STOCK OPTIONS (Tables)

3 Months Ended

Mar. 31, 2023

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, 2022 and the three-month period ended March 31, 2023:

	Number of shares			Exercise price per share		Weighted average exercise price
Balance, December 31, 2021		789,500			$ 1.42 – 4.13	$	2.78
Granted		981,000			$ 3.55 – 3.61	$	3.55
Cancelled or expired		(13,486	)		$ 1.70 – 3.61	$	2.32
Exercised		(71,014	)		$ 1.42 – 2.44	$	1.98
Balance, December 31, 2022		1,686,000			$ 1.70 – 4.13	$	3.26
Exercised		(8,000	)	$	1.70	$	1.70
Balance, March 31, 2023		1,678,000			$ 1.75 – 4.13	$	3.27
Exercisable, March 31, 2023		672,000			$ 1.75 – 4.13	$	2.94

SCHEDULE OF STOCK OPTION FAIR VALUE ASSUMPTIONS

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

	2022
Expected life – years		3.0
Interest rate		1.76 – 3.64 %
Volatility		66.01 - 69.66 %
Weighted average fair value of options granted		$ 1.46 – 1.65