XML 16 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Non-Standardized Profit Sharing Plan
9 Months Ended
Apr. 30, 2018
Non-Standarized Profit Sharing Plan [Abstract]  
NON-STANDARDIZED PROFIT SHARING PLAN

NOTE 4 – NON-STANDARDIZED PROFIT SHARING PLAN

 

We currently provide a Non-Standardized Profit Sharing Plan ("Plan"), adopted September 15, 2006. Under the plan our employees qualify to participate in the plan after one year of employment. Contributions under the plan are based on 25% of the annual base salary of each eligible employee up to $54,000 per year. Contributions under the plan are fully vested upon funding.

 

During the period ended April 30, 2018 and April 30, 2017, the Company issued 644,731 and 1,003,966, respectively, common shares to various employees as part of the Company’s profit sharing plan contribution. The Company recognized stock-based compensation expense for April 30, 2018 and April 30, 2017 of $226,000 and $241,000 respectively, equivalent to the value of the shares calculated based on the share’s closing price at the grant dates.