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Stock Options
 3 Months Ended
Oct. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Options

Note 8 – Stock Options

 

Stock option transactions under the Company’s Plan for the three months ended October 31, 2023 and the year ended July 31, 2023 are summarized as follows:

 

Stock Options 

Number of

Options

  

Weighted

Average

Exercise Price

  

Weighted

Average

Remaining

Contractual

Term (Years)

  

Aggregate

Intrinsic

Value

  

Weighted

Average

Grant

Date

Fair Value

 
Outstanding - July 31, 2022   864,489   $0.14    9.84   $479,539   $- 
Exercisable - July 31, 2022   864,489   $0.14    9.84   $479,539   $- 
Granted   1,478,050   $0.14         -   $0.68 
Exercised   -   $-    -    -   $- 
Cancelled/Forfeited   -   $-    -    -   $- 
Outstanding - July 31, 2023   2,342,539   $0.49    8.98   $142,029   $- 
Exercisable - July 31, 2023   2,219,368   $0.48    8.98   $142,029   $- 
Granted   -   $-    -    -   $- 
Exercised   -   $-    -    -   $- 
Cancelled/Forfeited   -   $-    -    -   $- 
Outstanding - October 31, 2023   2,342,539   $0.49    8.73   $63,159   $- 
Exercisable - October 31, 2023   2,342,539   $0.49    8.73   $63,159   $- 
Unvested - October 31, 2023   -   $-    -   $-   $- 

 

 

Fiscal Year Ended July 31, 2024

 

During the three months ended October 31, 2023, the remaining 123,171 options vested.

 

Fiscal Year Ended July 31, 2023

 

In September 2022, the Company granted 1,478,050, ten-year (10) options to an employee for services to be rendered during the period September 2022 - August 2023. These options vested ratably over a twelve-month (12) period. These options had an exercise price of $0.40/share.

 

Using the Black-Scholes option pricing model, the Company determined that the fair value of these options granted was $1,003,002.

 

Fair value was based upon the following management estimates:

 

Expected term (years)   5 
Expected volatility   274%
Expected dividends   0%
Risk free interest rate   2.98%

 

Compensation expense recorded for stock-based compensation for the three months ended October 31, 2023 and 2022 was $83,583 and $167,167. These amounts are included as a component of general and administrative expenses.