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Subsequent Events
9 Months Ended
Jul. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 8 – Subsequent Events

  

Share-based Compensation

 

On August 1, 2022, the Company approved the grant of a stock option award to 1 employee, to acquire up to 25,000 shares of Common Stock under the Company’s Amended 2020 Stock and Incentive Compensation Plan. The option shares vest on August 1, 2023 and are exercisable at a price of $1.16 per share, which equaled the closing price of the Common Stock as of the date immediately prior to the grant date. The option has a ten-year term. The issuance was exempt from the registration requirements of the Securities Act by virtue of Section 4(a) (2) thereof as a transaction not involving a public offering.

 

On August 24, 2022, the Company approved amending the Consulting Agreement for Mark Thoenes, the Company’s Interim Chief Financial Officer, in order to extend its term, modify the vesting terms of the previously granted stock option award, and approved the grant of a stock option award to acquire up to 50,000 shares of Common Stock under the Company’s Amended 2020 Stock and Incentive Compensation Plan. The option shares vested on August 24, 2022 and are exercisable at a price of $1.32 per share, which equaled the closing price of the Common Stock as of the date immediately prior to the grant date. The option has a ten-year term. The issuance was exempt from the registration requirements of the Securities Act by virtue of Section 4(a)(2) thereof as a transaction not involving a public offering.

 

Related-Party Transactions

 

On August 1, 2022, the Company and Bidi agreed to a price credit for short-coded or expiring inventory against the related-party accounts payable balance due to Bidi. A credit of $2,924,655 was applied on August 1, 2022 resulting in a related-party accounts receivable balance due from Bidi of $2,134,413, to be applied on future orders of Product.