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Income Taxes | 12 Months Ended
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Dec. 31, 2019
Text Block [Abstract] |
Disclosure of income tax |
21. | INCOME TAXES
Income tax expense differs from the amount that would result from applying Canadian federal and provincial income tax rates of 27% (2018 – 27%) to earnings before income taxes. These differences result from the following items:
|  | 2019 |  |  | 2018 |
Loss before income taxes |  | $ | (13,186 | ) |  | $ | (37,070 | )
Canadian federal and provincial income tax rates |  |  | 27% |  |  |  | 27% |
Expected income tax recovery based on the above rates |  |  | (3,560 | ) |  |  | (10,009 | )
Non-deductible expenses |  |  | 3,000 |  |  |  | 3,250 |
Non-taxable bargain purchase gain from Mesquite Acquisition |  |  | - |  |  |  | (176 | )
Impairment and disposition of Elk Gold |  |  | 536 |  |  |  | 2,679 |
Change in fair value of derivative liabilities |  |  | 10,310 |  |  |  | (5,394 | )
Repayment of long-term debt |  |  | 1,448 |  |  |  | - |
Deconsolidation of Solaris |  |  | 1,008 |  |  |  | - |
Disposition of discontinued operation |  |  | - |  |  |  | (3,761 | )
Tax effect of deferred tax assets for which no tax benefit has been recognized |  |  | 5,238 |  |  |  | 8,097 |
Foreign exchange and other |  |  | (10,842 | ) |  |  | 7,649 |
Total tax expense |  |  | 7,138 |  |  |  | 2,335 |
Current tax expense |  |  | 7,250 |  |  |  | 468 |
Deferred tax expense (recovery) |  |  | (112 | ) |  |  | 1,867 |
Total tax expense |  | $ | 7,138 |  |  | $ | 2,335 |
The significant components of the Company’s recognized net deferred tax assets and liabilities are as follows:
|  |  |  |  |  | December 31, 2019 |  |  | December 31, 2018 |
Non-capital losses |  |  |  |  |  | $ | 11,698 |  |  | $ | 7,559 |
Mineral property, plant and equipment |  |  |  |  |  |  | 4,727 |  |  |  | 3,691 |
Other |  |  |  |  |  |  | 1,290 |  |  |  | 1,671 |
Total deferred tax assets |  |  |  |  |  | $ | 17,715 |  |  | $ | 12,921 |
Mineral properties, plant and equipment |  |  |  |  |  | $ | (18,456 | ) |  | $ | (16,800 | )
Other |  |  |  |  |  |  | (9,971 | ) |  |  | (4,609 | )
Total deferred tax liabilities |  |  |  |  |  | $ | (28,427 | ) |  | $ | (21,409 | )
Net deferred tax liability |  |  |  |  |  | $ | (10,712 | ) |  | $ | (8,488 | )
The movement in the deferred tax assets and liabilities during the year is as follows:
Balance – December 31, 2017 |  |  |  |  |  |  | (7,685 | )
Recognized in net loss |  |  |  |  |  |  | (1,867 | )
Acquisition of Mesquite |  |  |  |  |  |  | 1,064 |
Balance – December 31, 2018 |  |  |  |  |  |  | (8,488 | )
Recognized in net loss |  |  |  |  |  |  | 112 |
Recognized in equity component of Convertible Notes |  |  |  |  |  |  | (2,336 | )
Balance – December 31, 2019 |  |  |  |  |  |  | (10,712 | )
A reconciliation of net deferred tax assets and liabilities to the amounts presented in the consolidated statements of financial position follows:
|  | December 31, 2019 |  |  | December 31, 2018 |
Deferred tax asset |  |  | - |  |  |  | 1,064 |
Deferred tax liability |  |  | (10,712 | ) |  |  | (9,552 | )
Net deferred tax liability |  |  | (10,712 | ) |  |  | (8,488 | )
In assessing the recoverability of deferred tax assets other than deferred tax assets arising from the initial recognition of assets and liabilities that do not affect accounting or taxable profit, management considers whether it is probable that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Deductible temporary differences, unused tax losses and unused tax credits for which deferred tax assets have not been recognized are as follows:
|  | December 31, 2019 |  |  | December 31, 2018 |
Non-capital losses |  | $ | 41,647 |  |  | $ | 58,304 |
State non-capital losses |  |  | 41,025 |  |  |  | 42,325 |
Mineral properties, plant and equipment |  |  | 18,735 |  |  |  | 31,141 |
Share issue costs |  |  | 4,522 |  |  |  | 4,976 |
Inventory |  |  | 27,422 |  |  |  | 13,079 |
Unrealized foreign exchange losses on investment and advances |  |  | 38,948 |  |  |  | 53,850 |
Reclamation obligation |  |  | 28,609 |  |  |  | 14,018 |
State alternative minimum tax credit |  |  | 6,525 |  |  |  | 6,525 |
Capital losses |  |  | 36,570 |  |  |  | 21,501 |
Interest expense |  |  | 16,557 |  |  |  | 18,024 |
Other |  |  | 2,100 |  |  |  | 5,456 |
|  | $ | 262,660 |  |  | $ | 269,199 |
The non-capital losses may be applied to reduce future years’ taxable income. The loss carryforwards expire as follows:
|  | December 31, 2019 |  |  | December 31, 2018 |
Brazil (no expiry) |  | $ | 6,929 |  |  | $ | 16,692 |
Mexico (expire between 2019-2028) |  |  | - |  |  |  | 15,988 |
Canada (expire between 2026-2039) |  |  | 34,719 |  |  |  | 23,420 |
Peru (expire between 2019-2022) |  |  | - |  |  |  | 1,544 |
Chile (no expiry) |  |  | - |  |  |  | 660 |
|  | $ | 41,648 |  |  | $ | 58,304 |

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- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2019-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2019-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2019-03-27 + Details
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