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WARRANTS AND OPTIONS | 9 Months Ended
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Sep. 30, 2024
Warrants And Options |
WARRANTS AND OPTIONS | NOTE 5 - WARRANTS AND OPTIONS a) Warrants
| (i) | Warrant transactions for the nine months ended September 30, 2024, and for the year ended December 31, 2023 are as follows:
SCHEDULE OF WARRANTS TRANSACTIONS
|  | Number |  |  | Weighted Average Exercise Price |
Balance, January 1, 2023 |  |  | 2,822,789 |  |  | $ | 8.85 |
Warrants issued in the March 2023 Private Placement |  |  | 413,785 |  |  |  |  |
Exercise of warrants |  |  | (36,800 | ) |  |  |  |
Warrants issued in the June 2023 Registered Direct Offering |  |  | 885,838 |  |  |  |  |
Warrants issued in the December 2023 Registered Direct Offering |  |  | 300,622 |  |  |  |  |
Balance, December 31, 2023 |  |  | 4,386,234 |  |  | $ | 6.58 |
Warrants issued in the January 2024 Registered Direct Offering |  |  | 651,062 |  |  |  | 3.75 |
Pre-Funded Warrants issued in the August 2024 Registered Direct Offering |  |  | 1,200,000 |  |  |  | 0.00025 |
Balance, September 30, 2024 |  |  | 6,237,296 |  |  | $ | 4.90 |
A2Z CUST2MATE SOLUTIONS CORP. (formerly A2Z Smart Technologies Corp.) NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Expressed in thousands of US Dollars) NOTE 5 - WARRANTS AND OPTIONS (CONTINUED) a) Warrants (continued) As at September 30, 2024, the Company had outstanding warrants, enabling the holders to acquire common shares as follows: SCHEDULE OF OUTSTANDING WARRANTS
September 30, 2024 |  |  | Expiry date |  | Exercise price |  | Exercise price (USD) |
| 1,063,325 |  |  | November 10, 2025 |  | ILS |  |  | 17.8545 |  |  | $ | 4.81 |
| 546,653 |  |  | December 24, 2025 |  | ILS |  |  | 17.8545 |  |  | $ | 4.81 |
| 88,440 |  |  | April 18, 2026 |  | ILS |  |  | 72.563 |  |  | $ | 19.56 |
| 433,825 |  |  | May 28, 2026 |  | ILS |  |  | 72.563 |  |  | $ | 19.56 |
| 653,746 |  |  | November 8, 2024 |  | CAD |  |  | 5.10 |  |  | $ | 4.00 |
| 413,785 |  |  | March 13, 2025 |  | CAD |  |  | 5.88 |  |  | $ | 4.38 |
| 885,838 |  |  | June 12, 2025 |  | CAD |  |  | 7.33 |  |  | $ | 5.50 |
| 300,622 |  |  | December 13, 2025 |  | CAD |  |  | 5.13 |  |  | $ | 3.75 |
| 651,062 |  |  | January 4, 2026 |  | CAD |  |  | 5.13 |  |  | $ | 3.75 |
| 1,200,000 |  |  |  |  |  |  |  |  |  |  |  |  |
| 6,237,296 |  |  |  |  |  |  |  |  |  |  |  |  |
b) Stock Options Stock option transactions for the nine months ended September 30, 2024, and for the year ending December 31, 2023, are as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS
|  | Number |  |  | Weighted Average Exercise Price (CAD) |  |  | Weighted Average Exercise Price (USD) |
|  | Unaudited |  |  | Unaudited |  |  | Unaudited |
Balance January 1, 2023 |  |  | 753,337 |  |  | $ | 7.93 |  |  | $ | 6.13 |
Options granted (i)(ii)(iii)(iv) |  |  | 694,100 |  |  |  | - |  |  |  |  |
Exercise of options |  |  | - |  |  |  |  |  |  |  |  |
Expiry of options |  |  | (24,550 | ) |  |  |  |  |  |  |  |
Balance December 31, 2023 |  |  | 1,422,887 |  |  | $ | 6.33 |  |  | $ | 4.78 |
Options cancelled |  |  | (133,550 | ) |  |  | - |  |  |  |  |
Options granted (v) |  |  | 552,000 |  |  |  |  |  |  |  |  |
Balance September 30, 2024 |  |  | 1,841,337 |  |  | $ | 5.22 |  |  | $ | 3.86 |
| (i) | On January 4, 2023, 326,600 stock options were issued to directors and consultants with an exercise price of CAD$4.125. The options expire on January 4, 2033. The fair value of the options granted was estimated at $1,017 using the Black-Scholes option pricing model, using the following assumptions: Share Price: CAD$4.50; Expected option life 10 years; Volatility 112%; Risk-free interest rate 3.28%; Dividend yield 0%.
