Stockholders’ Equity (Tables)
|
12 Months Ended |
Jul. 31, 2023 |
|---|
| Stockholders’ Equity [Abstract] |
|
| Schedule of Stock Option Activity |
A summary of the option activity pursuant to the Company’s stock option
plan for the years ended July 31, 2023 and 2022:
| |
|
2023 |
|
|
2022 |
|
| |
|
Options |
|
|
Weighted -
Average
Exercise
Price |
|
|
Options |
|
|
Weighted -
Average
Exercise
Price |
|
| Outstanding at beginning of year |
|
|
3,941,783 |
|
|
$ |
3.00 |
|
|
|
2,504,563 |
|
|
$ |
3.74 |
|
| New Grants |
|
|
640,000 |
|
|
$ |
2.01 |
|
|
|
1,858,250 |
|
|
$ |
2.88 |
|
| Exercised |
|
|
(6,667 |
) |
|
$ |
2.14 |
|
|
|
(11,300 |
) |
|
$ |
2.49 |
|
| Expired or forfeited |
|
|
(745,616 |
) |
|
$ |
4.15 |
|
|
|
(409,730 |
) |
|
$ |
7.00 |
|
| Outstanding at end of year |
|
|
3,829,500 |
|
|
$ |
2.61 |
|
|
|
3,941,783 |
|
|
$ |
3.00 |
|
| Exercisable at end of year |
|
|
2,195,867 |
|
|
$ |
2.65 |
|
|
|
1,794,399 |
|
|
$ |
3.14 |
|
| Weighted average fair value of options granted during year |
|
|
|
|
|
$ |
1.03 |
|
|
|
|
|
|
$ |
1.52 |
|
|
| Schedule of Assumptions used to Determine the Fair Value of Options Granted |
Listed below are the assumptions used to determine the fair value of
options granted during fiscal years 2023 and 2022:
| Grant Year |
|
Options
Granted |
|
Exercise
Price
Range |
|
Term
(years) |
|
Vesting
Period
(years) |
|
FMV of
options
Granted/Per
Share |
|
Expected
Life (years) |
|
Expected
Volatility % |
|
Interest
Rate % |
| 2023 |
|
640,000 |
|
$ 1.97 – $2.42 |
|
5
|
|
3
|
|
$ 1.07 – $1.28 |
|
3.5
|
|
73.44 – 73.77 |
|
3.03 – 4.10 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2022 |
|
1,858,250 |
|
$ 2.21 – $3.64 |
|
5 |
|
3 |
|
$ 1.17 – $1.78 |
|
3.5
|
|
73.25 – 74.52 |
|
1.73 – 3.03 |
|
| Schedule of Stock Options Outstanding |
The following table summarizes information for stock options outstanding
at July 31, 2023:
| Range of Exercise prices |
|
Shares |
|
|
Weighted-
Average
Remaining
Contractual
Life in Years |
|
|
Weighted-
Average
Exercise
Price |
|
| $1.97 - $2.42 |
|
|
1,757,333 |
|
|
|
3.5 |
|
|
$ |
2.14 |
|
| $2.63 – $2.80 |
|
|
1,131,917 |
|
|
|
1.4 |
|
|
$ |
2.72 |
|
| $2.93 - $3.39 |
|
|
940,250 |
|
|
|
3.3 |
|
|
$ |
3.34 |
|
| |
|
|
3,829,500 |
|
|
|
|
|
|
|
|
|
| Range of Exercise prices |
|
Shares |
|
|
Weighted- Average Remaining Contractual Life in Years |
|
|
Weighted- Average Exercise Price |
|
| $1.97 - $2.42 |
|
|
728,833 |
|
|
|
2.6 |
|
|
$ |
2.20 |
|
| $2.63 – $2.80 |
|
|
1,113,450 |
|
|
|
1.3 |
|
|
$ |
2.72 |
|
| $2.93 - $3.39 |
|
|
353,583 |
|
|
|
3.3 |
|
|
$ |
3.34 |
|
| |
|
|
2,195,867 |
|
|
|
|
|
|
|
|
|
|
| Schedule of Summarizes Restricted Stock Unit (“RSU”) Activity |
The following table summarizes RSU activity for the fiscal year ended
July 31, 2023:
| |
|
Number of
RSUs
outstanding |
|
|
Weighted
Average Fair
Value per
Unit at
Date of
Grant or
Vesting |
|
|
Weighted
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Value (000s) |
|
| Outstanding at beginning of fiscal year |
|
|
502,187 |
|
|
$ |
2.95 |
|
|
|
0.8 years |
|
|
|
1,190 |
|
| Granted |
|
|
325,564 |
|
|
$ |
1.53 |
|
|
|
|
|
|
|
497 |
|
| Vested |
|
|
(270,261 |
) |
|
$ |
1.64 |
|
|
|
|
|
|
|
|
|
| Cancelled |
|
|
— |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
| Outstanding at end of period |
|
|
557,490 |
|
|
$ |
2.21 |
|
|
|
1.1 years |
|
|
$ |
825 |
|
| Expected to vest at end of period |
|
|
557,490 |
|
|
$ |
2.21 |
|
|
|
1.1 years |
|
|
$ |
825 |
|
| |
|
Number of
RSUs
outstanding |
|
|
Weighted
Average Fair
Value per
Unit at
Date of
Grant or
Vesting |
|
|
Weighted
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Value (000s) |
|
| Granted |
|
|
502,187 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
| Vested |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Cancelled |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
| Outstanding at end of period |
|
|
502,187 |
|
|
$ |
2.95 |
|
|
|
1.8 years |
|
|
$ |
1,190 |
|
| Expected to vest at end of period |
|
|
502,187 |
|
|
$ |
2.95 |
|
|
|
1.8 years |
|
|
$ |
1,190 |
|
|
| Schedule of PSU’s Granted and Outstanding |
The following table summarizes PSU’s granted and outstanding
through July 31, 2023:
| Grant Date |
|
Total Grant |
|
|
Forfeitures |
|
|
Outstanding |
|
|
Fair Market
Value At
Grant Date
(000s) |
|
| 10/19/2020 |
|
|
98,600 |
|
|
|
(53,600 |
) |
|
|
45,000 |
|
|
$ |
95 |
|
|