v3.25.1
Share capital (FY)
 6 Months Ended 12 Months Ended
Jan. 31, 2025
Jul. 31, 2024
Share Capital [Abstract]    
Share capital
13.
Share capital
(a)
Authorized
The Company is authorized to issue an unlimited number of common stock without par value.
(b)
Shares issued
Shares issued during the six months ended January 31, 2025
On September 5, 2024, the Company issued 15,963 shares with a fair value of $47,904 in settlement of accounts payable in the amount of $39,527 and recognized a loss on the settlement of $8,377.
In October 28, 2024, the Company issued 22,448 shares with a fair value of $49,500 for the conversion of the mandatory convertible debentures (Note 10).
On October 29, 2024, the Company issued 91,760 shares for the exercise of 600,000 share purchase warrants, at an exercise price of CAD$1.31 per share for gross proceeds of $86,237. The fair value of the warrants was $303,492.
On November 6, 2024, the Company completed the De-SPAC transaction (Note 4), with each of former Devv Holdings shares converted to securities of the Company on a 1 to 0.152934 basis. All disclosures in these financial statements on number of shares have been accordingly converted on the same basis. 5,159,209 shares with a fair value of $3,147,118 were retained by former shareholders of the Company as consideration for the De-SPAC transaction.
On November 6, 2024, upon completion of the De-SPAC transaction (Note 4), the Company also issued:
•
2,000,000 shares with a fair value of $1,220,000 for the acquisition of 50% interest in an associate, MSP (Note 6).
•
3,000,522 shares with a fair value of $1,830,318 in settlement of accounts payable and accrued liabilities with various vendors of Devv Holdings and Devv Corp, in the amount of $10,523,400. On October 29, 2024, the Focus Impact Sponsor transferred their Focus Impact Class A shares (“Sponsor Shares”) to the various vendors in settlement of the debt. Upon the closing of the De-SPAC transaction, the Company issued 3,000,522 replacement shares to the Focus Impact Sponsor. As Focus Impact Sponsor transferred the Sponsor Shares on behalf of the Company, and assumed the risk of the De-SPAC transaction not occurring (wherein Devv Holdings and Devv Corp would not have been obliged to compensate Focus Impact Sponsor in that eventuality), the transaction is more akin to a capital transaction per ASC 470-50-40-2, to reflect the risk undertaken by Focus Impact Sponsor in its capacity as a significant shareholder of the Company. As such the gain on settlement of $8,693,082 was recognized in equity.
•
1,694,808 shares to various parties for gross proceeds of $2,250,000, of which $20,000 remain receivable as of January 31, 2025.
•
500,000 shares with a fair value of $305,000 as a commitment fee in connection the ELOC Agreement with Helena I (Notes 7 and 17). The fair value of the shares is recognized as deferred financing costs of the Company.
•
3,249,876 shares with a fair value of $1,982,424 for the acquisition of carbon credits, and for deposits on carbon credits purchases (Note 5).
On November 13, 2024, the Company issued 557,290 shares with a fair value of $585,155 in consideration to Focus Impact Partners, for entering into a strategic consulting agreement (Note 17).
On December 27, 2024, the Company issued 412,478 shares with a fair value of $317,608 in settlement of accounts payable and accrued liabilities with various vendors of the Company, in the amount of $1,225,000, and recognized a gain on settlement of $907,392.
Shares issued during the six months ended January 31, 2024
On August 4, 2023 the Company issued 91,760 shares for the exercise of 91,760 share purchase warrants, at an exercise price of CAD$1.31 per share.
On August 22, 2023 the Company issued 63,722 shares for the exercise of 63,722 share purchase warrants, at an exercise price of CAD$1.31 per share.
On September 22, 2023 the Company issued 25,489 shares for the exercise of 25,489 share purchase warrants, at an exercise price of CAD$1.31 per share.
(c)
Share purchase warrants
The continuity of share purchase warrants is as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
Number of
warrants
 
