5. EQUIPMENT AND LAND

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

EQUIPMENT AND LAND

At December 31, 2019 and 2018, equipment consisted of the following:

	December 31, 2019						December 31, 2018
	Cost		Accumulated depreciation		Net book value		Cost		Accumulated depreciation		Net book value
Computer equipment	$	1	$	1	$	—	$	1	$	1	$	—
Furniture		13		13		—		13		13		—
Geological equipment		346		292		54		346		288		58
Vehicles		87		85		2		87		84		3
	$	447	$	391	$	56	$	447	$	386	$	61

Depreciation expense for the year ended December 31, 2019 and 2018 was $5 and $14, respectively. We evaluate the recoverability of the carrying value of equipment when events and circumstances indicate that such assets might be impaired. During the year ended December 31, 2018, we impaired certain assets with a net book value of $13, resulting in an impairment charge of $13 as the assets were no longer in use. There was no such impairment charge for the year ended December 31, 2019.

On October 26, 2016, we sold approximately 640 acres of non-core real property to Whitelaw Creek LLC, a Wyoming limited liability company (“Whitelaw Creek”), for net proceeds of $595 in cash (the “Land Sale”). We have the right to repurchase the land for $1,000 after the third anniversary following the Land Sale but on or before the fifth anniversary of the Land Sale, in each case subject to certain adjustments (the “Repurchase Price”). Payment of the Repurchase Price may be made, at Whitelaw Creek’s option, in the form of cash, common shares of the Company, or a combination of cash and common shares of the Company. Payment of any common shares of the Company is subject to a beneficial ownership limitation for Whitelaw Creek and its affiliates collectively of 9.9% of the then-current total number of outstanding common shares of the Company, and in no event may the portion of the Repurchase Price paid in common shares of the Company exceed 5 million shares.

For accounting purposes, we are utilizing the profit-sharing method for real estate transactions under U.S. GAAP as it is unlikely we will repurchase the land in the near term. Under this method, we have classified our value in the land as an asset on our Consolidated Balance Sheet titled “Investment in land” and the value of the Repurchase Price as a liability on our Consolidated Balance Sheet titled “Repurchase option”.