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STOCK OPTIONS (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2023 and the three-month period ended March 31, 2024: SCHEDULE OF STOCK OPTION ACTIVITIES
|  | Number of shares |  |  | Exercise price per share |  |  | Weighted average exercise price |
Balance, December 31, 2022 |  |  | 1,686,000 |  |  | $ | 1.70 – 4.13 |  |  | $ | 3.26 |
Cancelled or expired |  |  | (564,000 | ) |  | $ | 3.46 – 4.13 |  |  | $ | 3.55 |
Exercised |  |  | (8,000 | ) |  | $ | 1.70 |  |  | $ | 1.70 |
Balance, December 31, 2023 |  |  | 1,114,000 |  |  | $ | 1.75 – 3.61 |  |  | $ | 3.13 |
Granted |  |  | 950,000 |  |  | $ | 2.00 |  |  | $ | 2.00 |
Cancelled or expired |  |  | (103,000 | ) |  | $ | 1.75 – 3.61 |  |  | $ | 2.06 |
Exercised |  |  | (15,000 | ) |  | $ | 1.75 |  |  | $ | 1.75 |
Balance, March 31, 2024 |  |  | 1,946,000 |  |  | $ | 2.00 – 3.61 |  |  | $ | 2.65 |
Exercisable, March 31, 2024 |  |  | 814,000 |  |  | $ | 2.00 – 3.61 |  |  | $ | 2.86 |
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
|  | 2024 |
Expected life – years |  |  | 3.0 |
Interest rate |  |  | 3.893 – 4.22 | %
Volatility |  |  | 59.72 – 60.35 | %
Weighted average fair value of options granted |  | $ | 0.71 – 0.79 |

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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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