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Subsequent Events
3 Months Ended
Jan. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

Note 8 – Subsequent Events

  

On February 1, 2023, the Company entered into an agreement to cancel the 75,000 stock options that were previously issued to a third-party management consultant and agreed to pay such consultant monthly retainer of $16,750, and an incentive compensation bonus of $75,000.

 

On February 6, 2023, non-qualified stock options exercisable for up to 375,000 shares of common stock were awarded to the three independent board members of the Company. These stock options have a ten-year term from the grant date, with 375,000 fully vest on the earlier of February 6, 2024, or a change in control.   

 

On February 6, 2023, non-qualified stock options exercisable for up to 1,000,000 shares of common stock were awarded to two senior executives of the Company. These stock options have a ten-year term from the grant date, with 500,000 vest on date of issuance and 500,000 vest on the earlier of February 6, 2024, or a change in control.

 

On February 6, 2023, non-qualified stock options exercisable for up to 150,000 shares of common stock were awarded to five employees of the Company. These stock options have a ten-year term from the grant date, with 150,000 fully vest on the earlier of February 6, 2024 or a change in control.   

 

On February 6, 2023, non-qualified stock options exercisable for up to 200,000 shares of common stock were awarded to one consultant acting as a sales broker for the Company. These stock options have a ten-year term from the grant date, with 200,000 shall vest based on achievement of certain net sales targets up to $100,000,000. The term of the agreement is one year from the effective date with an automatic renewal of one year if net sales defined in the agreement are met.

  

On March 3, 2023, the Company approved amending the Consulting Agreement for Mark Thoenes, the Company’s Interim Chief Financial Officer and extend it through June 30, 2023. In order to extend its term, on March 3, 2023, the Company also approved the grant of a stock option award to Mr. Thoenes to acquire up to 50,000 shares of common stock under the Company’s Amended 2020 Stock and Incentive Compensation Plan. All of the option shares fully vest on the earlier of June 30, 2023, or upon meeting certain terms and conditions.