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Note 12 - Capital Stock
3 Months Ended
Oct. 31, 2019
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
NOTE
12
:     CAPITAL STOCK
 
A summary of share purchase warrants outstanding and exercisable at
October 31, 2019
is as follows:
 
Weighted Average
Exercise Price
   
Number of Warrants
Outstanding
   
Weighted Average
Remaining Contractual
Life (Years)
 
Expiry Date
 
$ 2.00      
9,571,929
     
0.22
 
January 20, 2020
 
  1.35      
2,450,000
     
0.25
 
January 30, 2020
 
  2.05      
7,063,253
     
1.42
 
April 3, 2021
 
  2.30      
308,728
     
2.77
 
August 9, 2022
 
  1.64      
50,000
     
3.55
 
May 21, 2023
 
$ 1.94      
19,443,910
     
0.71
 
 
 
 
Stock Options
 
At
October 31, 2019,
we had
one
stock option plan, our
2019
Stock Incentive Plan, which superseded and replaced our
2018
Stock Incentive Plan (now, the “Stock Incentive Plan”).
 
A summary of stock options granted by the Company during the
three
months ended
October 31, 2019,
including corresponding grant date fair values and assumptions using the Black Scholes option pricing model is as follows:
 
Date
 
Options
Granted
   
Exercise
Price
   
Term
(Years)
   
Fair
Value
   
Expected
Life (Years)
   
Risk-Free
Interest Rate
   
Dividend
Yield
   
Expected
Volatility
 
August 7, 2019
   
597,650
    $
0.91
     
10.00
    $
303,160
     
5.00
     
1.51
%    
0.00
%    
66.10
%
 
These stock options are subject to a
24
-month vesting provision whereby at the end of the
first
three
and
six
months from the grant date,
12.5%
of the stock options granted become exercisable, and whereby at the end of each of
12,
18
and
24
months from the grant date,
25%
of the total stock options become exercisable.
 
A continuity schedule of outstanding stock options for the underlying shares for the
three
months ended
October 31, 2019, 
is as follows:
 
   
Number of Stock
Options
   
Weighted Average
Exercise Price
 
Balance, July 31, 2019
   
15,738,350
    $
1.30
 
Granted
   
597,650
     
0.91
 
Expired
   
(5,990,000
)    
1.34
 
Balance, October 31, 2019
 
 
10,346,000
   
$
1.25
 
 
A continuity schedule of outstanding unvested stock options at
October 31, 2019,
and the changes during the period, is as follows:
 
   
Number of Unvested
Stock Options
   
Weighted Average
Grant-Date Fair Value
 
Balance, July 31, 2019
   
3,310,600
    $
0.59
 
Granted
   
597,650
     
0.51
 
Vested
   
(645,550
)    
0.61
 
Balance, October 31, 2019
 
 
3,262,700
   
$
0.57
 
 
At
October 31, 2019,
unrecognized stock-based compensation expense related to the unvested portion of stock options totaled
$1,064,845
to be recognized over the next
1.08
years.
 
At
October 31, 2019,
the aggregate intrinsic value under the provisions of ASC
718
of all outstanding stock options was estimated at
$56,636
(vested:
$26,254
and unvested:
$30,382
).
 
A summary of stock options outstanding and exercisable at
October 31, 2019
is as follows:
  
 
 
 
 
 
Options Outstanding
   
Options Exercisable
 
Range of
Exercise Price
   
Outstanding at
October 31, 2019
   
Weighted
Average
Exercise Price
   
Weighted Average
Remaining
Contractual Term
(Years)
   
Exercisable at
October 31, 2019
   
Weighted
Averag
e
Exercise Price
   
Weighted Average
Remaining
Contractual Term
(Years)
 
$0.91
to
$0.99
     
4,240,750
    $
0.94
     
6.38
     
2,001,300
    $
0.94
     
2.60
 
$1.00
to
$1.49
     
3,610,000
     
1.22
     
2.15
     
3,545,000
     
1.22
     
2.11
 
$1.50
to
$3.75
     
2,495,250
     
1.84
     
3.21
     
1,537,000
     
2.03
     
2.88
 
 
 
 
     
10,346,000
    $
1.25
     
4.14
     
7,083,300
    $
1.32
     
2.42
 
 
Restricted Stock Units
 
During Fiscal
2019,
the Company granted
465,000
restricted stock units (each, a “RSU”) to certain directors and officers under our Stock Incentive Plan.
 
During the
three
months ended
October 31, 2019,
stock-based compensation relating to the RSUs totaled
$66,928
(
three
months ended
October 31, 2018:
$Nil
). At
October 31, 2019,
outstanding unvested RSUs totaled
465,000
(
July 31, 2019:
465,000
). At
October 31, 2019,
unrecognized compensation costs relating to unvested RSUs totaled
$371,148,
which is expected to be recognized over a period of approximately
2.75
years.
 
Performance Based Restricted Stock Units
 
During Fiscal
2019,
the Company granted
445,000
performance based restricted stock units (each, a “PRSU”) to the Company’s executive officers under our Stock Incentive Plan.
 
During the
three
months ended
October 31, 2019,
stock-based compensation relating to the PRSUs totaled
$68,165
(
three
months ended
October 31, 2018:
$Nil
). At
October 31, 2019,
outstanding unvested PRSUs totaled
445,000
(
July 31, 2019:
445,000
). At
October 31, 2019,
unrecognized compensation costs relating to unvested PRSUs totaled
$443,846,
which is expected to be recognized over a period of approximately
2.75
years.
 
Stock
-
Based Compensation
 
A summary of stock-based compensation expense is as follows:
  
   
Three Months Ended October 31,
 
   
2019
   
2018
 
Stock-Based Compensation for Consultants
 
 
 
 
 
 
 
 
Common stock issued for consulting services
 
$
107,608
    $
130,803
 
Amortization of stock option expenses
 
 
46,971
     
54,402
 
   
 
154,579
     
185,205
 
Stock-Based Compensation for Management
 
 
 
 
 
 
 
 
Common stock issued to management
 
 
34,707
     
35,343
 
Amortization of stock option expenses
 
 
243,377
     
216,804
 
Amortization of RSU & PRSU expenses
 
 
135,093
     
-
 
   
 
413,177
     
252,147
 
Stock-Based Compensation for Employees
 
 
 
 
 
 
 
 
Common stock issued to employees
 
 
128,028
     
123,822
 
Amortization of stock option expenses
 
 
236,791
     
280,350
 
   
 
364,819
     
404,172
 
                 
Settlement of share issuance obligation
 
 
(15,189
)
   
-
 
   
$
917,386
    $
841,524
 
 
During the
three
months ended
October 31, 2019,
we issued
188,914
shares with a fair value of
$171,911
under our Stock Incentive Plan as settlement of our then share issuance obligations totaling
$187,100,
which represented the fair value of the Fiscal
2019
share bonuses made by the Company at
July 31, 2019
under the Stock Incentive Plan. The change in fair value of
$15,189
between the measurement date of
July 31, 2019
and the issuance date was recorded as a credit to the stock-based compensation for the
three
months ended
October 31, 2019.