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Note 13 - Capital Stock | 9 Months Ended
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Apr. 30, 2022
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13: CAPITAL STOCK Equity Financing On May 14, 2021, we entered into an at-the-market offering agreement (the “May 2021 ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the “ATM Managers”), under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers (the “May 2021 ATM Offering”). On November 26, 2021, we filed a prospectus supplement to our Registration Statement on Form S-3 (the “2021 Shelf”) with respect to the continuation of the May 2021 ATM Offering Agreement with the ATM Managers under which we may, if eligible, from time to time, sell shares of our common stock having an aggregate offering price of up to $100 million through the ATM Managers selected by us (the “November 2021 ATM Offering”; and, collectively with May 2021 ATM Offering, the “2021 ATM Offerings”). During the three and nine months ended April 30, 2022, we issued 4,800,000 and 43,295,536 shares, respectively, of the Company’s common stock under our 2021 ATM Offerings for net cash proceeds of $18,557,112 and $149,200,901, respectively. Subsequent to April 30, 2022, we issued 2,102,000 shares of the Company’s common stock under our November 2021 ATM Offering for net cash proceeds of $7,309,084. Share Purchase Warrants A continuity schedule of outstanding share purchase warrants for the three and nine months ended April 30, 2022, is as follows:
|  | Number of Warrants |  |  | Weighted Average Exercise Price |
Balance, July 31, 2021 |  |  | 5,387,323 |  |  | $ | 1.90 |
Exercised |  |  | (491,849 | ) |  |  | 1.85 |
Balance, October 31, 2021 |  |  | 4,895,474 |  |  |  | 1.91 |
Exercised |  |  | (572,850 | ) |  |  | 1.99 |
Balance, January 31, 2022 |  |  | 4,322,624 |  |  |  | 1.90 |
Exercised |  |  | (339,845 | ) |  |  | 1.80 |
Balance, April 30, 2022 |  |  | 3,982,779 |  |  | $ | 1.91 |
During the three and nine months ended April 30, 2022, we received cash proceeds of $645,696 and $2,697,927, respectively, from the exercise of share purchase warrants. A summary of share purchase warrants outstanding and exercisable as of April 30, 2022, is as follows:
Weighted Average Exercise Price |  |  | Number of Warrants Outstanding |  |  | Weighted Average Remaining Contractual Life (Years) |  | Expiry Date
$ | 1.80 |  |  |  | 3,775,961 |  |  |  | 0.40 |  | September 23, 2022
| 1.64 |  |  |  | 25,000 |  |  |  | 1.06 |  | May 21, 2023
| 4.13 |  |  |  | 181,818 |  |  |  | 3.93 |  | April 5, 2026
$ | 1.91 |  |  |  | 3,982,779 |  |  |  | 0.57 |  |
Stock Options As of April 30, 2022, we had one stock option plan, our 2021 Stock Incentive Plan, which superseded and replaced our 2020 Stock Incentive Plan. A continuity schedule of outstanding stock options for the underlying shares for the three and nine months ended April 30, 2022, is as follows:
|  | Number of Stock Options |  |  | Weighted Average Exercise Price |
Balance, July 31, 2021 |  |  | 10,404,333 |  |  | $ | 1.21 |
Granted |  |  | 10,000 |  |  |  | 2.89 |
Exercised |  |  | (1,030,543 | ) |  |  | 1.18 |
Expired |  |  | (60,000 | ) |  |  | 2.78 |
Balance, October 31, 2021 |  |  | 9,323,790 |  |  |  | 1.20 |
Exercised |  |  | (244,834 | ) |  |  | 1.27 |
Expired |  |  | (15,000 | ) |  |  | 1.36 |
Balance, January 31, 2022 |  |  | 9,063,956 |  |  |  | 1.20 |
Exercised |  |  | (1,182,605 | ) |  |  | 1.15 |
Balance, April 30, 2022 |  |  | 7,881,351 |  |  | $ | 1.21 |
During the three and nine months ended April 30, 2022 and 2021, the total number of stock options exercised, the number of shares issued upon exercise of those options and the cash received from such exercises are as follows:
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Number of Options Exercised on Cash Basis |  |  | 404,832 |  |  |  | 953,939 |  |  |  | 807,580 |  |  |  | 1,141,439 |
Number of Options Exercised on Forfeiture Basis |  |  | 777,773 |  |  |  | 988,909 |  |  |  | 1,650,402 |  |  |  | 1,930,691 |
Total Number of Options Exercised |  |  | 1,182,605 |  |  |  | 1,942,848 |  |  |  | 2,457,982 |  |  |  | 3,072,130 |
Number of Shares Issued on Cash Exercise |  |  | 404,832 |  |  |  | 953,939 |  |  |  | 807,580 |  |  |  | 1,141,439 |
Number of Shares Issued on Forfeiture Basis |  |  | 595,478 |  |  |  | 557,608 |  |  |  | 1,140,065 |  |  |  | 943,168 |
Total Number of Shares Issued Upon Exercise of Options |  |  | 1,000,310 |  |  |  | 1,511,547 |  |  |  | 1,947,645 |  |  |  | 2,084,607 |
Cash Received from Exercise of Stock Options |  | $ | 403,949 |  |  | $ | 1,086,844 |  |  | $ | 851,132 |  |  | $ | 1,308,278 |
Total Intrinsic Value of Options Exercised |  | $ | 4,890,780 |  |  | $ | 3,026,602 |  |  | $ | 7,685,293 |  |  | $ | 3,855,217 |
