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STOCK OPTIONS (Tables)
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 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   1,000,000   $2.00   $2.00 
Cancelled or expired   (108,000)  $1.75 – 3.61   $2.09 
Exercised   (15,000)  $1.75   $1.75 
Balance, September 30, 2024   1,991,000   $2.00 – 3.61   $2.63 
Exercisable, September 30, 2024   810,000   $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 – 4.44%
Volatility   59.72 – 60.96%
Weighted average fair value of options granted  $0.71 – 0.90