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Note 7 - Stock Options
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

7.

STOCK OPTIONS

 

During the period ended September 30, 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 September 30, 2023, the Company did not grant any stock options and recorded $75,936 (2022: $336,107) of 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

  5,415,000  $0.50  $- 

Expired

  (3,600,000)  0.35   - 

Options outstanding, September 30, 2023

  1,815,000  $0.80  $- 

 

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 September 30, 2023.

 

Details of options outstanding as at September 30, 2023 are as follows:

 

Exercise price

(CAD)

  

Number of

options

outstanding

 

Expiry date

 

Number of options

exercisable

  

Remaining

contractual life (years)

 
                
$0.450   250,000 

December 21, 2023

  250,000   0.22 
$1.200   500,000 

January 29, 2024

  500,000   0.33 
$0.800   375,000 

June 10, 2024

  300,000   0.70 
$0.600   590,000 

October 14, 2024

  354,000   1.04 
$0.800   100,000 

January 31, 2025

  40,000   1.34 
                
     1,815,000    1,444,000