Stockholders' Equity

9 Months Ended

Oct. 31, 2020

Equity [Abstract]

Stockholders' Equity

Note 9 - Stockholders’ Equity

(A) Options

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

	Options			Weighted Average Exercise Price
Outstanding – January 31, 2020		914,000		$	0.77
Exercisable – January 31, 2020		779,000		$	0.71
Granted		7,500		$	1.16
Exercised		(12,000	)	$	0.60
Forfeited/Cancelled		-		$	-
Outstanding – October 31, 2020		909,500		$	0.71
Exercisable – October 31, 2020		899,500		$	0.70

		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 – 1.38	909,500		1.90	$	0.71	899,500	$	0.70

At October 31, 2020, the total intrinsic value of options outstanding and exercisable was $1,131,611 and $1,121,523, respectively.

In June 2020, two employees exercised a total of 12,000 options at an exercise price of $0.60 per share for aggregate proceeds of $7,200. No options were exercised during the nine months ended October 31, 2019.

During the nine months ended October 31, 2020, the Company issued to 7,500 options to an employee. The options have an exercise price of $1.16 per share, a term of 5 years, and 2-year vesting. The options have an aggregated fair value of approximately $7,617 that was calculated using the Black-Scholes option-pricing model based on the assumptions discussed above in Note 2.

For the nine months ended October 31, 2020 and 2019, the Company recognized share-based compensation related to options of an aggregate of $51,435 and $49,975, respectively. At October 31, 2020, unrecognized share-based compensation was $3,393.

(B) Warrants

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

	Warrants			Weighted Average Exercise Price
Outstanding – January 31, 2020		6,056,664		$	1.21
Exercisable – January 31, 2020		6,056,664		$	1.21
Granted		-		$	-
Exercised		(2,807,843	)	$	1.00
Forfeited/Cancelled		(37,037	)	$	1.00
Outstanding – October 31, 2020		3,211,784		$	1.39
Exercisable – October 31, 2020		3,211,784		$	1.39

Warrants Outstanding						Warrants Exercisable
Exercise Price		Number Outstanding		Weighted Average Remaining Contractual Life (in years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	1.00 – 1.50		3,211,784		0.03	$	1.39		3,211,784	$	1.39

During the nine months ended October 31, 2020, warrant holders exercised a total of 2,807,843 warrants and the Company issued 2,764,600 shares of common stock as a result of these exercises and received gross proceeds of $2,735,697. Of the 2,807,843 exercised warrants, 80,000 warrants were exercised on a cashless basis by Spartan Capital and the Company issued 36,757 shares of common stock.

At October 31, 2020, the total intrinsic value of warrants outstanding and exercisable was $1,804,528 and $1,804,528 , respectively.