XML 40 R16.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2023
Major components of tax expense (income) [abstract] |
INCOME TAXES | 11. INCOME TAXES The provision for income taxes reported differs from the amounts computed by applying the cumulative US federal and state income tax rates to the net loss before tax provision due to the following: SCHEDULE OF INCOME TAX RATES TO THE NET LOSS BEFORE TAX PROVISION
|  | 2023 |  |  | 2022 |
Net income |  | $ | 22,639 |  |  | $ | 16,643 |
Statutory tax rate |  |  | 26.43 | % |  |  | 25.44 | %
Net income After Tax |  |  | 5,983 |  |  |  | 4,234 |
Add (deduct): |  |  |  |  |  |  |  |
Return to provision |  |  | (122 | ) |  |  | - |
Depletion |  |  | (352 | ) |  |  | - |
Prior period state deferred adjustments |  |  | 1,051 |  |  |  | - |
Change in unrecognized tax benefit |  |  | (3,229 | ) |  |  | (4,587 | )
Change in enacted tax rate |  |  | - |  |  |  | 313 |
Other |  |  | 28 |  |  |  | 40 |
Income tax expense |  | $ | 3,359 |  |  | $ | - |
Deferred tax liabilities and assets are attributable to the following: SCHEDULE OF DEFERRED TAX LIABILITIES AND ASSETS
|  | 2023 |  |  | 2022 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Property, plant and equipment/exploration and evaluation assets |  | $ | (37,118 | ) |  | $ | (35,526 | )
Commodity contracts |  |  | (103 | ) |  |  | - |
Leases |  |  | (18 | ) |  |  | - |
Deferred tax assets: |  |  |  |  |  |  |  |
Stock based compensation |  |  | 377 |  |  |  | 48 |
Asset retirement obligations |  |  | 425 |  |  |  | 363 |
Commodity contracts |  |  |  |  |  |  | 362 |
Other |  |  | - |  |  |  | 8 |
Loss carry-forward |  |  | 33,078 |  |  |  | 34,745 |
Deferred tax assets and liabilities |  | $ | (3,359 | ) |  | $ | - |
Kolibri Global Energy Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 (Audited, expressed in thousands of United States dollars) Unrecognized deferred tax assets Deferred tax assets have not been recognized for the following deductible temporary differences: SCHEDULE OF UNRECOGNIZED DEFERRED TAX ASSETS
|  | 2023 |  |  | 2022 |
Property, plant and equipment/exploration and evaluation assets |  | $ | 441 |  |  | $ | 14,508 |
Loss carry-forward |  |  | 22,014 |  |  |  | 44,215 |
Capital losses |  |  | 10,976 |  |  |  | 11,182 |
Unrecognized deferred tax assets |  | $ | 33,432 |  |  | $ | 69,905 |
Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profits will be available against which they can be utilized. The Company has non-operating losses carried forward which may be available to offset future income for income tax purposes expiring over the periods 2028 to 2037. The Company has non-operating losses of approximately $129 million in the US, $147 million in US States and $22 million in Canada. The Company has temporary differences associated with its investments in its foreign subsidiaries. The Company has no deferred tax liabilities in respect of these temporary differences.

X
- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfIncomeTaxExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration