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Investment In Associate
 12 Months Ended
Dec. 31, 2022
Investment In Associate [Abstract]  
Investment in associate
4.Investment in associate

 

During the year ended December 31, 2020, the Company acquired 12,000,000 shares of Group 11 Technologies Inc. (“Group 11”), a US-based technology firm, representing 40% of the issued and outstanding shares of Group 11. The Company advanced $750,000 in accordance with the Letter of Intent with EnviroLeach Technologies Inc. and Golden Predator Mining Corp. to establish Group 11. The Company has determined that it exercises significant influence over Group 11 and accounts for this investment using the equity method of accounting. During the year ended December 31, 2021, Group 11 completed a private placement financing, resulting in the issuance of additional shares and a dilution of the Company’s ownership in the associate to 34.46%. During the year ended December 31, 2022, Group 11 issued additional shares resulting in the dilution of the Company’s ownership in the associate to 33.71%.

 

As of December 31, 2022, Group 11 has severely constrained its activities as financing is unavailable in its market. The Company, determined its investment to be unrecoverable and wrote off the balance of its investment.

 

The Company’s proportional share in the associate at the last available date, June 30th, 2022, is as follows:

 

   Assets   Liabilities   Revenues   Expenses 
   $   $   $   $ 
Year ended December 31, 2021                    
Current   1,078,019    120,569    
         -
    
          -
 
Non-current   751,065    
-
    
-
    
-
 
Loss from operating expenses   
-
    
-
    
-
    (755,943)
    1,829,084    120,569    
-
    (755,943)
                     
Year ended December 31, 2022                    
Current   609,704    39,259    
-
    
-
 
Non-current   729,261    
-
    
-
    
-
 
Loss from operating expenses   
-
    
-
    
-
    (415,769)
    1,338,965    39,259    
-
    (415,769)
                     
The Company’s percentage ownership                  33.71%

The investment in associate continuity summary is as follows:

   Investment in
associate		 
   $ 
Balance, December 31, 2020   451,221 
      
Adjustments to carrying value:     
Proportionate share of net loss   (260,055)
Adjustment to investment in Group 11   469,320 
Dilution loss   (95,680)
Currency translation adjustment   (466)
Balance, December 31, 2021   564,340 
      
Adjustments to carrying value:     
Proportionate share of net loss through June 30   (143,286)
Adjustment to investment in Group 11 through June 30   15,675 
Write-off of investment   (443,614)
Currency translation adjustment   6,885 
Balance, December 31, 2022   -