| (ii) | On February 8, 2023, 40,000 stock options were issued to a consultant with an exercise price of CAD$3.75. The options expire on November 25, 2027. The fair value of the options granted was estimated at $135 using the Black-Scholes option pricing model, using the following assumptions: Share Price: CAD$5.45; Expected option life 4.8 years; Volatility 112%; Risk-free interest rate 3.16%; Dividend yield 0%.
| (iii) | On April 18, 2023, 169,500 stock options were issued to employees with an exercise price of CAD$4.00. The options expire on April 18, 2033. The fair value of the options granted was estimated at $420 using the Black-Scholes option pricing model, using the following assumptions: Share Price: CAD$3.55; Expected option life 10 years; Volatility 111%; Risk-free interest rate 3.57%; Dividend yield 0%.
| (iv) | On June 28, 2023, 98,000 stock options were issued to officers with an exercise price of CAD$6.125. The options expire on June 28, 2033. The fair value of the options granted was estimated at $443 using the Black-Scholes option pricing model, using the following assumptions: Share Price: CAD$7.30; Expected option life 5 years; Volatility 111%; Risk-free interest rate 4.14%; Dividend yield 0%.
| (v) | On August 14, 2024, 552,000 stock options were issued to employees, consultants and officers with an exercise price of $1.78. The options expire on August 13, 2029. The fair value of the options granted was estimated at $779 using the Black-Scholes option pricing model, using the following assumptions: Share Price: $1.78; Expected option life 5 years; Volatility 109%; Risk-free interest rate 3.67%; Dividend yield 0%.
A2Z CUST2MATE SOLUTIONS CORP. (formerly A2Z Smart Technologies Corp.) NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Expressed in thousands of US Dollars) NOTE 5 - WARRANTS AND OPTIONS (CONTINUED) b) Stock Options (continued) As at September 30, 2024, the Company had outstanding stock options, enabling the holders to acquire common shares as follows: SCHEDULE OF OUTSTANDING STOCK OPTIONS
Outstanding as of September 30, 2024 |  |  | Exercisable as of September 30, 2024 |  |  | Expiry date |  | Exercise price (CAD) |  | Exercise price (USD) |
| 217,333 |  |  |  | 217,333 |  |  | August 20, 2025 |  | CAD |  |  | 3.75 |  |  | $ | 2.77 |
| 13,333 |  |  |  | 13,333 |  |  | January 28, 2025 |  | CAD |  |  | 7.50 |  |  | $ | 5.55 |
| 20,000 |  |  |  | 20,000 |  |  | June 3, 2026 |  | CAD |  |  | 21.00 |  |  | $ | 15.53 |
| 6,671 |  |  |  | 6,671 |  |  | October 28, 2026 |  | CAD |  |  | 20.00 |  |  | $ | 14.79 |
| 360,000 |  |  |  | 270,000 |  |  | August 2, 2032 |  | CAD |  |  | 8.90 |  |  | $ | 6.58 |
| 120,000 |  |  |  | 120,000 |  |  | August 21, 2032 |  | CAD |  |  | 10.00 |  |  | $ | 7.39 |
| 320,000 |  |  |  | 320,000 |  |  | January 4, 2033 |  | CAD |  |  | 4.13 |  |  | $ | 3.05 |
| 40,000 |  |  |  | 40,000 |  |  | November 25, 2027 |  | CAD |  |  | 5.03 |  |  | $ | 3.72 |
| 114,000 |  |  |  | 48,000 |  |  | April 18, 2033 |  | CAD |  |  | 4.00 |  |  | $ | 2.96 |
| 18,000 |  |  |  | 8,000 |  |  | June 28, 2028 |  | CAD |  |  | 6.13 |  |  | $ | 4.53 |
| 60,000 |  |  |  | 44,000 |  |  | September 20, 2033 |  | CAD |  |  | 5.50 |  |  | $ | 4.07 |
| 552,000 |  |  |  | - |  |  | August 14, 2034 |  | CAD |  |  | 2.40 |  |  | $ | 1.78 |
