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Stock Options (Tables)
12 Months Ended
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Options Activity

A continuity of the Company’s outstanding stock options for the years ended December 31, 2021 and 2020 is presented below:

 

   Number of options   Weighted average
exercise price
 
Outstanding, December 31, 2019   8,250,000   $0.13 
Granted   4,070,000    0.07 
Exercised   (320,000)   0.06 
Expired   (100,000)   0.19 
Outstanding, December 31, 2020   11,900,000    0.11 
Granted   450,000    0.32 
Exercised   (3,910,000)   0.11 
Expired   (150,000)   0.18 
Cancelled   (650,000)   0.16 
Outstanding, December 31, 2021   7,640,000   $0.12 
Schedule of Stock Options Outstanding

At December 31, 2021, the Company had the following outstanding stock options:

 

Outstanding  Exercise Price   Expiry Date  Vested 
200,000   0.12   September 15, 2022   200,000 
1,750,000   0.12   October 24, 2023   1,750,000 
3,800,000   0.12   September 19, 2024   3,800,000 
640,000   0.06   July 31, 2025   640,000 
1,000,000   0.08   December 17, 2022   1,000,000 
250,000   0.31   June 6, 2026   250,000 
7,640,000           7,640,000 
Schedule of Fair Value Assumptions of Stock-Based Compensation

The fair values for stock options granted have been estimated using the Black-Scholes option pricing model using the following weighted average assumptions:

 

    2021     2020  
Risk-free interest rate     33.0079.00 %     0.17 %
Expected life (years)     3 - 5       3.5  
Expected volatility     245 - 257 %     255 %
Dividend yield     0 %     0 %
Weighted average fair value per share   $ 0.24     $ 0.10