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SHARE CAPITAL, WARRANTS AND OPTIONS (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
SCHEDULE OF FAIR VALUE OF WARRANTS | SCHEDULE OF FAIR VALUE OF WARRANTS
|  | June 14, 2024 |  |  | June 21, 2024 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Stock price |  | $ | 0.81 |  |  | $ | 0.84 |
Expected share price volatility |  |  | 83.17 | % |  |  | 83.71 | %
Risk free interest rate |  |  | 3.23 | % |  |  | 3.30 | %
Expected life of warrant |  |  | 5 years |  |  |  | 5 years |
SCHEDULE OF FAIR VALUE OF WARRANTS IN CONNECTION WITH FINANCING TRANSACTIONS | The fair value of the Transferable Warrants in connection with the February 2023 Financing and the 2023 Financing Transactions were calculated using the following assumptions: SCHEDULE OF FAIR VALUE OF WARRANTS IN CONNECTION WITH FINANCING TRANSACTIONS
|  | February 24, 2023 |  |  | June 28, 2023 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected forfeiture rate |  |  | 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 |
SUMMARY OF COMMON SHARE PURCHASE WARRANT ACTIVITY | The following summarizes common share purchase warrant activity for the six months ended June 30, 2024: SUMMARY OF COMMON SHARE PURCHASE WARRANT ACTIVITY
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |  |  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |
Outstanding, beginning of the period |  |  | 6,891,099 |  |  |  | 1.50 |  |  |  | 1,098,786 |  |  |  | 1.96 |
Issued |  |  | 36,281,409 |  |  |  | 1.10 |  |  |  | 6,595,448 |  |  |  | 1.46 |
Exercised |  |  | - |  |  |  | - |  |  |  | (100,000 | ) |  |  | (1.75 | )
Expired |  |  | (350,000 | ) |  |  | (1.75 | ) |  |  | (703,135 | ) |  |  | (1.80 | )
Outstanding, end of the period |  |  | 42,822,508 |  |  |  | 1.16 |  |  |  | 6,891,099 |  |  |  | 1.50 |
At June 30, 2024, the Company had outstanding common share purchase warrants exercisable to acquire Common Shares as follows:
Warrants Outstanding |  |  | Expiry Date |  | Exercise Price ($) |  |  | Weighted Average remaining contractual life (years) |
| 295,651 |  |  | August 3, 2024 |  |  | 2.40 |  |  |  | 0.00 |
| 221,448 |  |  | February 24, 2025 |  |  | 1.75 |  |  |  | 0.00 |
| 5,324,000 |  |  | June 28, 2026 |  |  | 1.44 |  |  |  | 0.25 |
| 700,000 |  |  | June 28, 2026 |  |  | 1.44 |  |  |  | 0.03 |
| 20,259,614 |  |  | June 14, 2029 |  |  | 1.10 |  |  |  | 2.35 |
| 16,021,795 |  |  | June 21, 2029 |  |  | 1.10 |  |  |  | 1.86 |
| 42,822,508 |  |  |  |  |  |  |  |  |  | 4.49 |
SCHEDULE OF OPTION ACTIVITY | A summary of option activity under the Plan during the six months ended June 30, 2024 and the year ended December 31, 2023 is as follows: SCHEDULE OF OPTION ACTIVITY
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |  |  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |
Outstanding, beginning of the period |  |  | 13,487,921 |  |  |  | 1.39 |  |  |  | 10,407,044 |  |  |  | 1.10 |
Issued |  |  | - |  |  |  | - |  |  |  | 3,833,277 |  |  |  | 1.75 |
Exercised |  |  | (278,100 | ) |  |  | (0.86 | ) |  |  | (488,900 | ) |  |  | (0.49 | )
Cancelled |  |  | (150,000 | ) |  |  | (1.75 | ) |  |  | (263,500 | ) |  |  | (2.40 | )
Outstanding, end of the period |  |  | 13,059,821 |  |  |  | 1.39 |  |  |  | 13,487,921 |  |  |  | 1.39 |
SCHEDULE OF FAIR VALUE OF STOCK OPTION GRANTED | The fair value of stock options granted during the year ended December 31, 2023 was determined using the following assumptions: SCHEDULE OF FAIR VALUE OF STOCK OPTION GRANTED
|  | December 31, 2023 |
Expected dividend yield |  |  | 0 | %
Expected forfeiture rate |  |  | 0 | %
Expected share price volatility |  |  | 87.92 | %
Risk free interest rate |  |  | 4.28-4.68% |
Expected life of options |  |  | 3-4 years |
SCHEDULE OF DETAILS OF OPTIONS OUTSTANDING | Details of options outstanding as at June 30, 2024 are as follows: SCHEDULE OF DETAILS OF OPTIONS OUTSTANDING
Options Outstanding |  |  | Options Exercisable |  |  | Expiry Date |  | Exercise Price ($) |  |  | Weighted average remaining contractual life (years) |
| 660,000 |  |  |  | 660,000 |  |  | February 24, 2025 |  |  | 0.80 |  |  |  | 0.03 |
| 240,000 |  |  |  | 240,000 |  |  | August 19, 2025 |  |  | 0.45 |  |  |  | 0.02 |
| 3,320,100 |  |  |  | 3,320,000 |  |  | January 26, 2026 |  |  | 0.39 |  |  |  | 0.40 |
| 495,000 |  |  |  | 495,000 |  |  | February 25, 2026 |  |  | 1.60 |  |  |  | 0.06 |
| 1,185,750 |  |  |  | 1,185,750 |  |  | September 29, 2026 |  |  | 0.91 |  |  |  | 0.20 |
| 998,794 |  |  |  | 998,794 |  |  | October 25, 2026 |  |  | 2.00 |  |  |  | 0.18 |
| 2,476,900 |  |  |  | 2,476,900 |  |  | January 20, 2027 |  |  | 2.40 |  |  |  | 0.49 |
| 3,683,277 |  |  |  | - |  |  | August 8, 2028 |  |  | 1.75 |  |  |  | 1.16 |
| 13,059,821 |  |  |  | 9,376,444 |  |  |  |  |  |  |  |  |  | 2.54 |
SCHEDULE OF DSU GRANTED | During the six months ended June 30, 2024, DSUs were granted as follows: SCHEDULE OF DSU GRANTED
|  | Number Outstanding |  |  | Market Price (1) ($) |  |  | Fair Value ($) |
DSUs outstanding at December 31, 2023 |  |  | 730,975 |  |  |  | 1.21 |  |  |  | 884,481 |
DSUs granted during the period |  |  | 662,701 |  |  |  | 0.85 |  |  |  | 564,913 |
Fair value adjustment |  |  | - |  |  |  |  |  |  |  | (320,516 | )
DSUs outstanding at June 30, 2024 |  |  | 1,393,676 |  |  |  | 0.81 |  |  |  | 1,128,878 |
(1) | Under 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.

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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