Note 13 - Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
A summary of the reconciliation of the income tax benefit based on the statutory federal income tax rate of 21% to the income tax expense (benefit) reported in these financial statements for the years ended December 31, 2025 and 2024 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended December 31, |
|
|
|
2025 |
|
|
% |
|
Income tax benefit at US federal statutory tax rate |
|
$ |
(7,514,515 |
) |
|
|
21.00 |
% |
State income taxes expense, net of federal income tax effect* |
|
|
160,347 |
|
|
|
-0.21 |
% |
Effect of cross-border tax laws |
|
|
173,618 |
|
|
|
-0.46 |
% |
Foreign tax effects |
|
|
|
|
|
|
Canada: |
|
|
|
|
|
|
Statutory tax rate difference |
|
|
294,821 |
|
|
|
-0.79 |
% |
Change in valuation allowance |
|
|
(805,516 |
) |
|
|
2.15 |
% |
Nontaxable or nondeductible items |
|
|
|
|
|
|
Convertible Debt Interest |
|
|
397,693 |
|
|
|
-1.06 |
% |
Other |
|
|
644,360 |
|
|
|
-1.72 |
% |
Changes in valuation allowance |
|
|
6,780,199 |
|
|
|
-19.26 |
% |
Other |
|
|
172,233 |
|
|
|
-0.46 |
% |
Income tax expense |
|
$ |
303,240 |
|
|
|
-0.81 |
% |
* In 2025, state and local income taxes in Alaska comprise the majority of the state and local income taxes, net of federal tax. A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:
|
|
|
|
|
|
|
Fiscal Year Ended December 31, |
|
|
|
2024 |
|
Income tax benefit at statutory tax rate |
|
$ |
(8,016,170 |
) |
State tax benefit |
|
|
(20,943 |
) |
Return to provision |
|
|
(1 |
) |
Effect of rates different than statutory |
|
|
(74,936 |
) |
Permanent differences |
|
|
347,651 |
|
Convertible debt interest |
|
|
397,630 |
|
Other valuation allowance |
|
|
7,283,368 |
|
Income tax benefit |
|
$ |
(83,401 |
) |
|
| Schedule of Income Taxes Paid Net of Refunds [Table Text Block] |
The Company has paid the following in income taxes, net of refunds received:
|
|
|
|
|
|
|
Fiscal Year Ended December 31, |
|
|
|
2025 |
|
Jurisdiction |
|
|
|
US - Federal |
|
$ |
(550,000 |
) |
US - State |
|
|
— |
|
Foreign - Canada |
|
|
— |
|
Total income tax refunds |
|
$ |
(550,000 |
) |
|
| Schedule of Components of Income Before Taxes [Table Text Block] |
The following table summarizes the components of loss before taxes:
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended December 31, |
|
|
Fiscal Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Pre-tax Book (Loss) Income: |
|
|
|
|
|
|
US |
|
$ |
(40,697,089 |
) |
|
$ |
(36,769,141 |
) |
Foreign |
|
|
4,913,684 |
|
|
|
(1,344,551 |
) |
Total Worldwide Pre-tax Book Loss |
|
$ |
(35,783,405 |
) |
|
$ |
(38,113,692 |
) |
|
| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
The following table summarizes the components of the income tax provision:
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended December 31, |
|
|
Fiscal Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Current: |
|
|
|
|
|
|
Federal |
|
$ |
(3,698 |
) |
|
$ |
3,690 |
|
State |
|
|
(3,420 |
) |
|
|
3,420 |
|
Total current income tax (benefit) / expense |
|
$ |
(7,118 |
) |
|
$ |
7,110 |
|
|
|
|
|
|
|
|
Deferred: |
|
|
|
|
|
|
Federal |
|
$ |
229,280 |
|
|
$ |
(66,866 |
) |
State |
|
|
81,078 |
|
|
|
(23,645 |
) |
Total deferred income tax (benefit) / expense |
|
$ |
310,358 |
|
|
$ |
(90,511 |
) |
|
|
|
|
|
|
|
Total income tax (benefit) / expense |
|
$ |
303,240 |
|
|
$ |
(83,401 |
) |
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
The net deferred tax liability is comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
As of December 31, |
|
|
|
2025 |
|
|
2024 |
|
Deferred Tax Assets: |
|
|
|
|
|
|
Net Operating Losses |
|
$ |
28,660,724 |
|
|
$ |
17,003,077 |
|
Derivatives |
|
|
25,604,789 |
|
|
|
16,081,852 |
|
Capitalized Exploration |
|
|
11,153,058 |
|
|
|
13,424,850 |
|
Investment In Peak Gold JV |
|
|
— |
|
|
|
3,704,040 |
|
Other Assets |
|
|
1,228,312 |
|
|
|
2,022,226 |
|
Total Deferred Tax Assets |
|
|
66,646,883 |
|
|
|
52,236,045 |
|
Valuation allowance |
|
|
(57,180,175 |
) |
|
|
(52,236,045 |
) |
|
|
|
9,466,708 |
|
|
|
— |
|
|
|
|
|
|
|
|
Deferred Tax Liabilities |
|
|
|
|
|
|
Investment In Peak Gold JV |
|
|
(9,789,261 |
) |
|
|
— |
|
Other Liabilities |
|
|
(294,800 |
) |
|
|
(306,995 |
) |
Total Deferred Tax Liabilities |
|
|
(10,084,061 |
) |
|
|
(306,995 |
) |
|
|
|
|
|
|
|
Net Deferred Tax Liability |
|
$ |
(617,353 |
) |
|
$ |
(306,995 |
) |
|