Quarterly report pursuant to Section 13 or 15(d)

2017 STOCK INCENTIVE PLAN

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2017 STOCK INCENTIVE PLAN
6 Months Ended
Apr. 30, 2022
Stock Incentive Plan  
2017 STOCK INCENTIVE PLAN

NOTE 13 – 2017 STOCK INCENTIVE PLAN

 

On December 6, 2017, the Board of Directors adopted the 2017 Stock Incentive Plan (the “2017 Plan”) with 913,612 shares of Common Stock available under the Plan for issuance. This Plan was approved by Stockholders at its meeting held on or around July 24, 2018.

 

On July 12, 2021, the Board of Directors adopted the 2021 Stock Incentive Plan (the “2021 Plan”). The 2021 Plan is identical to the 2017 in all material respects, except that the number of shares available for issuance thereunder is 1,000,000.

 

During the six months ended April 30, 2022, the Company granted to various eligible individuals Restricted Stock Awards of 55,181 shares of common stock pursuant to the terms of the Plan. During the six months ended April 30, 2022, 177,333 options vested and remain unexercised. 3,333 options were exercised on a cashless basis, and 1,107 shares were issued. As of April 30, 2022, there were 1,365,778 shares available for future issue under both 2017 and 2021 Plans. The total stock compensation expense during the six months ended April 30, 2022, was $690,743.

 

During the six months ended April 30, 2021, 4,000 options were forfeited. During the six months ended April 30, 2021, 182,667 options vested. As of April 30, 2021, 65,161 shares of common stock were issued pursuant the cashless exercise of 138,000 options. 44,667 options vested in March 2021 remained unexercised as of April 30, 2021. As of April 30, 2021, there were 416,273 shares of common stock available for future issue under the 2017 Plan. The total stock compensation expense during the six months ended April 30, 2021, was $309,604.