Stock Options

A continuity schedule of our outstanding stock options for the three and nine months ended April 30, 2025, is as follows:

The table below sets forth the number of shares issued and cash received upon the exercise of our stock options:

A continuity schedule of our outstanding unvested stock options as of April 30, 2025, and the changes during the period, is as follows:

During the nine months ended April 30, 2025, we granted a stock option under our 2024 Stock Incentive Plan (the “Stock Incentive Plan”) to one of our officers to purchase an aggregate of 24,415 shares of the Company which are subject to a 24-month vesting provision whereby, at the end of each of the first three and six months after the grant date, 12.5% of the total stock options become exercisable, and whereby at the end of each of 12, 18 and 24 months after the grant date, 25% of the total stock options become exercisable. 

For the nine months ended April 30, 2025, the weighted average fair value of the stock options granted was $3.75 per share and it was estimated at the date of grant using the Black-Scholes model with the following assumptions, which is level 2 of the fair value measurement hierarchy:

As at April 30, 2025, the aggregate intrinsic value of all of our outstanding stock options was estimated at $12.75 million (vested: $12.20 million and unvested: $0.55 million).  As at April 30, 2025, our unrecognized compensation cost related to unvested stock options was $0.69 million ( July 31, 2024: $2.18 million), which is expected to be recognized over 0.84 years.

A summary of our stock options outstanding and exercisable as of April 30, 2025, is as follows:

Restricted Stock Units

During the nine months ended April 30, 2025, the Company granted 16,103 restricted stock units (each, an “RSU”) to one of our officers under our Stock Incentive Plan.  RSUs granted during the period have a vesting period of three years from the grant date, whereby one-third of the RSUs will vest at the end of the first, second and third year, respectively, from the date of grant. The fair value of these RSUs was determined using the share prices at the respective grant dates.

A summary of our outstanding and unvested RSUs as of April 30, 2025, is as follows:

During the three and nine months ended April 30, 2025, our stock-based compensation related to RSUs was $0.74 million and $2.27 million (three and nine months ended April 30, 2024: $0.45 million and 1.33 million), respectively.  As at April 30, 2025, our unrecognized compensation costs related to unvested RSUs totaled $2.43 million ( July 31, 2024: $4.42 million), which is expected to be recognized over a period of approximately 1.46 years.

Performance Based Restricted Stock Units

During the three and nine months ended April 30, 2025, our stock-based compensation related to the amortization of performance based restricted stock units (each, a “PRSU”) totaled $0.29 million and $0.86 million (three and nine months ended April 30, 2024: $0.18 million and $0.53 million), respectively.  As at April 30, 2025, our unrecognized compensation costs related to unvested PRSUs totaled $1.88 million ( July 31, 2024: $2.74 million), which is expected to be recognized over a period of approximately 1.90 years.

Stock-Based Compensation

A summary of our stock-based compensation expense for the three and nine months ended April 30, 2025, is as follows: