Stock-Based Compensation

6 Months Ended

Nov. 30, 2024

Stock-Based Compensation [Abstract]

Stock-based Compensation

NOTE 8. Stock-based Compensation

In August 2022, the Company established a Stock Option Plan, superseded by the 2023 Equity Incentive Plan (the “Incentive Plan”), under which the Company’s Board of Directors may, from time-to-time, in its discretion, grant stock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 three and six months ended November 30, 2024, the Company granted 180,000 stock options (November 30, 2023 – nil and nil). 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:

	October 4, 2024
Stock price	$USD	0.27
Risk-free interest rate		3.8	%
Term (years)		5
Volatility		76	%
Forfeiture rate		0	%
Dividend yield		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 (USD)
Outstanding stock options May 31, 2024		685,230	$	0.60		6.8	$	139
Exercised		-		-		-		-
Expired		-		-		-		-
Issued October 4, 2024		180,000	$	0.27		9.9	$	73
Outstanding stock options November 30, 2024		865,230	$	0.56		6.9	$	103
Exercisable as of November 30, 2024		391,396	$	0.59		5.6	$	33

During the three and six months ended November 30, 2024, the Company recorded stock-based compensation expenses of $13 and $118 (November 30, 2023 - $33 and $47), relating to stock options including $74 relating to shares issued for services in connection with the Company’s Incentive Plan in the quarter ended August 31, 2024.