Gentor Resources Inc. Files 20-F Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Gentor Resources Inc. has filed its 2023 annual 20-F report, detailing financial data and corporate information.</b>

AI Summary

GENTOR RESOURCES INC. (GNTOF) filed a Foreign Annual Report (20-F) with the SEC on April 30, 2024. Gentor Resources Inc. filed its annual 20-F report on April 30, 2024, for the fiscal year ending December 31, 2023. The company is classified under Metal Mining (SIC 1000). Its business and mailing address is located at 4120 Yonge Street, Suite 304, Toronto, Ontario. The filing includes data related to common stock, additional paid-in capital, and retained earnings for fiscal years 2020, 2021, 2022, and 2023. Information regarding directors and officers, stock option plans, and general/administrative expenses related to Loncor Gold Inc. is also present.

Why It Matters

For investors and stakeholders tracking GENTOR RESOURCES INC., this filing contains several important signals. This filing provides a comprehensive overview of Gentor Resources Inc.'s financial position and operational details for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and outlook. The inclusion of historical financial data and specific expense categories allows for trend analysis and comparison, aiding in the evaluation of the company's financial health and management efficiency.

Risk Assessment

Risk Level: — GENTOR RESOURCES INC. shows moderate risk based on this filing. The filing is a standard annual report (20-F) with no immediate red flags, indicating routine disclosure rather than urgent material events.

Analyst Insight

Review the detailed financial statements and disclosures within the 20-F to understand Gentor Resources Inc.'s financial performance and strategic direction for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-04-30 — Filing Date (Date of filing)
• 1000 — SIC Code (Metal Mining)

Key Players & Entities

• GENTOR RESOURCES INC. (company) — Filer name
• newsfilecorp.com (company) — Filing source
• Loncor Gold Inc. (company) — Related entity for expenses
• Toronto Dominion Bank (company) — Lender for line of credit

FAQ

Industry Context

Gentor Resources Inc. operates within the Metal Mining industry, which is subject to commodity price fluctuations and regulatory oversight.

Regulatory Implications

As a foreign private issuer, Gentor Resources Inc. files a Form 20-F annually, adhering to SEC regulations for companies incorporated outside the U.S.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and profitability trends.
2. Examine disclosures related to operations, assets, and liabilities.
3. Review any management discussion and analysis (MD&A) for insights into business strategy and risks.

Key Dates

• 2024-04-30: 20-F Filing — Annual report for fiscal year 2023

Year-Over-Year Comparison

This is the annual 20-F filing for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $000 — expected for any future period. (in US$000 except per share data) 2023 2022
• $66,591 — accrued liabilities): net income of US$66,591 for the year ended December 31, 2023 (t
• $219,627 — the year ended December 31, 2023 was US$219,627); net loss of US$257,913 for the year
• $257,913 — , 2023 was US$219,627); net loss of US$257,913 for the year ended December 31, 2022 (t
• $277,896 — the year ended December 31, 2022 was US$277,896); -5- net income of US$21,194 for t
• $21,194 — as US$277,896); -5- net income of US$21,194 for the year ended December 31, 2021 (t
• $312,966 — the year ended December 31, 2021 was US$312,966); net loss of US$301,085 for the year
• $301,085 — , 2021 was US$312,966); net loss of US$301,085 for the year ended December 31, 2020 (t
• $322,641 — the year ended December 31, 2020 was US$322,641); and net loss of US$295,868 for the
• $295,868 — 20 was US$322,641); and net loss of US$295,868 for the year ended December 31, 2019 (t
• $534,783 — the year ended December 31, 2019 was US$534,783). The Company had an accumulated defi
• $44,357,671 — Company had an accumulated deficit of US$44,357,671 as of December 31, 2023. The Company

Filing Documents

• form20f.htm (20-F) — 1015KB
• exhibit2-1.htm (EX-2.1) — 8KB
• exhibit4-1.htm (EX-4.1) — 27KB
• exhibit8-1.htm (EX-8.1) — 2KB
• exhibit12-1.htm (EX-12.1) — 6KB
• exhibit12-2.htm (EX-12.2) — 6KB
• exhibit13-1.htm (EX-13.1) — 3KB
• exhibit13-2.htm (EX-13.2) — 3KB
• exhibit15-1.htm (EX-15.1) — 69KB
• exhibit15-1x001.jpg (GRAPHIC) — 4KB
• form20fxz001.jpg (GRAPHIC) — 6KB
• form20fxz002.jpg (GRAPHIC) — 4KB
• form20fxz003.jpg (GRAPHIC) — 3KB
• form20fxz004.jpg (GRAPHIC) — 4KB
• 0001062993-24-009037.txt (&nbsp;) — 4369KB
• gntof-20231231.xsd (EX-101.SCH) — 65KB
• gntof-20231231_cal.xml (EX-101.CAL) — 26KB
• gntof-20231231_def.xml (EX-101.DEF) — 88KB
• gntof-20231231_lab.xml (EX-101.LAB) — 762KB
• gntof-20231231_pre.xml (EX-101.PRE) — 188KB
• form20f_htm.xml (XML) — 396KB

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS 2

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 2

KEY INFORMATION

ITEM 3. KEY INFORMATION 2 A. Selected Financial Data 2 B. Capitalization and Indebtedness 2 C. Reason for the Offer and Use of Proceeds 3 D. Risk Factors 3

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 7 A. History and Development of the Company 7 B. Business Overview 11 C. Organizational Structure 11 D. Property, Plants and Equipment 12

