Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

v3.24.3
Stockholders’ Equity
 3 Months Ended
Aug. 31, 2024
Stockholders' Equity Note [Abstract]  
Equity [Text Block]

Note 16: Stockholders’ Equity

 

The Company’s authorized capital stock consists of 345,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.001 per share.

 

Common stock transactions for the three months ended August 31, 2024

 

On August 30, 2024, the Company issued 56,847,545 shares of common stock pursuant to the conversion $2,200,000 of the principal amount of a note payable (see note 17). No gain or loss was recorded on this transaction as the conversion occurred according to the term of the note.

 

Common stock transactions for the three months ended August 31, 2023

 

None.

 

The following table summarizes the significant terms of warrants outstanding at August 31, 2024. This table does not include the unit warrants. See Unit Warrants section below.

 

Range of

exercise

Prices

    

Number of

warrants

Outstanding

    

Weighted

average

remaining

contractual

life (years)

    

Weighted

average

exercise

price of

outstanding

Warrants

    

Number of

warrants

Exercisable

    

Weighted

average

exercise

price of

exercisable

Warrants

  
                                             
$ 0.40-0.4125       20,726,901       1.55     $ 0.43       20,726,901     $ 0.43  
          20,726,901       1.55     $ 0.43       20,726,901     $ 0.43  

 

Transactions involving warrants are summarized as follows. This table does not include the unit warrants. See Unit Warrants section below.

 

   

Number of

Shares

    

Weighted Average

Exercise Price

  

Warrants outstanding at May 31, 2023

     21,181,449     $ 0.46  

Granted

     -     $ -  

Exercised

     -     $ -  

Cancelled / Expired

     (454,548 )   $ 0.41  

Warrants outstanding at May 31, 2024

     20,726,901     $ 0.43  

Granted

                

Exercised

     -     $ -  

Cancelled / Expired

     -     $ -  

Warrants outstanding at August 31, 2024

     20,726,901     $ 0.43  

 

Stock Options

 

Stock options for the three months ended August 31, 2024

 

During the three months ended August 31, 2024, 41,667 warrants issued to the Company’s previous Chief Science Officer expired.

 

The following table summarizes the significant terms of options outstanding at August 31, 2024.

 

Range of

exercise

Prices

    

Number of

options

Outstanding

    

Weighted

average

remaining

contractual

life (years)

    

Weighted

average

exercise

price of

outstanding

Options

    

Number of

Options

Exercisable

    

Weighted

average

exercise

price of

exercisable

Option

  
                                             
$ 0.039       8,000,000       9.40     $ 0.039       1,833,332     $ 0.039  

 

Transactions involving options are summarized as follows.

 

   

Number of

Shares

    

Weighted Average

Exercise Price

  

Options outstanding at May 31, 2024

     8,041,667     $ 0.039  

Granted

     -     $ -  

Exercised

     -     $ -  

Cancelled / Expired

     (41,667 )   $ -  

Options outstanding at August 31, 2024

     8,000,000     $ 0.039  

 

Stock options for the three months ended August 31, 2023

 

None.

 

During the three months ended August 31, 2024, the Company charged $28,802 to stock-based compensation expense, in connection with the vesting of stock options. There were no comparable charges during the three months ended August 31, 2023.

 

The aggregate intrinsic value of options outstanding and exercisable at August 31, 2024 and 2023 was $5,344 and $0, respectively. Aggregate intrinsic value represents the difference between the fair value of the Company’s stock on the last day of the fiscal period, which was $0.043 as of August 31, 2024, and the exercise price multiplied by the number of options outstanding and exercisable.