Note 7 - Stock Options

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

7. STOCK OPTIONS   

During the period ended

March 31, 2021

and year ended

December 31, 2020,

the Company adopted a Rolling Stock Option Plan. Up to

10%

of the Company's issued and outstanding common shares

may

be reserved for granting of stock options.

During the period ended

March 31, 2021,

the Company:

i) granted

500,000

stock options to consultants, exercisable into

500,000

shares at an exercise price of

$1.20CND

and an expiry date of

January 29, 2024.

The options have a fair value of

$424,300CND,

calculated using the Black-Scholes option pricing model using the following inputs (i) Volatility of

125%;

(ii) Term of

3

years; (iii) Discount rate of

0.14%;

(iv) Dividend rate of

Nil;

and (v) market stock price of

$1.18.

The options vest

20%

every

6

months starting

July 29, 2021.

During the period ended

March 31, 2021,

the Company recorded

$65,035CND

(

$51,351US

) of stock-based compensation relating to the vesting period.

During the year ended

December 31, 2020,

the Company:

i) granted

3,600,000

stock options to consultants, directors and officers exercisable into

3,600,000

shares at an exercise price of

$0.35CND

and an expiry date of

July 21, 2023.

The options have a fair value of

$909,900CND,

calculated using the Black-Scholes option pricing model using the following inputs (i) Volatility of

125%;

(ii) Term of

3

years; (iii) Discount rate of

0.27%;

(iv) Dividend rate of

Nil;

and (v) market stock price of

$0.35.

The options vest

20%

every

6

months starting

January 21, 2020.

During the year ended

December 31, 2020,

the Company recorded

$369,597CND

(

$283,307US

) of stock-based compensation relating to the vesting period. During the period ended

March 31, 2021,

the Company recorded

$135,829CND

(

$107,249US

) of stock-based compensation relating to the vesting period.

ii) granted

250,000

stock options to consultants, directors and officers exercisable into

250,000

shares at an exercise price of

$0.45CND

and an expiry date of

December 21, 2023.

The options have a fair value of

$75,800CND,

calculated using the Black-Scholes option pricing model using the following inputs (i) Volatility of

125%;

(ii) Term of

3

years; (iii) Discount rate of

0.02%;

(iv) Dividend rate of

Nil;

and (v) market stock price of

$0.425.

The options vest

20%

every

6

months starting

June 21, 2021.

During the year ended

December 31, 2020,

the Company recorded

$1,899CND

(

$1,486US

) of stock-based compensation relating to the vesting period. During the period ended

March 31, 2021,

the Company recorded

$23,925CND

(

$18,890US

) of stock-based compensation relating to the vesting period.