2022 Q4 Form 20-F Financial Statement
#000106299323009782 Filed on May 01, 2023
Income Statement
| Concept | 2022 Q4 | 2022 | 2021 Q4 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $78.41K | $277.0K | $79.38K |
| YoY Change | -1.22% | -11.49% | -5.74% |
| % of Gross Profit | |||
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | |||
| YoY Change | |||
| % of Gross Profit | |||
| Operating Expenses | $78.40K | $277.0K | $79.38K |
| YoY Change | -1.23% | -11.49% | -5.74% |
| Operating Profit | -$277.9K | ||
| YoY Change | -11.21% | ||
| Interest Expense | -$3.520K | $5.710K | -$1.600K |
| YoY Change | 120.0% | -861.33% | -68.0% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $2.390K | $13.37K | $900.00 |
| YoY Change | 165.56% | -96.01% | -84.15% |
| Pretax Income | -$79.54K | -$257.9K | -$80.08K |
| YoY Change | -0.67% | -1317.13% | -4.13% |
| Income Tax | $0.00 | $0.00 | |
| % Of Pretax Income | |||
| Net Earnings | -$79.54K | -$257.9K | -$80.08K |
| YoY Change | -0.67% | -1317.14% | -4.13% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | -$0.01 | ||
| Diluted Earnings Per Share | $0.00 | -$0.01 | -$2.058K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 38.91M shares | 38.91M shares | |
| Diluted Shares Outstanding | 38.91M shares |
Balance Sheet
| Concept | 2022 Q4 | 2022 | 2021 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $9.800K | $9.800K | $4.090K |
| YoY Change | 139.61% | 139.61% | 417.72% |
| Cash & Equivalents | $9.803K | $4.085K | |
| Short-Term Investments | |||
| Other Short-Term Assets | |||
| YoY Change | |||
| Inventory | |||
| Prepaid Expenses | $0.00 | $734.00 | |
| Receivables | |||
| Other Receivables | $15.28K | $16.02K | |
| Total Short-Term Assets | $25.09K | $25.09K | $20.10K |
| YoY Change | 24.8% | 24.83% | 22.19% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | |||
| YoY Change | |||
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| TOTAL ASSETS | |||
| Total Short-Term Assets | $25.09K | $25.09K | $20.10K |
| Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
| Total Assets | $25.09K | $25.09K | $20.10K |
| YoY Change | 24.8% | 24.83% | 22.19% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $116.0K | $116.0K | $144.3K |
| YoY Change | -19.63% | -19.63% | -62.6% |
| Accrued Expenses | $62.51K | $62.51K | $72.28K |
| YoY Change | -13.51% | -13.52% | -49.12% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $1.067M | $1.067M | $805.0K |
| YoY Change | 32.55% | 32.55% | -2.24% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $25.98K | $25.98K | $25.08K |
| YoY Change | 3.57% | 3.59% | 3.72% |
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $25.98K | $25.98K | $25.08K |
| YoY Change | 3.57% | 3.59% | 3.72% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $1.067M | $1.067M | $805.0K |
| Total Long-Term Liabilities | $25.98K | $25.98K | $25.08K |
| Total Liabilities | $1.093M | $1.093M | $830.1K |
| YoY Change | 31.67% | 31.67% | -2.07% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$44.42M | -$44.17M | |
| YoY Change | 0.58% | ||
| Common Stock | $43.36M | $43.36M | |
| YoY Change | 0.0% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | -$1.068M | -$1.068M | -$810.0K |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $25.09K | $25.09K | $20.10K |
| YoY Change | 24.8% | 24.83% | 22.19% |
Cashflow Statement
| Concept | 2022 Q4 | 2022 | 2021 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$79.54K | -$257.9K | -$80.08K |
| YoY Change | -0.67% | -1317.14% | -4.13% |
| Depreciation, Depletion And Amortization | |||
| YoY Change | |||
| Cash From Operating Activities | $5.720K | $5.718K | $560.00 |
| YoY Change | 921.43% | 73.8% | -103.4% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | |||
| YoY Change | |||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | ||
| YoY Change | |||
| Cash From Investing Activities | $0.00 | ||
| YoY Change | |||
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $0.00 | ||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 0.000 | $0.00 | 0.000 |
| YoY Change | |||
| NET CHANGE | |||
| Cash From Operating Activities | 5.720K | $5.718K | 560.0 |
| Cash From Investing Activities | 0.000 | ||
| Cash From Financing Activities | 0.000 | $0.00 | 0.000 |
| Net Change In Cash | 5.720K | $5.718K | 560.0 |
| YoY Change | 921.43% | 73.8% | -103.4% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $5.720K | $5.718K | $560.00 |
| Capital Expenditures | |||
| Free Cash Flow | |||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022 | dei |
Auditor Firm
AuditorFirmId
|
6644 | |
| CY2022 | dei |
Auditor Name
AuditorName
|
Kreston GTA LLP | |
| CY2022Q4 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
888484 | usd |
| CY2021Q4 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
588377 | usd |
| CY2022 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
0 | usd |
| CY2021 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
0 | usd |
| CY2020 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
30110 | usd |
| CY2022 | gntof |
Fair Value Gain On Government Loan
FairValueGainOnGovernmentLoan
|
0 | usd |
| CY2021 | gntof |
Fair Value Gain On Government Loan
FairValueGainOnGovernmentLoan
|
0 | usd |
| CY2020 | gntof |
Fair Value Gain On Government Loan
FairValueGainOnGovernmentLoan
|
5084 | usd |
| CY2022 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
0 | usd |
| CY2021 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-0 | usd |
| CY2020 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-50000 | usd |
| CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
5718 | usd |
| CY2022 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
