Stock-based compensation

9 Months Ended

Sep. 30, 2025

Share-based Payment Arrangement [Abstract]

Stock-based compensation [Text Block]

6. Stock-based compensation

At September 30, 2025, the Company had in place a stock option plan for employee, non-employee directors, and consultants of the Company (the "Plan"). The Plan provides both for the direct award or sale of shares and for the grant of options to purchase shares. Under the plan the total number of shares available for options cannot exceed 10% of the Company's issued and outstanding common shares at the time of any grant. The Company is authorized to issue options to employees, non-employee directors and consultants under the plan.

On July 22, 2025, the Board of Directors of the Company approved the acceleration of vesting for 100,000 share options granted on December 17, 2024, 210,000 share options granted on December 17, 2024, and for 100,000 options granted on June 30, 2025, resulting in the Company recognizing $663,998 of remaining expense for such accelerated share options.

The following table summarizes option transactions for the Plan:

	Number of options		Weighted average exercise price $	Weighted average remaining contractual life (years)	Aggregate intrinsic value $
Outstanding at December 31, 2024	1,185,000		1.47	4.18	1.18
Granted	825,000		2.99	4.81	-
Exercised	(145,000	)	1.11	-	-
Forfeited	(7,500	)	2.76	-	-
Outstanding at September 30, 2025	1,857,500		2.17	4.06	0.15
Exercisable at September 30, 2025	1,132,500		1.61	3.57	0.71
Unvested at September 30, 2025	725,000		3.04	4.18	-

As of September 30, 2025, there were $1,362,894 of unrecognized stock-based compensation cost related to share options outstanding, which is expected to be recognized over a weighted-average period of 0.81 years.

The weighted average grant date fair value of awards for options granted during the nine months ended September 30, 2025 was $2.28. The fair value of options granted was estimated using the Black-Scholes option pricing model, resulting in the following weighted average assumptions for the options granted:

		September 30, 2025
		Weighted-average
Exercise price	$	2.99
Share price	$	2.99
Dividend		-
Risk-free interest		3.89%
Estimated life (years)		5.01
Expected volatility		94.61%

For the three and nine months ended September 30, 2025, stock-based compensation expense was $852,757 and $1,082,482, respectively. For the three and nine months ended September 30, 2024, stock-based compensation expense was $nil and $621,395, respectively. Stock-based compensation expense has been reported in the Company's condensed consolidated statements of operations and comprehensive loss within general and administrative expenses.