Stock Options

9 Months Ended

Apr. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Options

Note 8 – Stock Options

Stock option transactions for the nine months ended April 30, 2024 and the year ended July 31, 2023 are summarized as follows:

Stock Options	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value		Weighted Average Grant Date Fair Value
Outstanding - July 31, 2022		864,489	$	0.14		9.84	$	479,539	$	-
Exercisable - July 31, 2022		864,489	$	0.14		9.84	$	479,539	$	-
Granted		1,478,050	$	0.14		-		-	$	0.68
Exercised		-		-		-		-		-
Cancelled/Forfeited		-		-		-		-		-
Outstanding - July 31, 2023		2,342,539	$	0.49		8.98	$	142,029	$	-
Exercisable - July 31, 2023		2,219,368	$	0.48		8.98	$	142,029	$	-
Granted		-		-		-		-		-
Exercised		-		-		-		-		-
Cancelled/Forfeited		-		-		-		-		-
Outstanding - April 30, 2024		2,342,539	$	0.49		8.23	$	63,159	$	-
Exercisable - April 30, 2024		2,342,539	$	0.49		8.23	$	63,159	$	-
Unvested - April 30, 2024		-	$	-		-	$	-	$	-

Fiscal Year Ended July 31, 2023

In September 2022, the Company granted 1,478,050, 10-year options to an employee for services to be rendered during the period September 2022 - August 2023. These options vested ratably over a twelve-month period. These options had an exercise price of $0.40/share.

Using the Black-Scholes option pricing model, the Company determined that the aggregate fair value of these options granted was $1,003,002.

OPENLOCKER HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2024

(UNAUDITED)

Fair value was based upon the following management estimates:

Expected term (years)	5
Expected volatility	274	%
Expected dividends	0	%
Risk free interest rate	2.98	%

Compensation expense recorded for stock-based compensation for the three months ended April 30, 2024 and 2023 was $0 and $250,750, respectively.

Compensation expense recorded for stock-based compensation for the nine months ended April 30, 2024 and 2023 was $83,583 and $668,667, respectively.

These amounts are included as a component of general and administrative expenses.

Nine Months Ended April 30, 2024 (Fiscal Year Ending July 31, 2024)

During the nine months ended April 30, 2024, the remaining 123,171 of a total 1,478,050 options vested.

OPENLOCKER HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

APRIL 30, 2024

(UNAUDITED)