Common Shares, Warrants and Options
|9 Months Ended|
May 31, 2023
|Common Shares, Warrants and Options|
|Common Shares, Warrants and Options||
11. Common Shares, Warrants and Options
During the quarter ended May 31, 2023, the Company completed the following issuances of common shares, warrants and options:
No warrants have been exercised during the nine-months ended May 31, 2023.
A continuity schedule for warrants for the nine-months ending May 31, 2023, is presented below:
A summary of warrants outstanding as of May 31, 2023, is presented below:
The Company has established an Equity Incentive Plan which currently allows the board of directors to grant up to 510,433 stock options to directors, officers, employees, and consultants. On May 9, 2023, at its annual shareholder meeting, the Company’s shareholders approved amendments to the Equity Incentive Plan, whereby the board of directors were authorized to grant up to 809,165 stock options to directors, officers, employees, and consultants with such amount being adjusted on January 1 each year commencing January 1, 2024, pursuant to an evergreen formula, to be equal to up to 10% of the issued share capital on December 31 of the previous year. As at the current date, the Company has not elected to affect the amendments approved by its shareholders to its Equity Incentive Plan. Stock options granted must be exercised within five years from the date of grant or such lesser period as determined by the Company’s board of directors. The vesting terms of each grant are also set by the board of directors. The exercise price of an option is equal to or greater than the closing market price of the Company’s common shares on the day preceding the date of grant.
The Company granted the following options during the nine-months ended May 31, 2023:
A continuity schedule for stock options is presented below:
The fair value of stock options granted in the nine-months ended May 31, 2023, were estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions:
As of May 31, 2023, the total unrecognized non-cash compensation costs are $39,117 related to 11,750 non-vested stock options with a $3.27 weighted average price. These costs are expected to be recognized over a weighted average period of 0.82 years. All non-vested options are attributable to employees. Stock based compensation expense recognized in the nine-months ended May 31, 2023, totaled $160,748, including $25,194 related to the repricing of the 267,969 options.
The entire disclosure for equity.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef