Schedule of Aggregate Fair Value |
In June 2022, the Company
granted 350,000 options to an officer and an employee of the Company, pursuant to the terms of the Company’s Stock Option Plan.
The Black Scholes option pricing model was used to estimate the aggregate fair value of the June 2022 options of $324,816 with the following
inputs:
Options |
|
Exercise Price |
|
Expected Life |
|
Volatility |
|
Risk Free
Interest Rate |
|
350,000 |
|
C$2.50 |
|
3.5 years |
|
83.7% |
|
2.94% |
|
Options |
|
Exercise Price |
|
Expected Life |
|
Volatility |
|
Risk Free
Interest Rate |
|
100,000 |
|
C$1.96 |
|
3.5 years |
|
80.3% |
|
3.14% |
|
|
Schedule of Stock Options |
A summary
of the stock options as of June 30, 2023, and changes during the periods are presented below:
| |
| | |
| | |
Weighted | | |
| |
| |
| | |
| | |
Average | | |
| |
| |
| | |
Weighted | | |
Remaining | | |
| |
| |
| | |
Average | | |
Contractual | | |
Aggregate | |
| |
Number of | | |
Exercise | | |
Life | | |
Intrinsic | |
| |
Options | | |
Price | | |
(Years) | | |
Value | |
Balance at December 31, 2021 | |
| 4,800,002 | | |
$ | 1.55 | | |
| 4.36 | | |
$ | 29,817 | |
Exercised | |
| 0 | | |
| 0.00 | | |
| 0 | | |
| 0 | |
Issued | |
| 450,000 | | |
C$ | 2.03 | | |
| 5.00 | | |
| 0 | |
Canceled | |
| 50,000 | | |
C$ | 2.00 | | |
| 0 | | |
| 0 | |
Balance at December 31, 2022 | |
| 5,200,002 | | |
| 1.56 | | |
| 3.45 | | |
| 57,468 | |
Exercised | |
| 0 | | |
| 0.00 | | |
| 0 | | |
| 0 | |
Issued | |
| 0 | | |
| 0.00 | | |
| 0 | | |
| 0 | |
Canceled | |
| 150,000 | | |
| 1.53 | | |
| 0 | | |
| 0 | |
Balance at June 30, 2023 | |
| 5,050,002 | | |
$ | 1.48 | | |
| 2.93 | | |
$ | 8,400 | |
Options exercisable at June 30, 2023 | |
| 3,658,335 | | |
$ | 1.47 | | |
| 2.88 | | |
$ | 8,400 | |
|
Schedule of Total Outstanding Warrants |
Total outstanding warrants of
34,701,615 as of June 30, 2023, were as follows:
| |
Warrants Issued | | |
Total | |
Warrants issued (includes expired warrants) | |
| 1,434,522 | | |
| 27,433,335 | | |
| 3,777,784 | | |
| 3,362,573 | | |
| 336,257 | | |
| 36,344,471 | |
Issued date | |
| 1/16/2020 | | |
| 10/26/2020 | | |
| 3/4/2021 | | |
| 1/20/2023 | | |
| 1/20/2023 | | |
| | |
Expiration date | |
| 1/15/2022 | | |
| 10/26/2024 | | |
| 3/4/2024 | | |
| 1/20/2026 | | |
| 1/20/2024 | | |
| | |
Exercise price (Canadian $) | |
$ | 1.20 | | |
$ | 1.80 | | |
$ | 2.80 | | |
$ | 2.30 | | |
$ | 1.71 | | |
| | |
Balance at December 31, 2021 | |
| 216,076 | | |
| 27,433,335 | | |
| 3,777,784 | | |
| 0 | | |
| 0 | | |
| 31,427,195 | |
Exercised | |
| 0 | | |
| 208,334 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 208,334 | |
Issued | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Expired | |
| 216,076 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 216,076 | |
Balance at December 31, 2022 | |
| 0 | | |
| 27,225,001 | | |
| 3,777,784 | | |
| 0 | | |
| 0 | | |
| 31,002,785 | |
Exercised | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Issued | |
| 0 | | |
| 0 | | |
| 0 | | |
| 3,362,573 | | |
| 336,257 | | |
| 3,698,830 | |
Expired | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Balance at June 30, 2023 | |
| 0 | | |
| 27,225,001 | | |
| 3,777,784 | | |
| 3,362,573 | | |
| 336,257 | | |
| 34,701,615 | |
|