3 million.

In July 2016, we signed the Settlement Agreement, subsequently amended, whereby Venezuela agreed to pay us a total of approximately $1.032 billion ($792 million to satisfy the Award (including interest) and $240 million for the purchase of our mining data related to the Brisas Project (the "Mining Data")) in a series of payments ending on or before June 15, 2019. As agreed, the first $240 million received by Gold Reserve from Venezuela has been recognized as proceeds from the sale of the Mining Data.

As of the date of this report, the Company had received transfers to its bank account, pursuant to the Settlement Agreement, of approximately $254 million including $165.5 million transferred from the Trust Account (excluding $21.5 million that remains in the Trust Account. See Note 4, Cash and Cash Equivalents) and $88.5 million (the market value at the time of the agreement) in Venezuelan government bonds, which were at the time exempt from U.S. Sanctions pursuant to then-applicable General License 3 issued by the U.S. Treasury Department's Office of Foreign Asset Control ("OFAC"). The bonds were subsequently sold for approximately $74.3 million and the Company realized a $14.2 million loss on the sale during the year ended December 31, 2018. The remaining unpaid amount due from Venezuela pursuant to the Settlement Agreement, which is now delinquent, totals approximately $872 million (including interest of approximately $92 million) as of the date of this report.

The U.S. and Canadian governments have imposed sanctions which, in aggregate, generally block all property of the Venezuelan government and prohibit the Company and its management or its employees from dealing with certain Venezuelan individuals and entities including Siembra Minera or entering into certain financial transactions (the "Sanctions"). Recent financial Sanctions have built on Sanctions imposed by the U.S. government starting in March 2015 that designated certain Venezuelan government officials as SDNs, which generally prohibits them from traveling to the U.S., freezes any assets they may have in the U.S. and generally prohibits U.S. persons from doing business with them and any entity they own 50% or more. Since then, in August 2017, May 2018, November 2018, January 2019 and March 2019, the U.S. government has imposed additional Sanctions targeting the government of Venezuela and certain individuals and entities via Executive Orders ("EO's") that expanded the list of individuals and entities (including Bandes Bank and the Venezuelan state owned oil company) designated as SDNs, prohibited U.S. persons from dealing in certain financial transactions and targeted corruption in the gold or other identified sectors of the Venezuela economy. Similarly, in September and November 2017 and May 2018, the Government of Canada imposed its own Sanctions requiring asset freezes and imposing prohibitions on dealings with named Venezuelan officials and in April 2019 Canada imposed additional Sanctions against 43 additional individuals under the Special Economic Measures (Venezuela) Regulations of the Special Economic Measures Act.

Most recently, on August 5, 2019, the U.S. government issued an EO that blocks all property of the Venezuelan government and prohibits U.S. persons from engaging in virtually all dealings with the Venezuelan government. This action targets the Venezuelan government and entities owned 50% or more or otherwise controlled by the Venezuelan government. Because the August 2019 EO applies to entities 50% or more owned by the Venezuelan government, the Mixed Company is now considered to be blocked and an SDN, which means that U.S. persons are generally prohibited from dealing with the Mixed Company.

The breadth and scope of the August 2019 EO along with the cumulative impact of the previous U.S. and Canadian Sanctions prohibits the Company from working with those Venezuelan government officials responsible for the payment and transfer of funds associated with the Settlement Agreement and those responsible for the operation of Siembra Minera and the development of the Siembra Minera Project which adversely impacts our ability to collect the remaining balance of the Award plus interest from Venezuela and, until Sanctions are lifted, significantly impedes our ability to develop the Siembra Minera Project.

We have Contingent Value Rights ("CVRs") outstanding that entitle the holders to an aggregate of 5.466% of proceeds associated with the collection of the Award, sale of Mining Data or an enterprise sale (the "Proceeds"), less amounts for certain specified obligations, as well as a bonus plan as described below. In September 2019 management reduced its original estimate of the income tax due on previous amounts received from the sale of Mining Data. The effect of this change in estimate was to increase the net proceeds from the sale of the Mining Data subject to the CVR and as a result, the Company recorded an increase in its obligation to the CVR holders by approximately $0.3 million.

