Prior Periods Financial Restatements

6 Months Ended

Jun. 30, 2016

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

15. Prior Periods Financial Restatements

 

During the preparation of the deferred tax calculations for 2015 the Company found an accounting error in the calculation of the deferred income taxes for the year ended December 31, 2014. The accounting error related to the recognition of a deferred tax liability resulting from the dilution gain recorded in additional paid-in capital from the JV transaction (Note 7(v)). The impact of the error on the financial statements as at June 30, 2015 are presented below. There was no impact on the Company’s Consolidated Statements of Loss and Comprehensive Loss or the Consolidated Statement of Cash Flows.

Impact as at June 30, 2015:

	June 30, 2015
	As Previously Reported		As Restated
Liabilities:
Deferred tax liability	$	-	$	12,922,000
Total liabilities	$	59,791,117	$	72,713,117
Shareholders’ Equity:
Additional paid-in capital	$	56,390,510	$	43,468,510
Total shareholders’ equity attributable to GQM Ltd.	$	41,990,686	$	29,068,686
Total shareholders’ equity	$	83,141,709	$	70,219,709