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Stockholders’ Equity (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Share- based Payment Arrangement, Warrant Activity

A summary of warrant activity for the year ended December 31, 2022 and 2021 are as follows:

 

   Number of warrants   Exercise price   Expiry date 
Outstanding, December 31, 2020 and 2019   -   $-     
                
Granted   230,000    CAD$0.98    April 3, 2023 
                
Outstanding December 31, 2022 and 2021   230,000    CAD$0.98      
Schedule of Fair Value of Warrants Assumptions

 

   December 31, 2022   December 31, 2021  

April 1, 2021

 
Exercise price   CAD$0.98    CAD$0.98    CAD$0.98 
Stock price   CAD$0.35    CAD$0.59    CAD$0.98 
Expected term   0.25 years    1.25 years    2 years 
Expected dividend yield   -    -    - 
Expected stock price volatility   77.46%   88.33%   145.71%
Risk-free interest rate   3.55%   1.18%   0.73%
Schedule of Share-based Payment Arrangement, Option, Activity

A summary of stock option activity for the stock option plans for the years ended December 31, 2022 and 2021 are as follows:

 

  

Number of

options

   Weighted average exercise price 
Outstanding December 31, 2020   5,875,750   $0.39 
           
Granted   2,675,000    0.60 
Exercised   (70,000)   (0.45)
Expired   (570,000)   (0.43)
Cancelled   (1,040,600)   (0.42)
Outstanding December 31, 2021   6,870,150   $0.48 
           
Granted   2,550,000    0.37 
Expired   (506,150)   (0.40)
Cancelled   (285,600)   (0.48)
Outstanding December 31, 2022   8,629,000   $0.43 
Schedule of Share-based Payment Arrangement, Option, Exercise Price Range

The following table summarizes information concerning outstanding and exercisable stock options at December 31, 2022:

 

Exercise
 
prices per share
  Number outstanding   Number exercisable   Expiry date 
CAD$0.45   2,030,400    893,424    June 30, 2025 
CAD$0.50   859,600    425,000    February 1, 2026 
CAD$0.50   2,445,000    537,900    February 1, 2027 
CAD$0.54   713,000    713,000    June 4, 2023 
CAD$0.66   200,000    68,000    July 12, 2026 
US$0.50   1,275,000    1,275,000    June 4, 2023 
CAD$1.02   1,106,000    446,000    April 6, 2026 
    8,629,000    4,358,324