Stockholders' Equity Note Disclosure [Text Block] | NOTE 1 3 : CAPITAL STOCK Equity Financing Subsequent to July 31, 2020, September 2020 12,500,000 $1.20 $15,000,000. one one one one $1.80 24 September 2020 583,333 $1.80 24 On October 3, 2018, 12,613,049 $1.60 $20,180,878 “October 2018 one one one one $2.05 30 October 2018 756,782 $2.05 30 The shares were valued at the Company's closing price of $1.54 October 3, 2018. Expected Risk Free Interest Rate 2.90 % Expected Annual Volatility 63.30 % Expected Contractual Life in Years 2.50 Expected Annual Dividend Yield 0.00 % The net proceeds from the October 2018 Fair Value of Shares $ 19,424,095 Fair Value of Share Purchase Warrants 3,094,693 Total Fair Value Before Allocation to Net Proceeds $ 22,518,788 Gross Proceeds $ 20,180,878 Share Issuance Costs - Cash (1,211,667 ) Net Cash Proceeds Received $ 18,969,211 Relative Fair Value Allocation to: Shares $ 16,362,327 Share Purchase Warrants 2,606,884 $ 18,969,211 Share Transactions During Fiscal 2019, 11,000,000 11,000,000 750,000 $1.33 $2.30 August 9, 2022, $0.45 August 9, 2017, $4,950,000 $997,500 no Share Purchase Warrants During Fiscal 2019, $4,822,357 3,999,881 $1.21 A continuity schedule of outstanding share purchase warrants as at July 31, 2020, Number of Weighted Average Balance, July 31, 2017 19,676,560 $ 1.78 Issued 11,358,728 2.30 Exercised (61,799 ) 1.20 Expired (50,000 ) 1.95 Balance, July 31, 2018 30,923,489 1.97 Issued 7,063,253 2.05 Exercised (3,999,881 ) 1.21 Expired (3,542,951 ) 2.13 Exchanged for shares pursuant to Securities Exchange Agreement (11,000,000 ) 2.30 Balance, July 31, 2019 19,443,910 1.94 Issued 300,000 1.38 Expired (12,021,929 ) 1.87 Balance, July 31, 2020 7,721,981 $ 2.03 A summary of share purchase warrants outstanding and exercisable as at July 31, 2020 Weighted Average Number of Warrants Weighted Average Remaining Contractual Expiry Date $ 1.25 150,000 0.40 December 23, 2020 1.50 150,000 0.40 December 23, 2020 2.05 7,063,253 0.67 April 3, 2021 2.30 308,728 2.02 August 9, 2022 1.64 50,000 2.80 May 21, 2023 $ 2.03 7,721,981 0.73 Stock Options At July 31, 2020, one 2020 “2020 2019 no During Fiscal 2020, 4,838,900 2019: 2,006,350; 2018: 4,083,000 24 first three six 12.5% 12, 18 24 25% 1,325,000 three one third second third 2020 2019 10 2018 five The fair value of these stock options was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted average assumptions: Year Ended July 31, 2020 2019 2018 Expected Risk Free Interest Rate 0.40 % 1.86 % 2.24 % Expected Volatility 60.48 % 65.62 % 67.60 % Expected Life in Years 4.9 4.9 3.1 Expected Dividend Yield 0 % 0 % 0 % Weighted-Average Grant Date Fair Value $ 0.45 $ 0.53 $ 0.68 A continuity schedule of outstanding stock options at July 31, 2020, Number of Stock Options Weighted Average Exercise Price Balance, July 31, 2017 12,260,500 $ 1.33 Granted 4,083,000 1.40 Exercised (1,365,625 ) 0.70 Forfeited (66,250 ) 1.24 Balance, July 31, 2018 14,911,625 1.41 Granted 2,006,350 0.97 Exercised (259,625 ) 1.12 Cancelled/Forfeited (910,000 ) 2.41 Expired (10,000 ) 1.50 Balance, July 31, 2019 15,738,350 1.30 Granted 6,163,900 0.95 Cancelled/Forfeited (179,344 ) 1.02 Expired (6,208,156 ) 1.39 Balance, July 31, 2020 15,514,750 $ 1.13 The table below sets forth the number of shares issued and cash received upon exercise of the stock options: Year Ended July 31, 2020 2019 2018 Number of Shares Issued Upon Exercise of Options - 125,879 1,094,589 Number of Options Exercised on Forfeiture Basis - 193,375 580,625 Number of Net Shares Issued - 59,629 309,589 Number of Options Exercised on Cash Basis - 66,250 785,000 Cash Received from Exercise of Stock Options $ - $ 