v3.25.1
Shareholders’ Equity (Tables)
3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Stock Option Activity

A summary of our stock option activity is as follows:

 

   Outstanding Options 
   March 31, 2025   March 31, 2024 
   Number of Shares  

Weighted Average Exercise Price ($)

(Per Share)

   Number of Shares  

Weighted Average Exercise Price ($)

(Per Share))

 
Opening   8,647,984    0.26    11,407,772    0.26 
Granted   5,250,000    0.28    2,000,000    0.24 
Forfeited / Expired   (2,269,740)   0.24    (41,250)   0.41 
Closing   11,628,244    0.27    13,566,522    0.25 
Exercisable   4,513,879    0.27    4,459,388    0.30 

Schedule of Stock Options Outstanding And Exercisable

The following table summarizes information about stock options outstanding and exercisable under our stock incentive plans as of March 31, 2025:

 

Exercise Price  Number Outstanding  

Weighted Average Remaining Contractual Life

(Years)

   Weighted Average Exercise Price Per Share   Number Exercisable  

Weighted Average Remaining Contractual Life

(Years)

   Weighted Average Exercise Price Per Share 
$0.165 to $0.25   4,115,379    8.18    0.20    1,856,589    7.17    0.20 
$0.251 to $0.40   6,886,290    9.06    0.29    2,086,290    7.58    0.27 
$0.401 to $0.55   437,500    6.04    0.49    385,677    5.92    0.49 
$0.551 to $0.70   189,075    6.44    0.62    185,324    6.43    0.62 
    11,628,244    8.59    0.27    4,513,880    7.22    0.28 

Schedule of Stock-based Compensation Expense

The following table summarizes the stock-based compensation expense (in thousands):

 

   March 31, 2025   March 31, 2024 
   Three months ended 
   March 31, 2025   March 31, 2024 
Stock options  $91   $150 
Restricted stock   -    8 
   $91   $158 
Consolidated Statements of Operations account:          
Selling and marketing  $12   $20 
General and administrative   79    138 
Stock-based compensation expense  $91   $158 
Schedule of Weighted-average Assumptions in Fair Value of Stock Options

 

   March 31, 2025   March 31, 2024 
Expected dividend yield   -    - 
Expected stock price volatility   75.0%   89.3%
Risk-free interest rate   4.47%   4.20%
Expected term (in years)   10.0    5.90 
Weighted-average grant date fair-value  $0.22   $0.18 
Schedule of Warrants Outstanding

The following table presents a summary of the Company’s outstanding warrants as of March 31, 2025:

 

Expiry Date  Number Outstanding   Remaining Contractual Life (Years)  

Exercise Price Per Share

(in dollar)

   Number Exercisable 
July 26, 2026   3,767,500    1.32   $0.50    3,767,500 
July 31, 2026   800,000    1.33    0.50    800,000 
August 21, 2026   937,500    1.39    0.50    937,500 
    5,945,400              5,945,400