XML 28 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Warrants and Options
 6 Months Ended 12 Months Ended
Jul. 31, 2021
Jan. 31, 2021
Warrants And Options [Abstract]    
WARRANTS AND OPTIONS
  9. WARRANTS

 

The following table summarizes the changes in warrants outstanding and the related price of the shares of the Company’s common stock issued to non-employees of the Company.

 

   Shares   Exercise
Price		   Remaining
Life		   Intrinsic
Value		 
Outstanding, January 31, 2021   141,828   $11.99    2.16 years   $285,000 
Granted   
-
    
-
    -    
-
 
Expired/Cancelled   
-
    
-
    -    
-
 
Exercised   
-
    
-
    -    
-
 
                     
Outstanding-period ending July 31, 2021   141,828   $11.99    1.41 years   $
-
 
                     
Exercisable - period ending July 31, 2021   141,828   $11.99    1.41 years   $
-
 

 

The following table summarizes additional information relating to the warrants outstanding as of July 31, 2021: 

 

Range of Exercise Prices     Number
Outstanding		     Remaining Contractual
Life (Years)		     Exercise
Price for
Shares
Outstanding		     Number
Exercisable		     Exercise
Price for
Shares
Exercisable		     Intrinsic
Value		  
$ 11.00       95,000       1.25     $ 11.00       95,000     $ 11.00     $
-
  
$ 14.00       46,828       1.75     $ 14.00       46,828     $ 14.00     $
-
  
10. WARRANTS AND OPTIONS

 

The following table summarizes the changes in warrants outstanding and the related price of the shares of the Company’s common stock issued to non-employees of the Company.

 

       Exercise     Remaining    Intrinsic 
   Shares   Price   Life   Value 
Outstanding, January 31, 2019   182,500   $6.32    0.35   $4,101,000 
                     
Granted   50,000    20.90      3.00 years    
-
 
                     
Exercised   
-
    
-
    -    
-
 
                     
Expired/Cancelled   (162,500)   5.38    -    
-
 
                     
Outstanding, January 31, 2020   70,000   $18.93      2.08 years    
-
 
                     
Granted   91,828    12.53      3.00 years    
-
 
                     
Expired/Cancelled   (20,000)   14.00    -    
-
 
                     
Exercised   
-
    
-
    -    
-
 
                     
Outstanding-period ending January 31, 2021   141,828   $11.99    2.16   $853,311 
                     
Exercisable - period ending January 31, 2021   141,828   $11.99    2.16   $853,311 

 

As a result of a completed private placement, the warrants to purchase 50,000 shares at the lesser of (i) $20.90 or, (ii) if the Company completes its public offering of its common stock, 110% of the initial public offering price of the Common Stock in the public offering, became a warrant to purchase 95,000 warrants at $11 per share, subject to adjustment pursuant to the antidilution provisions of the warrant. The Company recorded a derivative liability for the warrants in the amount of $906,678 and reclassed the derivative liability to additional paid-in capital as of January 31, 2021.

 

The following table summarizes additional information relating to the warrants outstanding at January31, 2021:

 

Range of
Exercise
Prices		   Number
Outstanding		   Remaining
Contractual
Life(Years)		   Exercise Price
for Shares
Outstanding		   Number
Exercisable		   Exercise Price
for Shares
Exercisable		 
$11.00    95,000    1.75   $11.00    95,000   $11.00 
$14.00    46,828    2.24   $14.00    46,828   $14.00 

 

The following table summarizes the changes in options outstanding and the related price of the shares of the Company’s common stock issued to non-employees of the Company.

 

       Exercise   Remaining   Intrinsic 
   Shares   Price   Life   Value 
Outstanding, January 31, 2019   
-
   $
-
    
-
   $
-
 
                     
Granted   25,000    25.64    0.05 years    232,750 
                     
Expired   (25,000)   25.64    
-
    
-
 
                     
Exercised   
-
    
-
    
-
    
-
 
                     
Outstanding-period ending January 31, 2020   
-
   $
-
    
-
   $
-
 
                     
Exercisable - period ending January 31, 2020   
-
   $
-
    
-
   $
-