 
Weighted
Average Exercise
price
 
 
Remaining
life (Years)
Balance, July 31, 2023
 
 
1,509,817
 
 
$4.25
 
 
1.85
Exercised
 
 
(180,971)
 
 
$0.97
 
 
—
Balance, July 31, 2024
 
 
1,328,846
 
 
$4.72
 
 
0.67
Issued on RTO (Note 4)
 
 
22,699,987
 
 
$1.52
 
 
—
Exercised
 
 
(91,760)
 
 
$0.94
 
 
—
Expired
 
 
(1,038,016)
 
 
$5.64
 
 
—
Balance, January 31, 2025
 
 
22,899,057
 
 
$1.52
 
 
4.74
 
 
 
 
 
 
 
 
 
 
As at January 31, 2025, the following share purchase warrants were outstanding:

 
 
 
 
 
 
 
Number of warrants outstanding
 
 
Exercise price
 
 
Expiry date
    12,999
 
 
CAD$13.08
 
 
June 30, 2025
   186,071
 
 
CAD$1.31
 
 
September 29, 2026
22,699,987*
 
 
$1.52
 
 
November 6, 2029
22,899,057 
 
 
 
 
 
 
 
 
 
 
 
 
 

*
Each warrant exercisable for 0.9692 common stock.
All of the warrants outstanding are liability classified (Note 11).
The Company has 11,224 warrants with an exercise price of CAD$6.73 to be issued as of January 31, 2025.
(d)
Options
The continuity of the Company’s stock options is as follows:

 
 
 
 
 
 
 
 
 
 
Number of
options
 
 
Weighted average
exercise price
Outstanding, October 31, 2024 and July 31, 2024
 
 
627,786
 
 
CAD$5.56
Forfeited
 
 
(13,991)
 
 
CAD$5.24
Cancelled
 
 
(27,301)
 
 
CAD$5.24
Outstanding, January 31, 2025
 
 
586,494
 
 
CAD$5.56
Exercisable, July 31, 2024
 
 
334,964
 
 
CAD$5.56
Exercisable, January 31, 2025
 
 
419,338
 
 
CAD$5.53
 
 
 
 
 
 
 
As at January 31, 2025, the weighted average remaining contractual life of outstanding options is 5.59 years (July 31, 2024 – 7.09 years).
As at January 31, 2025, the following stock options were outstanding and exercisable:

 
 
 
 
 
 
 
 
 
 
Number of options
outstanding
 
 
Exercise
price
 
 
Expiry date
 
 
Number of
options
exercisable
 26,763
 
 
CAD$5.24
 
 
January 17, 2028
 
 
26,763
 91,760
 
 
CAD$5.24
 
 
February 6, 2028
 
 
68,820
 84,113
 
 
CAD$7.26
 
 
May 15, 2028
 
 
53,909
  7,646
 
 
CAD$7.72
 
 
June 26, 2028
 
 
5,734
229,398
 
 
CAD$5.24
 
 
January 17, 2032
 
 
160,578
 45,880
 
 
CAD$5.24
 
 
March 1, 2032
 
 
32,116
  9,176
 
 
CAD$5.24
 
 
March 14, 2032
 
 
6,424
 76,466
 
 
CAD$5.24
 
 
October 12, 2032
 
 
53,526
 15,292
 
 
CAD$5.24
 
 
February 6, 2033
 
 
11,468
586,494
 
 
 
 
 
 
 
 
419,338
 
 
 
 
 
 
 
 
 
 
No stock options were issued during the six months ended January 31, 2025 and 2024.
Share-based compensation – Options
Share-based payments relating to the vesting of options for the six months ended January 31, 2025 was $47,191 (2024 - $434,605) and is recorded as salaries and wages on the consolidated statement of operations.
As of November 6, 2024, upon the listing of the Company’s shares on the NASDAQ, all stock options outstanding are liability classified (Note 12).
(e)
Restricted stock units (“RSUs”)
The continuity of the Company’s RSU’s is as follows:

 
 
 
 
 
 
