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Note 12 - Stock-based Compensation | 9 Months Ended
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Apr. 30, 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 nine months ended April 30, 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 |
Granted |  |  | 40,143 |  |  |  | 6.70 |
Exercised |  |  | (406,411 | ) |  |  | 1.61 |
Cancelled/Forfeited |  |  | (8,600 | ) |  |  | 3.45 |
Expired |  |  | (25,000 | ) |  |  | 1.44 |
Balance, April 30, 2024 |  |  | 6,249,671 |  |  |  | 2.07 |
The table below sets forth the number of shares issued and cash received upon exercise of our stock options:
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Number of Options Exercised on Cash Basis |  |  | 202,437 |  |  |  | - |  |  |  | 492,112 |  |  |  | 138,537 |
Number of Options Exercised on Forfeiture Basis |  |  | 203,974 |  |  |  | 337,500 |  |  |  | 1,400,984 |  |  |  | 2,727,295 |
Total Number of Options Exercised |  |  | 406,411 |  |  |  | 337,500 |  |  |  | 1,893,096 |  |  |  | 2,865,832 |
Number of Shares Issued on Cash Exercise |  |  | 202,437 |  |  |  | - |  |  |  | 492,112 |  |  |  | 138,537 |
Number of Shares Issued on Forfeiture Basis |  |  | 142,640 |  |  |  | 204,693 |  |  |  | 968,825 |  |  |  | 1,565,059 |
Total Number of Shares Issued Upon Exercise of Options |  |  | 345,077 |  |  |  | 204,693 |  |  |  | 1,460,937 |  |  |  | 1,703,596 |
Cash Received from Exercise of Stock Options |  | $ | 281 |  |  | $ | - |  |  | $ | 681 |  |  | $ | 206 |
Total Intrinsic Value of Options Exercised |  | $ | 2,431 |  |  | $ | 858 |  |  | $ | 9,022 |  |  | $ | 6,834 |
A continuity schedule of our outstanding unvested stock options as of April 30, 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
Granted |  | 40,143 |  |  | 4.45
Cancelled/Forfeited |  | (8,600 | ) |  | 2.27
Vested |  | (29,687 | ) |  | 2.29
Balance, April 30, 2024 |  | 1,257,746 |  |  | 2.35
For the nine months ended April 30, 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 79.57%
Expected Life in Years | 5
Expected Dividend Yield | 0.00%
As at April 30, 2024, the aggregate intrinsic value of all of our outstanding stock options was estimated at $29,252 (vested: $25,374 and unvested: $3,878). As at April 30, 2024, our unrecognized compensation cost related to unvested stock options was $1,193, which is expected to be recognized over 0.98 years. A summary of our stock options outstanding and exercisable as of April 30, 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 |  | April 30, 2024 |  |  | Exercise Price |  |  | Term (Years) |  |  | April 30, 2024 |  |  | Exercise Price |  |  | Term (Years) |
$0.91 to $0.99 |  |  | 2,140,500 |  |  | $ | 0.92 |  |  |  | 5.83 |  |  |  | 2,140,500 |  |  | $ | 0.92 |  |  |  | 5.83 |
$1.00 to $1.99 |  |  | 1,325,000 |  |  |  | 1.10 |  |  |  | 6.21 |  |  |  | 1,325,000 |  |  |  | 1.10 |  |  |  | 6.21 |
$2.00 to $2.99 |  |  | 537,149 |  |  |  | 2.26 |  |  |  | 7.18 |  |  |  | 537,149 |  |  |  | 2.26 |  |  |  | 7.18 |
$3.00 to $3.99 |  |  | 2,176,879 |  |  |  | 3.61 |  |  |  | 8.43 |  |  |  | 982,401 |  |  |  | 3.71 |  |  |  | 8.02 |
$4.00 to $4.99 |  |  | 7,500 |  |  |  | 4.56 |  |  |  | 9.06 |  |  |  | 2,500 |  |  |  | 4.48 |  |  |  | 8.92 |
$5.00 to $5.99 |  |  | 12,500 |  |  |  | 5.16 |  |  |  | 9.42 |  |  |  | 3,125 |  |  |  | 5.16 |  |  |  | 9.42 |
