Stock-Based Compensation

12 Months Ended

Jul. 31, 2025

Equity [Abstract]

Stock-Based Compensation

Note 8.     Stock-Based Compensation

2021 Omnibus Stock Incentive Plan

At our annual stockholder meeting held September 14, 2021, the stockholders approved the Amended and Restated 2021 Omnibus Stock Incentive Plan (the “2021 Plan”). The purpose of the 2021 Plan is to enable us to recruit and retain highly qualified employees, directors and consultants and to provide incentives for productivity and the opportunity to share in our growth and value. Subject to certain adjustments, the maximum number of shares of common stock, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, cash or other stock-based awards that may be issued under the 2021 Plan is 20,000,000. At July 31, 2025, 3,875,000 shares remained available for future issuances and 17,625,000 shares of our common stock were reserved for issuance for awards pursuant to the 2021 Plan.

Stock Options

Stock option activity during fiscal 2025 and 2024 was as follows:

	Fiscal Year Ended July 31,						Fiscal Year Ended July 31,
	2025						2024
	Number of Options			Weighted Average Exercise Price			Number of Options			Weighted Average Exercise Price
Options outstanding at beginning of year		18,470,000		$	0.17			11,795,000		$	0.34
Options granted		–			–			10,475,000			0.10
Options cancelled		(500,000	)		(0.08	)		(2,800,000	)		(0.57	)
Options expired		(720,000	)		(0.49	)		(250,000	)		(0.30	)
Options forfeited		–			–			(750,000	)		(0.26	)
Options outstanding at end of year		17,250,000		$	0.13			18,470,000		$	0.17

Criteria used for determining the Black-Scholes value of options granted were as follows:

	Year Ended July 31,
	2025		2024
Expected stock price volatility		–		147% - 166%
Risk free interest rate		–		3.84% - 4.72%
Expected life of options (years)		–		5.0 - 10.0
Expected dividend yield		–		–

The weighted average contractual term remaining for outstanding options was 5.53 years at July 31, 2025.

Warrants

Warrant activity during fiscal 2025 and 2024 was as follows:

	Fiscal Year Ended July 31,					Fiscal Year Ended July 31,
	2025					2024
	Number of Warrants			Weighted Average Exercise Price		Number of Warrants			Weighted Average Exercise Price
Warrants outstanding at July 31, 2024		21,725,274		$	0.27		14,558,607		$	0.46
Warrants issued		300,000			0.1		12,444,445			0.07
Warrants exercised		–			–		(3,537,103	)		0.07
Warrants cancelled		(550,000	)		0.5		(1,740,675	)		0.34
Warrants outstanding at July 31, 2025		21,475,274			0.25		21,725,274			0.27

The weighted average contractual term remaining for outstanding warrants was 2.13 years at July 31, 2025.

Unrecognized Stock-Based Compensation Costs

At July 31, 2025, we had no unrecognized stock-based compensation.