v3.26.1
STOCK BASED COMPENSATION
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION

10. STOCK BASED COMPENSATION

 

During the three months ended March 31, 2026 and 2025, the Company recognized stock based compensation associated with stock options as follows:

 

   March 31, 2026   March 31, 2025 
Line item on the statement of operations and comprehensive income (loss):          
Wages, administrative salaries and benefits  $87,443   $79,740 
Professional fees   22,330    18,180 
Stock based compensation  $109,773   $97,920 

 

The following table summarizes the Company’s stock option activities for the three months ended March 31, 2026 and the full year ended December 31, 2025:

 

   Number of
shares		   Exercise price
per share		   Weighted average
exercise price		 
             
Balance, December 31, 2024   1,850,000   $2.00 – 4.05   $2.68 
Granted   66,000   $7.00   $7.00 
Cancelled or expired   (5,000)  $2.00 – 3.61   $2.84 
Exercised   (212,000)  $2.00 – 3.61   $2.80 
Balance, December 31, 2025   1,699,000   $2.00 – 7.00   $2.83 
Exercised   (15,000)  $2.44 – 4.05   $3.35 
Balance, March 31, 2026   1,684,000   $2.00 – 7.00   $2.84 
Exercisable, March 31, 2026   1,068,000   $2.00 – 7.00   $2.75 

 

 

During the three months ended March 31, 2026 and 2025, the Company did not grant any stock based compensation to employees or consultants.

 

As of March 31, 2026, the weighted-average remaining contractual life of outstanding and exercisable options is 2.5 years and 2.3 years, respectively. As of March 31, 2026, there was approximately $302,111 of compensation expense related to non-vested options that is expected to be recognized over a weighted average period of 1.2 years.

 

The aggregate intrinsic value of options outstanding and exercisable at March 31, 2026 is $4,317,960 and $2,832,560, respectively. During the three months ended March 31, 2026, the intrinsic value of stock options exercised was $49,000 (2025 - $419,350).

 

During the year ended December 31, 2025, the Company granted 50,000 shares as a stock award. The total fair value of the stock award was $350,000 with 10,000 shares vested upon issuance and 10,000 shares vest on each anniversary date through 2029. As of March 31, 2026, there was approximately $217,440 of compensation related to the 40,000 non-vested shares of the stock award that is expected to be recognized through 2029.