v3.26.1
STOCK BASED COMPENSATION
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION

10. STOCK BASED COMPENSATION

 

During the three and six months ended June 30, 2026 and 2025, the Company recognized stock based compensation associated with stock options and stock awards granted in prior periods as follows:

 

   2026   2025   2026   2025 
  

Three months ended

June 30,

  

Six months ended

June 30,

 
   2026   2025   2026   2025 
Line item on the statement of operations and comprehensive income (loss):                
Wages, administrative salaries and benefits  $87,443   $79,740   $174,886   $159,480 
Professional fees   22,330    18,180    44,660    36,360 
Stock based compensation  $109,773   $97,920   $219,546   $195,840 

 

The following table summarizes the Company’s stock option activities for the six months ended June 30, 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 
Cancelled or expired   (2,000)  $3.61   $3.61 
Exercised   (35,000)  $2.44 – 4.05   $3.04 
Balance, June 30, 2026   1,662,000   $2.00 – 7.00   $2.82 
Exercisable, June 30, 2026   1,046,000   $2.00 – 4.05   $2.73 

 

During the six months ended June 30, 2026 and 2025, the Company did not grant any stock based compensation to employees or consultants.

 

As of June 30, 2026, the weighted-average remaining contractual life of outstanding and exercisable options is 2.3 years and 2.1 years, respectively. As of June 30, 2026, there was approximately $223,618 of compensation expense related to non-vested options that is expected to be recognized over a weighted average period of 1.0 years.

 

 

The aggregate intrinsic value of options outstanding and exercisable at June 30, 2026 is $6,356,600 and $4,095,040, respectively. During the six months ended June 30, 2026, the intrinsic value of stock options exercised was $117,000 (2025 - $428,925).

 

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. The Company distributed 10,000 shares in the three and six months ended June 30, 2026 (2025 – nil). As of June 30, 2026, there was approximately $186,160 of compensation related to the 40,000 non-vested shares of the stock award that is expected to be recognized through 2029.