Share based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share based compensation

Stock Based Compensation Expense

For the years ended December 31,
	2023		2022		2021
Stock Option Expense	$	92,500	$	22,552	$	26,250
Restricted Stock Units		62,441		153,343		154,715
Employee Share Purchase Plan		30,508		39,389		106,935
Compensation Expense		55,822		-		-
Total stock based compensation expense		241,271		215,284		287,900

Stock Options Outstanding

Exercise price per share	# of options outstanding	# of options exercisable	Average remaining life (in years)
$0.174	69,200	69,200	3.9
$0.200	166,200	166,200	4.4
$0.216	2,005,200	55,200	4.0
$0.252	115,250	115,250	4.7
$0.259	100,000	-	4.7
$0.260	52,650	52,650	4.0
$0.264	177,200	177,200	4.0
$0.440	21,360	21,360	2.5
$0.510	16,000	16,000	1.8
$0.520	100,000	100,000	0.5
$0.550	30,000	30,000	1.1
$0.620	18,050	18,050	3.0
$0.680	32,250	32,250	3.2
$0.720	24,460	24,460	3.4
	2,927,820	877,820	3.9

Stock Option Activity

For the years ended December 31,
	2023						2022
				weighted						Weighted
	# of stock			average			# of stock			Average
	Options			exercise price			Options			exercise price
Options outstanding, start of the year		461,320		$	0.51			358,660		$	0.56
Granted		2,716,500		$	0.22			134,060		$	0.40
Forfeited		(100,000	)	$	(0.22	)		-			-
Expired		(150,000	)	$	(0.59	)		-			-
Cancelled		-			-			(31,400	)	$	(0.51	)
Options outstanding, end of the year		2,927,820		$	0.25			461,320		$	0.51
Options exercisable, end of the year		877,820		$	0.32			461,320		$	0.51

For the year ended December 31,
	2021
				Weighted
	# of stock			Average
	Options			exercise price
Options outstanding, start of the year		421,000		$	0.83
Granted		62,660		$	0.56
Expired		(125,000	)	$	(1.48	)
Options outstanding, end of the year		358,660		$	0.56
Options exercisable, end of the year		358,660		$	0.56

Weighted Average Assumptions

For the year ended	2023			2022			2021
Expected dividends paid per common share	Nil			Nil			Nil
Expected life in years		5.0			5.0			5.0
Weighted average expected volatility in the price of common shares		79	%		75	%		108	%
Weighted average risk free interest rate		3.32	%		3.05	%		0.38	%
Weighted average fair market value per share at grant date	$	0.22		$	0.40		$	0.56
Forfeiture rate		18.5	%		0	%		0	%

Deferred Stock Unit Activity

	For the years ended December 31,
Opening balance	2023		2022		2021
Opening balance		37,354		37,354		37,354
Granted		-		-		-
Closing balance		37,354		37,354		37,354

Restricted Stock Unit Activity

For the years ended December 31,
	2023					2022
	# of RSUs			FV/Unit		# of RSUs			FV/Unit
RSUs outstanding, start of the year		348,334		$	0.21		696,666		$	0.61
Granted		-			-		-			-
Common shares issued		(256,619	)	($0.26)			(212,304	)	($0.58)
Payroll withholdings settled in cash		(91,715	)	($0.23)			(136,028	)	($0.58)
RSUs outstanding, end of the year		-			-		348,334		$	0.21

For the year ended December 31,
	2021
	# of RSUs			FV/Unit
RSUs outstanding, start of the year		1,200,000		$	0.79
Granted		-			-
Common shares issued		(208,370	)	($0.55)
Payroll withholdings settled in cash		(139,964	)	($0.55)
Forfeited		(155,000	)	($0.79)
RSUs outstanding, end of the year		696,666		$	0.61

Employee Stock Purchase Plan

	2023				2022
	# of shares		$ amount		# of shares		$ amount
Purchased by employees		168,515	$	36,246		105,221	$	49,738
Matched by the Company		140,994		30,509		83,412		39,389
Total Common Shares issued		309,509		66,755		188,633		89,127

For the year ended December 31,
	2021
	# of shares		$ amount
Purchased by employees		127,790	$	69,260
Matched by the Company		102,641		55,733
Bonus match by the Company		74,119		48,030
Total Common Shares issued		304,550		173,023