Annual report pursuant to Section 13 and 15(d)

CAPITAL STOCK

v3.22.4
CAPITAL STOCK
 12 Months Ended
Oct. 31, 2022
Equity [Abstract]  
CAPITAL STOCK

NOTE 7 – CAPITAL STOCK

 

Common Stock

 

During the fiscal year ended October 31, 2021, the Company issued 80,314 shares of common stock for the exercise of 169,332 Options which were issued under the Company’s 2017 Plan.

 

On July 20, 2021, the Company issued 25,000 shares of common stock to consultants for services rendered. These shares had a fair value of $220,750.

 

During the fiscal year ended October 31, 2021, the Company granted under its 2017 Plan restricted stock awards to purchase an aggregate of 127,500 shares of common stock pursuant to the terms of the Plan to various eligible individuals. As a result, as of October 31, 2021, there were 238,612 shares available under the 2017 Plan. There were forfeitures of 8,000 and 3,000 options during the years ended October 31, 2021 and 2020, respectively.

 

During the fiscal year ended October 31, 2022, pursuant to the terms of the 2017 Plan, the Company granted restricted stock awards of 64,687 shares of common stock to various eligible individuals and also issued 53,733 shares of common stock for awards that had vested in the said fiscal year. 16,981 restricted stock grant awards were forfeited, and 5,467 units were converted into Treasury Stock. Further, 5,925 shares of common stock were issued in respect of the exercise of 36,667 Options. As a result, as of October 31, 2022, there were 230,741 shares available under the 2017 Plan.

 

At the year ended October 31, 2022, there were 1,000,000 shares available under the 2021 Plan.

 

The following tables presents Options and Restricted Stock Award activities for the years ended October 31, 2022, and 2021 and shows the Company’s outstanding obligations for Options and Restricted Stock Awards for the said years.

 

The intrinsic value of the outstanding options as of October 31, 2022 was $544,175 and $1,446,835 for October 31, 2021.

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2022 and 2021

 

NOTE 7 – CAPITAL STOCK (Continued)

 

Stock Options
    Total     Weighted Average Exercise Price     Exercisable     Weighted Average Exercise Price     Non-Vested     Weighted Average Exercise Price  
                                     
Outstanding at October 31, 2020     561,000     $ 4.65       -     $ -       561,000     $ 4.65  
                                                 
Granted     -               -       -       -          
Vested     -     $ 4.65       185,667     $ 4.65       (185,667 )   $ 4.65  
Exercised     (169,332 )   $ 4.65       (169,332 )   $ 4.65       -     $ 4.65  
Forfeited or cancelled     (8,000 )   $ 4.65       -       -       (8,000 )   $ 4.65  
                                                 
Outstanding at October 31, 2021     383,668     $ 4.65       16,335       -       367,333     $ 4.65  
                                                 
Granted     -               -       -       -          
Vested     -     $ 4.65       183,668     $ 4.65       (183,668 )   $ 4.65  
Exercised     (36,667 )   $ 4.65       (36,667 )   $ 4.65       -     $ 4.65  
Forfeited or cancelled     (39,834 )   $ 4.65       (4,333 )     -       (35,501 )   $ 4.65  
                                                 
Outstanding at October 31, 2022     307,167     $ 4.65       159,003     $ 4.65       148,164     $ 4.65  
                                                 
Aggregate Intrinsic Value October 31, 2021   $ 1,446,835             $ 61,746             $ 1,385,089          
                                                 
Aggregate Intrinsic Value October 31, 2022   $ 544,175             $ 281,689             $ 262,486          

 

The total expense recognized by the Company relating to stock options during the years ended October 31, 2022 and 2021, respectively, was $211,284 and $482,595. Unamortized compensation expense in future years is $90,831.

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2022 and 2021

 

NOTE 7 – CAPITAL STOCK (Continued)

 

 

Restricted Stock Awards (“RSA”)
    Total     Weighted Average Exercise Price     Exercisable     Weighted Average Exercise Price     Non-Vested     Weighted Average Exercise Price  
                                     
Outstanding at October 31, 2020     -     $ -       -     $ -       -     $ -  
                                                 
Granted     127,500     $ 8.80       -     $ 8.80       127,500     $ 8.80  
Vested     -     $ 8.80       -     $ 8.80       -     $ 8.80  
Exercised     -     $ 8.80       -     $ 8.80       -     $ 8.80  
Treasury Stock     -     $ 8.80       -     $ 8.80       -     $ 8.80  
Forfeited or cancelled     (5,500 )   $ 8.80       -     $ 8.80       (5,500 )   $ 8.80  
                                                 
Outstanding at October 31, 2021     122,000     $ 8.80       -     $ 8.80       122,000     $ 8.80  
                                                 
Granted     64,687     $ 7.15       -     $ 7.15       64,687     $ 7.15  
Vested     (53,733 )   $ 5.05       -     $ 5.05       (53,733)     $ 5.05  
Exercised     -     $ -       -     $ -       -     $ -  
Treasury Stock     (5,467 )   $ 5.18             $ 5.18       (5,467)     $ 5.18  
Forfeited or cancelled     (16,981 )   $ 8.43       -     $ 8.43       (16,981 )   $ 8.43  
                            $ -                  
Outstanding at October 31, 2022     110,506     $ 8.10       -     $ 8.10       110,506     $ 8.10  

 

The total expense recognized by the Company relating to restricted stock awards during the year ended October 31, 2022 and 2021 was $919,633 and $347,476, respectively. The expense in future years is $122,306.

 

All Stock Options and Restricted Stock Awards have been made pursuant to the 2017 Plan.

 

Total stock compensation expense from issued shares, stock options and restricted stock awards is $1,130,917.

 

Preferred Stock

 

Series A and Series C Preferred Stock

 

The Company is authorized to issue 5,000,000 shares of preferred stock with a par value of $0.001 per share. We had previously designated 50,000 preferred shares as Series A preferred stock and 50,000 preferred shares as Series C preferred stock. Both series have since been eliminated and as of October 31, 2022, there were no shares of Preferred Stock issued or outstanding.

 

 

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

October 31, 2022 and 2021