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STOCK OPTIONS | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK OPTIONS | 12. STOCK OPTIONS The Company has a stock option plan (“Plan”). The purpose of this Plan is to provide additional incentives to key employees, officers, directors and consultants of the Company and its subsidiaries in order to help attract and retain the best available personnel for positions of responsibility and otherwise promote the success of the Company’s business. It is intended that options issued under this Plan constitute non-qualified stock options. The general terms of awards under the option plan are that 100% of the options granted will vest the year following the grant unless a executive employee is granted a multi-year stock option grant where an equal amount vests over the next 5 years. The maximum term of options granted is 5 years and the exercise price for all options are issued for not less than fair market value at the date of the grant. The following table summarizes the Company’s stock option activities for the year ended December 31, 2023 and the six months ended June 30, 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 |  |  | (108,000 | ) |  | $ | 1.75 – 3.61 |  |  | $ | 2.09 |
Exercised |  |  | (15,000 | ) |  | $ | 1.75 |  |  | $ | 1.75 |
Balance, June 30, 2024 |  |  | 1,941,000 |  |  | $ | 2.00 – 3.61 |  |  | $ | 2.65 |
Exercisable, June 30, 2024 |  |  | 810,000 |  |  | $ | 2.00 – 3.61 |  |  | $ | 2.86 |
The weighted-average remaining contractual life of outstanding options is 3.55 years. 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 |
During the six months ended June 30, 2024, the Company granted 56,000 options to consultants (2023 – nil) and has applied ASC 718 using the Black-Scholes option-pricing model, which resulted in expenses of $19,880 (2023 - $nil). During the six months ended June 30, 2024, employees were granted 894,000 (2023 – nil) stock options, which resulted in expenses of $271,921 (2023 – $nil). Options granted in other years resulted in additional expenses in the amount of $87,459 for employees during the six months ended June 30, 2024 (2023 - $43,730). There were 15,000 employee and nil consultant stock options exercised during the six months ended June 30, 2024 (2023 – 8,000 employee; nil consultant). As of June 30, 2024, there was approximately $696,201 of compensation expense related to non-vested awards. This expense is expected to be recognized over a weighted average period of 2.04 years. The aggregate intrinsic value of vested options outstanding at June 30, 2024 is $nil (2023 – $nil). The intrinsic value of options exercised during the six months ended June 30, 2024 was $720 (2023 - $11,520).

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