 
Number of RSU’s
Outstanding, July 31, 2023
 
 
1,036,892
Granted
 
 
177,949
Outstanding, July 31, 2024
 
 
1,214,841
Forfeited
 
 
(37,541)
Outstanding, January 31, 2025
 
 
1,177,300
 
 
 
 
No RSUs were granted during the six months ended January 31, 2025 and 2024.
As at January 31, 2025, the Company had 1,177,300 (July 31, 2024 – 1,214,841) restricted stock units (“RSUs”) outstanding, of which 571,361 (July 31, 2024 – 259,988) had vested. All vested RSU’s are to be settled by December 31st of the calendar year in which the RSUs vest.
As at January 31, 2025, the following RSUs were outstanding and vested:

 
 
 
 
 
 
 
Number of RSUs
outstanding
 
 
Grant date
 
 
Number of RSUs
Vested
    9,176
 
 
November 30, 2021
 
 
6,117
  382,335
 
 
December 24, 2021
 
 
210,284
   10,094
 
 
March 1, 2022
 
 
10,094
  627,029
 
 
March 14, 2022
 
 
344,866
  148,666
 
 
July 30, 2024
 
 
—
1,177,300
 
 
 
 
 
571,361
 
 
 
 
 
 
 
Stock-based compensation – RSU’s
Share-based payments relating to the vesting of RSUs for the six months ended January 31, 2025 was $245,705 (2024 - $351,712) and is recorded as salaries and wages on the consolidated statement of operations.
 
DevvStream Holdings, Inc. [Member]    
Share Capital [Abstract]    
Share capital  
8.
Share capital
(a)
Authorized
The Company is authorized to issue an unlimited number of SVS without par value and an unlimited number of MVS without par value. Each MVS can be converted into SVS at a rate of one MVS to 10 SVS and carries 10 voting rights per MVS.
(b)
Shares issued
Shares issued during the year ended July 31, 2024
On August 4, 2023 the Company issued 600,000 shares for the exercise of 600,000 share purchase warrants, at an exercise price of CAD$0.20 per share.
On August 22, 2023 the Company issued 416,667 shares for the exercise of 416,667 share purchase warrants, at an exercise price of CAD$0.20 per share.
On September 22, 2023 the Company issued 166,666 shares for the exercise of 166,666 share purchase warrants, at an exercise price of CAD$0.20 per share.
Shares issued during year ended July 31, 2023
On November 4, 2022, the Company closed the Transaction and issued 6,706,039 SVS to former shareholders of Devv Holdings and Finco for consideration of $2,960,920 (Note 4).
On May 10, 2023 the Company issued 1,170,000 shares for the exercise of 1,170,000 share purchase warrants, 1,000,000 of which were exercised at CAD$0.20 per share, and 170,000 of which were exercised at CAD$1.20, for total cash proceeds of CAD$404,000 ($301,984).
(c)
Share purchase warrants
The continuity of share purchase warrants is as follows:

 
 
 
 
 
 
 
 
 
 
 
 
 
Number of
warrants
 
 
Weighted
Average
Exercise price
 
 
Remaining
life
(Years)
Balance, July 31, 2022
 
 
7,959,376
 
 
CAD$0.70
 
 
1.80
Replacement Finco Warrants (Note 4)
 
 
2,997,975
 
 
CAD$1.20
 
 
1.27
Issued
 
 
85,000
 
 
CAD$2.00
 
 
1.92
Exercised
 
 
(1,170,000)
 
 
CAD$0.35
 
 
—
Balance, July 31, 2023
 
 
9,872,351
 
 
CAD$0.90
 
 
1.85
Exercised
 
 
(1,183,333)
 
 
CAD$0.20
 
 
—
Balance, July 31, 2024
 
 
8,689,018
 
 
CAD$1.00
 
 
0.67
 
 
 
 
 
 
 
 
 
 
As at July 31, 2024, the following share purchase warrants were outstanding:

 
 
 
 
 
 
