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Note 9 - Stockholders' Equity
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
9.
         
Stockholders' Equity:
 
The holders of common stock are entitled to
one
vote for each share held.  There are
no
restrictions that limit the Company's ability to pay dividends on its common stock.  The Company has
not
declared any dividends since incorporation.  The Company's common stock has
no
par value per common stock.
 
There have
not
been any shares issued during the quarter ended
March 31, 2021
and the year ended
December 31, 2020. 
 
Subsequent to the quarter ended
March 31, 2021,
the Company engaged Research Capital Corporation ("RCC") as a financial and capital markets advisor. As part of the compensation for its services, RCC will receive a monthly fee of
$5,162
(
CAD$6,500
) for its trading advisory services for a minimum of
6
months with extension by mutual agreement and a financial advisory fee to be satisfied by the issuance of
230,000
common shares of the Company. In addition, the Company granted
230,000
common share purchase warrants to RCC. Each warrant will entitle the holder thereof to purchase
one
common share in the capital of the Company at an exercise price of
$0.78
(
CAD$0.98
) at any time up to
24
months following the date of issuance. Subsequent to the quarter ended
March 31, 2021,
the Company issued the shares and granted the warrants.
 
(b)        Stock option plans:
 
2015
stock option plan
 
In the year ended
December 31, 2015,
the shareholders approved the
2015
stock option plan and the
1999,
2001
and the
2005
plans were discontinued. The
2015
stock option plan is intended to provide incentive to employees, directors, advisors and consultants of the Company to encourage proprietary interest in the Company, to encourage such employees to remain in the employ of the Company or such directors, advisors and consultants to remain in the service of the Company, and to attract new employees, directors, advisors and consultants with outstanding qualifications. The maximum number of shares issuable under the Plan shall
not
exceed
10%
of the number of Shares of the Company issued and outstanding as of each Award Date unless shareholder approval is obtained in advance. The Board of Directors determines the terms of the options granted, including the number of options granted, the exercise price and their vesting schedule. The maximum term possible is
10
years. Under the amended
2015
plan we have reserved
10%
of the number of Shares of the Company issued and outstanding as of each Award Date.
 
During the quarter ended
March 31, 2021,
the Company granted
1,075,000
options at
CAD$0.50
(
$0.39
)
 
During the year ended
December 31, 2020,
the Company granted
2,745,000
options at
CAD$0.45
(
$0.33
).
 
   
Number of
options
    
Weighted average
exercise price
  
Outstanding December 31, 2019
    
3,200,750
     $
0.45
  
                 
Granted
    
2,745,000
      
0.33
  
Exercised
    
-
      
-
  
Cancelled
    
(70,000
 )    
(0.42
 )
                 
Outstanding, December 31, 2020
    
5,875,750
     $
0.39
  
                 
Granted
    
1,075,000
      
0.39
  
Exercised
    
-
      
-
  
Cancelled
    
(140,000
 )    
(0.35
 )
                 
Outstanding March 31, 2021
    
6,810,750
     $
0.39
  
 
The aggregate intrinsic value for options as of
March 31, 2021
was
$2,511,086
(
December 31, 2020 -
$137,250
).
 
The following table summarizes information concerning outstanding and exercisable stock options at
March 31, 2021:
 
Exercise
prices per share
    
Number outstanding
    
Number exercisable
  
Expiry date
$
0.33
      
2,645,000
      
87,000
  
June 30, 2025
 
0.39
      
1,035,000
      
135,000
  
February 1, 2026
 
0.40
      
620,000
      
620,000
  
December 20, 2021
 
0.42
      
522,750
      
486,650
  
November 8, 2022
 
0.42
      
713,000
      
713,000
  
June 4, 2023
 
0.50
      
1,275,000
      
1,275,000
  
June 4, 2023
 
 
      
6,810,750
      
3,316,650
  
 
 
During the quarter ended
March 31, 2021,
the Company recorded stock-based compensation of
$77,021
on the options granted and vested (
March 31, 2020 -
$541
) and as per the Black-Scholes option-pricing model, with a weighted average fair value per option of
$0.28
(
March 31, 2020 -
$0.29
).
 
Subsequent to the quarter ended
March 31, 2021,
a further
1,300,000
options were awarded where
2%
vests per month thereafter, with an exercise price of
CAD$1.02
(
$0.81
), expiring on
April 6, 2026.