v3.25.2
Note 7 - Stock Options
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

7.

STOCK OPTIONS

 

During the period ended June 30, 2025 and year ended December 31, 2024, the Company had a Rolling Stock Option Plan. Up to 10% of the Company’s issued and outstanding common shares may be reserved for granting of stock options. All of the options granted vest 20% every six months.

 

However, all options will be considered vested if one of the following criteria are met by the Company:

 

 

i.

Meeting sales forecasts:

 

-

The greater of either the 20% vesting every six months or based on a pro rata percentage of revenue earned by the Company’s subsidiary.

 

 

ii.

the listing of the Company on any national securities exchange.

 

iii.

a Change of Control Event.

 

During the six months ended June 30, 2025, the Company did not grant any stock options and recorded $Nil (2024: $5,679) of share-based compensation for vested portion that were previously granted.

 

During the three months ended June 30, 2025, the Company did not grant any stock options and recorded $Nil (2024: $1,287) of share-based compensation for vested portion that were previously granted.

 

The changes in options are as follows:

 

  

Number of

options

  

Weighted

average

exercise price

  

Aggregate

Intrinsic Value

 

Options outstanding, December 31, 2023

  1,565,000  $0.85  $- 

Expired

  (1,465,000)  0.86   - 

Options outstanding, December 31, 2024

  100,000   0.80   - 

Expired

  (100,000)  0.80   - 

Options outstanding, June 30, 2025

  -  $-  $- 

 

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options that were in-the-money at June 30, 2025.

 

There are no options outstanding as at June 30, 2025.