| 1,841,337 |  |  |  | 1,107,337 |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based compensation expense is recognized over the vesting period of options. During the three and nine months ended September 30, 2024, share-based compensation of $690 and $1,176 was recognized and charged to the Consolidated Statement of Loss and Comprehensive Loss, respectively (September 30, 2023 – $752 and $3,299, respectively). c) RSUs On August 4, 2022, the Company granted 506,000 RSUs to directors, officers and advisers, of which 236,000 RSUs are to executives and directors, pursuant to the Company’s RSU Plan and in acknowledgment of the Company’s management recent success and increased future workload. The RSUs will vest at each recipient’s discretion and taking into account personal tax implications and convert into 506,000 common shares of no-par value in the Company. On January 4, 2023, the Company granted 410,800 RSUs to directors, officers and advisers, of which 104,000 RSUs are to executives and directors, pursuant to the Company’s RSU Plan and in acknowledgment of the Company’s management recent success and increased future workload. The RSUs will vest at each recipient’s discretion and taking into account personal tax implications and convert into 410,800 common shares of no-par value in the Company. On April 18, 2023, the Company granted 46,500 RSUs to employees, pursuant to the Company’s RSU Plan. The RSUs will vest at each recipient’s discretion and taking into account personal tax implications and convert into 46,500 common shares of no-par value in the Company. On June 28, 2023, the Company granted 66,000 Restricted Share Units (“RSUs”) to officers pursuant to the Company’s RSU Plan. The RSUs will vest at each recipient’s discretion and taking into account personal tax implications and convert into 66,000 common shares of no-par value in the Company (“Common Shares”). On August 14, 2024, the Company granted 326,000 Restricted Share Units (“RSUs”) to officers and advisors, pursuant to the Company’s RSU Plan. The RSUs will vest at each recipient’s discretion and taking into account personal tax implications and convert into 326,000 common shares of no-par value in the Company (“Common Shares”). RSUs transactions for the nine months ended September 30, 2024, and for the year ending December 31, 2023, are as follows: SCHEDULE OF RSU’S TRANSACTIONS
|  | Number |
Balance, January 1, 2023 |  |  | 288,000 |
RSUs granted |  |  | 523,300 |
Expiry of RSUs |  |  | (36,666 | )
Exercise of RSUs |  |  | (185,800 | )
Balance, December 31, 2023 |  |  | 588,884 |
RSUs cancelled |  |  | (34,166 | )
RSUs granted |  |  | 326,000 |
Exercise of RSUs |  |  | (324,668 | )
Balance, September 30, 2024 |  |  | 556,000 |
Total exercisable RSUs as of September 30, 2024, are 447,333 (December 31, 2023 – 109,664). During the three and nine months ended September 30, 2024, share-based compensation of $853 and $1,036 was recognized and charged to the Consolidated Statement of Loss and Comprehensive Loss respectively (September 30, 2023 – $377 and $797). A2Z CUST2MATE SOLUTIONS CORP. (formerly A2Z Smart Technologies Corp.) NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Expressed in thousands of US Dollars)

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