 
Number of warrants outstanding
 
 
Exercise price
 
 
Expiry date
6,787,351
 
 
CAD$1.20
 
 
November 4, 2024
85,000
 
 
CAD$2.00
 
 
June 30, 2025
1,816,667
 
 
CAD$0.20
 
 
September 29, 2026
8,689,018
 
 
 
 
 
 
 
 
 
 
 
 
 
On May 1, 2023, the Company announced the implementation of a Warrant Exercise Incentive Program (the “Incentive Program”), to reduce the exercise price of warrants priced at CAD$1.50 per share to CAD$1.20 per share, (the “Eligible Warrants”).
Under the Incentive Program, the Company offered holders of Eligible Warrants the right to receive one new share purchase warrant (a “New Warrant”) for each two Eligible Warrants exercised between May 1, 2023 and June 30, 2023, and subsequently extended to August 30, 2023. Each New Warrant will entitle the holder to acquire one additional share of the Company at an exercise price of CAD$2.00 per share until June 30, 2025.
On May 10, 2023, 170,000 Eligible Warrants were exercised, and 85,000 New Warrants were subsequently issued. As part of the issuances, $37,379 was assigned to the value of the New Warrants using the relative fair value method.
The modification of warrants resulting from the Incentive Program resulted in $23,744 being recorded to share-based compensation from the modification of previously granted finder’s warrants.
(d)
Options
The continuity of the Company’s stock options is as follows:

 
 
 
 
 
 
 
 
 
 
Number of
options
 
 
Weighted average
exercise price
Outstanding, July 31, 2022
 
 
1,980,000
 
 
CAD$0.80
Granted
 
 
2,125,000
 
 
CAD$0.89
Outstanding, July 31, 2024 and 2023
 
 
4,105,000
 
 
CAD$0.85
Exercisable, July 31, 2023
 
 
693,750
 
 
CAD$0.81
Exercisable, July 31, 2024
 
 
2,190,250
 
 
CAD$0.85
 
 
 
 
 
 
 
As at July 31, 2024, the weighted average remaining contractual life of outstanding options is 7.09 years (July 31, 2023 – 8.09 years).
As at July 31, 2024, the following stock options were outstanding and exercisable:

 
 
 
 
 
 
 
 
 
 
Number of options
outstanding
 
 
Exercise
price
 
 
Expiry date
 
 
Number of
options
exercisable
175,000
 
 
CAD$0.80
 
 
January 17, 2028
 
 
131,250
550,000
 
 
CAD$1.11
 
 
May 15, 2028
 
 
245,000
50,000
 
 
CAD$1.18
 
 
June 26, 2028
 
 
25,000
1,500,000
 
 
CAD$0.80
 
 
January 17, 2032
 
 
825,000
360,000
 
 
CAD$0.80
 
 
March 1, 2032
 
 
198,000
60,000
 
 
CAD$0.80
 
 
March 14, 2032
 
 
33,000
60,000
 
 
CAD$0.80
 
 
April 13, 2032
 
 
33,000
500,000
 
 
CAD$0.80
 
 
October 12, 2032
 
 
275,000
850,000
 
 
CAD$0.80
 
 
February 6, 2033
 
 
425,000
4,105,000
 
 
 
 
 
 
 
 
2,190,250
 
 
 
 
 
 
 
 
 
 
Stock options issued during the year ended July 31, 2024
No stock options were issued during the year ended July 31, 2024.
Stock options issued during the year ended July 31, 2023
On October 19, 2022, the Company granted 500,000 options with an exercise price of CAD$0.80 and a grant date fair value of $212,144. 10% of the options vest upon the Company’s listing on a recognized stock exchange which occurred on January 17, 2023 (the “Listing Date”), and 15% of the options vest every six months thereafter.
On January 17, 2023, the Company granted 175,000 options with an exercise price of CAD$0.80 and a grant date fair value of $79,180. 25% of the options vest every six months from their date of grant.
On February 6, 2023, the Company granted 850,000 options with an exercise price of CAD$0.80 and a grant date fair value of $393,786. 25% of the options vest every six months from their date of grant.
On May 15, 2023, the Company granted 300,000 options with an exercise price of CAD$1.11 and a grant date fair value of $203,989. 10% of the options vest one month from their date of grant, and 15% vest every six months thereafter.
On May 15, 2023, the Company granted 250,000 options with an exercise price of CAD$1.11 and a grant date fair value of $169,991. 25% of the options vest every six months from their date of grant.
On June 26, 2023, the Company granted 50,000 options with an exercise price of CAD$1.18 and a grant date fair value of $41,026. 25% of the options vest every six months from their date of grant.
The fair value of stock options granted were estimated using the Black-Scholes Option Pricing Model with the following assumptions:

