Share-Based Compensation | 9 Months Ended |
Jul. 31, 2014 |
Share-Based Compensation [Abstract] | ' |
Share-Based Compensation | ' |
6. Share-Based Compensation |
|
For the three months ended July 31, 2014, share-based compensation expense was approximately $-0-. For the nine months ended July 31, 2014, share-based compensation expense was approximately $9,000, which was primarily attributable to restricted stock grants issued to our independent Directors under the CDEX Inc. Board Compensation Plan. |
|
For the three months ended July 31, 2013, share-based compensation expense was approximately $18,000, all of which was attributable to restricted stock grants issued for services. For the nine months ended July 31, 2013, share-based compensation expense was approximately $415,000, of which approximately $223,000 was attributable to options, $82,000 was attributable to warrants granted for services and $110,000 was attributable to restricted stock grants issued for services. |
|
During the nine months ended July 31, 2014, 15,000 options were forfeited and approximately 276,000 shares of restricted stock were issued. |
|
During the nine months ended July 31, 2013, 8,350,000 options were granted and 800,000 options were forfeited. During the period, options to purchase 8,000,000 shares of Class A common stock were granted to Mr. Brumfield, the Company’s CEO, with an exercise price of $0.05 a share exercisable for five years from the date of issuance and Mr. Brumfield forfeited the existing 800,000 options granted under his employment agreement. Additionally, options to purchase 150,000 and 200,000 shares of Class A common stock were, respectively, granted to Mr. Stevenson, a director of the Company and to Mr. McCommon, the Company’s CFO. These options have an exercise price of $0.05 a share and are exercisable for five years from the date of issuance. |
|
We determine the fair value of share-based awards at their grant date, using a Black-Scholes Option Pricing Model applying the assumptions in the following table. No options were granted for the nine months ended July 31, 2014. Actual compensation, if any, ultimately realized by option recipients may differ significantly from the amount estimated using an option valuation model. |
|
|
| | For the nine months ended July 31, | |
| | 2014 | | | 2013 | |
Weighted average grant date fair value | | $0.00 | | | $0.06 | |
Expected volatility | | 0% | | | 75% | |
Expected dividends | | 0% | | | 0% | |
Expected term (years) | | - | | | 5 | |
Risk free rate | | - | | | 0.77% - 0.79% | |
|
As of July 31, 2014, there were no unrecognized compensation costs related to unvested restricted stock grants. |