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Note 12 - Stock-based Compensation | 6 Months Ended
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Jan. 31, 2024
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] |
NOTE 12: | STOCK-BASED COMPENSATION
Stock Options A continuity schedule of our outstanding stock options for the three and six months ended January 31, 2024, is as follows:
|  | Number of Stock |  |  | Weighted Average |
|  | Options |  |  | Exercise Price |
Balance, July 31, 2023 |  |  | 8,326,983 |  |  | $ | 1.92 |
Granted |  |  | 17,500 |  |  |  | 5.04 |
Exercised |  |  | (608,182 | ) |  |  | 1.69 |
Cancelled/Forfeited |  |  | (191,259 | ) |  |  | 1.59 |
Expired |  |  | (27,000 | ) |  |  | 3.69 |
Balance, October 31, 2023 |  |  | 7,518,042 |  |  |  | 1.94 |
Granted |  |  | 10,000 |  |  |  | 7.63 |
Exercised |  |  | (878,503 | ) |  |  | 1.45 |
Balance, January 31, 2024 |  |  | 6,649,539 |  |  | $ | 2.01 |
The table below sets forth the number of shares issued and cash received upon exercise of our stock options:
|  | Three Months Ended January 31, |  |  | Six Months Ended January 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Number of Options Exercised on Cash Basis |  |  | 100,425 |  |  |  | - |  |  |  | 289,675 |  |  |  | 138,537 |
Number of Options Exercised on Forfeiture Basis |  |  | 778,078 |  |  |  | 197,110 |  |  |  | 1,197,010 |  |  |  | 2,389,795 |
Total Number of Options Exercised |  |  | 878,503 |  |  |  | 197,110 |  |  |  | 1,486,685 |  |  |  | 2,528,332 |
Number of Shares Issued on Cash Exercise |  |  | 100,425 |  |  |  | - |  |  |  | 289,675 |  |  |  | 138,537 |
Number of Shares Issued on Forfeiture Basis |  |  | 569,574 |  |  |  | 94,302 |  |  |  | 826,185 |  |  |  | 1,360,366 |
Total Number of Shares Issued Upon Exercise of Options |  |  | 669,999 |  |  |  | 94,302 |  |  |  | 1,115,860 |  |  |  | 1,498,903 |
Cash Received from Exercise of Stock Options |  | $ | 137 |  |  | $ | - |  |  | $ | 400 |  |  | $ | 206 |
Total Intrinsic Value of Options Exercised |  | $ | 4,561 |  |  | $ | 381 |  |  | $ | 6,591 |  |  | $ | 5,976 |
A continuity schedule of our outstanding unvested stock options as of January 31, 2024, and the changes during the period, is as follows:
|  | Number of Unvested Stock Options |  |  | Weighted Average Grant-Date Fair Value |
Balance, July 31, 2023 |  |  | 1,803,265 |  |  | $ | 2.28 |
Granted |  |  | 17,500 |  |  |  | 3.36 |
Cancelled/Forfeited |  |  | (12,300 | ) |  |  | 2.37 |
Vested |  |  | (133,062 | ) |  |  | 2.18 |
Balance, October 31, 2023 |  |  | 1,675,403 |  |  |  | 2.29 |
Granted |  |  | 10,000 |  |  |  | 5.05 |
Vested |  |  | (429,513 | ) |  |  | 2.39 |
Balance, January 31, 2024 |  |  | 1,255,890 |  |  | $ | 2.28 |
For the six months ended January 31, 2024, the fair value of the stock options granted was estimated using the Black-Scholes model with the following assumptions, which is level 2 of the fair value measurement hierarchy:
Exercise Price | 4.722 to7.6363
Expected Risk Free Interest Rate | 3.99% to 4.67%
Expected Volatility | 79.30% to 79.53%
Expected Life in Years | 5
Expected Dividend Yield | 0.00%
As at January 31, 2024, the aggregate intrinsic value of all of our outstanding stock options was estimated at $37,408 (vested: $32,300 and unvested: $5,108). As at January 31, 2024, our unrecognized compensation cost related to unvested stock options was $1,508, which is expected to be recognized over 1.08 years. A summary of our stock options outstanding and exercisable as of January 31, 2024, is as follows:
|  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  |  |  | Weighted |
|  |  |  |  |  |  |  |  |  | Average |  |  |  |  |  |  |  |  |  |  | Average |
Range of |  |  |  |  |  | Weighted |  |  | Remaining |  |  |  |  |  |  | Weighted |  |  | Remaining |
Exercise |  | Outstanding at |  |  | Average |  |  | Contractual |  |  | Exercisable at |  |  | Average |  |  | Contractual |
Prices |  | January 31, 2024 |  |  | Exercise Price |  |  | Term (Years) |  |  | January 31, 2024 |  |  | Exercise Price |  |  | Term (Years) |
