NOTE 9. SHARE CAPITAL
Pursuant to its articles of incorporation, the
Company has an unlimited number of common stock shares available for issuance with no par value. As of December 31, 2025, the Company
had 20,085,119 shares of common stock outstanding and an additional 91,000 shares of common stock to be issued in connection with the
exercise of warrants and options.
The following table summarizes warrant activity
during the years ended December 31, 2025, 2024 and 2023.
| Schedule of warrant activity |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of
Warrants |
|
|
Weighted
Average
Exercise
Price |
|
|
Warrants
Exercisable |
|
|
Weighted
Average
Exercise
Price |
|
| Outstanding December 31, 2022 |
|
|
1,896,071 |
|
|
|
2.46 |
|
|
|
1,896,071 |
|
|
|
2.46 |
|
| Issued |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Canceled / exercised |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expired |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding December 31, 2023 |
|
|
1,896,071 |
|
|
|
2.46 |
|
|
|
1,896,071 |
|
|
|
2.46 |
|
| Issued |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Canceled / exercised |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expired |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding December 31, 2024 |
|
|
1,896,071 |
|
|
|
2.46 |
|
|
|
1,896,071 |
|
|
|
2.46 |
|
| Issued |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Canceled / exercised |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expired |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding December 31, 2025 |
|
|
1,896,071 |
|
|
$ |
2.46 |
|
|
|
1,896,071 |
|
|
$ |
2.46 |
|
The following tables summarizes outstanding warrants as of December
31, 2025:
| Schedule of warrants outstanding |
|
|
|
|
|
|
|
| |
|
|
Warrants Outstanding |
|
|
|
| Range of Exercise Price |
|
|
Number of
Warrants |
|
|
Weighted
Average
Exercise
Price |
|
|
Remaining
Contractual
Life
(yrs) |
| $1.00 - $22.50 |
|
|
1,896,071 |
|
$ |
2.46 |
|
|
6.45 – 8.13 |
|