Note 12 - Income Taxes

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

12. INCOME TAXES  

A reconciliation of income taxes at statutory rates with the reported taxes is as follows:

	December 31, 2024			December 31, 2023
Loss before taxes for the year	$	(327,360	)	$	(591,212	)
Expected income tax (recovery)	$	(92,000	)	$	(165,000	)
Effect of change in tax rates		6,000			-
Permanent differences		-			23,000
Adjustment to prior years provision		(12,000	)		(7,000	)
Expiry of non-capital losses		159,000			-
Change in unrecognized deductible temporary		(61,000	)		135,000
Total income taxes	$	-		$	-
Current income tax	$	-		$	-
Deferred tax recovery	$	-		$	-

The significant components of the Company’s deferred tax assets that have not been included on the consolidated statement of financial position are as follows:

	December 31, 2024			December 31, 2023
Research and development	$	179,000		$	213,000
Non-capital losses	$	6,934,000		$	6,936,120
	$	7,113,000		$	7,149,120
Unrecognized deferred tax assets		(7,113,000	)		(7,149,120	)
Net deferred tax assets	$	-		$	-

The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows: 

	2024		Expiry Date Range		2023		Expiry Date Range
Temporary Differences
Research and development	$	642,000	No expiry date		$	760,000	No expiry date
Non-capital losses available for future periods	$	24,777,000	2023 to indefinite		$	24,787,000	2023 to indefinite
Canada	$	17,766,000		2024 to 2037	$	18,610,000	2023 to 2037
USA	$	7,011 ,000	No expiry date		$	5,350,000	No expiry date