Stock Options | Note 5. Stock Options Pursuant to an amendment on March 15, 2022, the aggregate number of shares that may be issued under the 2017 Stock Option and Stock Bonus Plan (the “2017 Plan”) is 97,700,000 shares, subject to adjustment as provided therein. The 2017 Plan is administered by the Company’s Board of Directors, or a committee appointed by the Board of Directors, and includes two types of options. Options intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended, are referred to as incentive options. Options that are not intended to qualify as incentive options are referred to as non-qualified options. The exercise price of an option may be paid in cash, in shares of the Company's common stock or other property having a fair market value equal to the exercise price of the option, or in a combination of cash, shares, other securities and property. As of September 30, 2022, there are 94,690,000 Stock option transactions are summarized as follows: Schedule of Share-based Compensation, Stock Options, Activity Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Life $ (Years) Outstanding, December 31, 2020 82,650,000 0.15 Options cancelled (76,100,000 ) 0.16 Options exercised (750,000 ) 0.07 Options granted 78,890,000 0.11 Outstanding, September 30, 2021 84,690,000 0.13 4.23 Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Life $ (Years) Outstanding, December 31, 2021 84,690,000 0.15 Options granted 10,000,000 0.06 Outstanding, September 30, 2022 94,690,000 0.14 3.57 During the nine-month period ended September 30, 2022 the Company granted 10,000,000 Total share-based compensation for stock options granted during the period ended September 30, 2022 was $ 627,192 1,314,700 Schedule of weighted average assumptions September 30, 2022 September 30, 2021 Risk-free interest rate 1.76 % 1.76 % Dividend yield 0.00 % 0.00 % Expected stock price volatility 140.70 % 140.70 % Expected forfeiture rate 0.00 % 0.00 % Expected life 8 6 The following non-qualified stock options were outstanding and exercisable at September 30, 2022: Schedule of options by exercise price Expiry date Exercise Price Number of Options Number of $ December 31, 2022 0.06 800,000 800,000 August 31, 2023 0.08 600,000 600,000 November 8, 2023 0.09 4,000,000 4,000,000 May 5, 2026 0.11 150,000 150,000 October 25, 2026 0.10 500,000 500,000 November 26, 2026 0.10 250,000 250,000 August 3, 2028 0.11 78,390,000 78,390,000 March 14, 2030 0.06 10,000,000 7,500,000 94,690,000 92,190,000 As at September 30, 2022, the aggregate intrinsic value of the Company’s stock options is $ 0 2,107,500 0.06 0.09 |