Company: GNTOF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001062993-25-008252
Chunk: 59

Company: GENTOR RESOURCES INC.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 59
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 in which those temporary differences are expected to be recovered or settled. The Company recognizes deferred taxes for the estimated future tax effects attributable to deductible temporary differences and loss carryforwards when realization is more likely than not. The deferred taxes for the Company amount to $nil at the balance sheet date.
ASC 740, "Income Taxes" requires that the Company recognize the impact of a tax position in its financial statements if the position is more likely than not of being sustained upon examination and on the technical merits of the position. The Company does not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months.
h)(LOSS) INCOME PER SHARE
Basic (loss) income per share calculations are based on the weighted-average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated using the treasury method. The treasury method assumes that outstanding stock options and warrants with an average exercise price below market price of the underlying shares are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period.
i)ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE
Certain new standards, interpretations, amendments and improvements to existing standards were issued that are mandatory for accounting periods beginning on or after January 1, 2024. For the year ended December 31, 2024, there were no updates that are applicable or are consequential to the Company.

3. ADVANCES RECEIVABLE

The advances receivable as at December 31, 2024 included $2,851of prepaid expenses and $nilof an unsecured loan from third party (December 31, 2023 - $18,991). As at December 31, 2024, an allowance for doubtful accounts of $15,282was recorded reducing the loan balance to $nil as a result of uncertainties surrounding the recoverability of this loan.

4. RELATED PARTY TRANSACTIONS
As of December 31, 2024, an amount of $633,465(December 31, 2023 - $545,791) was owed to Arnold Kondrat, a director, Chief Executive Officer and President of the Company, which includes both salary and management fees in arrears and advances.
As of December 31, 2024, an amount of $352,681was owed to Loncor Gold Inc. (December 31, 2023 - $269,672), a company with common directors, in relation