Due to U.S. and Canadian Sanctions and the uncertainty of transferring the remaining cash held in the Trust Account to bank accounts outside of Venezuela, management only considers those funds received by the Company into its North American bank account as funds available for purposes of the CVR and Bonus Plan cash distributions.

We maintain a bonus plan (the "Bonus Plan") which is intended to compensate the participants, including executive officers, employees, directors and consultants for their past and present contributions to the Company. The bonus pool under the Bonus Plan, as originally structured, was comprised of the gross proceeds collected or the fair value of any consideration realized related to such transactions less applicable taxes multiplied by 1% of the first $200 million and 5% thereafter. In June 2018, the Board modified the Bonus Plan to increase the percentage participation of certain individuals who in the Board's opinion were not adequately recognized for their current contribution to efforts associated with the conclusion of the Settlement Agreement and the collection of the amounts contemplated thereunder. The effect of the Board's modification to the Bonus Plan was to increase the after tax percentage allocation for the first $200 million up to a maximum of 1.28% and the percentage allocation thereafter up to a maximum of 6.4%. In September 2019 the Company recorded an increase in its obligation to the Bonus Plan participants by approximately $0.3 million as a result of the change to its original estimate of the income tax due on previous amounts received from the sale of Mining Data as discussed above.

Following receipt, if any, of additional funds pursuant to the Settlement Agreement and after applicable payments to CVR holders and Bonus Plan participants, we expect to distribute to our shareholders a substantial majority of any remaining amounts, subject to applicable regulatory requirements and retaining sufficient reserves for operating expenses, contractual obligations, accounts payable and income taxes, and any obligations arising as a result of the collection of the Award and/or sale of the Mining Data (See Note 11, Return of Capital).

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Stock Based Compensation Plans: (Details 2)
9 Months Ended

Sep. 30, 2019

USD ($)

$ / shares

shares

Stock Based Compensation Plans Details Twoabstract [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 | $ $ 0

Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92 1 year 252 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 | $ $ 0

Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92 1 year 252 days

Outstanding Options Number: $2.69 | shares 125,000

Outstanding Options Weighted Average Exercise Price: $2.69 | $ / shares $ 2.69

Outstanding Options Aggregate Intrinsic Value: $2.69 | $ $ 0

Outstanding Options Weighted Average Remaining Contractual Term (Years): $2.69 7 years 212 days

Exercisable Options Number: $2.69 | shares 125,000

Exercisable Options Weighted Average Exercise Price: $2.69 | $ / shares $ 2.69

Exercisable Options Aggregate Intrinsic Value: $2.69 | $ $ 0

Exercisable Options Weighted Average Remaining Contractual Term (Years): $2.69 7 years 212 days

Outstanding Options Number: $3.15 | shares 3,369,643

Outstanding Options Weighted Average Exercise Price: $3.15 | $ / shares $ 3.15

Outstanding Options Aggregate Intrinsic Value: $3.15 | $ $ 0

Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.15 7 years 139 days

Exercisable Options Number: $3.15 | shares 3,369,643

Exercisable Options Weighted Average Exercise Price: $3.15 | $ / shares $ 3.15

Exercisable Options Aggregate Intrinsic Value: $3.15 | $ $ 0

Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.15 7 years 139 days

Outstanding Options Number: $3.91 | shares 180,000

Outstanding Options Weighted Average Exercise Price: $3.91 | $ / shares $ 3.91

Outstanding Options Aggregate Intrinsic Value: $3.91 | $ $ 0

Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.91 5 years 274 days

Exercisable Options Number: $3.91 | shares 180,000

Exercisable Options Weighted Average Exercise Price: $3.91 | $ / shares $ 3.91

Exercisable Options Aggregate Intrinsic Value: $3.91 | $ $ 0

Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.91 5 years 274 days

Outstanding Options Number: $4.02 | shares 250,000

Outstanding Options Weighted Average Exercise Price: $4.02 | $ / shares $ 4.02

Outstanding Options Aggregate Intrinsic Value: $4.02 | $ $ 0

Outstanding Options Weighted Average Remaining Contractual Term (Years): $4.02 4 years 299 days