$6.00 to $6.99 |  |  | 40,143 |  |  |  | 6.70 |  |  |  | 9.89 |  |  |  | - |  |  |  |  |  |  |  |  |
$7.00 to $7.63 |  |  | 10,000 |  |  |  | 7.63 |  |  |  | 9.73 |  |  |  | 1,250 |  |  |  | 7.63 |  |  |  | 9.73 |
|  |  | 6,249,671 |  |  | $ | 2.07 |  |  |  | 6.98 |  |  |  | 4,991,925 |  |  | $ | 1.67 |  |  |  | 6.51 |
Restricted Stock Units A summary of our outstanding and unvested restricted stock units (“RSU”s) as of April 30, 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 |  |  |  | 0.31 |  |  |  | 917 |
May 1, 2022 |  |  | 39,216 |  |  |  | 4.25 |  |  |  | 1.09 |  |  |  | 265 |
July 29, 2022 |  |  | 184,023 |  |  |  | 3.98 |  |  |  | 1.33 |  |  |  | 1,242 |
July 31, 2023 |  |  | 620,386 |  |  |  | 3.32 |  |  |  | 2.34 |  |  |  | 4,188 |
January 2, 2024 |  |  | 1,166 |  |  |  | 6.44 |  |  |  | 2.76 |  |  |  | 8 |
January 22, 2024 |  |  | 8,919 |  |  |  | 7.63 |  |  |  | 0.82 |  |  |  | 60 |
March 13, 2024 |  |  | 2,288 |  |  |  | 6.49 |  |  |  | 0.95 |  |  |  | 15 |
April 1, 2024 |  |  | 20,000 |  |  |  | 7.07 |  |  |  | 3.00 |  |  |  | 135 |
|  |  | 1,011,873 |  |  | $ | 3.44 |  |  |  | 1.83 |  |  | $ | 6,830 |
During the three and nine months ended April 30, 2024, our stock-based compensation related to RSUs was $453 and $1,326 (three and nine months ended April 30, 2023: $283 and $869), respectively. As at April 30, 2024, our unrecognized compensation costs related to unvested RSUs totaled $1,562, which is expected to be recognized over a period of approximately 1.46 years. Performance Based Restricted Stock Units During the three and nine months ended April 30, 2024, our stock-based compensation related to the amortization of target performance based restricted stock units (“PRSU”s) totaled $176 and $529 (three and nine months ended April 30, 2023: $99 and $298), respectively. As at April 30, 2024, our unrecognized compensation costs relating to unvested PRSUs totaled $978, which is expected to be recognized over a period of approximately 1.93 years. Stock-Based Compensation A summary of our stock-based compensation expense as of April 30, 2024, is as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | April 30, |  |  | April 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Stock-Based Compensation for Consultants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued to consultants |  | $ | - |  |  | $ | 107 |  |  | $ | - |  |  | $ | 382 |
Amortization of stock option expenses |  |  | 87 |  |  |  | 95 |  |  |  | 302 |  |  |  | 467 |
|  |  | 87 |  |  |  | 202 |  |  |  | 302 |  |  |  | 849 |
Stock-Based Compensation for Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of stock option expenses |  |  | 120 |  |  |  | 95 |  |  |  | 488 |  |  |  | 323 |
Amortization of RSU and PRSU expenses |  |  | 585 |  |  |  | 346 |  |  |  | 1,774 |  |  |  | 1,053 |
|  |  | 705 |  |  |  | 441 |  |  |  | 2,262 |  |  |  | 1,376 |
Stock-Based Compensation for Employees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued to employees |  |  | - |  |  |  | 188 |  |  |  | - |  |  |  | 675 |
Amortization of stock option expenses |  |  | 285 |  |  |  | 314 |  |  |  | 1,362 |  |  |  | 1,441 |
Amortization of RSU expenses |  |  | 26 |  |  |  | 37 |  |  |  | 61 |  |  |  | 114 |
|  |  | 311 |  |  |  | 539 |  |  |  | 1,423 |  |  |  | 2,230 |
|  | $ | 1,103 |  |  | $ | 1,182 |  |  | $ | 3,987 |  |  | $ | 4,455 |

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