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Stock-Based Compensation
 12 Months Ended
May 31, 2024
Stock-Based Compensation [Abstract]  
Stock-based Compensation

NOTE 13. Stock-based Compensation

 

In August 2022, the Company established a Stock Option Plan, superseded by the 2023 Equity Incentive Plan (the “Option Plan”), under which the Company’s Board of Directors may, from time-to-time, in its discretion, grant stock options to directors, officers, consultants and employees of the Company.

 

Stock options outstanding vest in equal tranches over a period of three years. During the year ended May 31, 2024, the Company granted 100,000 stock options (May 31, 2023 – 585,230). The Company estimated the fair value of the stock options on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

 

   May 31,
2024		   May 31,
2023		 
Stock price  USD$0.85   $CAD0.30 
Risk-free interest rate   4.5%   2.8%
Term (years)   5    5 
Volatility   85%   85%
Forfeiture rate   0%   0%
Dividend yield   0%   0%

  

A summary of stock option activity for the Company is as follows: 

 

   Number of
Shares		   Weighted
Average
Exercise
Price (USD)		   Weighted
Average
Remaining
Contractual
Life (years)		   Aggregate
Intrinsic
Value		 
Outstanding stock options May 31, 2023   585,230   $0.56    6.2   $465 
Exercised   
-
    
-
    
-
    
-
 
Expired   
-
    
-
    
-
    
-
 
Issued May 30, 2024   100,000   $0.85    10.0   $
-
 
Outstanding stock options May 31, 2024   685,230   $0.60    6.8   $139 
Exercisable as of May 31, 2024   195,077   $0.56    6.2   $46 

 

During the year ended May 31, 2024, the Company recorded stock-based compensation expenses of $66 (May 31, 2023 - $55). The weighted average grant date fair value of the stock options issued was $0.59 USD (May 31, 2023 - $0.20 USD). There were no changes to the terms and conditions of the stock options in connection with the Business Combination.