 
 
 
 
Assumptions
 
 
 
Risk-free interest rate
 
 
2.93% - 3.70%
Expected volatility
 
 
150%
Fair value of underlying share
 
 
CAD$0.60 - CAD$1.18
Exercise price
 
 
CAD$0.80 - CAD$1.18
Dividend yield
 
 
0%
Expected life (years)
 
 
5.00 - 10.00
 
 
 
 
Expected volatility was estimated by using the annualized historical volatility of publicly traded companies that the Company considers to be comparable. The expected option life represents the period of time that options granted are expected to be outstanding. The risk-free interest rate is based on Canadian government bonds with a remaining term equal to the expected life of the options.
Share-based compensation – Options
Share-based payments relating to the vesting of options for the year ended July 31, 2024 was $692,740 (2023 - $778,742) and is recorded as salaries and wages on the consolidated statement of operations.
(e)
Restricted stock units (“RSUs”)
The continuity of the Company’s RSU’s is as follows:

 
 
 
 
 
 
 
Number of RSU’s
Outstanding, July 31, 2022 and 2023
 
 
6,780,000
Granted
 
 
1,163,572
Outstanding, July 31, 2024
 
 
7,943,572
 
 
 
 
RSUs issued during the year ended July 31, 2024
On July 30, 2024, the Company granted 1,163,572 RSUs to directors, officers, employees and consultants of the Company. Each vested RSU can be exchanged for one SVS of the Company for no additional consideration. The RSUs will vest as follows:
•
10% vest upon the 6-month anniversary of the grant date
•
15% vest every 6 months thereafter for a period of 36 months
No RSUs were granted during the year ended July 31, 2023.
As at July 31, 2024, the Company had 7,943,572 (2023 – 6,780,000) restricted stock units (“RSUs”) outstanding, of which 3,736,000 (2023 – 1,700,000) had vested. All vested RSU’s are to be settled by December 31st of the calendar year in which the RSUs vest.
As at July 31, 2024, the following RSUs were outstanding and vested:

 
 
 
 
 
 
 
Number of RSUs
outstanding
 
 
Grant date
 
 
Number of RSUs
Vested
60,000
 
 
November 30, 2021
 
 
40,000
2,500,000
 
 
December 24, 2021
 
 
1,375,000
120,000
 
 
March 1, 2022
 
 
66,000
4,100,000
 
 
March 14, 2022
 
 
2,255,000
1,163,572
 
 
July 30, 2024
 
 
—
7,943,572
 
 
 
 
 
3,736,000
 
 
 
 
 
 
 
As at July 31, 2023 the following RSUs were outstanding and vested:

 
 
 
 
 
 
 
Number of RSUs
outstanding
 
 
Grant date
 
 
Number of RSUs
vested
60,000
 
 
November 30, 2021
 
 
20,000
2,500,000
 
 
December 24, 2021
 
 
625,000
120,000
 
 
March 1, 2022
 
 
30,000
4,100,000
 
 
March 14, 2022
 
 
1,025,000
6,780,000
 
 
 
 
 
1,700,000
 
 
 
 
 
 
 
Stock-based compensation – RSU’s
Share-based payments relating to the vesting of RSUs for the year ended July 31, 2024 was $597,587 (2023 - $1,036,325) and is recorded as salaries and wages on the consolidated statement of operations.