Stockholders’ Equity

12 Months Ended

Jan. 31, 2022

Equity [Abstract]

Stockholders’ Equity

Note 11 - Stockholders’ Equity

(A) Options

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

	Options			Weighted Average Exercise Price
Outstanding – January 31, 2020		891,500		$	0.77
Exercisable – January 31, 2020		756,500		$	0.71
Granted		7,500		$	0.53
Exercised		(24,000	)	$	0.60
Forfeited/Cancelled		(6,000	)	$	0.60
Outstanding – January 31, 2021		869,000		$	0.70
Exercisable – January 31, 2021		859,000		$	0.70
Granted		-		$	-
Exercised		(200,000	)	$	0.81
Outstanding – January 31, 2022		669,000		$	0.66
Exercisable – January 31, 2022		666,500		$	0.65

		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	669,000		1.83	$	0.66	666,500	$	0.65

At January 31, 2022, the total intrinsic value of options outstanding and exercisable was $859,051 and $857,101, respectively.

During the year ended January 31, 2022, eight employees exercised a total of 200,000 options at an exercise price range of $0.49 to $1.38 per share for aggregate proceeds of $19,080. During the year ended January 31, 2021, three employees exercised a total of 24,000 options at an exercise price of $0.60 per share for aggregate proceeds of $14,400.

During the year ended January 31, 2021, 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 $6,682 that was calculated using the Black-Scholes option-pricing model based on the assumptions discussed above in Note 3.

For the years ended January 31, 2022 and 2021, the Company recognized share-based compensation related to options of an aggregate of $1,863 and $52,895, respectively. In January 2021, the Company extended certain director options that were set to expire in April 2021 for a period of two years to April 2023 using the assumptions in Note 3.

(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		$	1.00
Exercisable – January 31, 2020		6,056,664		$	1.00
Granted		-		$	-
Exercised		(3,631,733	)	$	1.09
Forfeited/Cancelled		(2,424,931	)	$	1.39
Outstanding – January 31, 2021		-		$	-
Exercisable – January 31, 2021		-		$	-
Granted		-		$	-
Exercised		-		$	-
Forfeited/Cancelled		-		$	-
Outstanding – January 31, 2022		-		$	-
Exercisable – January 31, 2022		-		$	-

During the year ended January 31, 2021, warrant holders exercised a total of 3,631,733 warrants and the Company issued 3,588,490 shares of common stock as a result of these exercises and received net proceeds of $3,773,182 which included $87,000 paid to the placement agent. Of the 3,631,733 exercised warrants, 80,000 warrants were exercised on a cashless basis by Spartan Capital and the Company issued 36,757 shares of common stock.

(C) Restricted Stock Units

During the year ended January 31, 2022, the Company awarded an employee a grant of 21,000 restricted stock units (“RSUs”) with a grant date fair value of $59,430. The RSUs will be expensed over the requisite service period. The terms of the RSUs include vesting provisions based solely on continued service. If the service criteria are satisfied, the RSUs will vest during November 2021, September 2022 and September 2023. As of January 31, 2022, there were 14,000 unvested shares and unrecognized share-based compensation of $28,375.

For the year ended January 31, 2022, the Company recognized share-based compensation related to restricted stock units of an aggregate of $31,055.