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SHARE CAPITAL AND OTHER RESERVES (Tables)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
SHARE CAPITAL AND OTHER RESERVES    
Schedule of components of other reserves

December 31, 

December 31, 

2022

2021

Other reserve - Share options

$

1,781,096

$

1,624,053

Other reserve - Warrants

 

263,596

 

$

2,044,692

$

1,624,053

 
Schedule of changes in share options

    

2022

    

2021

Weighted

Weighted

Number of

average

Number of

 average

 share options

exercise price

 share options

exercise price

Outstanding, January 1,

716,663

$

2.37

716,663

$

2.36

Granted

 

460,003

 

0.92

 

 

Expired

 

(83,333)

 

2.36

 

 

Outstanding, December 31,

 

1,093,333

$

1.67

 

716,663

$

2.37

    

Number of share 

    

Weighted average

 

options

 

exercise price

 

$

Balance April 21, 2020

 

Granted

 

716,663

3.00

Outstanding as at December 31, 2020

 

716,663

3.00

Outstanding as at December 31, 2021

 

716,663

3.00

Schedule of information about share options outstanding and exercisable

Share options outstanding

    

Share options exercisable

Number of

Weighted

Number of

Weighted

 share options

average years

 share options

 average

Exercise prices

    

outstanding

    

to expiry

  

exercisable

    

exercise price

$0.50 - $1.00

460,003

4.82

114,994

0.92

$2.01 - $2.50

 

633,330

 

7.20

 

633,330

$

2.22

 

1,093,333

 

6.20

 

748,324

$

2.02

At December 31, 2021, the following share options were outstanding and exercisable:

Number of share

    

Exercise price per

    

options

share

Expiry Date

 

$

$

716,663

3.00

December 2, 2030

Number of share options

    

December 31, 2021

Weighted average exercise price for exercisable options

$

3.00

Weighted average share price for options exercised

 

Weighted average years to expiry for exercisable options

 

8.93

years

Schedule of weighted average assumptions used to estimate the fair value of share options granted

    

    

For the year ended

December 31, 

December 31, 

2022

2021

Expected life

 

5.00 years

 

N/A

Expected volatility

 

143.18

%  

N/A

Risk-free interest rate

 

4.09

%  

N/A

Expected dividend yield

 

 

N/A

Forfeiture rate

 

 

N/A

 
Schedule of changes in warrants

   

2022

    

2021

Number of

Warrant

Number of

Warrant

warrants

reserve

warrants

reserve

Outstanding, January 1,

 

$

 

$

Transactions during the year:

 

  

 

  

 

  

 

  

Warrants issued - IPO

 

262,833

 

238,217

 

 

Warrants issued - consultants

 

100,000

 

25,379

 

 

Outstanding, December 31,

 

362,833

$

263,596

 

$

 
Schedule of weighted average assumptions used to estimate the fair value of warrants using the Black-Scholes pricing model

    

    

For the year ended

December 31, 

December 31, 

2022

2021

Expected life

 

1.91 years

 

N/A

Expected volatility

 

109.94

%  

N/A

Risk-free interest rate

 

1.42

%  

N/A

Expected dividend yield

 

 

N/A

Forfeiture rate

 

 

N/A