Stockholders' Equity

3 Months Ended

Apr. 30, 2017

Equity [Abstract]

Stockholders' Equity

Note 9 - Stockholders’ Equity

Common Stock

During the three months ended April 30, 2017, the Company issued 49,268 shares of its common stock to the holders of the Series A Preferred stockholders for the dividends in arrears totaling $46,800.

During the three months ended April 30, 2017, the Company issued 87,554 shares of its common stock to employees and consultants for services rendered of $83,000.

Treasury Stock

As discussed in Note 7, upon amendment of the Manatuck Debenture on October 29, 2015, the Company repurchased the 230,000 shares for an aggregate purchase price of $149,500 which is presented as Treasury Stock on the condensed consolidated balance sheets.

(C) Options

The following is a summary of the Company’s option activity:

	Options			Weighted Average Exercise Price
Outstanding – January 31, 2017		881,404		$	0.78
Exercisable – January 31, 2017		799,404		$	0.78
Granted		-		$	-
Exercised		-		$	-
Forfeited/Cancelled		(229,404	)	$	1.00
Outstanding – April 30, 2017		652,000		$	0.71
Exercisable – April 30, 2017		576,000		$	0.80

	Options Outstanding			Options Exercisable
	Exercise Price	Number Outstanding	Weighted Average Remaining Contractual Life (in years)		Weighted Average Exercise Price	Number Exercisable		Weighted Average Exercise Price
$	0.39 – 2.97	652,000	2.76 years	$	0.71	576,000	$	0.80

At April 30, 2017 the total intrinsic value of options outstanding and exercisable was $188,570 and $159,870, respectively.

For the three months ended April 30, 2017 and 2016, the Company recognized an aggregate of $7,150 and $80,470, respectively. At April 30, 2017, unrecognized stock based compensation was $40,248.

(D) Warrants

The following is a summary of the Company’s warrant activity:

	Warrants			Weighted Average Exercise Price
Outstanding – January 31, 2017		7,311,770		$	1.04
Exercisable – January 31, 2017		7,311,770		$	1.04
Granted		-		$	-
Exercised		-		$	-
Forfeited/Cancelled		(150,000	)	$	1.00
Outstanding – April 30, 2017		7,161,770		$	1.05
Exercisable – April 30, 2017		7,161,770		$	1.05

	Warrants Outstanding					Warrants Exercisable
	Range of Exercise Price	Number Outstanding	Weighted Average Remaining Contractual Life (in years)		Weighted Average Exercise Price	Number Exercisable		Weighted Average Exercise Price
$	0.68-$2.50	7,161,770	3.31 years	$	1.05	7,161,770	$	1.05

At April 30, 2017, the total intrinsic value of warrants outstanding and exercisable was $1,003,444 and $1,033,444, respectively.