EQUITY |
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| EQUITY | Note 5 – EQUITY
Common Stock
The number of authorized shares of common stock under the Certificate of Incorporation is 500,000,000, $0.0001 par value.
During the year ended January 31, 2023, the Company issued 510,000 shares of common stock to a service provider for services rendered, valued at $25,500.
During the year ended January 31,2024, the Company did not issue any shares of common stock.
There were 207,030,030 shares of common stock issued as of January 31, 2024 and 2023.
Stock-based compensation
The Company’s stock-based compensation programs are long-term retention programs that are intended to attract, retain and provide incentives for employees, officers and directors, and to align stockholder and employee interests.
Under the stock-based compensation plan, the Company may grant Incentive Stock Options (“ISO”), Non-statutory Stock Options (“NSO”), Restricted Stock (“RS”) and Restricted Stock Units (“RSU). ISO and NSO are granted under service conditions. RS and RSU are granted under vesting criteria set by the Administrator and could be based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion. Stock options granted to employees generally vest over a four-year period, although certain grants may vest over a longer or shorter period. Stock options granted to non-employees generally vest over a one-year period.
Valuation of Stock-Based Compensation
Stock-based compensation cost is measured at the grant date based on the fair value of the award. The fair value of the awards is fixed at the grant date and amortized over the longer of the remaining performance or service period. The fair value of stock-based grant awards is estimated using the fair value of the Company’s most recent historical transaction with third parties.
Compensation costs
The Company recognizes the estimated compensation cost of all stock-based awards generally on a straight-line basis over the requisite service period of the entire award, which is generally the vesting period. The estimated compensation cost is based on the fair value of the common stock on the date of the grant. The Company accounts for forfeitures as they occur.
131,901,600 restricted common shares, granted on October 4, 2020, at a fair value of $0.005 per share, are vested over 4 fiscal years equally (vesting period) commencing on October 4, 2020.
Common stock activities for the years ended January 31, 2024 and 2023 are summarized as follows:
As of January 31, 2024, there was $109,910 of unrecognized compensation cost related to non-vested stock-based awards, to be recognized over a weighted average period of 0.7 years.
Stock-based compensation recognized for the years ended January 31, 2024 and 2023 amounted to $164,865 and $164,865, respectively. |
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