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 12

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 12 A. Operating Results 12 B. Liquidity and Capital Resources. 12 C. Research and Development, Patents and Licenses, etc. 12 D. Trend Information 12 E. Off-Balance Sheet Arrangements. 12 F. Tabular Disclosure of Contractual Obligations 13 G. Safe Harbor 13

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 13 A. Directors and Senior Management 13 B. Compensation 15 C. Board Practices 18 D. Employees 19 E. Share Ownership 19

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 22 A. Major Shareholders 22 B. Related Party Transactions 22 C. Interests of Experts and Counsel 22

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 23 A. Consolidated Statements and Other Financial Information 23 B. Significant Changes 23

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 23 A. Offer and Listing Details 23 B. Plan of Distribution 26 C. Markets 26 D. Selling Shareholder 26 E. Dilution 26 F. Expenses of the Issue 26

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 26 A. Share Capital 26 B. Memorandum and Articles of Association 26 C. Material Contracts 28 D. Exchange Controls 28 E. Certain United States and Canadian Income Tax Considerations 28 F. Dividends and Paying Agents 38 -iii- TABLE OF CONTENTS (continued) Page G. Statement By Experts 38 H. Documents on Display 38 I. Subsidiary Information 39

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 39

DESCRIPTIONS OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTIONS OF SECURITIES OTHER THAN EQUITY SECURITIES 39 PART II

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES. 39

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS. 39 14.A.-B. Modifications to the Rights of Security Holders 39 14.C. 39 14.D. 40 14.E. 40

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES. 40

[RESERVED]

ITEM 16. [RESERVED]. 41

A. AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16.A. AUDIT COMMITTEE FINANCIAL EXPERT 41

B. CODE OF ETHICS

ITEM 16.B. CODE OF ETHICS. 42

C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 42

D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 43

E. PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16.E. PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 43

F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16.F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 43

G. CORPORATE GOVERNANCE

ITEM 16.G. CORPORATE GOVERNANCE 43

H. MINE SAFETY DISCLOSURE

ITEM 16.H. MINE SAFETY DISCLOSURE 43

I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16.I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 43

J. INSIDER TRADING POLICIES

ITEM 16.J. INSIDER TRADING POLICIES 43

K. CYBERSECURITY

ITEM 16.K. CYBERSECURITY 43 PART III

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 44

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 44

EXHIBITS

ITEM 19. EXHIBITS 44 -iv- CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Form 20-F contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian provincial securities laws (such forward-looking statements and forward-looking information are referred to herein as "forward-looking statements"). Forward-looking statements are necessarily based on a number of estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies. All statements, other than statements which are reporting results as well as statements of historical fact, that address activities, events or developments that Gentor Resources Inc. (the " Company " or " Gentor ") believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the Company's plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual events or results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual events or results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: having relinquished its only project (the Karaburun project in Turkey) at the end of 2017, the Company currently does not have any commercial operations and has no material assets; while the Company is currently evaluating new business opportunities, the Company has only limi

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors This Form 20-F is being filed as an annual report under the United States Securities Exchange Act of 1934 , as amended, (the " U.S. Exchange Act ") and, as such, there is no requirement to provide any information under this item.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable This Form 20-F is being filed as an annual report under the U.S. Exchange Act and, as such, there is no requirement to provide any information under this item.

Key Information

Item 3. Key Information A. Selected Financial Data The selected consolidated financial information set forth below, which is expressed in United States dollars (the Company prepares its consolidated financial statements in United States dollars), has been derived from the Company's audited consolidated financial statements as at and for the financial years ended December 31, 2023, 2022, 2021, 2020 and 2019. These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States. The selected consolidated financial information should be read in conjunction with the discussion in Item 5 of this Form 20-F and the consolidated financial statements of the Company filed as part of this Form 20-F. Historical results from any prior period are not necessarily indicative of results to be expected for any future period. (in US$000 except per share data) 2023 2022 2021 2020 2019 Revenue $ - $ - $ - $ - $ - Net operating loss (220 ) (278 ) (313 ) (323 ) (535 ) Net income (loss) 67 (258 ) 21 (301 ) (296 ) Net income (loss) per share 0.00 (0.01 ) 0.00 (0.01 ) (0.01 ) Current assets 46 25 20 17 183 Total assets 46 25 20 17 183 Total liabilities 1,047 1,093 830 848 713 Net assets (1,001 ) (1,068 ) (810 ) (831 ) (530 ) Additional paid-in capital 43,325 43,325 43,325 43,325 43,325 Shareholders' equity (deficiency) (1,001 ) (1,068 ) (810 ) (831 ) (530 ) Weighted average common shares outstanding (in thousands) 38,907 38,907 38,907 38,907 37,153 B. Capitalization and Indebtedness This Form 20-F is being filed as an annual report under the U.S. Exchange Act and, as such, there is no requirement to provide any information under this item. -2- C. Reason for the Offer and Use of Proceeds This Form 20-F is being filed as an annual report under t

Information on the Company

Item 4. Information on the Company A. History and Development of the Company Gentor Resources Inc. is a company continued under the Companies Law (2011 Revision) of the Cayman Islands on February 28, 2012. The executive office of the Company is located at 4120 Yonge Street, Suite 304, Toronto, Ontario, M2P 2B8, Canada, the telephone number of such office is (416) 361-2510, and the registered office of the Company is located at Highvern Cayman Limited, Elgin Court, Elgin Avenue, George Town, Grand Cayman, KY1-1106, Cayman Islands. In March 2010, the Company completed the acquisition of all of the outstanding shares of APM Mining Limited (which subsequently changed its name to Gentor Resources Limited) (" Oman Holdco "), a British Virgin Islands company,

View Full Filing

View this 20-F filing on SEC EDGAR