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SHARE CAPITAL, WARRANTS AND OPTIONS (Tables) | 9 Months Ended
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Sep. 30, 2023
Share Capital Warrants And Options |
SCHEDULE OF FAIR VALUE OF WARRANTS ASSUMPTIONS | The fair value of the warrants was calculated using the following assumptions: SCHEDULE OF FAIR VALUE OF WARRANTS ASSUMPTIONS
|  | February 24, 2023 |  |  | June 28, 2023 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Stock price |  | $ | 1.73 |  |  | $ | 1.35 |
Expected share price volatility |  |  | 77.52 | % |  |  | 92.06 | %
Risk free interest rate |  |  | 4.28 | % |  |  | 4.13 | %
Expected life of warrant |  |  | 2 years |  |  |  | 3 years |
SCHEDULE OF WARRANT ACTIVITY | A summary of common share purchase warrant activity for the nine months ended September 30, 2023 was as follows: SCHEDULE OF WARRANT ACTIVITY
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |  |  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |
Outstanding, beginning of the period |  |  | 1,098,786 |  |  |  | 1.96 |  |  |  | - |  |  |  | - |
Issued |  |  | 5,895,448 |  |  |  | 1.47 |  |  |  | 2,347,569 |  |  |  | 1.16 |
Exercised |  |  | - |  |  |  | - |  |  |  | (1,236,408 | ) |  |  | 0.46 |
Cancelled/expired |  |  | (159,836 | ) |  |  | 1.97 |  |  |  | (12,375 | ) |  |  | - |
Outstanding, end of the period |  |  | 6,834,398 |  |  |  | 1.53 |  |  |  | 1,098,786 |  |  |  | 1.96 |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS | At September 30, 2023, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS
Warrants Outstanding |  |  | Expiry Date |  | Exercise Price ($) |  |  | Weighted Average remaining contractual life (years) |
| 643,299 |  |  | October 16, 20231 |  |  | 1.75 |  |  |  | 0.00 |
| 295,651 |  |  | August 3, 2024 |  |  | 2.40 |  |  |  | 0.04 |
| 221,448 |  |  | February 24, 2025 |  |  | 1.75 |  |  |  | 0.05 |
| 350,000 |  |  | March 22, 2024 |  |  | 1.75 |  |  |  | 0.02 |
| 5,324,000 |  |  | June 28, 2026 |  |  | 1.4375 |  |  |  | 2.14 |
| 6,834,398 |  |  |  |  |  |  |  |  |  | 2.25 |
1. | A total of 100,000 warrants were exercised and the remaining 543,299 warrants expired on October 16, 2023.
SCHEDULE OF OPTION ACTIVITY | A summary of option activity under the Plan during the nine months ended September 30, 2023 is as follows: SCHEDULE OF OPTION ACTIVITY
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |  |  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |
Outstanding, beginning of the period |  |  | 10,407,044 |  |  |  | 1.10 |  |  |  | 2,995,794 |  |  |  | 1.33 |
Issued |  |  | 3,833,277 |  |  |  | 1.75 |  |  |  | 8,827,250 |  |  |  | 1.16 |
Exercised |  |  | - |  |  |  | - |  |  |  | (1,416,000 | ) |  |  | 0.46 |
Outstanding, end of the period |  |  | 14,240,321 |  |  |  | 1.28 |  |  |  | 10,407,044 |  |  |  | 1.10 |
SCHEDULE OF FAIR VALUE OF STOCK OPTION ASSUMPTIONS | The fair value of stock options granted during the nine months ended September 30, 2023 was calculated using the following assumptions: SCHEDULE OF FAIR VALUE OF STOCK OPTION ASSUMPTIONS
|  | September 30, 2023 |  |  | September 30, 2022 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected share price volatility |  |  | 87.92 | % |  |  | 126.68-129.48% |
Risk free interest rate |  |  | 3.83 | % |  |  | 2.85 | %
Expected life of options |  |  | 5 years |  |  |  | 4.16-4.47 years |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS | Details of options outstanding as at September 30, 2023 are as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS
Options Outstanding |  |  | Options Exercisable |  |  | Expiry Date |  | Exercise Price ($) |  |  | Weighted average remaining contractual life (years) |
| 900,000 |  |  |  | 900,000 |  |  | February 24, 2025 |  |  | 0.80 |  |  |  | 0.09 |
| 240,000 |  |  |  | 240,000 |  |  | August 19, 2025 |  |  | 0.45 |  |  |  | 0.03 |
| 3,689,000 |  |  |  | 3,689,000 |  |  | January 26, 2026 |  |  | 0.39 |  |  |  | 0.60 |
| 495,000 |  |  |  | 495,000 |  |  | February 25, 2026 |  |  | 1.60 |  |  |  | 0.08 |
| 1,343,850 |  |  |  | 1,343,850 |  |  | September 29, 2026 |  |  | 0.91 |  |  |  | 0.28 |
| 998,794 |  |  |  | 998,794 |  |  | October 25, 2026 |  |  | 2.00 |  |  |  | 0.22 |
| 2,740,400 |  |  |  | 2,740,400 |  |  | January 20, 2027 |  |  | 2.40 |  |  |  | 0.64 |
| 3,833,277 |  |  |  | - |  |  | August 8, 2028 |  |  | 1.75 |  |  |  | 1.31 |
| 14,240,321 |  |  |  | 10,407,044 |  |  |  |  |  |  |  |  |  | 3.25 |
SCHEDULE OF DEFERRED SHARE UNIT PLAN HAVE BEEN GRANTED | During the nine months ended September 30, 2023, DSUs have been granted as follows: SCHEDULE OF DEFERRED SHARE UNIT PLAN HAVE BEEN GRANTED
|  | Number Outstanding |  |  | Market Price 1 ($) |  |  | Fair Value ($) |
DSUs outstanding at December 31, 2022 |  |  | 200,000 |  |  |  | 1.49 |  |  |  | 298,000 |
DSUs granted during the period2 |  |  | 407,463 |  |  |  | 1.37 |  |  |  | 558,524 |
DSUs outstanding at September 30, 2023 |  |  | 607,463 |  |  |  | 1.41 |  |  |  | 856,524 |
1. | According to the DSU plan, Market Price is the volume weighted average price on the TSXV for the last five trading days immediately preceding the grant date.
2. | DSUs were granted on March 31, Jun 30 and September 30, 2023. The market price of $1.37 represented the weighted average price for those grants.

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