Stock Options (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Changes in Stock Options

A continuity of the Company’s outstanding stock options for the three months ended March 31, 2022 and the year ended December 31, 2021 is presented below:

	Number of options			Weighted average exercise price
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
Exercised		(50,000	)		0.08
Outstanding, March 31, 2022		7,590,000		$	0.12

Schedule of Stock Options Outstanding and Exercisable

At March 31, 2022 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
	950,000		0.08	December 17, 2022		950,000
	250,000		0.31	June 6, 2026		250,000
	7,590,000					7,590,000

Schedule of Weighted Average Assumptions

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

	2022		2021
Risk-free interest rate		N/A		33.00 – 79.00	%
Expected life (years)		N/A		3 - 5
Expected volatility		N/A		245 - 257	%
Dividend yield		N/A		0	%
Weighted average fair value per share		N/A	$	0.24