Note 8—Equity

Issuances of Class B Common Stock:

Class B common stock activity for Fiscal 2018 was as follows:

	1.	The Company issued 1,434 shares upon the exercise of stock options and received proceeds of $8,100.

	2.	The Company issued 30,475 shares to various Lenders upon the exercise of warrants and received proceeds of $1,057,000 (see Note 7 – Loan Payable).

Class B common stock activity from November 1, 2017 to the date of the filing of this report was as follows:

The Company issued 50 shares upon the exercise of stock options and received proceeds of $283.

See Note 9 – Stock-Based Compensation below for a further discussion.

Issuances of Warrants:

As discussed in Note 7 – Loan Payable, the Company issued warrants as part of the Loan Agreement. The following table summarizes all warrant activity during Fiscal 2018.

	Warrants			Weighted- average Exercise Price		Weighted- average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of August 1, 2017		111,378		$	43.68		1.4	$	15,118
Granted		17,251			179.60
Exercised		(30,475	)		34.70
Cancelled/Forfeited		—			—
Outstanding and exercisable as of October 31, 2017		98,154		$	70.35		1.1	$	10,911

The following table summarizes information about warrants outstanding and exercisable at October 31, 2017:

	Warrants Outstanding and Exercisable
	Number Outstanding		Weighted- Average Remaining Life In Years		Weighted- Average Exercise Price		Number Exercisable
Exercise prices:
$34.70		74,004		1.1	$	34.70		74,004
$ 179.18 - $180.48		24,150		1.1		179.61		24,150
		98,154		1.1	$	70.35		98,154

The total intrinsic value of warrants exercised during Fiscal 2018 was $4,467,330. The aggregate intrinsic value in the table above represents the total intrinsic value, based on the Company’s closing stock price of $181.51 as of October 31, 2017, which would have been received by the warrant holders had all warrant holders exercised their warrants as of that date.

For the period from November 1, 2017 to the date of the filing of this report, the Company issued warrants to purchase 3,215 shares of the Company’s Class B Common Stock (see Note 7 – Loan Payable). There were no warrant exercises for the period from November 1, 2017 to the date of the filing of this report.

Treasury Stock:

Treasury stock consists of shares of Class B common stock that were tendered by our employees to satisfy their tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. The cost of the shares tendered was based on the trading day immediately prior to the vesting date and the proceeds utilized to pay the withholding taxes due upon such vesting event.

At both October 31, 2017 and July 31, 2017, there were 39,693 shares of treasury stock at a value of $427,916.