Exercisable Options Number: $4.02 | shares 250,000

Exercisable Options Weighted Average Exercise Price: $4.02 | $ / shares $ 4.02

Exercisable Options Aggregate Intrinsic Value: $4.02 | $ $ 0

Exercisable Options Weighted Average Remaining Contractual Term (Years): $4.02 4 years 299 days

Outstanding Options Number: $1.92 - $4.02 | shares 4,369,565

Outstanding Options Weighted Average Exercise Price: $1.92 - $4.02 | $ / shares $ 3.09

Outstanding Options Aggregate Intrinsic Value: $1.92 - $4.02 | $ $ 0

Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92 - $4.02 6 years 215 days

Exercisable Options Number: $1.92 - $4.02 | shares 4,369,565

Exercisable Options Weighted Average Exercise Price: $1.92 - $4.02 | $ / shares $ 3.09

Exercisable Options Aggregate Intrinsic Value: $1.92 - $4.02 | $ $ 0

Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92 - $4.02 6 years 215 days

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)

Total

Common Shares

Common Shares Amount

Contributed Surplus

Stock Options

Accumulated Deficit

Accumulated Other Comprehensive Income

Balance at Dec. 31, 2017 $ 378,009,884 $ 20,625,372 $ 20,409,643 $ (293,386,189) $ 111,539

Balance (In shares) at Dec. 31, 2017 99,395,048

Cumulative effect of accounting change 111,539 $ (111,539)

Net income for the period 67,780,068

Stock option compensation (Note 9) 291,997

Net income for the period $ 67,780,068

Balance (In shares) at Sep. 30, 2018 99,395,048

Balance at Sep. 30, 2018 378,009,884 20,625,372 20,701,640 (225,494,582)

Balance at Jun. 30, 2018 378,009,884 20,625,372 20,629,576 (229,215,441)

Balance (In shares) at Jun. 30, 2018 99,395,048

Net income for the period 3,720,859 3,720,859

Stock option compensation (Note 9) 72,064

Balance (In shares) at Sep. 30, 2018 99,395,048

Balance at Sep. 30, 2018 378,009,884 20,625,372 20,701,640 (225,494,582)

Balance at Dec. 31, 2018 167,940,826 378,009,884 20,625,372 20,721,850 (251,416,280)

Balance (In shares) at Dec. 31, 2018 99,395,048

Net loss for the period (4,840,661)

Stock option compensation (Note 9) 31,043

Return of capital (Note 11) (75,540,237)

Net income for the period (4,840,661)

Balance (In shares) at Sep. 30, 2019 99,395,048

Balance at Sep. 30, 2019 87,590,971 302,469,647 20,625,372 20,752,893 (256,256,941)

Balance at Sep. 30, 2019 302,469,647 20,625,372 20,752,893 (256,256,941)

Balance (In shares) at Sep. 30, 2019 99,395,048

Balance at Jun. 30, 2019 302,469,647 20,625,372 20,752,893 (257,895,247)

Balance (In shares) at Jun. 30, 2019 99,395,048

Net income for the period 1,638,306

Balance (In shares) at Sep. 30, 2019 99,395,048

Balance at Sep. 30, 2019 $ 87,590,971 302,469,647 20,625,372 20,752,893 (256,256,941)

Net income for the period 1,638,306

Balance at Sep. 30, 2019 $ 302,469,647 $ 20,625,372 $ 20,752,893 $ (256,256,941)

Balance (In shares) at Sep. 30, 2019 99,395,048

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Property, Plant and Equipment: (Details 1) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Property Plant And Equipmentdetails [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 479,579 469,569

Accumulated Depreciation: Furniture and office equipment (353,495) (333,828)

Net: Furniture and office equipment 126,084 135,741

Cost: Transportation equipment 491,025 491,025

Accumulated Depreciation: Transportation equipment (108,276) (34,622)

Net: Transportation equipment 382,749 456,403

Cost: Leasehold improvements 51,658 51,658

Accumulated Depreciation: Leasehold improvements (16,307) (11,063)

Net: Leasehold improvements 35,351 40,595

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 13,049,796 13,039,786

Total Accumulated Depreciation property, plant and equipment (478,078) (379,513)

