Stock-based compensation

3 Months Ended

Mar. 31, 2026

Share-based Payment Arrangement [Abstract]

6. Stock-based compensation

At March 31, 2026, 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 March 30, 2026, the Company issued 975,000 stock options to individuals of the Company consisting of its directors, officers, and employees. The options are exercisable at $0.50 per share, expire five years from the grant date, and vest over a one-year period.

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

Outstanding at March 31, 2025

1,185,000

1.43

3.94

1.15

Exercisable at March 31, 2025

927,500

1.02

3.59

1.57

Unvested at March 31, 2025

257,500

2.56

4.69

0.03

Outstanding at December 31, 2025

2,505,000

2.05

2.75

Granted

975,000

0.50

4.31

Forfeited

(45,000

)

1.79

Outstanding at March 31, 2026

3,435,000

1.61

4.18

Exercisable at March 31, 2026

1,608,750

1.92

3.50

Unvested at March 31, 2026

1,826,250

1.33

4.79

As of March 31, 2026, there were $1,372,350 of unrecognized stock-based compensation cost related to share options outstanding, which is expected to be recognized over a weighted-average period of 0.79 years.

The weighted average grant date fair value of awards for options granted during the three months ended March 31, 2026 was $0.28. 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:

	March 31, 2026 Weighted-average
Exercise price	0.50
Share price	0.41
Dividend	-
Risk-free interest rate	3.97%
Estimated life (in years)	5
Expected volatility	89.44%

For the three months ended March 31, 2026 and 2025, stock-based compensation expense was $599,306 and $112,277. Stock-based compensation expense has been reported in the Company's condensed consolidated statements of operations and comprehensive loss within the line items 'general and administrative' expenses.