v3.24.2.u1
Share Based Payments
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share Based Payments

7. Share Based Payments

 

Stock Options

 

The Company adopted a stock option plan in May 2012 (the “Plan”) under which it is authorized to grant options to directors, officers, employees and consultants enabling them to acquire up to a maximum of 10% of the issued and outstanding common stock of the Company. The options can be granted for a maximum term of 10 years and vest as determined by the board of directors.

 

 

Stock option transactions are summarized as follows:

 

   Number of   Weighted Average 
   Options   Exercise Price 
         
Balance, December 31, 2022   6,300,000   $0.10 
           
Balance, December 31, 2023   6,300,000   $0.10 
Granted   3,750,000    0.10 
           
Balance, June 30, 2024   10,050,000   $0.10 
           
Exercisable at June 30, 2024   10,050,000   $0.10 
           
Weighted average fair value of options granted       $0.10 

 

The following weighted average assumption were used for the Black-Scholes valuation of the stock options granted:

 

   June 30, 2024   December 31, 2023 
         
Risk-free interest rate   4.02%   3.17%
Expected life of options   5 Years    5 Years 
Annualized volatility   294.32%   306.66%
Dividend rate   Nil    Nil 

 

The stock options granted effective January 4, 2024 have a 5 year period during which they may be exercised. The share price at the time of the grant was $0.05 per share. The stock options have an exercise price of $0.10 per share and have a remaining life of 4.50 years. The awards are Level 3 with non-recuring valuation.

 

The stock options outstanding and exercisable at December 31, 2023 were granted effective July 20, 2022 and have a 5 year period during which they may be exercised. The share price at the time of the grant was $0.10 per share. The stock options have an exercise price of $0.10 per share and have a remaining life of 3.04 years. The awards are Level 3 with non-recuring valuation.