STOCK OPTIONS (Tables)

9 Months Ended

Sep. 30, 2022

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, 2021 and the nine month period ended September 30, 2022:

	Number of shares			Exercise price per share		Weighted average exercise  price
Balance, December 31, 2020		749,000		$	0.75 – 4.13	$	2.42
Granted		170,000		$	3.61	$	3.61
Cancelled or expired		(34,799	)	$	1.42 – 3.46	$	2.30
Exercised		(94,701	)	$	0.75 – 3.46	$	1.58
Balance, December 31, 2021		789,500		$	1.42 – 4.13	$	2.78
Granted		5,000		$	3.61	$	3.61
Cancelled or expired		(3,000	)	$	3.61	$	3.61
Exercised		(29,500	)	$	2.44 – 3.46	$	2.51
Balance, September 30, 2022		762,000		$	1.42 – 4.13	$	2.82
Exercisable, September 30, 2022		535,000		$	1.42 – 4.13	$	2.68

SCHEDULE OF STOCK OPTION FAIR VALUE ASSUMPTIONS

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

	2022			2021
Expected life – years		3.0			3.0
Interest rate		1.76	%		1.23	%
Volatility		69.66	%		63.28	%
Weighted average fair value of options granted	$	1.46		$	1.54