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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
INCOME TAXES |
INCOME TAXES | 9.INCOME TAXES As of December 31, 2024 and 2023, the net deferred tax assets have not been recognized in the accompanying consolidated financial statements. A valuation allowance is recognized to reduce the deferred tax asset as it is more likely than not that a tax benefit will not be realized. The following are the significant components of the Company’s deferred taxes as of December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Non-capital losses carried forward | ​ | $ | 24,850,000 | ​ | $ | 21,151,000
Research and development expenditures | ​ |  | 3,175,000 | ​ |  | 3,246,000
Investment tax credits | ​ |  | 2,043,000 | ​ |  | 2,088,000
Tax value of technology rights and property and equipment in excess of accounting basis | ​ |  | 193,000 | ​ |  | 221,000
Share issue costs | ​ |  | 1,275,000 | ​ |  | 1,019,000
Non-deductible reserves | ​ | ​ | 10,000 | ​ | ​ | —
Restricted interest and financing expenses | ​ |  | 337,000 | ​ |  | —
Total deferred income tax assets | ​ |  | 31,883,000 | ​ |  | 27,725,000
Valuation allowance | ​ |  | (31,883,000) | ​ |  | (27,725,000)
Net deferred income tax assets | ​ | $ | — | ​ | $ | —
​ As of December 31, 2024, the Company has available research and development expenditure credits for income tax purposes of approximately $11,980,000, which may be carried forward without expiration to reduce future taxable income. As of December 31, 2024, the Company has non-capital income tax loss carry-forwards of approximately $93,772,000 available to reduce future income for income tax purposes. The income tax loss carry-forwards have expiry dates between the years 2026 and 2043. As of December 31, 2024, the Company has approximately $2,043,000 of non-refundable investment tax credits available to offset future income taxes. The non-refundable investment tax credits have expiry dates between 2025 and 2035. A reconciliation of the combined federal and provincial statutory income tax rate applied to the net loss for the year to the income tax recovery as of December 31 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |
Basic combined Canadian statutory income tax rate |  | ​ | 26.5 | % | ​ | 26.5 | %
Income tax recovery based on statutory rate | ​ | $ | 719,000 | ​ | $ | (3,559,000) | ​
Permanent differences | ​ |  | (4,808,000) | ​ |  | (157,000) | ​
Share issue costs recorded, net of equity | ​ |  | (709,000) | ​ |  | (731,000) | ​
Unrecognized benefit of current year tax losses | ​ |  | 4,798,000 | ​ |  | 4,447,000 | ​
​ | ​ | $ | — | ​ | $ | — | ​
​ The Company does not expect a significant change in the amount of unrecognized tax benefits over the next 12 months. However, any adjustments arising from certain ongoing examinations by tax authorities could alter the timing or amount of taxable income or deductions and these adjustments could differ from the amount accrued. The Company’s federal and provincial income tax returns files for all years remain subject to examination by the taxation authorities.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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