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Options and Warrants

12 Months Ended

Jan. 31, 2023

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 management (87,500 warrants were issued to the Chief Financial Officer) and non-employees of the Company during the year ended January 31, 2022. The Company issued 25,000 warrants to non-employees during the year ended January 31, 2023, in connection with the termination of the RAMBAM license agreement. See Note 6 for further information.

				Exercise		Remaining		Intrinsic
	Shares			Price		Life		Value
Outstanding, January 31, 2021		165,466		$	11.99		2.16 years	$	-

Granted		1,770,068			6.19		4.70 years		-

Expired/Cancelled		-			-		-		-

Exercised		(499,912	)		6.43		-		-

Outstanding, January 31, 2022		1,435,622			6.91		3.93 years		-

Granted		25,000			7.50		5.00 years		-

Expired/Cancelled		(97,534	)		5.36		-		-

Exercised		(55,417	)		5.36		-		-

Outstanding- January 31, 2023		1,307,671		$	6.43		3.34 years	$	-

Exercisable - January 31, 2023		1,307,671		$	6.43		3.34 years	$	-

The following table summarizes additional information relating to the warrants outstanding as of January 31, 2023:

				Weighted Average		Weighted Average				Weighted Average
Range of Exercise		Number		Remaining Contractual		Exercise Price for		Number		Exercise Price for		Intrinsic
Prices		Outstanding		Life(Years)		Shares Outstanding		Exercisable		Shares Exercisable		Value

$	12.00		54,633		0.24	$	12.00		54,633	$	12.00	$	-
$	6.43		1,082,205		3.68	$	6.43		1,082,205	$	6.43	$	-
$	4.20		145,833		1.73	$	4.20		145,833	$	4.20	$	-
$	7.50		25,000		4.77	$	7.50		25,000	$	7.50	$	-

Options

The following table summarizes the changes in options outstanding and the related price of the shares of the Company’s common stock issued to employees of the Company. See Note 7 for the issuance of related party options.

On November 1, 2021, the Board of Directors adopted the 2021 Employee Stock Option Plan (the “Plan”). The Company has reserved 408,333 shares to issue and sell upon the exercise of stock options. In accordance with the Plan, on February 1, 2022, the Company reserved an additional 233,333 shares. The options vest and expire as determined by the Board of Directors. Under the Plan, options may be granted which are intended to qualify as Incentive Stock Options (“ISO’s”) under Section 422 of the Internal Revenue Code of 1986 (the “Code”) or which are not (“non-ISO’s”) intended to qualify as Incentive Stock Options thereunder. The Plan also provides for restricted stock awards representing shares of common stock that are issued subject to such restrictions on transfer and other incidents of ownership and such forfeiture conditions as the Board of Directors, or the committee administering the Plan composed of directors who qualify as “independent” under Nasdaq rules, may determine. On November 3, 2021, the Company filed a Registration Statement on Form S-8, to register under the Securities Act of 1933, as amended the 408,333 shares of common stock reserved for issuance under the Plan. As of January 31, 2023, 171,331 shares remain in the Plan.

During the year ended January 31, 2023, 279,584 options to purchase shares of the Company’s common stock were issued to executive officers and directors of the Company at prices of $3.59 to $4.50 per share. The options vest immediately and expire three-five years from the date of issuance. The fair value of the options issued for services amounted to $732,130 and was recorded during the year ended January 31, 2023. The Company used the Black-Scholes valuation model to record the fair value. The valuation model used a dividend rate of 0%; expected term of 1.5 years; volatility rate of 152.10-174.45%; and a risk-free rate of 3%.

On January 21, 2022, 190,751 options to purchase shares of the Company’s common stock were issued to executive officers and directors of the Company at prices of $4.16 and $4.58 per share. The options vest immediately and expire on January 21, 2025. The fair value of the options issued for services amounted to $532,832 and was recorded during the year ended January 31, 2022. The Company used the Black-Scholes valuation model to record the fair value. The valuation model used a dividend rate of 0%; expected term of 1.5 years; volatility rate of 162.69%; and a risk-free rate of 1.01%.

			Exercise		Remaining		Intrinsic
	Shares		Price		Life		Value
Outstanding, January 31, 2021		-	$	-		-

Granted		190,751		4.26		2.97 years		-

Expired/Cancelled		-		-		-

Exercised		-		-		-

Outstanding, January 31, 2022		190,751		-		-

Granted		279,584		3.93		3.00 years		-

Expired/Cancelled		-		-		-

Exercised		-		-		-

Outstanding- January 31, 2023		470,335	$	4.13		2.53 years	$	2,100

Exercisable - January 31, 2023		470,335	$	4.13		2.53 years	$	2,100

The following table summarizes additional information relating to the options outstanding as of January 31, 2023:

				Weighted Average		Weighted Average				Weighted Average
Range of Exercise		Number		Remaining Contractual		Exercise Price for		Number		Exercise Price for		Intrinsic
Prices		Outstanding		Life(Years)		Shares Outstanding		Exercisable		Shares Exercisable		Value

$	4.58		46,666		2.48	$	4.58		46,666	$	4.58	$	-
$	4.16		144,085		1.97	$	4.16		144,085	$	4.16	$	-
$	4.50		58,334		1.97	$	4.50		58,334	$	4.50	$	-
$	4.09		78,750		2.50	$	4.09		78,750	$	4.09	$	-
$	3.59		35,000		2.50	$	3.59		35,000	$	3.59	$	2,100
$	3.75		57,500		2.85	$	3.75		57,500	$	3.75	$	-
$	4.12		50,000		2.85	$	4.12		50,000	$	4.12	$	-