72,363 $ 530,050 Total Intrinsic Value of Options Exercised $ - $ 134,174 $ 1,049,694 A continuity schedule of outstanding unvested stock options at July 31, 2020, Number of Unvested Stock Options Weighted Average Grant-Date Fair Value Balance, July 31, 2017 765,750 $ 0.58 Granted 4,083,000 0.68 Vested (1,303,000 ) 0.65 Forfeited (66,250 ) 0.62 Balance, July 31, 2018 3,479,500 0.68 Granted 2,006,350 0.53 Vested (2,055,250 ) 0.68 Forfeited (120,000 ) 0.67 Balance, July 31, 2019 3,310,600 0.59 Granted 6,163,900 0.45 Vested (2,590,154 ) 0.60 Cancelled/Forfeited (86,875 ) 0.43 Balance, July 31, 2020 6,797,471 $ 0.46 At July 31, 2020, $391,508 $95,261 $296,247 July 31, 2020, $2,500,153 1.31 A summary of stock options outstanding and exercisable at July 31, 2020 Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at July 31, 2020 Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Exercisable at Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) $0.80 to $0.99 8,169,500 $ 0.92 7.64 2,843,279 $ 0.94 4.03 $1.00 to $1.49 5,005,000 1.19 3.81 3,533,750 1.22 1.47 $1.50 to $3.28 2,340,250 1.75 2.59 2,340,250 1.75 2.59 15,514,750 $ 1.13 5.64 8,717,279 $ 1.27 2.61 Restricted Stock Units During Fiscal 2020, 1,305,000 $0.91 three one first one third one second third During Fiscal 2019, 465,000 $0.9421 three one third second third A summary of outstanding unvested RSUs at July 31, 2020 Grant Date Number of Restricted Stock Units Grant Date Fair Value Remaining Life (Years) Aggregate Intrinsic Value July 30, 2019 310,000 $ 0.94 2.00 $ 8,649 July 16, 2020 1,305,000 0.91 2.96 78,300 1,615,000 $ 0.92 2.77 $ 86,949 A continuity schedule of outstanding RSUs at July 31, 2020, Number of Restricted Stock Units Weighted Average Grant Date Fair Value Balance, July 31, 2018 - $ - Granted 465,000 0.94 Balance, July 31, 2019 465,000 0.94 Granted 1,305,000 0.91 Vested (155,000 ) 0.94 Balance, July 31, 2020 1,615,000 $ 0.92 During Fiscal 2020, $310,127 2019: $Nil; 2018: $Nil 2020, 155,000 105,844 49,156 July 31, 2020, 1,615,000 July 31, 2019: 465,000 $1,315,500, 1.48 Performance Based Restricted Stock Units During Fiscal 2019, 445,000 445,000 X three three 3 one one 1 three 25% may 0% 200% not one three no These PRSUs have a market condition considered in the determination of the fair value such that the ultimate number of PRSUs that vest will be determined by the Company's share performance relative to the Global X $1.15 Expected Risk Free Interest Rate 1.99% to 2.20% Expected Volatility 56.74% to 61.75% Expected Dividend Yield 0% Expected Life in Years 3 Correlation 57.10% On July 30, 2020, 90,001 X 90,001 During Fiscal 2020, $272,658 2019: $Nil; 2018: $Nil July 31, 2020, 333,750 July 31, 2019: 445,000 $239,352, 2.0 Stock - Based Compensation A summary of stock-based compensation expense for Fiscal 2020, 2019 2018 Year Ended July 31, 2020 2019 2018 Stock-Based Compensation for Consultants Common stock issued for consulting services $ 539,552 $ 644,307 $ 740,640 Amortization of stock option expenses 240,912 153,549 582,842 780,464 797,856 1,323,482 Stock-Based Compensation for Management Common stock issued to management 225,217 269,688 702,505 Amortization of stock option expenses 644,516 516,266 284,556 Amortization of RSU & PRSU expenses 582,785 - - 1,452,518 785,954 987,061 Stock-Based Compensation for Employees Common stock issued to employees 635,414 674,488 773,899 Amortization of stock option expenses 640,011 689,743 547,231 1,275,425 1,364,231 1,321,130 Settlement of share issuance obligation (15,189 ) - (127,615 ) $ 3,493,218 $ 2,948,041 $ 3,504,058 During Fiscal 2020, 188,914 $171,911 $187,100 2019 2018, 398,839 $510,527 $638,142 2017 |