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STOCK OPTIONS (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

SCHEDULE OF STOCK OPTION ACTIVITIES

The following table summarizes the Company’s stock option activities for the years ended December 31, 2022 and 2021:

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			981,000			$	3.55 – 3.61			$	3.55
Cancelled or expired			(13,486	)		$	1.70 – 3.61			$	2.32
Exercised			(71,014	)		$	1.42 – 2.44			$	1.98
Balance, December 31, 2022			1,686,000			$	1.70 – 4.13			$	3.26
Exercisable, December 31, 2022			680,000			$	1.70 – 4.13			$	2.92

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 – 3.64	%			1.23	%
Volatility			66.01 - 69.66	%			63.28	%
Weighted average fair value of options granted		$	1.46 – 1.65			$	1.23

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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
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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

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