Total net property, plant and equipment $ 12,571,718 $ 12,660,273

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Cash and Cash Equivalents: (Details Text) $ in Millions	12 Months Ended
Cash and Cash Equivalents: (Details Text) $ in Millions	Dec. 31, 2018 USD ($)
Cash And Cash Equivalents Details Text [Abstract]
Impairment loss	$ 21.5

Income Tax: (Details 1) - USD ($)	9 Months Ended
Income Tax: (Details 1) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Income Tax Details Oneabstract [Abstract]
Income tax expense (benefit) based on Canadian tax rates	$ (2,297,142)	$ 16,994,571
Increase (decrease) due to:
Different tax rates on foreign subsidiaries	260,663	(1,813,647)
Non-deductible expenses	9,152	908,032
Withholding tax		759,062
Previously unrecognized tax benefits	(4,347,907)	(11,508,151)
Change in valuation allowance and other	2,027,327	(5,141,651)
Income tax	$ (4,347,907)	$ 198,216

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents (Note 4)	$ 64,952,134	$ 147,646,353
Marketable equity securities (Note 5)	152,695	287,638
Income tax receivable (Note 10)	10,798,291	6,450,384
Deposits, advances and other	1,115,425	1,608,698
Total current assets	77,018,545	155,993,073
Property, plant and equipment, net (Note 6)	12,571,718	12,660,273
Right of use asset (Note 2)	272,888	0
Total assets	89,863,151	168,653,346
Current Liabilities:
Accounts payable and accrued expenses (Note 3)	1,733,011	712,520
Contingent value rights (Note 3)	263,221	0
Lease liability (Note 2)	90,659	0
Total current liabilities	2,086,891	712,520
Lease liability (Note 2)	185,289	0
Total liabilities	2,272,180	712,520
SHAREHOLDERS' EQUITY
Common shares (Note 11)	302,469,647	378,009,884
Contributed surplus	20,625,372	20,625,372
Stock options (Note 9)	20,752,893	20,721,850
Accumulated deficit	(256,256,941)	(251,416,280)
Total shareholders' equity	87,590,971	167,940,826
Total liabilities and shareholders' equity	$ 89,863,151	$ 168,653,346

KSOP Plan: (Details Text) - USD ($)	9 Months Ended	12 Months Ended
KSOP Plan: (Details Text) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
KSOP Plan: [Abstract]
Cash contributions to the plan	$ 0	$ 212,000

Income Tax: (Details 2) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Deferred income tax assets
Net operating loss carry forwards	$ 33,536,042	$ 31,362,816
Property, Plant and Equipment	3,226,282	3,226,994
Other deferred tax assets	1,660,339	1,652,114
Total deferred tax assets	38,422,663	36,241,924
Valuation allowance	(38,411,186)	(36,202,109)
Net deferred tax assets	11,477	39,815
Deferred income tax liabilities
Other deferred tax liability	(11,477)	(39,815)
Net deferred income tax liability	$ 0	$ 0

Stock Based Compensation Plans: (Details 1) - $ / shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Stock Based Compensation Plans Details One [Abstract]
Options outstanding - beginning of period	4,554,565	5,091,565
Weighted average exercise price - options outstanding	$ 3.11	$ 3.13
Options expired	(185,000)	(487,000)
Weighted average exercise price - options expired	$ 3.43	$ 3.34
Options outstanding - end of period	4,369,565	4,604,565
Weighted average exercise price - options outstanding	$ 3.09	$ 3.11
Options exercisable - end of period	4,369,565	4,060,818
Weighted average exercise price - options exercisable	$ 3.09	$ 3.10

Cash and Cash Equivalents: (Details 1) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Cash And Cash Equivalents Detailsabstract [Abstract]
Bank deposits	$ 31,685,167	$ 47,588,968
Short term investments	33,266,967	100,057,385
Total	$ 64,952,134	$ 147,646,353

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2019
Document and Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Entity Registrant Name	Gold Reserve Inc.
Entity Central Index Key	0001072725
Current Fiscal Year End Date	--12-31

Stock Based Compensation Plans: (Details Text) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Stock Based Compensation Plansdetails Text [Abstract]
Maximum number of shares available under the plan	8,750
Options available for grant	2,300
Maximum term of options	10 years
Non-cash compensation expense	$ 30	$ 300
Amount payable in event of change of control	$ 8,700

