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Stock Options | 9 Months Ended
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Jul. 31, 2014
Stock Options [Text Block] |
11. | Stock Options
| For the nine months ended July 31, 2014, the Company recorded a total of $66,482 (2013: $Nil) for stock based compensation expenses.
| On March 25, 2014, the Company accepted and received gross proceeds of $17,500, for the exercise of 50,000 stock options at $0.35 into 50,000 common shares of the Company.
| On March 25, 2014, Jason Springett has joined the Company as an advisor and the Company granted 50,000 stock options with an exercise price of $0.60, vesting immediately and expiring on March 25, 2019.
| On April 1, 2014, the Company entered into a 90 day agreement with Ken Faulkner as a Corporate Development Manager. The Company granted 100,000 stock options with an exercise price of $0.50, vesting immediately and expiring on April 1, 2019.
| On May 29, 2014, the Company accepted and received gross proceeds of $5,000 for the exercise of 50,000 stock options at $0.10 into 50,000 common shares of the Company.
| On July 24, 2014, the Company granted 100,000 stock options to Ron Struthers, 500,000 stock options to Robert McAllister, and 25,000 stock options to Taven White with an exercise price of $0.25, vesting immediately and expiring on July 24, 2019.
| For the period ended July 31, 2014, the Company recorded a total of $91,915 (2013: $21,279) for stock based compensation expenses.
| The fair value of options granted has been estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions:
| July 31, 2014 | October 31, 2013
Expected volatility | 219-252% | 142.25%
Risk-free interest rate | 1.72-1.76% | 1.83%
Expected life | 5 years | 5 years
Dividend yield | 0.00% | 0.00%
A summary of the stock options for the nine months ended July 31, 2014 is presented below:
|  |  | Options Outstanding |
|  |  |  |  |  | Weighted Average |
|  |  | Number of Shares |  |  | Exercise Price |
| Balance, October 31, 2013 |  | 2,200,000 |  | $ | 0.23 |
| Expired |  | 250,000 |  |  | 0.35 |
| Exercised |  | 100,000 |  |  | 0.22 |
| Granted |  | 775,000 |  |  | 0.53 |
| Balance, July 31, 2014 |  | 2,625,000 |  | $ | 0.24 |
The Company has the following options outstanding and exercisable:
July 31, 2014 |  |  | Options outstanding |  |  | Options exercisable |
Range of Exercise |  | Number of |  |  | Weighted average |  |  | Weighted average |  |  | Number of |  |  | Weighted average |
prices |  | shares |  |  | remaining contractual life |  |  | exercise price |  |  | shares |  |  | exercise price |
$0.20 |  | 150,000 |  |  | 1.04 years |  | $ | 0.20 |  |  | 150,000 |  | $ | 0.20 |
$0.20 |  | 850,000 |  |  | 0.47 years |  | $ | 0.20 |  |  | 850,000 |  | $ | 0.20 |
$0.35 |  | 450,000 |  |  | 1.95years |  | $ | 0.35 |  |  | 450,000 |  | $ | 0.35 |
$0.10 |  | 400,000 |  |  | 3.88 years |  | $ | 0.20 |  |  | 400,000 |  | $ | 0.10 |
$0.60 |  | 50,000 |  |  | 4.65 years |  | $ | 0.60 |  |  | 50,000 |  | $ | 0.60 |
$0.50 |  | 100,000 |  |  | 4.67 years |  | $ | 0.50 |  |  | 100,000 |  | $ | 0.50 |
$0.25 |  | 625,000 |  |  | 4.98 years |  | $ | 0.25 |  |  | 625,000 |  | $ | 0.25 |
Total |  | 2,625,000 |  |  | 2.54 years |  | $ | 0.24 |  |  | 2,625,000 |  | $ | 0.24 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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