STOCK OPTIONS (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023 and the three-month period ended March 31, 2024:

	Number of shares			Exercise price per share		Weighted average exercise price
Balance, December 31, 2022		1,686,000		$	1.70 – 4.13	$	3.26
Cancelled or expired		(564,000	)	$	3.46 – 4.13	$	3.55
Exercised		(8,000	)	$	1.70	$	1.70
Balance, December 31, 2023		1,114,000		$	1.75 – 3.61	$	3.13
Granted		950,000		$	2.00	$	2.00
Cancelled or expired		(103,000	)	$	1.75 – 3.61	$	2.06
Exercised		(15,000	)	$	1.75	$	1.75
Balance, March 31, 2024		1,946,000		$	2.00 – 3.61	$	2.65
Exercisable, March 31, 2024		814,000		$	2.00 – 3.61	$	2.86

SCHEDULE OF STOCK OPTION FAIR VALUE ASSUMPTIONS

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

	2024
Expected life – years		3.0
Interest rate		3.893 – 4.22	%
Volatility		59.72 – 60.35	%
Weighted average fair value of options granted	$	0.71 – 0.79