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Warrants

12 Months Ended

Dec. 31, 2022

Note 6. Warrants

Warrant transactions are summarized as follows:

Number of
Warrants Weighted Average Exercise Price

$

Outstanding, December 31, 2020 10,326,857 0.19

   Warrants granted 4,968,572 0.08

   Warrants exercised (3,214,286 ) 0.07

Outstanding, December 31, 2021 12,081,143 0.17

   Warrants granted 13,300,000 0.04

   Warrants expired (6,081,143 ) 0.09

   Warrants cancelled (6,000,000 ) 0.26

Outstanding, December 31, 2022 13,300,000 0.04

The following warrants were outstanding and exercisable as at December 31, 2022:

Schedule of outstanding and exercisable

Number of Warrants		Exercise Price		Expiry Date
	1,000,000	$	0.05	March 15, 2024
	200,000		0.05	March 15, 2024
	1,000,000		0.05	March 15, 2024
	600,000		0.05	March 15, 2024
	1,000,000		0.05	March 15, 2024
	500,000		0.05	March 15, 2024
	1,000,000		0.05	March 15, 2024
	2,000,000		0.05	March 15, 2024
	6,000,000		0.028	December 6, 2028
	13,300,000

In March, 2022 the Company issued 4,300,000 warrants as part of private placement transactions. On April 4, 2022 and May 12, 2022 the Company issued 1,000,000 and 2,000,000 warrants, respectively, as part of private placement transactions. On December 13, 2022, the Company cancelled 6,000,000 warrants issued July 15, 2019 with an exercise price of $0.26 in consideration for patent assignments, and expiring July 14, 2024. The Company reissued the 6,000,000 warrants with an exercise price of $0.028 and expiring December 12, 2028.

Total share-based compensation for the reissued warrants during the year ended December 31, 2022, was $115,537.

The fair values of the reissued warrants were estimated using the Black-Scholes Option Pricing Model, based on the following weighted average assumptions:

Schedule of assumptions
	December 31, 2022
Risk-free interest rate		3.50	%
Dividend yield		0.00	%
Expected stock price volatility		143.43	%
Expected forfeiture rate		0.00	%
Expected life		6 years

The weighted-average fair value of the warrants granted during the year ended December 31, 2022 was $0.03 (December 31, 2021 - $nil)