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STOCK OPTIONS (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
SCHEDULE OF STOCK OPTION ACTIVITIES | The following table summarizes the Company’s stock option activities for the year ended December 31, 2021 and the six month period ended June 30, 2022: SCHEDULE OF STOCK OPTION ACTIVITIES
|  | Number of shares |  |  | Exercise price per share |  |  | Weighted average exercise price |
Balance, December 31, 2020 |  |  | 749,000 |  |  | $ | 0.75 – 4.13 |  |  | $ | 2.42 |
Granted |  |  | 170,000 |  |  | $ | 3.61 |  |  | $ | 3.61 |
Cancelled or expired |  |  | (34,799 | ) |  | $ | 1.42 – 3.46 |  |  | $ | 2.30 |
Exercised |  |  | (94,701 | ) |  | $ | 0.75 – 3.46 |  |  | $ | 1.58 |
Balance, December 31, 2021 |  |  | 789,500 |  |  | $ | 1.42 – 4.13 |  |  | $ | 2.78 |
Granted |  |  | 5,000 |  |  | $ | 3.61 |  |  | $ | 3.61 |
Cancelled or expired |  |  | (3,000 | ) |  | $ | 3.61 |  |  | $ | 3.61 |
Exercised |  |  | (29,500 | ) |  | $ | 2.44 – 3.46 |  |  | $ | 2.51 |
Balance, June 30, 2022 |  |  | 762,000 |  |  | $ | 1.42 – 4.13 |  |  | $ | 2.82 |
Exercisable, June 30, 2022 |  |  | 535,000 |  |  | $ | 1.42 – 4.13 |  |  | $ | 2.68 |
SCHEDULE OF STOCK OPTION FAIR VALUE ASSUMPTIONS | The fair value of each option grant is calculated using the following weighted average assumptions: SCHEDULE OF STOCK OPTION FAIR VALUE ASSUMPTIONS
|  | 2022 |  |  | 2021 |
Expected life – years |  |  | 3.0 |  |  |  | 3.0 |
Interest rate |  |  | 1.76 | % |  |  | 1.23 | %
Volatility |  |  | 69.66 | % |  |  | 63.28 | %
Weighted average fair value of options granted |  | $ | 1.46 |  |  | $ | 1.54 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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