Stock Options (Tables)

3 Months Ended

Mar. 31, 2021

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, 2020 and the three-month period ended March 31, 2021:

	Number of shares			Exercise price per share		Weighted average exercise price
Balance, December 31, 2019		635,000		$	0.75 – 1.75	$	1.35
Granted		172,000		$	2.44	$	2.44
Cancelled or expired		(13,000	)	$	2.44 – 3.46	$	2.75
Exercised		(45,000	)	$	0.75 – 1.05	$	0.88
Balance, December 31, 2020		749,000		$	0.75 – 4.13	$	2.42
Cancelled or expired		(27,799	)	$	1.42 – 3.46	$	2.45
Exercised		(55,201	)	$	0.75 – 3.46	$	1.55
Balance, March 31, 2021		666,000		$	1.42 – 4.13	$	2.66
Exercisable, March 31, 2021		423,000		$	1.42 – 4.13	$	2.44

Schedule of Stock Option Fair Value Assumptions

The fair value of each option grant is calculated using the following weighted average assumptions:

	2020
Expected life – years		3.0
Interest rate		0.37	%
Volatility		70.14	%
Weighted average fair value of options granted	$	1.12