Warrants

In September 2025, the Company issued 340,393 warrants to investors for services rendered, including a director and a related party of the Company. The warrants are exercisable at a price of $6.00 per share and expire three years from the date of issuance. The Company recorded a non-cash expense of $1,250,264 during the year ended January 31, 2026.

The Company used the Black Scholes valuation model to record fair value of the warrants issued during the year ending January 31, 2026. The valuation model used a dividend rate of 0%; expected terms of 2.5 years; volatility rates of 105%; and risk-free rate of 4%.

In March 2026, the Company issued 340,393 warrants to investors for services rendered, including a director and a related party of the Company. The warrants vested immediately and are exercisable at a price of $3.73 per share and expire three years from the date of issuance. The Company recorded a non-cash expense of $552,458 during the three months ended April 30, 2026.

The Company used the Black Scholes valuation model to record fair value of the warrants issued during the three months ending April 30, 2026. The valuation model used a dividend rate of 0%; expected terms of 1.5 years: volatility rates of 90%; and risk-free rate of 3,7%.

The following table summarizes the changes in the outstanding warrants and the related price of the shares of the common stock issued to non-employees of the Company during the years ended January 31, 2026 and 2025.

The following table summarizes additional information relating to the warrants outstanding as of April 30, 2026:

Options

On November 1, 2021, the Board of Directors adopted the 2021 Employee Stock Option Plan (the “Plan”). The Company has reserved 408,333 shares for issuance and sale upon the exercise of stock options. In accordance with the Plan, on February 1, 2022, the Company reserved an additional 233,333 shares and on February 1, 2023, the Company reserved an additional 233,333 shares. The options vest immediately and expire in three years. Under the Plan, options may be granted which are intended to qualify as Incentive Stock Options (“ISO’s”) under Section 422 of the Internal Revenue Code of 1986 (the “Code”) or which are not (“non-ISO’s”) intended to qualify as Incentive Stock Options thereunder. The Plan also provides for restricted stock awards representing shares of common stock that are issued subject to such restrictions on transfer and other incidents of ownership and such forfeiture conditions as the Board of Directors, or the committee administering the Plan composed of directors who qualify as “independent” under Nasdaq rules, may determine. On November 3, 2021, the Company filed a Registration Statement on Form S-8, to register under the Securities Act of 1933, as amended the 408,333 shares of common stock reserved for issuance under the Plan.

On March 20, 2024, our Board of Directors adopted an amendment to the Company’s Employee Stock Option Plan (the “Plan”) increasing the number of shares of common stock subject to the Plan (as of March 20, 2024, 875,000 shares) to 1,400,000 shares (the “Amendment”). The Company submitted the Amendment to the Plan to our stockholders for adoption and approval at the 2025 Annual Meeting. The Amendment was approved by the stockholders on January 23, 2025. As of January 31, 2026, with the February 1, 2025, automatic issuance of shares available under the Plan, 56,082 shares remain available for issuance of options under the Plan.

During the year ending January 31, 2026, 454,814 options to purchase shares of the Company’s common stock were issued to executive officers and employees at prices of $5.47- $6.85 per share. The options vest immediately and expire three years from the date of issuance. The fair value of the options issued amounted to $1,383,732 and were recorded during the year ending January 31, 2026. The Company used the Black Scholes valuation model to record the fair value. The valuation model used a dividend rate of 0%; expected term of 1.5 years; volatility rate of 96.55 %-108.35%; and a risk-free rate of 3.65%-3.91%.

The following table summarizes the changes in outstanding options and the related price of the shares of the Company’s common stock issued to employees of the Company. See Note 6 for the issuance of related party options.

The following table summarizes additional information relating to the options outstanding as of April 30, 2026.