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net income (loss) for the period	$ 1,638,306	$ 3,720,859	$ (4,840,661)	$ 67,780,068
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock option compensation	0	72,064	31,043	291,997
Depreciation	33,000	12,140	98,565	35,809
Gain on sale of mining data	0	0	0	(52,500,000)
Arbitration award	0	0	0	(36,000,000)
Write-down of property, plant and equipment	0	14,000		14,000
Loss on marketable equity and debt securities	34,378	3,352,852	134,943	3,364,456
Income tax	(4,347,907)	(12,325,049)	(4,347,907)	(10,723,710)
Changes in non-cash working capital:
Net decrease (increase) in deposits, advances and other	422,510	277,326	493,273	(913,001)
Net increase (decrease) in payables and accrued expenses	(782,734)	(397,807)	1,286,772	3,098,260
Net cash used in operating activities	(3,002,447)	(5,273,615)	(7,143,972)	(25,552,121)
Cash Flows from Investing Activities:
Purchase of property, plant and equipment	(6,525)	(1,394)	(10,010)	(71,272)
Proceeds from disposition of marketable securities	0	24,500	0	24,500
Net cash used in investing activities	(6,525)	23,106	(10,010)	(46,772)
Cash Flows from Financing Activities:
Return of capital	0	0	(75,540,237)	0
Net cash used in financing activities	0	0	(75,540,237)	0
Change in Cash and Cash Equivalents:
Net decrease in cash and cash equivalents	(3,008,972)	(5,250,509)	(82,694,219)	(25,598,893)
Cash and cash equivalents - beginning of period	67,961,106	117,324,334	147,646,353	137,672,718
Cash and cash equivalents - end of period	64,952,134	112,073,825	64,952,134	112,073,825
Supplemental Cash Flow Information:
Cash paid for income taxes	$ 0	$ 0	$ 0	$ 10,921,926

Empresa Mixta Ecosocialista Siembra Minera, S. (Details Text) $ in Millions	Sep. 30, 2019 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	$ 19.0

Income Tax: (Details Text) - USD ($) $ in Millions	9 Months Ended
Income Tax: (Details Text) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Income Tax Details Textabstract [Abstract]
Income tax expense recorded by the Company	$ (4.3)	$ 0.2
The Company's income tax receivable	$ 10.8

Marketable Securities: (Details 1) - USD ($)	9 Months Ended	12 Months Ended
Marketable Securities: (Details 1) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity securities
Fair value at beginning of period		$ 287,638	$ 239,232
Increase (decrease) in fair value	$ (134,943)	48,406
Fair value at balance sheet date	152,695	287,638
Debt securities
Fair value at beginning of year	0	0
Acquisitions		88,500,000
Dispositions		(74,311,349)
Realized loss		(14,188,651)
Fair value at balance sheet date	$ 0	$ 0

New Accounting Policies: (Details Text) $ in Millions	Sep. 30, 2019 USD ($)
New Accounting Policies: [Abstract]
Lease liability and right of use asset	$ 0.3

Return of Capital: (Details Text) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2019 USD ($) $ / shares
Return of Capital: [Abstract]
Returned to shareholders \| $	$ 76
Returned to shareholders per share \| $ / shares	$ 0.76

Arbitral Award and Mining Data Sale Settlement Agreement: (Details Text) $ in Thousands	Sep. 30, 2019 USD ($)
Arbitral Award and Mining Data Sale Settlement Agreement: [Abstract]
Total award	$ 740,300
Settlement Agreement	1,032
Venezuela agreed to pay to satisfy award	792,000
Venezuela agreed to pay for mining data	240,000
Payments made pursuant to Settlement Agreement	254,000
Amount deposited to trust account	165,500
Government bonds received	88,500
Bonds sold for	74,300
Loss on sale of bonds	14,200
Amount due and unpaid including interest	$ 872,000
Amount of proceeds cvr holders entitled to	5.466%
CVR due	$ 300
Original bonus percentage of first two hundred million collected	1.00%
Original bonus percentage thereafter	5.00%
Modified bonus percentage of first two hundred million collected	1.28%
Modified bonus percentage thereafter	6.40%
Bonus due	$ 300

