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STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

STOCK-BASED COMPENSATION

NOTE 8 – STOCK-BASED COMPENSATION

During the six months ended June 30, 2023, we granted the following option awards, all of which had an exercise price of $1.275 per share and expire on January 13, 2028:

● Options to purchase an aggregate of 330,000 shares of common stock were issued to the Company’s officers and management, of which 1/3 vested immediately, 1/3 shall vest on January 13, 2024, and the remaining 1/3 shall vest on January 13, 2025.

● Options to purchase an aggregate of 75,000 shares of common stock were issued to non-management directors, which vest evenly over three years, whereby 1/3 shall vest on each of January 13, 2024, January 13, 2025, and January 13, 2026.

● Options to purchase an aggregate of 162,000 shares of common stock were issued to certain employees and consultants, which vest evenly over three years, whereby 1/3 shall vest on each of January 13, 2024, January 13, 2025, and January 13, 2026.

● Options to purchase an aggregate of 75,000 shares of common stock were issued an employee, which vest evenly over three years, whereby 1/6 of the options shall vest every six months.

● Options to purchase an aggregate of 6,000 shares of common stock were issued to a consultant, which vested immediately.

Additionally, on June 1, 2023, we modified the terms of certain options awarded in 2021 to purchase an aggregate of 140,000 shares of common stock, in order to extend their expiration dates from July 21, 2023 to July 21, 2024. There were no changes to the exercise price or other terms of these stock options, and these options were already fully vested prior to the modification. As a result of this modification, we recognized incremental stock option expense of $9,188 for the three and six months ended June 30, 2023.

Details of the number of stock options and the weighted average exercise price outstanding as of and during the six months ended June 30, 2023 are as follows:

Schedule of number of share options and the weighted average exercise price outstanding
		Average Exercise price per share $				Options (Number)
As at January 1, 2023			2.61				2,332,500
Granted			1.28				648,000
Exercised			1.01				(316,000	)
Forfeited / Expired			3.56				(200,000	)
As at June 30, 2023			2.39				2,464,500
Exercisable as at June 30, 2023			2.65				1,485,231

As of June 30, 2023, the weighted average remaining contractual life of options was 2.22 years for outstanding options, and 1.58 years for exercisable options.

As of June 30, 2023, unrecognized stock option expense of $1,193,562 remains to be recognized over next 1.39 years.

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- References

No definition available.

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- Definition

The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//718/tableOfContent

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