A continuity schedule of outstanding unvested stock options as of April 30, 2022, and the changes during the period, is as follows:
|  | Number of Unvested Stock Options |  |  | Weighted Average Grant-Date Fair Value |
Balance, July 31, 2021 |  |  | 3,891,207 |  |  | $ | 0.66 |
Granted |  |  | 10,000 |  |  |  | 1.73 |
Vested |  |  | (265,427 | ) |  |  | 0.87 |
Balance, October 31, 2021 |  |  | 3,635,780 |  |  |  | 0.64 |
Vested |  |  | (1,069,948 | ) |  |  | 0.55 |
Balance, January 31, 2022 |  |  | 2,565,832 |  |  |  | 0.68 |
Vested |  |  | (11,872 | ) |  |  | 1.34 |
Balance, April 30, 2022 |  |  | 2,553,960 |  |  | $ | 0.68 |
As of April 30, 2022, unrecognized stock-based compensation expense related to the unvested portion of stock options totaled $540,730 to be recognized over the next 0.83 years. As of April 30, 2022, the aggregate intrinsic value under the provisions of ASC 718 of all outstanding stock options was $23,997,678 (vested: $16,570,688 and unvested: $7,426,990). A summary of stock options outstanding and exercisable as of April 30, 2022, is as follows:
|  |  |  |  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  |  | Outstanding at April 30, 2022 |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Exercisable at April 30, 2022 |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |
$0.80 | to | $0.99 |  |  |  | 4,121,936 |  |  | $ | 0.92 |  |  |  | 7.80 |  |  |  | 3,167,875 |  |  | $ | 0.92 |  |  |  | 7.68 |
$1.00 | to | $1.49 |  |  |  | 1,796,875 |  |  |  | 1.15 |  |  |  | 6.16 |  |  |  | 913,541 |  |  |  | 1.20 |  |  |  | 4.17 |
$1.50 | to | $2.89 |  |  |  | 1,962,540 |  |  |  | 1.86 |  |  |  | 5.03 |  |  |  | 1,245,975 |  |  |  | 1.65 |  |  |  | 2.63 |
|  |  |  |  |  | 7,881,351 |  |  | $ | 1.21 |  |  |  | 6.74 |  |  |  | 5,327,391 |  |  | $ | 1.14 |  |  |  | 5.90 |
Restricted Stock Units A summary of outstanding and unvested restricted stock units (the “RSU”s) as of April 30, 2022, is as follows:
Grant Date |  | Number of Restricted Stock Units |  |  | Grant Date Fair Value |  |  | Remaining Life (Years) |  |  | Aggregate Intrinsic Value |
July 30, 2019 |  |  | 154,999 |  |  | $ | 0.94 |  |  |  | 0.25 |  |  | $ | 658,746 |
July 16, 2020 |  |  | 434,996 |  |  |  | 0.91 |  |  |  | 1.21 |  |  |  | 1,848,733 |
July 21, 2021 |  |  | 407,617 |  |  |  | 2.15 |  |  |  | 2.23 |  |  |  | 1,732,372 |
|  |  | 997,612 |  |  | $ | 1.42 |  |  |  | 1.48 |  |  | $ | 4,239,851 |
During the three and nine months ended April 30, 2022, stock-based compensation relating to RSUs totaled $182,664 and $560,306 (three and nine months ended April 30, 2021: $262,970 and $806,638), respectively. As of April 30, 2022, outstanding unvested RSUs totaled 997,612 ( July 31, 2021: 997,612), and unrecognized compensation costs relating to unvested RSUs totaled $572,065, which is expected to be recognized over a period of approximately 1.43 years. Performance Based Restricted Stock Units During the three and nine months ended April 30, 2022, stock-based compensation relating to target performance based restricted stock units (the “PRSU”s) totaled $73,269 and $219,958 (three and nine months ended April 30, 2021: $37,544 and $112,632), respectively. As of April 30, 2022, outstanding unvested PRSUs totaled 1,250,451 ( July 31, 2021: 1,250,451), and unrecognized compensation costs relating to unvested PRSUs totaled $475,190, which is expected to be recognized over a period of approximately 1.44 years. Stock-Based Compensation A summary of stock-based compensation expense is as follows:
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Stock-Based Compensation for Consultants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued to consultants |  | $ | 158,313 |  |  | $ | 229,047 |  |  | $ | 664,015 |  |  | $ | 468,364 |
Amortization of stock option expenses |  |  | 37,130 |  |  |  | 54,593 |  |  |  | 173,705 |  |  |  | 224,295 |
|  |  | 195,443 |  |  |  | 283,640 |  |  |  | 837,720 |  |  |  | 692,659 |
Stock-Based Compensation for Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of stock option expenses |  |  | 91,033 |  |  |  | 154,531 |  |  |  | 382,190 |  |  |  | 614,579 |
Amortization of RSU and PRSU expenses |  |  | 255,933 |  |  |  | 300,514 |  |  |  | 780,264 |  |  |  | 919,270 |
|  |  | 346,966 |  |  |  | 455,045 |  |  |  | 1,162,454 |  |  |  | 1,533,849 |
Stock-Based Compensation for Employees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued to employees |  |  | 281,796 |  |  |  | 264,484 |  |  |  | 893,803 |  |  |  | 738,996 |
Amortization of stock option expenses |  |  | 127,190 |  |  |  | 164,558 |  |  |  | 632,284 |  |  |  | 798,796 |
|  |  | 408,986 |  |  |  | 429,042 |  |  |  | 1,526,087 |  |  |  | 1,537,792 |
|  | $ | 951,395 |  |  | $ | 1,167,727 |  |  | $ | 3,526,261 |  |  | $ | 3,764,300 |

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