Marketable Securities: (Details Text) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Marketable Securities Details Textabstract [Abstract]
Marketable equity securities cost basis	$ 98,043	$ 98,043

Income Tax: (Details 3)	Sep. 30, 2019 USD ($)
Income Tax Details Threeabstract [Abstract]
Canadian tax loss carryforward expiring 2026	$ 1,973,368
Canadian tax loss carryforward expiring 2027	3,662,314
Canadian tax loss carryforward expiring 2028	13,959,070
Canadian tax loss carryforward expiring 2029	13,229,114
Canadian tax loss carryforward expiring 2030	16,343,835
Canadian tax loss carryforward expiring 2031	18,301,312
Canadian tax loss carryforward expiring 2032	5,309,986
Canadian tax loss carryforward expiring 2033	7,719,628
Canadian tax loss carryforward expiring 2034	8,944,359
Canadian tax loss carryforward expiring 2035	12,767,412
Canadian tax loss carryforward expiring 2036	15,179,110
Canadian tax loss carryforward expiring 2037	11,447,131
Canadian tax loss carryforward expiring 2038	413,307
Canadian tax loss carryforward expiring 2039	3,459,717
Total Canadian tax loss carryforward	132,709,663
Total US tax loss carryforward	$ 1,707,742

Stock Based Compensation Plans: (Details 2)	9 Months Ended
Stock Based Compensation Plans: (Details 2)	Sep. 30, 2019 USD ($) $ / shares shares
Stock Based Compensation Plans Details Twoabstract [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 \| $	$ 0
Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92	1 year 252 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 \| $	$ 0
Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92	1 year 252 days
Outstanding Options Number: $2.69 \| shares	125,000
Outstanding Options Weighted Average Exercise Price: $2.69 \| $ / shares	$ 2.69
Outstanding Options Aggregate Intrinsic Value: $2.69 \| $	$ 0
Outstanding Options Weighted Average Remaining Contractual Term (Years): $2.69	7 years 212 days
Exercisable Options Number: $2.69 \| shares	125,000
Exercisable Options Weighted Average Exercise Price: $2.69 \| $ / shares	$ 2.69
Exercisable Options Aggregate Intrinsic Value: $2.69 \| $	$ 0
Exercisable Options Weighted Average Remaining Contractual Term (Years): $2.69	7 years 212 days
Outstanding Options Number: $3.15 \| shares	3,369,643
Outstanding Options Weighted Average Exercise Price: $3.15 \| $ / shares	$ 3.15
Outstanding Options Aggregate Intrinsic Value: $3.15 \| $	$ 0
Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.15	7 years 139 days
Exercisable Options Number: $3.15 \| shares	3,369,643
Exercisable Options Weighted Average Exercise Price: $3.15 \| $ / shares	$ 3.15
Exercisable Options Aggregate Intrinsic Value: $3.15 \| $	$ 0
Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.15	7 years 139 days
Outstanding Options Number: $3.91 \| shares	180,000
Outstanding Options Weighted Average Exercise Price: $3.91 \| $ / shares	$ 3.91
Outstanding Options Aggregate Intrinsic Value: $3.91 \| $	$ 0
Outstanding Options Weighted Average Remaining Contractual Term (Years): $3.91	5 years 274 days
Exercisable Options Number: $3.91 \| shares	180,000
Exercisable Options Weighted Average Exercise Price: $3.91 \| $ / shares	$ 3.91
Exercisable Options Aggregate Intrinsic Value: $3.91 \| $	$ 0
Exercisable Options Weighted Average Remaining Contractual Term (Years): $3.91	5 years 274 days
Outstanding Options Number: $4.02 \| shares	250,000
Outstanding Options Weighted Average Exercise Price: $4.02 \| $ / shares	$ 4.02
Outstanding Options Aggregate Intrinsic Value: $4.02 \| $	$ 0
Outstanding Options Weighted Average Remaining Contractual Term (Years): $4.02	4 years 299 days
Exercisable Options Number: $4.02 \| shares	250,000
Exercisable Options Weighted Average Exercise Price: $4.02 \| $ / shares	$ 4.02
Exercisable Options Aggregate Intrinsic Value: $4.02 \| $	$ 0
Exercisable Options Weighted Average Remaining Contractual Term (Years): $4.02	4 years 299 days
Outstanding Options Number: $1.92 - $4.02 \| shares	4,369,565
Outstanding Options Weighted Average Exercise Price: $1.92 - $4.02 \| $ / shares	$ 3.09
Outstanding Options Aggregate Intrinsic Value: $1.92 - $4.02 \| $	$ 0
Outstanding Options Weighted Average Remaining Contractual Term (Years): $1.92 - $4.02	6 years 215 days
Exercisable Options Number: $1.92 - $4.02 \| shares	4,369,565
Exercisable Options Weighted Average Exercise Price: $1.92 - $4.02 \| $ / shares	$ 3.09
Exercisable Options Aggregate Intrinsic Value: $1.92 - $4.02 \| $	$ 0
Exercisable Options Weighted Average Remaining Contractual Term (Years): $1.92 - $4.02	6 years 215 days

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Total	Common Shares	Common Shares Amount	Contributed Surplus	Stock Options	Accumulated Deficit	Accumulated Other Comprehensive Income
Balance at Dec. 31, 2017			$ 378,009,884	$ 20,625,372	$ 20,409,643	$ (293,386,189)	$ 111,539
Balance (In shares) at Dec. 31, 2017		99,395,048
Cumulative effect of accounting change						111,539	$ (111,539)
Net income for the period						67,780,068
Stock option compensation (Note 9)					291,997
Net income for the period	$ 67,780,068
Balance (In shares) at Sep. 30, 2018		99,395,048
Balance at Sep. 30, 2018			378,009,884	20,625,372	20,701,640	(225,494,582)
Balance at Jun. 30, 2018			378,009,884	20,625,372	20,629,576	(229,215,441)
Balance (In shares) at Jun. 30, 2018		99,395,048
Net income for the period	3,720,859					3,720,859
Stock option compensation (Note 9)					72,064
Balance (In shares) at Sep. 30, 2018		99,395,048
Balance at Sep. 30, 2018			378,009,884	20,625,372	20,701,640	(225,494,582)
Balance at Dec. 31, 2018	167,940,826		378,009,884	20,625,372	20,721,850	(251,416,280)
Balance (In shares) at Dec. 31, 2018		99,395,048
Net loss for the period						(4,840,661)
Stock option compensation (Note 9)					31,043
Return of capital (Note 11)			(75,540,237)
Net income for the period	(4,840,661)
Balance (In shares) at Sep. 30, 2019		99,395,048
Balance at Sep. 30, 2019	87,590,971		302,469,647	20,625,372	20,752,893	(256,256,941)
Balance at Sep. 30, 2019			302,469,647	20,625,372	20,752,893	(256,256,941)
Balance (In shares) at Sep. 30, 2019		99,395,048
Balance at Jun. 30, 2019			302,469,647	20,625,372	20,752,893	(257,895,247)
Balance (In shares) at Jun. 30, 2019		99,395,048
Net income for the period	1,638,306
Balance (In shares) at Sep. 30, 2019		99,395,048
Balance at Sep. 30, 2019	$ 87,590,971		302,469,647	20,625,372	20,752,893	(256,256,941)
Net income for the period						1,638,306
Balance at Sep. 30, 2019			$ 302,469,647	$ 20,625,372	$ 20,752,893	$ (256,256,941)
Balance (In shares) at Sep. 30, 2019		99,395,048

Property, Plant and Equipment: (Details 1) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Property Plant And Equipmentdetails [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	479,579	469,569
Accumulated Depreciation: Furniture and office equipment	(353,495)	(333,828)
Net: Furniture and office equipment	126,084	135,741
Cost: Transportation equipment	491,025	491,025
Accumulated Depreciation: Transportation equipment	(108,276)	(34,622)
Net: Transportation equipment	382,749	456,403
Cost: Leasehold improvements	51,658	51,658
Accumulated Depreciation: Leasehold improvements	(16,307)	(11,063)
Net: Leasehold improvements	35,351	40,595
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	13,049,796	13,039,786
Total Accumulated Depreciation property, plant and equipment	(478,078)	(379,513)
Total net property, plant and equipment	$ 12,571,718	$ 12,660,273