$0.80 to $0.99 |  |  | 2,402,500 |  |  | $ | 0.92 |  |  |  | 5.99 |  |  |  | 2,402,500 |  |  | $ | 0.92 |  |  |  | 5.99 |
$1.00 to $1.99 |  |  | 1,350,000 |  |  |  | 1.11 |  |  |  | 6.34 |  |  |  | 1,350,000 |  |  |  | 1.11 |  |  |  | 6.34 |
$2.00 to $2.99 |  |  | 608,399 |  |  |  | 2.24 |  |  |  | 7.43 |  |  |  | 608,399 |  |  |  | 2.24 |  |  |  | 7.43 |
$3.00 to $3.99 |  |  | 2,258,640 |  |  |  | 3.60 |  |  |  | 8.68 |  |  |  | 1,030,562 |  |  |  | 3.72 |  |  |  | 8.40 |
$4.00 to $4.99 |  |  | 7,500 |  |  |  | 4.48 |  |  |  | 9.31 |  |  |  | 625 |  |  |  | 4.72 |  |  |  | 9.60 |
$5.00 to $5.99 |  |  | 12,500 |  |  |  | 5.16 |  |  |  | 9.66 |  |  |  | 1,563 |  |  |  | 5.16 |  |  |  | 9.66 |
$7.00 to $7.63 |  |  | 10,000 |  |  |  | 7.63 |  |  |  | 9.98 |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 6,649,539 |  |  | $ | 2.01 |  |  |  | 7.12 |  |  |  | 5,393,649 |  |  | $ | 1.65 |  |  |  | 6.70 |
Restricted Stock Units A summary of our outstanding and unvested restricted stock units (“RSU”s) as of January 31, 2024, is as follows:
|  | Number of |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Restricted Stock |  |  | Grant Date |  |  | Remaining Life |  |  | Aggregate |
Grant Date |  | Units |  |  | Fair Value |  |  | (Years) |  |  | Intrinsic Value |
July 21, 2021 |  |  | 135,875 |  |  |  | 2.15 |  |  |  | 0.47 |  |  |  | 1,038 |
May 1, 2022 |  |  | 39,216 |  |  |  | 4.25 |  |  |  | 1.25 |  |  |  | 300 |
July 29, 2022 |  |  | 184,023 |  |  |  | 3.98 |  |  |  | 1.49 |  |  |  | 1,406 |
July 31, 2023 |  |  | 620,386 |  |  |  | 3.32 |  |  |  | 2.50 |  |  |  | 4,740 |
January 2, 2024 |  |  | 1,166 |  |  |  | 6.44 |  |  |  | 2.92 |  |  |  | 9 |
January 22, 2024 |  |  | 8,919 |  |  |  | 7.63 |  |  |  | 2.98 |  |  |  | 68 |
|  |  | 989,585 |  |  | $ | 3.36 |  |  |  | 1.98 |  |  | $ | 7,561 |
During the three and six months ended January 31, 2024, our stock-based compensation related to RSUs was $437 and $873 (three and six months ended January 31, 2023: $293 and $586), respectively. As at January 31, 2024, our unrecognized compensation costs related to unvested RSUs totaled $1,858, which is expected to be recognized over a period of approximately 1.52 years. Performance Based Restricted Stock Units During the three and six months ended January 31, 2024, stock-based compensation related to the amortization of target performance based restricted stock units (“PRSU”s) totaled $176 and $353 (three and six months ended January 31, 2023: $99 and $198). As at January 31, 2024, unrecognized compensation costs relating to unvested PRSUs totaled $1,154, which is expected to be recognized over a period of approximately 2.08 years. Stock-Based Compensation A summary of our stock-based compensation expense as of January 31, 2024, is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | January 31, |  |  | January 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Stock-Based Compensation for Consultants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued to consultants |  | $ | - |  |  | $ | 127 |  |  | $ | - |  |  | $ | 275 |
Amortization of stock option expenses |  |  | 94 |  |  |  | 144 |  |  |  | 215 |  |  |  | 372 |
|  |  | 94 |  |  |  | 271 |  |  |  | 215 |  |  |  | 647 |
Stock-Based Compensation for Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of stock option expenses |  |  | 160 |  |  |  | 95 |  |  |  | 368 |  |  |  | 228 |
Amortization of RSU and PRSU expenses |  |  | 595 |  |  |  | 353 |  |  |  | 1,189 |  |  |  | 707 |
|  |  | 755 |  |  |  | 448 |  |  |  | 1,557 |  |  |  | 935 |
Stock-Based Compensation for Employees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued to employees |  |  | - |  |  |  | 240 |  |  |  | - |  |  |  | 487 |
Amortization of stock option expenses |  |  | 445 |  |  |  | 454 |  |  |  | 1,077 |  |  |  | 1,127 |
Amortization of RSU expenses |  |  | 18 |  |  |  | 39 |  |  |  | 35 |  |  |  | 77 |
|  |  | 463 |  |  |  | 733 |  |  |  | 1,112 |  |  |  | 1,691 |
|  | $ | 1,312 |  |  | $ | 1,452 |  |  | $ | 2,884 |  |  | $ | 3,273 |

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