Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

EQUITY (Tables)

v3.24.1.1.u2
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2023
Notes and other explanatory information [abstract]  
SCHEDULE OF STOCK OPTIONS USING THE BLACK-SCHOLES OPTION PRICING MODEL AND USED THE ASSUMPTIONS

The Company values stock options using the Black-Scholes option pricing model and used the following assumptions during the reporting periods:

 

    2023     2022  
    Year ended
December 31,		  
    2023     2022  
Risk-free interest rate     4.25 %     4.41 %
Contractual term (years)     1-4       1-3  
Expected volatility     207.20 %     177.30 %
Expected dividends     0.00 %     0.00 %
SUMMARY OF OPTION ACTIVITY

A summary of the option activity during the year ended December 31, 2022 was as follows:

 

    No of Options     Weighted Average Share Price     Weighted Average Remaining Life     Aggregate Intrinsic Value  
Outstanding as of January 1, 2022     539,760     $ 4.74       1     $ 0  
Granted     560,188       4.22       3       0  
Exercised     (73.428 )     5.81       -       0  
                                 
Outstanding as of December 31, 2022     1,026,520     $ 4.40       2     $ 0  

 

A summary of the option activity during the year ended December 31, 2023 was as follows:

 

    No of Options     Weighted Average Share Price     Weighted Average Remaining Life     Aggregate Intrinsic Value  
Outstanding as of January 1, 2023     1,026,520     $ 4.40       2     $ 4,517,330  
Granted     873,429       0.77       4       674,704  
Exercised     -       -       -       0  
Expired     (375,000 )                     (1,320,933 )
                                 
Outstanding as of December 31, 2023     1,524,949     $ 2.54       2     $ 3,871,101  
SCHEDULE OF INFORMATION RELATED TO OPTIONS OUTSTANDING

 

    Options Outstanding         Options Exercisable  
Year   Exercise Price     Outstanding Number of Options     Underlying Common Stock   Weighted Average Remaining Life in Years     Exercisable Number of Warrants  
                             
2019 Share Option   $ 3.56       257,478     GNS     1     $ 257,478  
2020 Share Option     5.81       74,640     GNS     1       74,640  
2021 Share Options     5.81       134,214     GNS     3       134,214  
2022 Employee Grants (Options)     5.62       185,188     GNS     3       -  
2023 Employee Grants (Options)     0.77       873,429     GNS     4       0  
    $ 2.54       1,524,949           2.4     $ 466,332