Note 7 - Stock Options

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

7. STOCK OPTIONS  

During the period ended March 31, 2023 and year ended December 31, 2022, the Company had 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. All of the options granted vest 20% every six months.

However, all options will be considered vested if one of the following criteria are met by the Company:

i.	Meeting sales forecasts:
	-	The greater of either the 20% vesting every six months or based on a pro rata percentage of revenue earned by the Company’s subsidiary.

ii. the listing of the Company on any national securities exchange.

iii. a Change of Control Event.

During the period ended March 31, 2023, the Company did not grant any stock options and recorded $36,174 share-based compensation for vested portion that were previously granted.

The changes in options are as follows:

	Number of options		Weighted average exercise price		Aggregate Intrinsic Value
Options outstanding, December 31, 2021		5,315,000	$	0.49	$	-
Granted		100,000		0.80		-
Options outstanding, December 31, 2022 and March 31, 2023		5,415,000	$	0.50	$	-

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options that were in-the-money at March 31, 2023.

Details of options outstanding as at March 31, 2023 are as follows:

Exercise price (CAD)		Number of options outstanding		Expiry date	Number of options exercisable		Remaining contractual life (years)
	$0.350		3,600,000	July 21, 2023		3,600,000		0.31
	$0.450		250,000	December 21, 2023		200,000		0.73
	$1.200		500,000	January 29, 2024		400,000		0.83
	$0.800		375,000	June 10, 2024		225,000		1.20
	$0.600		590,000	October 14, 2024		236,000		1.54
	$0.800		100,000	January 31, 2025		40,000		1.84
			5,415,000			4,701,000