0 | usd |
| CY2021 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
0 | usd |
| CY2020 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
28668 | usd |
| CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
0 | usd |
| CY2021 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
0 | usd |
| CY2020 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
28668 | usd |
| CY2022 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <div> <div> <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1. NATURE OF OPERATIONS AND GOING CONCERN</span></span></p> <p style="margin-left: 36pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">NATURE OF OPERATIONS</span></span></p> <p style="margin-left: 36pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Gentor Resources Inc. (the "Company" or "Gentor"), a Cayman Islands corporation, is an exploration stage corporation formed for the purpose of prospecting and developing mineral properties. </span></span></p> <p style="margin-left: 36pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The business of exploring for minerals involves a high degree of risk. Few properties that are explored are ultimately developed into producing mines. Major expenses may be required to establish ore reserves, to develop metallurgical processes, to acquire construction and operating permits and to construct mining and processing facilities. Having relinquished its only project (the Karaburun project in Turkey) effective at the end of 2017, the Company currently does not have any commercial operations and has no material assets. The Company is currently evaluating new business opportuntiues.</span></span></p> <p style="margin-left: 36pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">GOING CONCERN</span></span></p> <p style="margin-left: 36pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The accompanying audited consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the year ended December 31, 2022, the Company had a net loss and comprehensive loss of $257,913 (2021 - net income and comprehensive income of $21,194 and 2020 - net loss and comprehensive loss of $301,085, repectively). The Company also had a deficit accumulated during the exploration stage of $44,424,262 as at December 31, 2022 (December 31, 2021 - $44,166,349), and a working capital deficiency of $1,041,889 as at December 31, 2022 (December 31, 2021 - working capital deficiency of $784,873).</span></span></p> <p style="margin-left: 36pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company intends to fund operations through equity financing arrangements. Such financings may be insufficient to fund its ongoing working capital and other cash requirements. The Company's continued existence is dependent upon it emerging from the exploration stage, obtaining additional financing to continue operations, exploring and developing mineral properties and the discovery, development and sale of ore reserves.</span></span></p> <p style="margin-left: 36pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">These circumstances represent material uncertainties which cast substantial doubt on the Company's ability to continue on a going concern basis. These audited consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. Such adjustments may be material.</span></span></p> </div> </div> </div> | |
| CY2021Q4 | gntof |
Exploration Stage Accumulated Deficit
ExplorationStageAccumulatedDeficit
|
-44166349 | usd |
| CY2022 | us-gaap |
Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
|
<div> <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">d)<span style="width: 9pt; text-indent: 0pt; display: inline-block;"> </span>ASSET IMPAIRMENT</span></span></p> <p style="margin-left: 36pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company monitors events and changes in circumstances, which may require an assessment of the recoverability of its long-lived assets. If required, the Company would assess recoverability using estimated undiscounted future operating cash flows of the related asset or asset grouping. Assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the carrying amount of an asset is not recoverable, an impairment loss is recognized in operations, measured by comparing the carrying amount of the asset to its fair value. No impairment losses or reversals of previously recorded impairments were recorded during the years ended December 31, 2022, 2021 and 2020.</span></span></p> </div> | |
| CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">i)<span style="width: 11.34pt; text-indent: 0pt; display: inline-block;"> </span>USE OF ESTIMATES</span></span></p> <p style="margin-left: 36pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from management's best estimates as additional information becomes available in the future. The Company bases its estimates and assumptions on historical experience, current facts, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Significant estimates and assumptions include those related to estimation of deferred income taxes, tax loss recoverability and fair value estimates for stock options.</span></span></p> </div> | |
| CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
|
0.21 | pure |
| CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
|
0.21 | pure |
| CY2020 | us-gaap |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
|
0.21 | pure |
| CY2021 | us-gaap |
Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
|
0 | usd |
| CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
|
14482000 | usd |
| CY2022 | gntof |
Foreign Currency Weakness Percentage
ForeignCurrencyWeaknessPercentage
|
0.10 | pure |
